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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 track declines in Asia as investors digest Yellen speech London stocks fell on Thursday, tracking declines in Asian markets after US Federal Reserve Chair Janet Yellen highlighted her concerns about China's wailing economy.
Yellen said in a prepared speech on Wednesday that financial conditions have become less supportive of economic growth, the slowdown in China could weigh further on the US and the outlook for inflation is falling.
The central bank chair is due to speak again at 1500 GMT, appearing before the Senate Banking Committee.
Meanwhile, oil prices took another turn for the worse with Brent crude down 0.78% to $30.60 per barrel and West Texas Intermediate down 2.3% to $26.83 per barrel at 0859 GMT.
The mining sector registered the biggest declines after Rio Tinto reported a 27% drop in full year revenue, hurt by falling commodities prices. Its EBITDA margin was 34%, compared with 39% in 2014. Underlying earnings totalled $4.5bn, down 52% ($4.8bn) on a year before.
"This, unsurprisingly, inspired the latest set of alarming losses in the UK mining stocks, Rio itself plunging over 8% (in a swift rebuttal to the rather overenthusiastic weak-dollar inspired gains seen this time last week)," said Connor Campbell, financial analyst at Spreadex.
Among other corporate stocks, Centrica's shares slid after saying it will cut gas prices for customers by 5.1%.
Glencore was sitting lower after agreeing a $500m gold and silver streaming deal from its Antapaccay mine in Peru to help ease its balance sheet woes.
Tate & Lyle was in the red after reporting lower margins and continuing difficulties in the ethanol market in the third quarter.
In economic data, RICS house price balance held steady at +49% in January, slightly below expectations of +52%. |
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| | Thursday 11 February INTERIMS
Ashmore Group INTERIM EX-DIVIDEND DATE
Conviviality, Mattioli Woods, Murgitroyd Group, Rank Group, VPC Specialty Lending Investments QUARTERLY EX-DIVIDEND DATE
BP Q4
Nokia OYJ FINALS
Ashmore Group, Henderson Group, Informa, Orange Polska S.A. GDR (Reg S), Rio Tinto SPECIAL EX-DIVIDEND PAYMENT DATE
Impax Asset Management Group, JPMorgan Russian Securities AGMS
easyJet, Enterprise Inns, Paragon Group Of Companies, Paragon Group Of Companies, Unicorn AIM VCT TRADING ANNOUNCEMENTS
Dolphin Capital Investors Ltd, Enterprise Inns, Pennon Group FINAL DIVIDEND PAYMENT DATE
Conygar Investment Company, easyHotel, Euromoney Institutional Investor FINAL EX-DIVIDEND DATE
Catco Reinsurance Opportunities Fund Ltd (DI), Dragon-Ukrainian Properties & Development, Henderson Opportunities Trust, Impax Asset Management Group, JPMorgan Russian Securities, Polar Capital Global Financials Trust, Sage Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Banks and energy shares pace the decline European stocks took a battering in early trade, with banks and energy issues pacing the decline, as oil prices slid.
At 0900 GMT, the benchmark Stoxx Europe 600 index was down 3.6%, Germany's DAX was off 2.8% and France's CAC 40 was 2.8% weaker.
"European markets have fallen sharply in early trading tracking Asian markets lower following the late sell off on Wall St as yesterday's brief respite proves to be short-lived," said Andy McLevey, head of dealing at stockbroker Interactive Investor.
"Nervous investors are once again heading for less risky assets as concerns over the strength of the global recovery resurface and continued weakness in the price of oil. With no immediate end in sight the volatility of late is set to continue which may provide opportunity for brave investors however many may choose to sit on the sidelines until a little calm is restored."
Investors were still digesting comments from Federal Reserve chair Janet Yellen on Wednesday, who said turbulence in financial markets had impacted global growth prospects.
"Financial conditions in the US have recently become less supportive of growth, with declines in broad measures of equity prices, higher borrowing rates for riskier borrowers, and a further appreciation of the dollar," Yellen said.
Energy shares were getting hammered in early trade, with the Stoxx 600 oil and gas index down 3.4% as oil prices lost ground. West Texas Intermediate was down 3% at $26.62 a barrel while Brent crude was 1.8% lower at $30.28.
Banks suffered the brunt of the losses, however, with the sub-index for the sector 5.6% weaker.
France's Societe Generale led the fall, tumbling 12% after it reported a rise in fourth quarter net profit but warned that it might miss its profit target this year.
Meanwhile, miners were the standout losers in London, with Rio Tinto, Glencore and BHP Billiton all sharply lower.
Glencore said on Thursday that it has agreed a $500m gold and silver steaming deal from its Antapaccay mine in Peru to help ease its balance sheet woe.
Rio Tinto reported a 27% drop in consolidated sales revenues to $34.8bn and a 52% decline in underlying earnings to $4.5bn in its full year results.
Elsewhere, Zurich Insurance was under the cosh after it posted a bigger-than-expected loss and warned over its 2016 targets.
Finland's Nokia slid following the release of its fourth quarter results, as sales missed analysts' expectations.
Shares in oil and gas major Total dropped despite its fourth quarter numbers beating expectations.
French corporate and investment bank Natixis bucked the trend after agreeing to buy a majority stake in independent adviser Peter J Solomon. |
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| | US Market Report | | US close: Stocks blow hot and cold as Yellen and oil are immiscible US equities blew hot then cold on Wednesday's session as traders and investors mulled mixed corporate results, plunging oil prices and remarks from Fed chair Janet Yellen.
Dragged down by Disney and IBM, Dow Jones tailed off sharply to lose 0.62% by the close at 15,914.74, while the S&P merely lost the gains it made on the day to finish almost flat at 1,851.86.
The Nasdaq initially rose strongly and managed to hold onto some of those gains, with a day's gain of 0.35% for the composite index to 4,283.59 by the bell, with the Nasdaq 100 up 0.47%.
Stocks initially rallied as the Federal Reserve Chair flagged risks to the economy that could delay another increase in interest rates.
In her semiannual testimony to Congress on US monetary policy, Yellen said financial conditions have become less supportive of economic growth, the slowdown in China could weigh further on the US and the outlook for inflation is falling.
Without stating it specifically, her remarks were seen to suggest the next hike to interest rates may be a long way off.
"Financial conditions in the United States have recently become less supportive of growth, with declines in broad measures of equity prices, higher borrowing rates for riskier borrowers, and a further appreciation of the dollar," Yellen said.
"These developments, if they persist, could weigh on the outlook for economic activity and the labor market, although declines in longer-term interest rates and oil prices provide some offset."
Several economists still insisted that a March rate rise could happen as Yellen's words had by no means closed the door to a March hike.
"[The testimony] reveals that, while the FOMC might not be ready to raise rates a second time in March, it still anticipates a "gradual" series of rate hikes over the next couple of years. That view is clearly at odds with futures markets, which imply that almost any additional rate hikes are now off the table," said Paul Ashworth, chief US economist, Capital Economics.
Meanwhile, oil prices tumbled, with West Texas Intermediate crude down by more than 2% to $27.33 by 2200 GMT.
Earlier in the session, Goldman Sachs repeated its warning that crude oil futures might fall below $20 per barrel in 2016, while analysts at Morgan Stanley said rebalancing may not come until mid-2017.
In company news, Disney fell despite the success of Star Wars boosting earnings to their highest ever level, as concerns mounted about subscriber numbers and sports rights spending at its cable sports network ESPN.
IBM was another large weight on the Dow, as Charles Munger, the vice chairman at Warren Buffett's Berkshire Hathaway, said "the jury is out" on IBM's prospects.
After the closing bell, Amazon impressed with the announcement of a new $5bn stock buyback, while Twitter's after-hours results showed revenues in line and earnings beating forecasts despite flat average monthly user numbers.
Also Tesla surged despite missing revenue estimates and delivering a loss per share when a profit was expected. The electric car and Powerwall maker said it would be net cash flow positive in 2016 and said it would not need to raise any new cash this year.
S&P 500 - Risers
Akamai Technologies Inc. (AKAM) $47.98 +21.25%
Sealed Air Corp. (SEE) $43.63 +7.91%
Williams Companies Inc. (WMB) $12.85 +7.26%
Henry Schein Inc. (HSIC) $156.75 +6.18%
Activision Blizzard Inc. (ATVI) $30.15 +4.65%
Hanesbrands Inc. (HBI) $25.04 +4.20%
Priceline Group Inc (PCLN) $1,032.77 +4.18%
Mead Johnson Nutrition Co. (MJN) $70.72 +4.12%
Goodyear Tire & Rubber Co. (GT) $28.58 +4.12%
Snap On Inc. (SNA) $141.36 +4.11%
S&P 500 - Fallers
Assurant Inc. (AIZ) $66.23 -13.41%
Chesapeake Energy Corp. (CHK) $1.70 -12.82%
Computer Sciences Corp. (CSC) $27.72 -10.00%
Murphy Oil Corp. (MUR) $16.76 -6.16%
Rowan Companies plc (RDC) $11.27 -5.53%
Pentair plc (PNR) $42.88 -5.13%
Time Warner Inc. (TWX) $60.07 -4.97%
Devon Energy Corp. (DVN) $21.63 -4.55%
Viacom Inc. Class B (VIAB) $31.38 -4.50%
Monsanto Co. (MON) $87.58 -4.49%
Dow Jones I.A - Risers
Nike Inc. (NKE) $57.41 +3.11%
Visa Inc. (V) $70.15 +2.66%
Unitedhealth Group Inc. (UNH) $112.74 +1.42%
Pfizer Inc. (PFE) $29.49 +1.34%
Microsoft Corp. (MSFT) $49.71 +0.87%
Merck & Co. Inc. (MRK) $49.53 +0.75%
McDonald's Corp. (MCD) $117.54 +0.45%
Home Depot Inc. (HD) $114.33 +0.41%
Chevron Corp. (CVX) $83.04 +0.14%
General Electric Co. (GE) $28.30 +0.07%
Dow Jones I.A - Fallers
Walt Disney Co. (DIS) $88.85 -3.76%
International Business Machines Corp. (IBM) $120.19 -3.13%
Caterpillar Inc. (CAT) $62.14 -2.80%
Boeing Co. (BA) $116.36 -2.12%
Intel Corp. (INTC) $28.23 -2.01%
E.I. du Pont de Nemours and Co. (DD) $57.91 -1.98%
Coca-Cola Co. (KO) $42.55 -1.73%
3M Co. (MMM) $152.45 -1.48%
Procter & Gamble Co. (PG) $81.62 -1.23%
JP Morgan Chase & Co. (JPM) $55.52 -1.21%
Nasdaq 100 - Risers
Akamai Technologies Inc. (AKAM) $47.98 +21.25%
Henry Schein Inc. (HSIC) $156.75 +6.18%
Activision Blizzard Inc. (ATVI) $30.15 +4.65%
Priceline Group Inc (PCLN) $1,032.77 +4.18%
Vimpelcom Ltd Ads (VIP) $3.40 +3.66%
Intuitive Surgical Inc. (ISRG) $524.41 +3.06%
Biomarin Pharmaceutical Inc. (BMRN) $67.02 +2.93%
Netflix Inc. (NFLX) $88.45 +2.69%
Seagate Technology Plc (STX) $30.19 +2.65%
Celgene Corp. (CELG) $103.16 +2.65%
Nasdaq 100 - Fallers
Viacom Inc. Class B (VIAB) $31.38 -4.50%
Comcast Corp. (CMCSA) $55.81 -4.12%
Tesla Motors Inc (TSLA) $143.67 -3.09%
Mattel Inc. (MAT) $30.25 -2.95%
Fastenal Co. (FAST) $42.27 -2.51%
Charter Communications Inc. (CHTR) $161.08 -2.40%
Dish Network Corp. (DISH) $39.71 -2.38%
Endo International Plc (ENDP) $51.00 -2.34%
PACCAR Inc. (PCAR) $48.73 -2.23% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Facebook, Johnston Press, steel industry Other EU leaders are ready to copy David Cameron's referendum tactics for their own "egotistic goals", the European Council president has said, as he sounded the alarm over populist politics bringing the bloc to the brink of "suicide". Donald Tusk's forthright warning on Wednesday came as he announced he was clearing his diary next week to concentrate on the "very fragile" talks on a "new settlement" for Britain, which will be discussed at an EU summit next week. - Financial Times
Mark Zuckerberg has clashed with Marc Andreessen, a longstanding Facebook investor and board member, over what the social network's founder called "deeply upsetting" remarks about India's colonial history by the venture capitalist. The unusually public spat between the Facebook chief executive and one of his most prominent backers follows a significant setback earlier this week for the social network's plan to bring free mobile internet access to India. - Financial Times
Johnston Press is in advanced talks with the Lebedev family to buy the i newspaper in a deal that will raise questions over the future of its stable mate, The Independent. It is understood both sides are brokering the sale of the tabloid, with talks expected to run into the night. Sources confirmed the i, which was launched in October 2010 at a cover price of 20p, is the only subject under discussion between the two parties. - Telegraph
David Cameron has hailed Britain's technology sector as "extraordinary", after a report revealed companies are generating £161bn for the economy. According to the Tech Nation report, now in its second year, the digital economy grew 32pc faster than the rest of the economy between 2011 and 2014, and is creating new jobs at an unprecedented rate. - Telegraph
David Cameron has been accused of failing the British steel industry after the government confirmed it was blocking proposals from other EU members to tackle dumping of cheap product by China. Sajid Javid, the business secretary, said it would not be right for the EU to scrap regulations known as the "lesser duty rule", which some countries want to end in order to allow higher tariffs on Chinese steel. - Guardian
The Bank of England and Paul Tucker have been drawn back into the Libor scandal amid claims that Barclays used what it believed was a confidential instruction from a former deputy governor to lower rates to buy billions of pounds of debt in rival British lenders at the height of the financial crisis. - The Times | | |
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