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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 slump as commodities weaken London equities were dragged into negative territory by natural resource related stocks as commodity prices weakened.
A measure of mining shares were in the red, including Rio Tinto, Anglo American and Fresnillo, as gold and silver prices declined on the Comex.
The mining sector continued to reel on worse-than-expected Chinese manufacturing data on Monday, adding to concerns about the slowdown in the world's second largest economy.
Chinese stocks, however, recovered on Tuesday after the Shanghai and Shenzhen stock exchanges announced revised rules on short selling to curb volatility. The new rules will mean short sellers must wait at least one day to cover their positions and pay back loans used to buy shares.
Closer to home, a report from Nationwide ahead of the opening bell showed UK house prices rose 3.5% year-on-year in July, as expected, accelerating from the previous month's 3.3% gain. Compared to a month ago prices increased 0.4% in July, in line with forecasts, following a 0.2% drop in June.
"We currently expect house prices to rise by 6% in 2015 and then by a further 5% in 2016," said Howard Archer, chief economist at IHS Global Insight. "We see the risks to these forecasts being primarily to the upside despite the still relatively muted Nationwide data."
However, Archer said the housing market activity and prices are expected to be constrained by more stretched house prices to earnings ratios, tighter checking of prospective mortgage borrowers by lenders and the likelihood that interest rates will soon start rising gradually.
Looking to the day ahead, a report on UK construction activity will be released at 0930 BST and data on US factory orders will follow at 1500 BST.
In company news, Travis Perkins was a top faller in morning trade despite robust first-half results in the face of continued wobbles in the plumbing and heating market, with sales growth accelerating in the second quarter and the dividend lifted 20%.
Meggitt gained after posting a 6% rise in underlying first-half pre-tax profit as stronger-than-expected military revenue offset challenging conditions in the energy market, and announced two contract wins.
Smith Group advanced after it emerged that US activist hedge fund ValueAct is a shareholder. According to the Financial Times, ValueAct's stake in Smiths is below the 5% required for disclosure to the London Stock Exchange.
ARM Holdings edged lower after announcing a reshuffling of the board with Stephen Pusey and Lawton Fitt appointed as independent non-executive directors.
Direct Line Insurance Group climbed as reported a rise in pre-tax profit for the first half and raised its interim dividend. |
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| Market Movers
techMARK 3,199.22 -0.14%
FTSE 100 6,656.61 -0.48%
FTSE 250 17,645.84 -0.14%
FTSE 100 - Risers
Smiths Group (SMIN) 1,217.00p +5.92%
Meggitt (MGGT) 486.10p +4.72%
Direct Line Insurance Group (DLG) 372.60p +1.80%
RSA Insurance Group (RSA) 527.50p +0.86%
Admiral Group (ADM) 1,499.00p +0.60%
British American Tobacco (BATS) 3,798.50p +0.36%
BHP Billiton (BLT) 1,141.00p +0.35%
Anglo American (AAL) 781.10p +0.27%
Aviva (AV.) 520.00p +0.19%
GKN (GKN) 316.70p +0.13%
FTSE 100 - Fallers
Travis Perkins (TPK) 2,185.00p -3.32%
Coca-Cola HBC AG (CDI) (CCH) 1,308.00p -2.68%
Standard Life (SL.) 442.70p -2.60%
International Consolidated Airlines Group SA (CDI) (IAG) 540.50p -1.91%
Intertek Group (ITRK) 2,674.00p -1.73%
ARM Holdings (ARM) 979.50p -1.41%
Ashtead Group (AHT) 951.50p -1.40%
BP (BP.) 386.05p -1.38%
Barclays (BARC) 284.35p -1.34%
3i Group (III) 542.50p -1.27%
FTSE 250 - Risers
Rotork (ROR) 225.50p +4.40%
Fidelity China Special Situations (FCSS) 135.30p +2.04%
Just Eat (JE.) 445.50p +1.76%
Redefine International (RDI) 51.60p +1.57%
Vedanta Resources (VED) 387.60p +1.36%
Auto Trader Group (AUTO) 349.20p +1.33%
Essentra (ESNT) 939.50p +1.29%
Jimmy Choo (CHOO) 172.30p +1.23%
Riverstone Energy Limited (RSE) 960.00p +1.16%
Daejan Holdings (DJAN) 6,525.00p +1.16%
FTSE 250 - Fallers
Hunting (HTG) 489.40p -1.85%
Diploma (DPLM) 715.50p -1.85%
Bank of Georgia Holdings (BGEO) 1,961.00p -1.80%
Serco Group (SRP) 124.70p -1.73%
SIG (SHI) 206.00p -1.67%
Aveva Group (AVV) 2,126.00p -1.62%
Tullow Oil (TLW) 240.10p -1.60%
Foxtons Group (FOXT) 248.00p -1.59%
Evraz (EVR) 99.10p -1.59%
Aldermore Group (ALD) 254.00p -1.44%
FTSE TechMARK - Risers
Dialight (DIA) 553.50p +1.56%
Consort Medical (CSRT) 930.00p +1.42%
E2V Technologies (E2V) 227.00p +1.11%
Sepura (SEPU) 156.00p +0.65%
KCOM Group (KCOM) 95.25p +0.53%
XP Power Ltd. (DI) (XPP) 1,675.00p +0.45%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 201.94 +0.24%
Oxford Instruments (OXIG) 922.00p +0.22%
FTSE TechMARK - Fallers
SDL (SDL) 386.25p -3.56%
Oxford Biomedica (OXB) 8.76p -2.23%
Spirent Communications (SPT) 93.75p -0.79%
Innovation Group (TIG) 32.50p -0.76% |
| | UK Event Calendar | | INTERIMS
Clarke (T.), Direct Line Insurance Group, Fresnillo, Hexaware Technologies Ltd, Just Eat , LSL Property Services, Meggitt, Pendragon, Rotork, SDL, Standard Life, Travis Perkins, Zotefoams
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Factory Orders (US) (00:00)
Goods Orders (US) (15:00)
Producer Price Index (EU) (10:00)
Q2
Hexaware Technologies Ltd. GDS (Reg S)
FINALS
NWF Group
ANNUAL REPORT
Latchways
EGMS
RM2 International S.A. (DI)
AGMS
Immunodiagnostic Systems Holdings, Monks Inv Trust, Paragon Diamonds, Pires Investments
FINAL DIVIDEND PAYMENT DATE
Bonmarche Holdings, British Smaller Companies VCT, E2V Technologies, Johnson Matthey, KCOM Group, Mitie Group, TR Property Inv Trust
Q1
Canaccord Genuity Group Inc. |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Shares led lower by oil and gas as investors sift through results European equities were lower in early trade, with oil and gas stocks leading the decline as investors sifted through a raft of earnings reports.
At 0910 BST, the benchmark Stoxx Europe 600 index was down 0.6%, France's CAC 40 was 0.8% weaker and Germany's DAX was 0.4% lower.
On the second day of trading since the closure of the stock market five weeks ago, Greece's Athens Composite was 3.9% lower.
"Yesterday we had one of the most fragile day in Athens when it's stock market opened. Investors used this opportunity to punish the market with a maximum sentence as the Greek banks closed towards their daily maximum limit level of 30%," said Naeem Aslam, chief market analyst at Ava Trade.
Overall, the Stoxx 600 oil and gas index was the worst performer, down 1.2%. Oil prices were recovering from recent lows but Brent crude was still below $50 a barrel while WTI was hovering around $45.
German car maker BMW dropped after reporting a decline in second-quarter profits on the back of higher costs. The company also cautioned that the landscape in China was increasingly competitive.
Credit Agricole tumbled after revealing that it was under investigation by US authorities over potential sanctions breaches, while French insurer AXA nudged higher after posting a 2% rise in first-half net income.
Car parts maker Continental rallied after raising its full-year profit outlook thanks to an improved European car market. |
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| | US Market Report | | US close: Stocks decline amid oil prices slump, as investors analyse raft of economic data US stocks declined on Monday, as investors digested a bulk of economic data, including reports on manufacturing and personal income, while oil price tumbled.
The Dow Jones Industrial Average closed down 91.66 points to 17,598.20, while the S&P 500 and the Nasdaq lost six and eight points respectively.
Monday data
US personal consumption expenditure rose 1.3% year-on-year in June, above expectations for a 1.2% increase. Personal spending rose 0.2%, as expected, while personal income climbed 0.4% to beat forecasts for a 0.3% gain.
"We expect core PCE to continue rising from here, albeit at a moderate pace," Barclays' analysts said in a note.
"As core prices rise further and the drag from sharply declining energy prices wanes, we expect headline PCE also to move higher, reaching 1.1% by the end of 2015 from the current 0.3% reading."
The US ISM manufacturing index fell to 52.7 in July from 53.5 in June, against consensus expectations for a broadly stable reading.
"The modest fall in the ISM manufacturing index suggests that the factory sector is continuing to suffer the effects of the dollar's appreciation," analysts at Capital Economics said in a note.
"Nonetheless, the survey is still consistent with annualised GDP growth of over 2%."
Meanwhile, the final US July Markit PMI rose slightly to 53.8 in July from 53.6 in June but was unchanged from the flash estimate.
Asian stocks decline
Asian stocks started the week in the red following negative data from China, where the Shanghai Composite Index fell 1.11% and Hong Kong's Hang Seng was down 0.91%.
China's manufacturing PMI declined in July to 47.8 from 48.2 one month earlier, adding to concerns of a deepening slowdown.
Elsewhere, European stocks reversed early losses to edge higher as well-received earnings and economic data helped to offset a downbeat session in Asia, although the Greek stock market fell heavily.
The dollar was broadly flat against the yen but gained 0.13% against the euro and 0.25% against the pound, while gold futures slid 0.85% to $1,085.80.
Oil prices plunged, with West Texas Intermediate losing 3.81% to $45.39 a barrel, while Brent dropped 5.28% to $49.59 a barrel.
Mixed earnings
Tyson Foods plummeted 9.90% after the meatpacking group's profit fell short of expectations and the group cut its full-year outlook.
There was more positive news for Frontier Communications, which jumped 9.11% after its quarterly results beat expectations, while consumer and professional products producer Clorox climbed 2.72% after posting better-than-expected fourth quarter results
Fiat Chrysler rose 2.06% after reporting a 6.2% increase in auto sales in July, while insurance group PartnerRe gained 2.35% after accepting a merger offer worth $6.9 from Italian investment group Exor. |
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| | Newspaper Round Up | | Tuesday press round-up: Glaxo, HSBC, house prices GlaxoSmithKline has rehired a former senior Chinese employee suspected of being the whistleblower behind bribery allegations that led to a £297m fine for the drugmaker in China. - The Financial Times
HSBC could still leave the UK despite tax changes designed to make London a more welcome home for the bank, its chairman and finance director said, as they consider moving the giant bank's headquarters to Asia. The bank will make a decision on its domicile by the end of the year, chairman Douglas Flint reaffirmed, after announcing the review in April. - The Telegraph
Homes in the majority of places in England and Wales are now more affordable than they were in 1997 thanks to falling inflation, low interest rates and rising wages. For the average householder their ability to buy a home has improved over the last 18 years, according to research from Hamptons International. - The Telegraph
The Serious Fraud Office has been handed a lifeline after a jury convicted former UBS trader Tom Hayes of rigging Libor interest rates. He is the first person found guilty of fraudulently rigging the London Interbank Offered Rate, known as the Libor. The verdict opens the door to more prosecutions across the City, which could take years to bring to trial. - Daily Mail
A company chaired by the former leader of the Conservative party made payments to a Somali government adviser as they were agreeing a lucrative oil contract with the troubled east African country, the Guardian has learned. Soma Oil and Gas, which is chaired by Lord Howard, paid legal fees to the independent advisory group, Petroleum Regimes Advisory (PRA) as PRA was negotiating on behalf of the government of Somalia. - The Guardian |
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