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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: UK stocks dip ahead of BoE's 'Super Thursday' UK stocks declined as investors sat on their hands ahead of the Bank of England's interest rate decision, meeting minutes and Inflation Report. In what has been dubbed 'Super Thursday' the BoE has decided to hit the market with three important releases at once.
BoE Governor Mark Carney said bringing the announcements together will "enhance our transparency and make us more accountable to the British people".
Analysts expect the central bank's Monetary Policy Committee will keep interest rates unchanged at 0.5% as inflation remains weak. UK consumer prices were flat in June compared to a year ago as oil prices declined and the stronger pound hurt trade.
"Although another no-change decision is likely, we expect the minutes to reveal that at least two of the nine Committee members have begun to vote to raise rates," according to Capital Economics analysts. "We would, however, caution against placing much weight on the minutes until the Governor has commented at the subsequent Inflation Report press conference at 12.45 BST."
In a speech last month, Governor Carney said he would like to see above trend GDP growth, an improvement in core inflation and stronger increase in wages before raising rates. Some economists see the BoE raising rates early next year while some see an increase as soon as November. However, Carney has assured that hikes would be in small increments.
Ahead of the releases, a report from Halifax showed house prices fell 0.6% month-on-month in July, trailing analysts' estimates for a 0.4% increase.
Coming up, the UK also sees the release of UK manufacturing and industrial production data at 0930 BST.
In the US, initial jobless claims are due at 1330 BST, which comes a day after the worse-than-expected private payrolls report from ADP and before the all-important non-farm payrolls report on Friday.
Meanwhile, Greece remains under watch as prime minister Alexis Tsipras said that the nation was close to a multi-billion-euro bailout deal with its creditors. A deal must be reached before 20 August when Athens owes a €3.5bn loan repayment to the European Central Bank.
"We are in the final stretch," Tsipras said. "Despite the difficulties we are facing we hope this agreement can end uncertainty on the future of Greece."
Oil and gas producers slide
A gauge of oil and gas stocks including BP and Royal Dutch Shell as crude declined with Brent down 0.18% to $49.50 per barrel and West Texas Intermediate falling 0.46% to $44.94 in morning trade. The drop followed weekly inventory data which showed a small increase in US crude production and after President Barack Obama urged lawmakers to support the Iranian nuclear deal.
Rio Tinto gained after reporting a fall in first-half profits that beat analysts' forecasts. The company said cost improvements, lower energy costs and positive currency movements offset nearly 40% of the $3.6bn impact of lower prices.
Aviva advanced after it posted solid half-year operating profits growth and lifted its dividend 15% to indicate its confidence in the future as it raced to reap the benefits of its 10 April acquisition of rival Friends Life.
Mondi climbed after the packaging firm reported first half profits up 30% to €490m, following a boost in sales.
Shire, on the other hand, was a top faller following reports that the chief executive will have to sweeten its bid for US biotech company Baxalta. |
| | Market Movers
techMARK 3,218.48 -0.05%
FTSE 100 6,725.15 -0.40%
FTSE 250 17,751.92 -0.13%
FTSE 100 - Risers
Old Mutual (OML) 224.50p +2.75%
Randgold Resources Ltd. (RRS) 3,925.00p +2.40%
Inmarsat (ISAT) 916.00p +2.18%
Aviva (AV.) 534.00p +1.23%
GlaxoSmithKline (GSK) 1,432.00p +0.92%
Legal & General Group (LGEN) 273.10p +0.89%
easyJet (EZJ) 1,719.00p +0.64%
Rio Tinto (RIO) 2,581.00p +0.53%
Mondi (MNDI) 1,601.00p +0.44%
Hikma Pharmaceuticals (HIK) 2,372.00p +0.42%
FTSE 100 - Fallers
BP (BP.) 382.70p -3.13%
Anglo American (AAL) 776.80p -2.67%
Aberdeen Asset Management (ADN) 352.00p -1.81%
Associated British Foods (ABF) 3,187.00p -1.54%
Relx plc (REL) 1,104.00p -1.52%
SABMiller (SAB) 3,391.50p -1.50%
RSA Insurance Group (RSA) 516.50p -1.43%
BHP Billiton (BLT) 1,184.00p -1.37%
Glencore (GLEN) 200.65p -1.30%
Shire Plc (SHP) 5,405.00p -1.19%
FTSE 250 - Risers
Cobham (COB) 284.90p +8.53%
Zoopla Property Group (WI) (ZPLA) 252.60p +4.38%
Kennedy Wilson Europe Real Estate (KWE) 1,232.00p +4.32%
Enterprise Inns (ETI) 119.30p +4.01%
CLS Holdings (CLI) 1,957.00p +1.93%
UDG Healthcare Public Limited Company (UDG) 524.50p +1.65%
JD Sports Fashion (JD.) 847.00p +1.50%
Phoenix Group Holdings (DI) (PHNX) 879.50p +1.09%
Poundland Group (PLND) 350.00p +1.07%
Provident Financial (PFG) 3,004.00p +1.04%
FTSE 250 - Fallers
Tullow Oil (TLW) 234.00p -3.82%
Premier Oil (PMO) 122.20p -3.55%
Pennon Group (PNN) 797.00p -2.80%
RPC Group (RPC) 651.50p -2.69%
Halfords Group (HFD) 546.50p -2.41%
Pace (PIC) 360.20p -2.38%
Vedanta Resources (VED) 402.10p -2.26%
Lonmin (LMI) 43.47p -2.12%
QinetiQ Group (QQ.) 234.60p -2.00%
Redefine International (RDI) 51.75p -1.90%
FTSE TechMARK - Risers
Oxford Instruments (OXIG) 936.50p +1.79%
Consort Medical (CSRT) 928.50p +0.70%
Dialight (DIA) 557.00p +0.63%
XP Power Ltd. (DI) (XPP) 1,724.00p +0.47%
Sepura (SEPU) 157.00p +0.32%
KCOM Group (KCOM) 97.25p +0.26%
Anite (AIE) 125.75p +0.20%
IShares Euro Gov Bond 7-10YR UCITS ETF (IEGM) € 199.90 +0.06%
FTSE TechMARK - Fallers
Spirent Communications (SPT) 80.50p -0.92%
Torotrak (TRK) 6.40p -0.78%
Innovation Group (TIG) 32.75p -0.76% |
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| | UK Event Calendar | | Thursday 06 August
INTERIMS
Aggreko, Cobham, Friends Life Group Limited , Genel Energy, Hellenic Telecom Industries SA ADS, Hill & Smith Holdings, Inmarsat, Kennedy Wilson Europe Real Estate , Mondi, Old Mutual, Rio Tinto, RSA Insurance Group, Spirent Communications, Vitec Group
INTERIM DIVIDEND PAYMENT DATE
ITE Group, WH Smith
INTERIM EX-DIVIDEND DATE
Anglo American, Avon Rubber, Blackrock Throgmorton Trust, Domino's Pizza Group, Hiscox Limited (DI), Inchcape, Independent Inv Trust, Japan Residential Investment Co Ltd., Jupiter Fund Management , McColl's Retail Group , Melrose Industries, Microgen, One Media IP Group, Polar Capital Global Financials Trust, Relx plc, St. Modwen Properties, Telecity Group, Triple Point Income VCT, Tyman
QUARTERLY EX-DIVIDEND DATE
Barclays, BP, Custodian Reit , Fair Oaks Income Fund Limited , JPMorgan Claverhouse Inv Trust, Unilever
UK ECONOMIC ANNOUNCEMENTS
BoE Inflation Report (09:30)
BoE Interest Rate Decision (12:00)
BoE Interest Rate Minutes (09:30)
Industrial Production (09:30)
Manufacturing Production (09:30)
New Car Registrations (09:00)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Factory Orders (GER) (11:00)
Initial Jobless Claims (US) (13:30)
PMI Construction (GER) (08:30)
PMI Retail (EU) (09:10)
PMI Retail (GER) (09:10)
Q2
Hellenic Telecom Industries SA ADS, Inmarsat
Q3
GW Pharmaceuticals
ANNUAL REPORT
Greene King
SPECIAL DIVIDEND PAYMENT DATE
Foresight 4 VCT C, Tristel
SPECIAL EX-DIVIDEND PAYMENT DATE
Aberforth Geared Income Trust, British Smaller Companies VCT
AGMS
Aurum Mining, Catlin Group Ltd., Edge Performance VCT 'C' Shares, Invesco Asia Trust, Investec, Mytrah Energy Ltd, Sirius Petroleum, Taihua, Zamano
TRADING ANNOUNCEMENTS
UDG Healthcare Public Limited Company
FINAL DIVIDEND PAYMENT DATE
Caledonia Investments, Dairy Crest Group
FINAL EX-DIVIDEND DATE
1pm, Aberdeen New Dawn Investment Trust, Cayenne Trust, Coral Products, Creston, Games Workshop Group, Halfords Group, Hargreave Hale AIM VCT 2, Latham (James), Northern Bear, Pennon Group, Plastics Capital, QinetiQ Group, RPC Group, SABMiller
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Equities flat to lower as investors pause for breath European equity markets were flat to lower, with investors pausing for breath following a strong session on Wednesday as they sifted through another batch of corporate results. At 0905 BST, the benchmark Stoxx Europe 600 index was down 0.5%, France's CAC was off 0.1% and Germany's Dax was flat.
London's FTSE 100 was 0.4% lower as investors braced for 'Super Thursday', which will see the Bank of England release its rate decision, minutes of its policy meeting and the inflation report all on the same day.
"With a mixed bag of corporate earnings and a strong dollar impacting commodities, expect equity indices to be under pressure throughout the session," said Mike McCudden, head of derivatives at stockbroker Interactive Investor.
"The focus will soon switch back to US employment data so those without the stomach for volatility will be well advised to stay away in the short - term."
In corporate news, shares in insurer Old Mutual rose as it posted a 20% increase in first-half adjusted operating profit and lifted its dividend by 8% on the back of a strong performance in the UK and South Africa.
Mining giant Rio Tinto traded flat after reporting a 43% drop in underlying first-half profit as it took a hit from declining commodity prices, iron ore in particular, although the figures still beat expectations.
RSA Insurance fell into the red. Although the insurer posted a large jump in first-half profits and reinstated its dividend, investors were more focused on reports that Zurich Insurance is considering a bid for the company at around 525p per share, versus the 600p RSA is said to be looking for.
Shares in German postal and logistics company Deutsche Post were little changed after it cuts its 2015 profit target due to staff walkouts in Germany in the second quarter, which cost the business €100m. It also posted a bigger-than-expected fall in net profit.
Novozymes tumbled after the industrial enzyme maker cut its full-year sales forecasts and reported disappointing second-quarter earnings.
On the data front, German factory orders climbed a seasonally and working-day-adjusted 2.0% month-on-month in June, from a downwardly revised 0.3% drop in the previous month, according to Destatis.
Economists had expected a 0.3% increase for the month.
Export orders rose 4.8% in June compared with the previous month, while orders in the domestic market fell 2.0%.
The report showed new orders from the Eurozone increased 2.3% in June, while orders from other countries jumped 6.3%. |
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| | US Market Report | | US Close: Stocks little changed after mixed data US stocks were little changed following a mixed bag of economic data on services activity, jobs and trade. The US private sector added 185,000 jobs in July compared with a downwardly revised 229,000 in June, ADP said. The figures fell short of the 210,000 gain analysts had expected. The figures come ahead of Friday's closely watched non-farm payroll report.
"The slower pace of private payroll growth reported for July by ADP is broadly in line with our outlook for 200,000 in non-farm and private payroll growth in Friday's official employment," analysts at Barclays said in a note.
Separately, the Institute for Supply Management's index on US service activity surged to a 10-year high in July. The index rose to 60.3 from a 56 reading in the previous month, comfortably ahead of analysts' expectations of 56.5 and above the 50 level that signals an expansion in the industry.
Meanwhile, the US trade deficit rose beyond expectations in June, on the back of an increase in imports of automobiles and drugs from the European Union.
The deficit rose 7.8% in June to $43.8bn from a revised $40.9bn in May and compared with analysts' expectations of a $42.8bn forecast, the Commerce Department said.
The dollar fell 0.20% against the euro and 0.24% against the pound but rose 0.41% against the Japanese yen.
Oil prices fell to new lows with West Texas Intermediate down 1.2% to $45.18 per barrel while Brent crude slumped 0.5% to $49.73 at 2111BST. The drop followed weekly inventory data which showed a small increase in US crude production and after President Barack Obama urged lawmakers to support the Iranian nuclear deal.
Companies
Walt Disney tumbled after announcing late on Tuesday that its quarterly revenue missed forecast. Hardwood flooring retailer Lumber Liquidators Holdings plunged after swinging to a second quarter loss on the back of a sharp decline in sales and was on track to open at its lowest since November 2011.
Media and entertainment giant Time Warner slipped despite posting better-than-expected profit and sales earlier on Wednesday and reaffirming its full-year earnings outlook.
Apple rose even though it was downgraded to 'neutral' from 'buy' by analysts at Bank of America Merril Lynch, who also cut their price target to $130 from $142.
S&P 500 - Risers
First Solar Inc. (FSLR) $51.95 +16.74%
H&R Block Inc. (HRB) $35.82 +8.88%
Harman International Industries Inc. (HAR) $118.02 +6.88%
Peabody Energy Corp. (BTU) $1.09 +6.86%
Cognizant Technology Solutions Corp. (CTSH) $67.34 +6.40%
Motorola Solutions Inc (MSI) $64.03 +6.33%
Priceline Group Inc (PCLN) $1,351.21 +5.24%
Electronic Arts Inc. (EA) $75.17 +4.69%
Baxter International Inc. (BAX) $42.13 +4.52%
Analog Devices Inc. (ADI) $60.70 +3.80%
S&P 500 - Fallers
Genworth Financial Inc. (GNW) $5.65 -19.53%
Quanta Services Inc. (PWR) $23.10 -15.48%
Denbury Resources Inc. (DNR) $3.11 -13.27%
Discovery Communications Inc. Class A (DISCA) $28.87 -12.14%
Chesapeake Energy Corp. (CHK) $7.03 -12.12%
Walt Disney Co. (DIS) $110.47 -9.22%
Time Warner Inc. (TWX) $79.80 -8.96%
Viacom Inc. Class B (VIAB) $51.41 -7.54%
Twenty-First Century Fox Inc Class A (FOXA) $31.92 -7.02%
Scripps Network Interactive Inc. (SNI) $57.54 -5.93%
Dow Jones I.A - Risers
Unitedhealth Group Inc. (UNH) $123.93 +2.56%
Wal-Mart Stores Inc. (WMT) $73.53 +1.77%
Boeing Co. (BA) $144.95 +0.98%
Cisco Systems Inc. (CSCO) $28.27 +0.87%
Nike Inc. (NKE) $116.78 +0.87%
General Electric Co. (GE) $26.11 +0.81%
Johnson & Johnson (JNJ) $100.52 +0.72%
Merck & Co. Inc. (MRK) $59.11 +0.70%
McDonald's Corp. (MCD) $99.80 +0.67%
Apple Inc. (AAPL) $115.40 +0.66%
Dow Jones I.A - Fallers
Walt Disney Co. (DIS) $110.47 -9.22%
Chevron Corp. (CVX) $84.05 -1.36%
Pfizer Inc. (PFE) $35.83 -0.78%
Travelers Company Inc. (TRV) $106.09 -0.51%
Visa Inc. (V) $74.99 -0.37%
Procter & Gamble Co. (PG) $75.77 -0.18%
E.I. du Pont de Nemours and Co. (DD) $54.55 -0.16%
United Technologies Corp. (UTX) $98.87 -0.16%
American Express Co. (AXP) $75.62 -0.13%
Verizon Communications Inc. (VZ) $46.63 -0.09%
Nasdaq 100 - Risers
Activision Blizzard Inc. (ATVI) $28.72 +11.88%
Liberty Interactive Corporation QVC Group (QVCA) $31.01 +7.30%
Cognizant Technology Solutions Corp. (CTSH) $67.34 +6.40%
Priceline Group Inc (PCLN) $1,351.21 +5.24%
Dish Network Corp. (DISH) $68.22 +4.31%
Analog Devices Inc. (ADI) $60.70 +3.80%
Liberty Global plc Series A (LBTYA) $54.27 +3.35%
Facebook Inc. (FB) $96.44 +2.53%
Xilinx Inc. (XLNX) $42.72 +2.51%
Google Inc. Class C (GOOG) $643.78 +2.31%
Nasdaq 100 - Fallers
Discovery Communications Inc. Class A (DISCA) $28.87 -12.14%
Viacom Inc. Class B (VIAB) $51.41 -7.54%
Twenty-First Century Fox Inc Class A (FOXA) $31.92 -7.02%
Comcast Corp. (CMCSA) $59.79 -4.70%
Cerner Corp. (CERN) $67.30 -4.29%
Keurig Green Mountain Inc (GMCR) $74.82 -2.31%
Charter Communications Inc. (CHTR) $188.63 -1.50%
Whole Foods Market Inc. (WFM) $35.38 -1.20%
Fastenal Co. (FAST) $40.88 -1.11% |
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| | Newspaper Round Up | | Thursday newspaper round-up: RSA valuation, City Airport, Virgin Media Zurich's advisers are weighing up a lower than expected offer to take over the British insurer RSA. Advisers for the Swiss insurance group are said to be basing their preparations for a bid at about 525p per share, working from consensus estimates of RSA's earning potential. - The Daily Telegraph The American parent company of Virgin Media is preparing a big restructuring plan after the UK cable network reported disappointing results for the second quarter. Liberty Global, which owns Virgin Media as well as cable networks in the Netherlands, Ireland and Germany, said that it had initiated an efficiency programme that has identified $1 billion of savings that can be reinvested to boost growth. A spokesman for the US company, which has been linked with a takeover or asset swap with Vodafone, declined to say whether the plan would hit jobs in the UK. It would be the second round of cuts since Tom Mockridge was appointed chief executive of Virgin Media and 600 senior posts were cut in 2013. - The Times
Saudi Arabia is returning to the bond market with a plan to raise $27bn by the end of the year, in the starkest sign yet of the strain lower oil prices are putting on the finances of the largest oil exporter. Bankers say the kingdom's central bank has been sounding out demand for an issuance of about 20bn Saudi riyals ($5.3bn) a month in bonds - in tranches of five, seven and 10 years - for the rest of the year. - The Financial Times
The American owner of London City Airport is putting it up for sale. Global Infrastructure Partners, the US private equity fund which has owned the airport since 2006, hopes to complete the sale by year's end, according to Michael McGhee, the head of transport at GIP. - The Times
BP plans to pour an extra £670 million into ageing oilfields in the North Sea. The investment in the Eastern Trough Area Project (Etap), which comes as many companies are seeking to cut costs or exit the region, will secure the future of the fields in the central North Sea for at least another 15 years, the company said. - The Times
Household spending on communications services has risen for the first time in at least five years as more people pay extra to upgrade superfast broadband and subscribe to pay-TV for the first time. The industry regulator Ofcom said that the average British household spent a total of £117.71 per month last year on broadband, phone, mobile, television, radio and postal services. That represented a small increase of just 19p on 2013, but was the first rise since 2009, when the average inflation-adjusted spend was £122.07. Since then the industry has had to contend with the recession and wholesale price cuts imposed by regulators. - The Telegraph |
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