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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 open on the front foot as investors wade through earnings The FTSE 100 opened in positive territory following the release of upbeat earnings and a report that showed growth in Chinese service activity. Legal & General's shares gained after the insurance company reported an 18% rise in first-half operating profit and a 6% increase in pre-tax profit, boosted by strong organic growth in the UK and US, as it raised its interim dividend despite a fall in annuities.
London Stock Exchange rallied after it almost doubled first-half revenues as most parts of the business performed well. Revenue rose 90% to £1.16bn, operating profits by 27% to £366.1m and the dividend was hiked 11% to 10.8p per share.
Ryanair flew higher after the budget carrier said traffic grew 11% to 10.1m customers in July from 9.15m in the same month a year earlier.
In economic data, the Caixin purchasing managers' index on Chinese services rose to 53.8 in July from 51.8 the previous month. A reading above 50 indicates expansion while a level below that signals contraction.
At 0930 BST the UK will also see the release of service activity data from Markit/CIPS, which is forecast to reveal a reading of 58 in July, down from June's 58.5.
Eurozone retail sales figures are due at 1000 and expected to show an increase of 2% in June compared to the same month last year.
Later on in the session, ISM publishes its index on the non-manufacturing composite. Analysts predict a reading of 56.2 in July, up from the prior month's 56.
Sector-wise mining stocks recovered from losses earlier in the week, including Rio Tinto, Bhp Billiton and Anglo American. However, gold, silver and copper prices were lower in morning trade.
Meanwhile, investors will continue to closely watch the situation in Greece as the National Institute of Economic and Social Research warned the the country's economy will suffer fresh damage from austerity measures demanded by its creditors. The thinkthank said Greece will remain stuck in permanent depression unless it receives substantial debt relief. Athens has said it expected a bailout deal with lenders to conclude on 18 August. |
| | Market Movers
techMARK 3,199.02 -0.01%
FTSE 100 6,703.02 +0.25%
FTSE 250 17,717.05 -0.10%
FTSE 100 - Risers
Legal & General Group (LGEN) 270.70p +2.77%
BHP Billiton (BLT) 1,190.00p +2.67%
Rio Tinto (RIO) 2,536.00p +2.65%
Glencore (GLEN) 204.25p +2.05%
London Stock Exchange Group (LSE) 2,623.00p +1.75%
Standard Chartered (STAN) 967.50p +1.56%
CRH (CRH) 1,965.00p +1.55%
Anglo American (AAL) 793.50p +1.15%
Antofagasta (ANTO) 580.50p +1.04%
Royal Bank of Scotland Group (RBS) 342.50p +1.03%
FTSE 100 - Fallers
Travis Perkins (TPK) 2,173.00p -1.98%
Sports Direct International (SPD) 799.50p -1.48%
Rolls-Royce Holdings (RR.) 814.00p -1.21%
Meggitt (MGGT) 496.10p -0.98%
Capita (CPI) 1,300.00p -0.91%
Associated British Foods (ABF) 3,214.00p -0.80%
Hikma Pharmaceuticals (HIK) 2,366.00p -0.80%
Ashtead Group (AHT) 942.50p -0.79%
Smiths Group (SMIN) 1,192.00p -0.67%
Coca-Cola HBC AG (CDI) (CCH) 1,260.00p -0.63%
FTSE 250 - Risers
AO World (AO.) 130.00p +2.44%
IP Group (IPO) 214.40p +2.34%
Evraz (EVR) 103.30p +2.08%
Ted Baker (TED) 3,243.00p +1.98%
Vesuvius (VSVS) 415.40p +1.91%
Lonmin (LMI) 45.74p +1.87%
Daejan Holdings (DJAN) 6,555.00p +1.63%
Cineworld Group (CINE) 521.50p +1.46%
Aberforth Smaller Companies Trust (ASL) 1,200.00p +1.44%
Clarkson (CKN) 2,765.00p +1.43%
FTSE 250 - Fallers
Spirax-Sarco Engineering (SPX) 3,269.00p -3.54%
Just Eat (JE.) 411.40p -2.74%
Countrywide (CWD) 501.00p -2.62%
BBA Aviation (BBA) 295.50p -1.83%
Hunting (HTG) 492.80p -1.64%
Thomas Cook Group (TCG) 116.70p -1.52%
Auto Trader Group (AUTO) 348.80p -1.47%
Morgan Advanced Materials (MGAM) 350.40p -1.32%
Saga (SAGA) 213.00p -1.30%
Euromoney Institutional Investor (ERM) 1,042.00p -1.14%
FTSE TechMARK - Risers
Filtronic (FTC) 9.50p +26.67%
Oxford Instruments (OXIG) 926.00p +1.20%
Oxford Biomedica (OXB) 8.80p +1.15%
E2V Technologies (E2V) 226.75p +0.89%
BATM Advanced Communications Ltd. (BVC) 17.14p +0.82%
KCOM Group (KCOM) 96.50p +0.78%
Consort Medical (CSRT) 926.00p +0.33%
Spirent Communications (SPT) 94.50p +0.27%
FTSE TechMARK - Fallers
Dialight (DIA) 550.00p -1.08%
Innovation Group (TIG) 32.25p -0.77%
Skyepharma (SKP) 277.50p -0.72%
SDL (SDL) 383.50p -0.65% |
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| | UK Event Calendar | | Wednesday August 05
INTERIMS
BBA Aviation, Ferrexpo, Komercni Banka A.S.GDR (Level 1), Legal & General Group, London Stock Exchange Group, Novae Group, OJSC Novolipetsk Steel GDS (Reg S), Soco International, Spirax-Sarco Engineering, StatPro Group, Unite Group
QUARTERLY EX-DIVIDEND DATE
Boeing Co
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
Official Reserves (09:30)
PMI Composite (09:30)
PMI Services (09:30)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Crude Oil Inventories (US) (15:30)
ISM Non-Manufacturing (US) (15:00)
ISM Services (US) (15:00)
MBA Mortgage Applications (US) (12:00)
PMI Composite (EU) (09:00)
PMI Composite (GER) (08:55)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)
Retail Sales (EU) (10:00)
Q2
Komercni Banka A.S.GDR (Level 1), OJSC Novolipetsk Steel GDS (Reg S)
GMS
Tri-Star Resources
FINALS
PHSC
AGMS
Canaccord Genuity Group Inc., Reabold Resources, red24, Schroder UK Growth Fund
FINAL DIVIDEND PAYMENT DATE
National Grid, Ventus 2 VCT, Ventus 2 VCT 'C' Shares, Ventus VCT, Ventus VCT 'C' Shares, Vodafone Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities gain on solid corporate results European equity markets rose in early trade as solid corporate results helped to underpin the tone. At 0900 BST, the benchmark Stoxx 600 index was up 0.8%, while France's CAC 40 and Germany's DAX were both up 9%. "European equities are trading higher this morning as a very respectable European earnings season and improving growth prospects for the Eurozone, especially for countries like Italy and Spain are providing investors with plenty of reasons to favour European stocks versus Asian and US ones," said Markus Huber, senior analyst at Peregrine & Black.
French bank Societe Generale surged after it reported a 25% increase in second-quarter profit and said it plans to target further cost reductions in the coming years.
London-listed insurer Legal & General rallied after posting a 6% rise in first-half pre-tax profit and an 18% increase in operating profit thanks to strong organic growth in the UK and US, as it raised its interim dividend despite a fall in annuities.
Ryanair was on the front foot after the budget carrier said it was the first ever airline to carry over 10m passengers in one calendar month. It said traffic grew 11% to 10.1m customers in July from 9.15m in July last year, while the load factor, which measure how many seats were actually taken up per flight, was up 4% to 95%.
London Stock Exchange was also in positive territory after it said first-half revenues nearly doubled thanks to the contribution of December acquisition Russell Investments, with underlying growth of a more modest 9% on the back of an encouraging performance of markets and data.
Mediobanca gained after the Italian investment bank posted a 79% rise in fourth-quarter net profit on higher interest income and rising fees.
German consumer goods company Beiersdorf rose as it reported a 19% increase in second-quarter net profit amid rising sales.
On the downside, Dutch lender ING slipped into the red as its second-quarter results fell short of analysts' expectations.
On the data front, investors will turn to the release of Eurozone retail sales at 100 BST. In the US, the ADP employment report is at due at 1315 BST, while trade balance figures are at 1330 BST and ISM non-manufacturing comes out at 1500 BST. |
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| | US Market Report | | US close: Stocks finish lower despite rise in factory orders US stocks fell on Tuesday, as investors remained cautious ahead of a number of key reports to be released later this week. The Dow Jones Industrial Average lost 0.27% to 17,551 points fter opening the day higher, while the S&P 500 and the Nasdaq 0.24% and 0.18% respectively.
"The Dow has been in decline since May, and now that the US reporting season is coming to an end, and the Fed's meeting is on traders' minds, the downward trend is here to stay," said IG's analyst David Madden.
"Dealers are very much divided over the possibility of an interest rate hike next month, but those who don't foresee a rate increase can't be convinced to buy into the market."
In economic news, orders for goods produced in US factories climbed 1.8% in June, the Commerce Department said Tuesday. The reading was in line with expectation following a downward revised 1.1% decline in May
Elsewhere, most indices in Asia continued to fall, although the Shanghai Composite Index jumped 3.7% on news of a regulatory clampdown on short-selling to curb volatility.
European stocks fell, breaking a five-session winning streak, with oil and gas stocks leading the decline as investors sifted through a raft of earnings reports.
The dollar rose 0.11% against the pound, gained 0.28% against the yen only and edged higher 0.55% against the euro, while gold futures climbed 0.21% to $1,09.08.
Oil prices staged a solid rebound after plunging on Monday, with West Texas Intermediate climbing 1.41% to $45.82 a barrel, while Brent gained 1.18% to $50.11 a barrel.
Among companies, office products supplier Office Depot fell 1.46% after climbing 0.63%, as its second quarter sales missed expectations.
The group added it plans to shut another 175 stores within the end of 2015, with an additional 60 to be closed in 2016.
Apple was down 3% after close on reports that the tech giant had lost its top place in China during the second quarter with domestic rivals Xiaomi and Huawei moving ahead in the rankings.
Oilseeds, corn and wheat processor Archer-Daniels Midland rose 1.49% after its second revenue and earnings both fell short of estimates.
Twitter edged 0.26% higher, despite opening at an all-time low after the social media giant closed at a record low of $29.27 on Monday night. |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Official statistics, RBS sale, Shire Sir Charlie Bean, former deputy governor of the Bank of England, will today put the nation's number crunchers on notice that the status quo is untenable, arguing that the internet revolution has rendered Britain's official statistics out of date. Speaking ahead of the launch of his official review into the state of the nation's economic numbers, he said the current framework for the national accounts "was developed in the aftermath of the Great Depression". While big data, rapid innovations in technology and the rise of the sharing economy had transformed industries around the globe, official statistics had soldiered along largely unchanged, he said. - The Financial Times Greece needs a debt write-down of almost €100bn (£70bn) if the country is to stand a chance of clawing its way out of a "prolonged and severe depression", according to a leading think-tank. In a stark analysis, the National Institute of Economic and Social Research (NIESR) laid bare the impact of VAT hikes and strict budget targets that it said could become "self-defeating". - The Daily Telegraph
Royal Bank of Scotland's share price hit its lowest level this year as the government confirmed that it had sold a little over 5 per cent of the lender at a loss of £1.1?billion to the taxpayer. Investment bankers hired by the Treasury sold 630?million shares in RBS at 330p, sparking accusations from opposition politicians, and even the City, that the taxpayer had been sold short. Yvette Cooper, the Labour leadership candidate, said the £2?billion offer of RBS shares had been "handled disastrously", while Chris Leslie, the shadow chancellor, called the deal a "fire sale". - The Times
George Osborne has tried to justify a £1bn loss on the first sale of shares in RBS in the face of criticism from politicians and City analysts by saying it was the right thing to do for the British taxpayer. The chancellor sanctioned the first sale of the stake in RBS, announced on Monday night, to cut the taxpayer shareholding from 79% to just below 73%. Slightly more shares than expected were sold after the stock market closed on Monday, crystallising a loss for the taxpayer after £45bn was ploughed into the bank to rescue it amid the financial crisis of 2008-2009. - The Guardian
Hedge funds made a fast buck at the taxpayer's expense last week by betting against RBS shares shortly before the UK government started selling its stake in the bank, according to people involved in the deal. They said some investors got wind that the government could be about to start selling part of its 78 per cent stake in the bank and quickly placed a bet that this would drive down the share price. - The Financial Times
The International Monetary Fund has hailed China's progress on financial reform but said the renminbi still lags rivals on key metrics that determine whether the fund will formally endorse the redback as a reserve currency. The fund's executive board will make a final decision on the renminbi late this year as part of its regular five-yearly review of the currency composition of its Special Drawing Rights, a global reserve asset comprising the dollar, euro, yen and pound. - The Financial Times
The financial regulator has dropped an investigation into a former senior UBS banker caught up in the Libor scandal, after its own review panel found there was not a strong enough case to pursue him. The Financial Conduct Authority will not take enforcement action against Panagiotis Koutsogiannis, known as 'Pete the Greek' to his colleagues, after the independent experts on its regulatory decision committee found that dishonest conduct was not proven. - The Daily Telegraph
Goldman Sachs has admitted its fine for mis-selling toxic bundles of mortgage debt before the financial crisis could be £1.4billion bigger than previously feared. The Wall Street giant is in advanced talks with the US Department of Justice, which is expected to announce a settlement in the coming weeks. The negotiations suggest that the penalty could be bigger than previous estimated. - The Daily Mail
P&O Ferries experienced its busiest month for freight "in modern history" in July after it brought its freight vessels back into service to help deal with the transport chaos caused by the migrant crisis in Calais. Lorries have been piling up in Kent after police and highways officers launched Operation Stack, a traffic management system that has resulted in thousands of vehicles being parked on the M20. - The Daily Telegraph
One of Britain's biggest drug companies has initiated a $30 billion hostile takeover of Baxalta, an American rival, as it seeks to become the world's leading supplier of medicines for rare diseases. Shire has made public its all-share approach after being rebuffed by the management of Baxalta, which is known for its drugs that treat rare blood disorders, such as haemophilia. Flemming Ornskov, the chief executive of Shire, said that combining the businesses would create a company with the biggest portfolio of drugs for "orphan" diseases and the potential to generate $20 billion of sales by 2020. He said that he was puzzled at Baxalta's "lack of engagement" in a deal that could provide "firepower for further innovation and future growth". - The Times
The old wisdom said hostile deals don't work in the world of cutting-edge pharmaceutical research because successful science requires willing partners. In the current bid-a-week biotech bonanza, such niceties can be thrown out of the window, it seems. Shire, the Dublin-based and London-listed outfit, has gone hostile with an all-share $30bn approach to US group Baxalta after being given the cold shoulder by a company spun out of former parent Baxter only last month. "You have left us with no choice but to make our proposal known to your shareholders," wrote Flemming Ornskov, Shire's chief executive and chief-deal-doer, to his Baxalta counterpart. No choice? In today's biotech world, that is indeed the thinking. The sector is awash with mergers and acquisitions and all are obliged to play. - The Guardian
Britons could soon have to find another pastime to fill the mid-afternoon slot as demand for the classic cup of tea cools. Tea consumption in the UK has dropped by more than a fifth in the past five years, with the volume of tea sold dropping from 97m kg in 2010 to 76m kg this year. Consumers are opting for more exciting hot beverages, according to market research firm Mintel. - The Daily Telegraph |
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