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| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Stocks in the red ahead of US inflation, FOMC minutes London stocks were in the red on Wednesday ahead of the release of US inflation figures and the Federal Reserve's policy meeting minutes. Consumer prices in the US are forecast to increase 0.2% year-on-year in July, after a 0.1% rise a month earlier.
The Fed, which is targeting 2% inflation, is looking for signs the economy has improved enough to begin raising interest rates for the first time in nine years.
The Federal Reserve Market Committee's minutes of its 29 July policy meeting will shed further light on whether the central bank will lift rates in September, as many analysts expect. "The minutes of the 29 July FOMC meeting are likely to reveal mixed views on the exact timing of interest-rate 'lift-off' (September vs December), with the sticking point being 'reasonable confidence' in inflation," according to BNP Paribas analyst Laura Rosner.
"The key message will probably be that 'lift-off' is approaching and that we moved a step closer in July. A majority of FOMC participants probably still expected 'lift-off' to be appropriate sometime this year. As markets are already pricing this in, the minutes should present few surprises."
The market is also holding its breath in anticipation of a vote by German MPs on the third bailout deal for Greece on Wednesday.
While a majority is expected to approve the €86bn package, rebellion within Chancellor Angela Merkel's party is also projected, particularly in the lower house - the Bundestag. Ahead of the vote, finance minister Wolfgang Schaeuble urged the Bundestag to vote for the deal.
In company earnings, Glencore slumped after posting a 29% drop in core first-half earnings on the back of declining commodity prices.
Admiral gained after the insurer reported a forecast-beating 1% increase in first-half pre-tax profit as it benefited from growing customer numbers.
Imperial Tobacco fell as it revealed underlying volume and revenue growth at its top brands slowed in the third quarter.
Royal Bank of Scotland dropped after Bloomberg reported it is close to the disposal of its Russian assets. |
| | Market Movers
techMARK 3,156.81 -0.81%
FTSE 100 6,471.53 -0.84%
FTSE 250 17,502.92 -0.65%
FTSE 100 - Risers
Admiral Group (ADM) 1,530.00p +4.37%
Hikma Pharmaceuticals (HIK) 2,466.00p +2.75%
Fresnillo (FRES) 662.50p +0.45%
Persimmon (PSN) 2,093.00p +0.43%
Mondi (MNDI) 1,560.00p +0.19%
Randgold Resources Ltd. (RRS) 3,997.00p +0.15%
FTSE 100 - Fallers
Glencore (GLEN) 171.20p -2.78%
International Consolidated Airlines Group SA (CDI) (IAG) 540.50p -1.73%
Shire Plc (SHP) 5,155.00p -1.72%
easyJet (EZJ) 1,716.00p -1.66%
HSBC Holdings (HSBA) 546.90p -1.64%
Sage Group (SGE) 514.50p -1.53%
Rolls-Royce Holdings (RR.) 778.00p -1.52%
Meggitt (MGGT) 490.00p -1.45%
Johnson Matthey (JMAT) 2,760.00p -1.39%
Tesco (TSCO) 196.00p -1.31%
FTSE 250 - Risers
Kaz Minerals (KAZ) 153.00p +4.65%
Pace (PIC) 350.00p +1.54%
Pets at Home Group (PETS) 278.70p +1.38%
Evraz (EVR) 88.05p +1.27%
Synergy Health (SYR) 1,772.00p +1.14%
AL Noor Hospitals Group (ANH) 899.00p +1.01%
Kennedy Wilson Europe Real Estate (KWE) 1,213.00p +1.00%
Just Retirement Group (JRG) 188.00p +0.91%
esure Group (ESUR) 244.60p +0.91%
Millennium & Copthorne Hotels (MLC) 564.50p +0.80%
FTSE 250 - Fallers
Computacenter (CCC) 745.00p -3.75%
Ophir Energy (OPHR) 92.50p -3.55%
Premier Oil (PMO) 100.80p -2.80%
Clarkson (CKN) 2,475.00p -2.60%
Diploma (DPLM) 700.00p -2.23%
Wood Group (John) (WG.) 569.50p -2.06%
Lonmin (LMI) 32.33p -2.06%
Supergroup (SGP) 1,529.00p -1.86%
Spirax-Sarco Engineering (SPX) 3,281.00p -1.77%
Croda International (CRDA) 3,038.00p -1.68%
FTSE TechMARK - Risers
Consort Medical (CSRT) 960.00p +0.79%
Innovation Group (TIG) 34.75p +0.72%
FTSE TechMARK - Fallers
Skyepharma (SKP) 265.25p -3.10%
KCOM Group (KCOM) 93.00p -1.06%
Ricardo (RCDO) 935.00p -1.01%
Oxford Instruments (OXIG) 889.00p -0.45%
NCC Group (NCC) 246.50p -0.20% |
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| | UK Event Calendar | | Wednesday August 19
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (EU) (09:00)
Consumer Price Index (US) (13:30)
Crude Oil Inventories (US) (15:30)
Current Account (EU) (09:00)
FOMC Interest Rate Minutes (US) (19:00)
MBA Mortgage Applications (US) (12:00)
INTERIMS
Admiral Group, Glencore , Hikma Pharmaceuticals, Hochschild Mining, Inspired Energy, MirLand Development Corporation, Plaza Centers NV
IMSS
Imperial Tobacco Group
INTERIM DIVIDEND PAYMENT DATE
Shoe Zone
EGMS
Global Invacom Group Limited (DI)
AGMS
General Industries
FINAL DIVIDEND PAYMENT DATE
Bacit Limited, Halma |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities fall amid disappointing earnings, China woes European stocks fell in early trade, with mostly-disappointing corporate news and ongoing worries about China undermining sentiment as investors awaited the latest minutes from the Federal Reserve. At 0900 BST, the benchmark Stoxx Europe 600 index was down 0.8%, Germany's DAX was 1% weaker and France's CAC 40 was down 0.9%.
"While there is continuing concern that the current slowdown seen in Chinese economic growth might be spreading across the region it also seems that a lack of confidence that the Chinese government and PBoC will take sufficient measures to turn things around is hurting stocks," said Markus Huber, senior analyst at Peregrine & Black.
"The main focus today will be on the release of the FOMC minutes and US inflation data later today. The FOMC minutes will be of special interest as in recent weeks several FOMC members have voiced different opinions on just how urgent a rate hike is on the agenda."
On the corporate front, Vestas Wind Systems fell 2%. Although the Danish wind turbine maker's second-quarter profit beat expectations, the company's services margins fell short of consensus estimates. Carlsberg slumped 7% after the brewer cut its profit forecasts and posted weaker-than-expected operating profit for the second quarter.
London-listed miner Glencore dropped 2%. Although the company's first-half earnings beat analysts' expectations, investors were disappointed that it cut its capex target for the full year.
Shares in Imperial Tobacco were flat after it delivered a slightly light set of nine-month results Swiss pharmaceutical group Roche slipped 0.3% after saying it has bought US gene-technology company Kapa Biosystems for an undisclosed sum.
Admiral Group bucked the trend, rallying 3% after the insurer reported a forecast-beating 1% rise in first-half pre-tax profit as it benefited from growing customer numbers.
Aside from company news, Greece remained in focus, with the German and other European parliaments due to vote on the country's third bailout.
There are no major Eurozone data releases due but in the US, the consumer price index for July is scheduled for release at 1330 BST. |
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| | US Market Report | | US close: Stocks fall as Wal-Mart disappoints; housing data digested US stocks ended lower on Tuesday as investors weighed up solid housing data against disappointing earnings from retail giant Wal-Mart. The Dow Jones Industrial Average closed down 0.2%, the S&P 500 fell 0.3% and the Nasdaq ended 0.6% lower.
Tuesday data
Construction on new US homes grew in July at their fastest pace since the recession, figures released on Tuesday showed.
According to the Commerce Department, housing starts climbed 0.2% last month to 1.21m, the highest rate since October 2007, and above the 1.19m analysts had estimated.
Meanwhile, housing starts in June were revised up to 1.20m from 1.17m. "Stronger starts and construction boosted our estimate of residential investment and added 0.1 percentage points to our third quarter GDP tracking estimate, bringing it to 2.7%," analysts at Barclays said in a note.
Elsewhere, China's Shanghai Composite Index recorded its biggest fall in three weeks after slumping 6.15%, as investors dismissed signs of recovery in the country's housing market, while European equities struggled for direction.
"The sentiment surrounding the US futures market has changed, and the concerns over Greece and China are weighing on the market," said IG's market analyst David Madden.
"The US market finished on a high note yesterday, but the tone is very different today as the US follows it lead from the Far East and Europe."
The dollar was broadly flat against the yen but gained 0.4% against the euro and lost 0.5% against the pound, after the British currency was boosted by a stronger-than-expected CPI reading.
In commodities, gold futures shed 0.1% to $1,116.80, while oil prices were mixed, with West Texas Intermediate rising 1.2% to $42.42 a barrel, while Brent lost 0.3% to $48.58 a barrel and $48.53 a barrel.
Wal-Mart slides
Wal-Mart Stores slid after the retailer cut its full-year earnings guidance and posted weaker-than-expected second-quarter results as it took a hit from increased wages and currency exchange fluctuations.
On the upside, though, Home Depot rose after the home improvement chain's second-quarter results met expectations.
Luxury handbag maker Coach pushed up after analysts at Jefferies lifted their rating on the stock to 'buy' from 'hold' citing "visible green shoots in the business."
TJX Cos jumped higher after its quarterly results beat expectations, while National Penn Bancshares surged after BB&T Corp. said it would buy the bank in a cash-and-stock transaction worth around $1.8bn.
S&P 500 - Risers
TJX Companies Inc. (TJX) $76.82 +7.28%
Denbury Resources Inc. (DNR) $4.07 +5.71%
Ross Stores Inc. (ROST) $56.53 +3.72%
Patterson Companies Inc. (PDCO) $51.55 +3.10%
Lennar Corp. Class A (LEN) $55.59 +3.06%
AutoNation Inc. (AN) $62.53 +2.66%
Masco Corp. (MAS) $28.35 +2.64%
Chesapeake Energy Corp. (CHK) $7.77 +2.64%
Home Depot Inc. (HD) $122.80 +2.59%
Whirlpool Corp. (WHR) $182.99 +2.52%
S&P 500 - Fallers
Ventas Inc. (VTR) $59.80 -12.73%
Windstream Holdings Inc (WIN) $6.51 -7.13%
Peabody Energy Corp. (BTU) $1.12 -4.87%
Micron Technology Inc. (MU) $16.39 -4.82%
Genworth Financial Inc. (GNW) $5.04 -4.00%
Frontier Communications Co. (FTR) $5.42 -3.39%
Wal-Mart Stores Inc. (WMT) $69.49 -3.37%
KLA-Tencor Corp. (KLAC) $50.19 -3.16%
Freeport-McMoRan Inc (FCX) $9.92 -3.12%
Applied Materials Inc. (AMAT) $16.53 -2.94%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $122.80 +2.59%
Unitedhealth Group Inc. (UNH) $125.50 +1.36%
Caterpillar Inc. (CAT) $78.83 +0.37%
American Express Co. (AXP) $81.25 +0.31%
JP Morgan Chase & Co. (JPM) $68.23 +0.24%
Chevron Corp. (CVX) $83.40 +0.20%
Travelers Company Inc. (TRV) $107.83 +0.11%
Boeing Co. (BA) $144.60 +0.11%
McDonald's Corp. (MCD) $100.77 +0.11%
United Technologies Corp. (UTX) $99.41 +0.05%
Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $69.49 -3.37%
Cisco Systems Inc. (CSCO) $28.25 -1.99%
Walt Disney Co. (DIS) $106.97 -1.91%
Exxon Mobil Corp. (XOM) $77.91 -1.09%
E.I. du Pont de Nemours and Co. (DD) $53.90 -0.68%
Intel Corp. (INTC) $28.90 -0.62%
3M Co. (MMM) $148.34 -0.60%
Goldman Sachs Group Inc. (GS) $201.40 -0.58%
Apple Inc. (AAPL) $116.50 -0.56%
Procter & Gamble Co. (PG) $75.11 -0.56%
Nasdaq 100 - Risers
Ross Stores Inc. (ROST) $56.53 +3.72%
Tesla Motors Inc (TSLA) $260.77 +2.27%
Cerner Corp. (CERN) $65.61 +1.66%
Vimpelcom Ltd Ads (VIP) $5.49 +1.39%
Facebook Inc. (FB) $95.17 +1.32%
Dollar Tree Inc (DLTR) $79.37 +1.13%
Stericycle Inc. (SRCL) $148.25 +1.11%
Charter Communications Inc. (CHTR) $188.86 +1.01%
Henry Schein Inc. (HSIC) $147.31 +0.99%
Fastenal Co. (FAST) $40.72 +0.89%
Nasdaq 100 - Fallers
Micron Technology Inc. (MU) $16.39 -4.82%
Nxp Semiconductors Nv (NXPI) $88.35 -3.53%
KLA-Tencor Corp. (KLAC) $50.19 -3.16%
Applied Materials Inc. (AMAT) $16.53 -2.94%
Analog Devices Inc. (ADI) $57.90 -2.69%
Avago Technologies Ltd. (AVGO) $122.24 -2.61%
Sandisk Corp. (SNDK) $56.90 -2.23%
Xilinx Inc. (XLNX) $42.96 -2.21%
Mattel Inc. (MAT) $22.90 -2.20%
Viacom Inc. Class B (VIAB) $43.24 -2.08% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Goldman Sachs, emerging market flight, Wren fund Goldman Sachs will be able to ask the Bank of England for funding in a crisis after the American firm won approval to access the UK central bank's liquidity scheme as an emergency back-stop. It means that the Wall Street investment bank could receive temporary financial assistance from the British authorities as well as America's central bank, the Federal Reserve. Goldman is the first foreign-owned bank that is known to have won approval to access the Bank's Sterling Monetary Framework. - The Times The flood of capital gushing out of emerging markets has risen towards $1trn over the past 13 months, roughly double the amount that left during the financial crisis, amid slumping confidence in developing economies. The sustained exodus reinforces concerns that emerging market economies, suffering slowing growth and weakening currencies, are relinquishing their longstanding role as engines for global growth to become a drag on demand. - The Financial Times
One of the world's biggest sovereign wealth funds is part of a consortium that is plotting a bid for London City Airport, which has been valued at £2bn. Wren House Infrastructure Management, an investment vehicle owned by the Kuwait Investment Authority (KIA), has teamed up with Ontario Teachers' Pension Plan (OTPP), the Canadian giant investment fund, and investment firm Hermes to make an offer for the airport, according to sources. - The Daily Telegraph
The number of British job vacancies rose slightly in July but labour market conditions were likely to remain subdued, the latest Department of Employment report has said. The number of job vacancies posted on the internet was 152,600, its latest report said - or 49.8% below the March 2008 peak. "This suggests that labour market conditions are likely to remain relatively subdued, at least in the near term," the report, released on Wednesday, said. - The Guardian
Hillary Clinton has broken ranks with President Barack Obama on the environment for the first time in the 2016 election campaign, saying the Arctic should not be exploited for offshore oil the day after the Obama administration gave Royal Dutch Shell a drilling permit. The Arctic state of Alaska is a battleground in the US debate over energy development and environmental protection and Mrs Clinton on Tuesday staked out a position to the left of the president by tweeting that drilling there was too dangerous to risk. - The Financial Times
US airlines are producing their biggest profits ever. But instead of clear skies, they are encountering problems that their recent prosperity, in some cases, is making worse. Employees at Southwest Airlines and Delta Air Lines have rejected labor contracts in recent weeks, with some arguing that the compensation wasn't sufficient given the industry's financial performance. Federal regulators have started two separate probes into whether the biggest airlines have violated competition rules. And shareholders, fretting that the airlines' success will stall, have beaten down stock prices. - The Wall Street Journal
Asda shocked the grocery trade yesterday by reporting its worst sales performance since it was taken over by Walmart 16 years ago, with discounters continuing to poach its customers. Like-for-like sales fell by 4.7% in the second quarter after a 3.9% slide in the first quarter. - The Times
The pound jumped to a seven-year high yesterday after new figures showed core inflation rising at a much faster pace than predicted. Consumer prices inflation grew unexpectedly by 0.1% in the year to July, up from zero in the 12 months to June, according to the Office for National Statistics. This is slightly higher than analysts' expectations for no change, but it is still nowhere near the Bank of England's official inflation target of 2%. - The Times
Chinese stock markets tumbled for a second straight day on Wednesday as investors crowded the exits, fearing a government campaign to prop up share prices was faltering and unnerved by a steady stream of gloomy economic news. The Shanghai and Shenzhen markets were down around 3pc in morning trade, taking their losses to more than 8pc since Monday's close, despite a government-directed campaign by brokers, fund managers and regulators to stabilise prices. The markets alter pared back some losses. - The Telegraph
Budget price supermarket gins - some a snip at less than a tenner a bottle - have trounced their more expensive and established rivals in a consumer taste test. The supermarkets' own-label crisp dry white wines were also rated more highly on taste than popular high street brands. Drinks experts from the consumer group Which? rated 12 standard-range gins and 10 crisp dry white wines from a selection of supermarket own-label products and popular brands. - The Guardian
The doubling of student debt since the recession, to $1.19 trillion, has stoked a national discussion over how to rein in college costs and debt and is becoming a major issue in the 2016 presidential race. Little noted in the outcry is the disproportionate role played by postgraduate borrowers, who now account for roughly 40% of all student debt but represent just 14% of students in higher education. - The Wall Street Journal |
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