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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 decline as Greek PM steps down UK stocks dropped after Greek prime minister Alex Tsipras stood down, paving the way for new elections. According to Greek media reports on Friday, as many as 25 rebel MPs from the main party Syriza are now planning to break away and form a new party.
Tsipras resigned on Thursday night after he lost the support from within his Syriza party on a vote on the country's third bailout with European creditors earlier this month.
Disappointing Chinese manufacturing data was also weighing on the market as it added to concerns of a slowdown. "Uncertainty concerning the Chinese economy continues to rattle stocks," said Markus Huber, senior analyst at Peregrine & Black. "At the moment the Chinese economy is in the middle of a moderate slow-down, however Chinese GDP is still estimated to be growing around 6.6% and therefore the scale of the slowdown doesn't necessarily justify the negative impact it is having on stock markets around the world."
Turning to news at home, pay rises in Britain remained at 2% in the three months to July and showed little sign of picking up soon, survey from XpertHR, a human resources services company, revealed on Friday.
The Bank of England is looking for an improvement in wages before raising interest rates. "Employers are either unable to, or see no need to, increase wages by any more than 2 percent," said Sheila Attwood, pay and benefits editor at XpertHR.
Meanwhile, oil prices were at their lowest levels since January. On the company front, GlaxoSmithKline slumped following reports Novartis has agreed to buy all remaining rights to Ofatumumab from the British group for up to $1bn.
Barclays slid as a US judge said shareholders who claimed the bank inflated its stock price by manipulating Libor may pursue their lawsuit as a class action.
Royal Dutch Shell edged lower as its unit Sarawak Shell Bhd transferred its 50% stake as operator of the MLNG Dua liquefied natural gas plant to Malaysian state oil firm Petroliam Nasional Bhd. |
| | Market Movers
techMARK 3,077.19 -0.94%
FTSE 100 6,327.65 -0.63%
FTSE 250 17,101.31 -0.80%
FTSE 100 - Risers
Johnson Matthey (JMAT) 2,720.00p +1.08%
Randgold Resources Ltd. (RRS) 4,289.00p +0.80%
Fresnillo (FRES) 688.00p +0.51%
Hikma Pharmaceuticals (HIK) 2,424.00p +0.21%
Sainsbury (J) (SBRY) 246.30p +0.20%
GKN (GKN) 290.50p +0.17%
Land Securities Group (LAND) 1,301.00p +0.15%
Rio Tinto (RIO) 2,363.00p +0.08%
Morrison (Wm) Supermarkets (MRW) 169.10p +0.06%
FTSE 100 - Fallers
ARM Holdings (ARM) 867.00p -3.34%
St James's Place (STJ) 931.50p -1.90%
Mondi (MNDI) 1,460.00p -1.88%
ITV (ITV) 249.40p -1.81%
London Stock Exchange Group (LSE) 2,511.00p -1.61%
easyJet (EZJ) 1,675.00p -1.59%
Carnival (CCL) 3,306.00p -1.55%
Wolseley (WOS) 4,145.00p -1.54%
Shire Plc (SHP) 5,000.00p -1.48%
RSA Insurance Group (RSA) 500.00p -1.38%
FTSE 250 - Risers
Lonmin (LMI) 37.01p +4.93%
Polymetal International (POLY) 476.40p +2.12%
Tullow Oil (TLW) 207.40p +2.02%
Fisher (James) & Sons (FSJ) 1,124.00p +1.81%
Acacia Mining (ACA) 264.70p +1.73%
Genus (GNS) 1,374.00p +1.70%
SIG (SHI) 188.90p +1.67%
Wood Group (John) (WG.) 569.00p +1.25%
John Laing Group (JLG) 214.50p +1.18%
Aldermore Group (ALD) 283.30p +1.14%
FTSE 250 - Fallers
Spire Healthcare Group (SPI) 352.50p -12.23%
Fidelity China Special Situations (FCSS) 115.40p -5.10%
Premier Oil (PMO) 107.00p -4.04%
Clarkson (CKN) 2,244.00p -3.32%
Worldwide Healthcare Trust (WWH) 1,875.00p -2.85%
Scottish Mortgage Inv Trust (SMT) 248.80p -2.77%
Kaz Minerals (KAZ) 172.50p -2.76%
Betfair Group (BET) 2,671.00p -2.70%
Brown (N.) Group (BWNG) 313.10p -2.67%
Man Group (EMG) 157.40p -2.30%
FTSE TechMARK - Risers
Oxford Biomedica (OXB) 7.50p +0.67%
Spirent Communications (SPT) 81.25p +0.62%
Consort Medical (CSRT) 940.00p +0.21%
Sepura (SEPU) 165.25p +0.15%
Torotrak (TRK) 6.00p +0.08%
SDL (SDL) 392.50p +0.06%
FTSE TechMARK - Fallers
UCW Limited (UCW) A$0.01 -15.38%
Triad Group (TRD) 35.50p -4.70%
Oxford Instruments (OXIG) 854.00p -3.23%
Microgen (MCGN) 105.50p -1.40%
NCC Group (NCC) 243.00p -1.32%
E2V Technologies (E2V) 237.25p -1.15%
Ricardo (RCDO) 920.00p -0.97%
Promethean World (PRW) 38.75p -0.96%
XP Power Ltd. (DI) (XPP) 1,640.00p -0.61% |
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| | UK Event Calendar | | Friday August 21
UK ECONOMIC ANNOUNCEMENTS
Public Sector Finances (09:30)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Confidence Indicator (EU) (10:00)
GFK Consumer Confidence (GER) (07:00)
INTERIMS
Tritax Big Box Reit
INTERIM DIVIDEND PAYMENT DATE
Blackrock Throgmorton Trust, Blue Capital Global Reinsurance Fund Ltd (DI), One Media IP Group, Triple Point Income VCT
GMS
88 Energy Limited (DI), ReNeuron Group
ANNUAL REPORT
Abbey
AGMS
Iona Environmental VCT
FINAL DIVIDEND PAYMENT DATE
Atkins (WS), Castings, Cayenne Trust, Datang International Power Generation Co Ltd., Heath (Samuel) & Sons, Immunodiagnostic Systems Holdings, Scapa Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the red as weak China data stokes slowdown fears European shares fell in early trade, taking their cue from weak sessions in Asia, as disappointing Chinese manufacturing data compounded fears of a slowdown. Equity markets opened with big losses but by 0900 BST, the major indices had already begun to back off their lows. The benchmark Stoxx Europe 600 was down 0.7%, while Germany's DAX and France's CAC 40 were down 0.5%.
As investors looked for somewhere safe to park their cash, gold hit a five-and-a-half week high. The precious metal was also being underpinned by expectations that the Federal Reserve will refrain from raising rates in September.
Oil prices, meanwhile, were at their lowest levels since January.
"Uncertainty concerning the Chinese economy continues to rattle stocks," said Markus Huber, senior analyst at Peregrine & Black. "At the moment the Chinese economy is in the middle of a moderate slow-down, however Chinese GDP is still estimated to be growing around 6.6% and therefore the scale of the slowdown doesn't necessarily justify the negative impact it is having on stock markets around the world."
Stocks in Asia fell sharply on Thursday, with the Shanghai Composite slumping over 4% after the flash Caixin/Markit China Manufacturing Purchasing Managers' Index dropped to 47.1 in August, down from a final reading of 47.8 in July. The data marked a six-year low, fuelling concerns about a slowdown in the world's second-largest economy.
Meanwhile, Greece was in focus again after prime minister Alexis Tsipras announced late on Thursday that he is resigning and has called an early election. Tsipras said it was his moral duty to head to the polls now that Greece's third bailout has been secured. Although the election date is yet to be set, media reports suggested it could be the 20 September.
Corporate news was scarce on Friday.
Shares in GlaxoSmithKline slipped into the red after the pharmaceuticals giant said it has sold all the rights to its ofatumumab drug to Novartis for up to £1.03bn, extending a previous disposal agreement. Novartis also traded lower. |
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| | US Market Report | | US close: Dow Jones collapses 358 points to 10-month low Wall Street closed in a frenzy of selling as the Dow Jones plunged 358 points on Thursday to close below 17,000 for the first time since October 2014. After the Dow's breakneck 2.06% slide to 16,991 points on a day of mixed day of economic data, continued oil weakness and a re-eruption of anxiety in Europe and over China, technical analysts noted that the index was at its 200-week moving average for the first time since October 2011.
Earlier in London, the FTSE 100 fell for the eighth straight day, its worst losing streak since longest since 2011, while the benchmark Stoxx Europe 600 index was down 2.05%, with Germany and France both down by a similar degree and the euro up 0.7% against the dollar by the end of the European session.
The S&P 500 endured its worst daily fall since February 2014 and ended in negative territory for the year, sliding 44 points or 2.1% to 2,036.
With technology and media stocks leading the widespread retreat, the Nasdaq tumbled 2.83% to 4,877 points.
Among the tech rout, Netflix was the worst faller, down almost 8%, while Twitter collapsed back below its IPO price.
US traders and investors had also continued to debate minutes from the latest Federal Open Market Committee's rate setting meeting, which showed that while a September hike remained on the cards, a number of policymakers believe inflation was too low to take action.
"The disappointing data on current wages and prices released over the past couple of weeks, including the most recent declines in commodity prices, may not be pivotal in the decision next month," said Paul Ashworth, chief US economist at Capital Economics.
"In particular, Fed officials were apparently suspicious of the first-quarter pick-up in the employment cost index, so the second-quarter weakness won't be a game changer."
Angst about China also reared its head, with risks of a greater slowdown in China's economy and the scope for a sizeable further depreciation in the country's currency raised by analysts at Citi among others.
Thursday data
Also adding to the angst, US jobless claims unexpectedly rose to 227,000 in the week to 15 August from 273,000 the previous week, the Labor Department revealed on Thursday.
The figure missed analysts' estimates for 272,000 jobless claims last week. "Taken together, the details of this morning's report support our view that labor market slack has continued to decline," analysts at Barclays said in a note.
There was more positive news from the Philadelphia Fed, which said its index rose to 8.3 in August from 5.7 in July, compared with expectations for a 7.0 reading. Meanwhile, the National Association of Realtors reported that existing home sales rose 2% to a seasonally adjusted annual rate of 5.59m, a post-recession high.
Elsewhere, European stocks extended losses, weighed by weakness in the oil and gas sector and worries about China, as investors digested the latest minutes from the Federal Reserve, while shares in Asian markets fell throughout the region following concerns over growth in China.
Oil prices continued to slump, with West Texas Intermediate losing 0.58% to $41.03 a barrel, while Brent shed 1.31% to $46.55 a barrel.
The dollar was flat against the yen but climbed 0.21% against the pound and shed 0.41% against the euro, while gold futures jumped 1.66% to 1,146.60.
Coal stocks were given a boost by a Chinese research report pointed out that calculation of China's carbon emissions may be incorrect, with coal burnt in the People's Republic found to produce 40% lower carbon emissions than had been thought. Peabody Energy was a big beneficiary, soaring more than 20%.
S&P 500 - Risers
Peabody Energy Corp. (BTU) $1.69 +20.28%
Windstream Holdings Inc (WIN) $6.69 +6.36%
Eli Lilly and Company (LLY) $87.33 +4.25%
Hormel Foods Corp. (HRL) $63.60 +3.89%
L Brands Inc (LB) $83.99 +3.46%
Newmont Mining Corp. (NEM) $18.55 +3.46%
NetApp Inc. (NTAP) $30.78 +3.36%
Keurig Green Mountain Inc (GMCR) $50.42 +1.94%
Mattel Inc. (MAT) $22.76 +1.11%
Ventas Inc. (VTR) $60.59 +0.88%
S&P 500 - Fallers
Netflix Inc. (NFLX) $112.49 -7.84%
Analog Devices Inc. (ADI) $53.82 -7.81%
Micron Technology Inc. (MU) $14.74 -7.30%
Sandisk Corp. (SNDK) $50.13 -6.84%
Viacom Inc. Class B (VIAB) $40.42 -6.28%
Vertex Pharmaceuticals Inc. (VRTX) $132.92 -6.05%
Walt Disney Co. (DIS) $100.06 -6.00%
Salesforce.Com Inc. (CRM) $67.88 -5.77%
Avon Products Inc. (AVP) $5.02 -5.46%
Electronic Arts Inc. (EA) $67.71 -5.45%
Dow Jones I.A - Risers
Dow Jones I.A - Fallers
Walt Disney Co. (DIS) $100.06 -6.00%
Merck & Co. Inc. (MRK) $56.96 -4.53%
Boeing Co. (BA) $137.05 -3.97%
Intel Corp. (INTC) $27.56 -2.82%
Unitedhealth Group Inc. (UNH) $119.85 -2.73%
Cisco Systems Inc. (CSCO) $27.04 -2.73%
American Express Co. (AXP) $78.76 -2.71%
JP Morgan Chase & Co. (JPM) $65.96 -2.43%
United Technologies Corp. (UTX) $95.85 -2.40%
Nike Inc. (NKE) $112.32 -2.30%
Nasdaq 100 - Risers
NetApp Inc. (NTAP) $30.78 +3.36%
Keurig Green Mountain Inc (GMCR) $50.42 +1.94%
Mattel Inc. (MAT) $22.76 +1.11%
Whole Foods Market Inc. (WFM) $32.85 +0.18%
Nasdaq 100 - Fallers
Netflix Inc. (NFLX) $112.49 -7.84%
Analog Devices Inc. (ADI) $53.82 -7.81%
Micron Technology Inc. (MU) $14.74 -7.30%
Sandisk Corp. (SNDK) $50.13 -6.84%
Viacom Inc. Class B (VIAB) $40.42 -6.28%
Vertex Pharmaceuticals Inc. (VRTX) $132.92 -6.05%
Nxp Semiconductors Nv (NXPI) $82.02 -5.73%
Avago Technologies Ltd. (AVGO) $115.03 -5.29%
Wynn Resorts Ltd. (WYNN) $85.58 -5.17% |
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| | Newspaper Round Up | | Friday newspaper round-up: Greece, Britain-Iran, Opec Greece is to hold a snap general election, likely to be on 20 September, just weeks after securing a new €86bn bailout deal with it international creditors. Fresh elections called by prime minister Alexis Tsipras on the very first day of the bailout programme, will plunge Greece back into short-term political uncertainty. - Financial Times Britain and Iran will take an important step towards r-establishing full diplomatic relatons this weekend when Philip Hammond reopens the British embassy in Tehran after a four-year gap. Hammond will travel to the Iranian capital to reopen the mission which was close in 2011 after a mob attack. - Financial Times
Pressure is building on Saudi Arabia from members within the Organisation of the Petroleum Exporting Countries (Opec) to agree to an emergency meeting to arrest plummeting oil prices. The Telegraph understands that Opec's secretary general, Abdulla Salem el-Badri, has spoken to Saudi officials on behalf of members within the group who are coming under extreme economic pressure from oil prices dropping towards levels of $40 per barrel. - The Telegraph
Smartphone sales in China, the world's biggest market, have fallen for the first time as the country's authorities attempt to restore investor confidence in the rapidly cooling economy. Sales fell 4 per cent year-on-year during the second quarter of 2015, according to research from Gartner. The fall contributed to the slowest worldwide growth since 2013, with around 330 million units sold globally during the second quarter, a year-on-year increase of 13.5 per cent. - The Telegraph |
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