| | | | | | | | Metro Bank IPO: What you need to know In just a couple of weeks, Metro is due to launch its IPO. It’s following in the footsteps of smaller rivals, Aldermore and Shawbrook, who listed last year. Both performing strongly in the months following their IPOs.
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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 after China inflation misses forecasts The FTSE 100 was in the red on Thursday as mining stocks declined and China inflation rose less than expected.
China's consumer inflation increased 1.8% year-on-year in January, compared to 1.6% in December. While it marked an improvement on the previous month, it missed analysts' estimates of 1.9%.
"The pick-up in inflation last month was mostly seasonal," Capital Economics said, referring to the benefits of the Lunar New Year holiday. "That said, underlying price pressures also appear to be edging up which ought to ease deflation concerns."
Meanwhile, oil prices were mixed with Brent crude down 0.26% and West Texas Intermediate up 1.3% to $31.08 per barrel amid confusion over whether global producers will agree to a production freeze following a meeting in Tehran.
In the US, the Federal Reserve's minutes of its 26-27 January policy meeting suggested policymakers were unlikely to raise interest rates before June. The minutes showed rate setters spent plenty of time debating the implications of global economic and financial developments on the US economic outlook, agreeing that uncertainty had increased, with many arguing this increased the downside risks to the outlook.
"The uncertainty about the economic outlook, with increased downside risks, and the need for more evidence to gauge the balance of risks suggest that a March rate hike is only a theoretical possibility, but in practice we do not expect to see a hike before June," said Rabobank strategist Philip Marey.
In company news, Centrica's shares gained after reporting full year results that beat expectations.
BAE Systems also rallied after posting full year results that were in line with analysts' forecasts and issued guidance that underlying earnings per share will rise between 5-10% in 2016 as it enters a what it says is an improved business environment.
Go-Ahead was ahead after reporting a solid performance across most of its operations in six months to 26 December with a 6.8% rise in overall revenue to £1.67bn
Going the other way, miners were the biggest fallers after worse-than-expected Chinese inflation added to worries about the world's largest consumer of commodities. Shares in Anglo American, Glencore and Rio Tinto plunged.
Vodafone declined on news it was looking at a £2.9bn fundraiser through the issue of convertible bonds. |
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| Market Movers
FTSE 100 (UKX) 5,989.51 -0.68%
FTSE 250 (MCX) 16,131.28 -0.16%
techMARK (TASX) 3,091.35 -0.23%
FTSE 100 - Risers
Rolls-Royce Holdings (RR.) 677.00p 7.21%
Centrica (CNA) 200.00p 3.04%
Berkeley Group Holdings (The) (BKG) 3,369.00p 2.21%
BAE Systems (BA.) 507.00p 1.54%
Sainsbury (J) (SBRY) 264.20p 1.03%
United Utilities Group (UU.) 926.00p 0.82%
Johnson Matthey (JMAT) 2,448.00p 0.74%
BT Group (BT.A) 464.55p 0.66%
Inmarsat (ISAT) 999.00p 0.65%
Coca-Cola HBC AG (CDI) (CCH) 1,394.00p 0.58%
FTSE 100 - Fallers
Anglo American (AAL) 444.65p -5.00%
Glencore (GLEN) 115.15p -4.04%
GlaxoSmithKline (GSK) 1,380.50p -3.05%
Rio Tinto (RIO) 1,892.00p -3.02%
Royal Dutch Shell 'B' (RDSB) 1,591.50p -2.72%
Royal Dutch Shell 'A' (RDSA) 1,598.00p -2.68%
Antofagasta (ANTO) 468.60p -2.05%
Sports Direct International (SPD) 411.10p -2.03%
Barclays (BARC) 164.75p -2.02%
AstraZeneca (AZN) 4,205.50p -1.73%
FTSE 250 - Risers
Nostrum Oil & Gas (NOG) 275.70p 7.44%
Henderson Group (HGG) 231.80p 5.70%
Go-Ahead Group (GOG) 2,367.00p 5.25%
Bodycote (BOY) 578.50p 4.71%
Cable & Wireless Communications (CWC) 73.15p 3.76%
Indivior (INDV) 153.20p 3.72%
OneSavings Bank (OSB) 284.60p 3.42%
Polymetal International (POLY) 640.00p 3.39%
Tate & Lyle (TATE) 563.50p 3.02%
Greencore Group (GNC) 376.40p 2.93%
FTSE 250 - Fallers
Tullow Oil (TLW) 175.70p -8.20%
Vedanta Resources (VED) 259.00p -3.82%
Daejan Holdings (DJAN) 5,570.00p -3.05%
Marshalls (MSLH) 286.80p -2.85%
Evraz (EVR) 67.05p -2.83%
Brewin Dolphin Holdings (BRW) 251.20p -2.79%
Assura (AGR) 53.70p -2.63%
Hastings Group Holdings (HSTG) 148.00p -2.57%
Amec Foster Wheeler (AMFW) 372.10p -2.34% |
| | UK Event Calendar | | Thursday 18 February
INTERIMS
Go-Ahead Group
INTERIM EX-DIVIDEND DATE
Ideagen, Ludgate Environmental Fund Ltd., Mountview Estates, Penna Consulting, Redrow
QUARTERLY EX-DIVIDEND DATE
Carnival, GlaxoSmithKline, M Winkworth, MedicX Fund Ltd., Raven Russia Ltd. Cum Red Pref Shares, Royal Dutch Shell 'A', Royal Dutch Shell 'B', UIL Limited (DI)
Q4
TBC Bank Joint Stock Company GDR (REGS)
FINALS
BAE Systems, Centrica, Indivior
SPECIAL EX-DIVIDEND PAYMENT DATE
32Red, GlaxoSmithKline
EGMS
BH Macro Ltd. GBP Shares
AGMS
Blackrock North American Income Trust , Sunrise Resources , Tertiary Minerals
FINAL DIVIDEND PAYMENT DATE
Cardiff Property
FINAL EX-DIVIDEND DATE
Avon Rubber, Brewin Dolphin Holdings, Jersey Electricity 'A' Shares, Pressure Technologies, SSP Group , ULS Technology
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks waver as investors pause for breath European stocks wavered in a tight range in early trade, as investors paused for breath following strong gains in the previous session.
At 0850 GMT, the benchmark Stoxx 600 index was down 0.2%, Germany's DAX was flat and France's CAC 40 was 0.1% lower.
Markus Huber, senior analyst at Peregrine & Black, said while sentiment has turned positive from neutral over the last couple of days, much of the rebound so far has been caused by bargain hunting rather than any actual fundamental change as far as the outlook for global growth and corporate profits is concerned.
"Although being overbought in the short-term, momentum still seems to be strong with traders preferring to buy dips for now," he said.
Oil prices were in the black, staying positive following a surge in the previous session after Iran unexpectedly backed Saudi Arabia and Russia's plan to freeze production at January levels. Still, Iran did not offer to take any action itself.
West Texas Intermediate was up 2.5% at $31.41 a barrel and Brent crude was 1% firmer at $34.83.
On the corporate front, British Gas owner Centrica rallied after its full year earnings beat analysts' expectations.
BAE Systems was also on the front foot as its 2015 results met expectations and the aerospace and defence group issued guidance that underlying earnings per share will rise 5% to 10% in 2016.
Air France-KLM flew higher after saying it swung to a profit in 2015, while hotels group Accor gained after posting a profit increase of nearly 11% for 2015.
On the downside, Nestle slumped after reporting a 37% decline in net profit for 2015.
Still to come on the data front, US initial jobless claims and the Philadelphia Fed survey are at 1330 GMT, while leading indicators are at 1500 GMT.
Investors will also be awaiting the release of the European Central Bank's January minutes.
"Today's minutes will potentially show more nuance on how well anchored the promises of more actions were (Draghi said that the Governing Council had been unanimous on communication)," said Societe Generale.
"Moreover, we are looking for further details on the reasoning around the downside risks to core inflation (there is some room to lower the core inflation forecast in our view)." |
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| | US Market Report | | US close: Wall Street extends winning streak to third day US stock markets enjoyed their first three-day winning streak in what has been a torrid 2016, as encouraging talks on freezing oil production mingled with Federal Reserve minutes that suggested no rate hike before June.
For the first time in its history, the Dow Jones rose more than 200 points for the third day in a row as bullish bargain hunters looked to call an end to the correction, closing up 1.59% at 16,453.83.
The S&P was 1.65% higher at 1,926.82, while the Nasdaq finished up 2.21% at 4,534.07.
Big oil freeze?
Wall Street got off to a strong start, with oil major Chevron leading the charge as oil prices moved choppily higher on hopes that global oil producing nations would succeed in widening a deal on freezing production.
A pledge by Saudi Arabia and Russian to not increase output, which is the first such instance of OPEC and non-OPEC cooperation on oil production for 15 years, was also backed by Venezuela and Qatar.
Following a meeting with counterparts from Iraq, Venezuela and Qatar, Iranian oil minister Bijan Zanganeh welcomed the moves but fell short of a commitment to limiting his own country's production level.
Nevertheless, West Texas Intermediate crude finished the Wall Street session almost 5% higher to break back above $30, while Brent gained 6.34% to $34.22 per barrel.
Fed minutes
The release of minutes from the Federal Open Markets Committee (FOMC) from its January 26-27 meeting showed the rate setters spent plenty of time debating the implications of global economic and financial developments on the US economic outlook, agreeing that uncertainty had increased, with many arguing this increased the downside risks to the outlook.
Rabobank strategist Philip Marey summarised the minutes as showing that most participants were of the view that there was not yet enough evidence to indicate whether the balance of risks to the medium-term outlook had changed materially, though several judged recent developments had increased the level of downside risks or that the risks were no longer balanced.
"The uncertainty about the economic outlook, with increased downside risks, and the need for more evidence to gauge the balance of risks suggest that a March rate hike is only a theoretical possibility, but in practice we do not expect to see a hike before June."
This chimed with Barclays, which after sifting through the minutes reiterated its forecast for a hike in June and another in December, with Merrill Lynch cutting its expectations of a US central bank rates rise to two over the coming year, down from a prior expectation for three or four hikes.
"In our view, not only is fear trumping fundamentals, but the fundamentals for the equity market are worse than for the overall economy," read a Bank of America-Merrill Lynch note on Wednesday afternoon.
Economic data stateside included industrial and manufacturing output figures from the Federal Reserve that surprised to the upside. Industrial production was up 0.9% in January compared to a month ago, beating analysts' estimates for a 0.4% increase. Manufacturing output rose 0.5% month-on-month in January, ahead of forecasts for a 0.2% gain.
US housing starts figures were less impressive, falling 3.8% in January on the month, trailing estimates for a 2% rise, the Commerce Department revealed. Mortgage applications in the US increased 8.2% in the week to 12 February, according to the Mortgage Bankers Association.
In corporate news, Boeing climbed as news of a $1.3bn order from China's Okay Airways combined with CEO Dennis Muilenburg's reassuring words about the growth outlook and a recent probe into accounting methods.
Priceline gained after the travel website operator reported a rise in fourth quarter profit that surpassed expectations.
Fossil Group rallied strongly after the watchmaker posted better-than-estimated quarterly results.
Kinder Morgan was sitting higher after Berkshire Hathaway disclosed a stake in the pipeline operator.
S&P 500 - Risers
Fossil Group Inc (FOSL) $44.30 +28.55%
Garmin Ltd. (GRMN) $41.06 +16.55%
United States Steel Corp. (X) $8.56 +14.29%
CONSOL Energy Inc. (CNX) $8.87 +12.42%
Freeport-McMoRan Inc (FCX) $7.16 +12.40%
Priceline Group Inc (PCLN) $1,235.56 +11.24%
Southwestern Energy Co. (SWN) $8.88 +11.00%
Helmerich & Payne Inc. (HP) $52.92 +8.80%
Pioneer Natural Resources Co. (PXD) $124.55 +7.88%
Genworth Financial Inc. (GNW) $1.93 +7.82%
S&P 500 - Fallers
Cerner Corp. (CERN) $52.79 -4.81%
Devon Energy Corp. (DVN) $20.33 -4.37%
FirstEnergy Corp. (FE) $32.27 -3.56%
Dr Pepper Snapple Group Inc. (DPS) $89.33 -2.91%
Gilead Sciences Inc. (GILD) $89.36 -1.96%
Advance Auto Parts (AAP) $143.41 -1.77%
L Brands Inc (LB) $81.85 -1.75%
Cummins Inc. (CMI) $97.53 -1.62%
Consolidated Edison Inc. (ED) $69.97 -1.41%
XL Group Plc (XL) $34.22 -1.24%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $88.31 +4.13%
Boeing Co. (BA) $116.34 +3.32%
Caterpillar Inc. (CAT) $67.26 +3.14%
E.I. du Pont de Nemours and Co. (DD) $60.60 +2.96%
Walt Disney Co. (DIS) $95.50 +2.79%
International Business Machines Corp. (IBM) $126.10 +2.74%
Unitedhealth Group Inc. (UNH) $118.30 +2.74%
Microsoft Corp. (MSFT) $52.42 +2.60%
Intel Corp. (INTC) $29.47 +2.40%
Cisco Systems Inc. (CSCO) $26.45 +2.36%
Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $29.63 -0.60%
McDonald's Corp. (MCD) $118.64 -0.45%
Nasdaq 100 - Risers
Vimpelcom Ltd Ads (VIP) $3.79 +12.46%
Priceline Group Inc (PCLN) $1,235.56 +11.24%
Tesla Motors Inc (TSLA) $168.68 +8.71%
Mylan Inc. (MYL) $46.27 +7.23%
Netflix Inc. (NFLX) $94.76 +6.41%
Liberty Global plc Series C (LBTYK) $36.02 +6.07%
Liberty Global plc Series A (LBTYA) $37.31 +5.75%
Micron Technology Inc. (MU) $11.43 +5.74%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $42.83 +5.60%
Citrix Systems Inc. (CTXS) $69.22 +5.41%
Nasdaq 100 - Fallers
Cerner Corp. (CERN) $52.79 -4.81%
Gilead Sciences Inc. (GILD) $89.36 -1.96%
O'Reilly Automotive Inc. (ORLY) $254.62 -0.45% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Apple, BT, William Hill, workers' rights The chief executive of Google and the founder of WhatsApp, the Facebook-owned messaging service, have voiced their support for Apple in its fight with the FBI over encryption. Apple has said it would challenge a federal court order to unblock an iPhone used by one of the San Bernardino shooters, as the FBI tries to investigate their links to Isis militants. - Financial Times
David Cameron's seven-month quest for an EU reform deal has taken the prime minister on a journey spanning 20 countries from Portugal to Lithuania. And at a two-day Brussels summit starting on Thursday, it could all come unstuck over £25m. The prime minister's aides say his marathon diplomatic effort has left Britain in "a good place"; his supporters are already looking beyond a deal in Brussels to launching a referendum campaign to keep the UK in "a reformed EU". - Financial Times
BT is facing fresh calls to split with Openreach, its broadband infrastructure division, ahead of a landmark review into the telecoms industry. Ofcom is set to unveil next week a widely anticipated set of proposals for the next decade of the telecoms sector, including BT's arm's length control of Openreach, after almost a year of fierce debate in the industry. - Telegraph
William Hill has told regulators that the £2.3bn merger of its two biggest rivals, Ladbrokes and Coral, will harm competition in the bookmaking industry even if the pair agree to sell swathes of betting shops. In William Hill's submission to the Competition and Markets Authority (CMA), which is investigating the deal between Britain's second- and third- biggest bookmakers, the company claimed Ladbrokes and Coral should be barred from a tie-up for the same reasons they were blocked from merging eighteen years ago. A first attempt to combine Ladbrokes and Coralcollapsed in 1998 when Peter Mandelson, who was then trade and industry secretary, warned the deal would damage competition. - Telegraph
The number of properties in Britain worth £1m or more is set to more than triple by 2030, widening the gap between the housing haves and have-nots, according to a report. Less than half a million homes in the UK are currently valued at £1m-plus, but a study by high street lender Santander claims this number will rise to more than 1.6m in the next 15 years. - Guardian
British workers' rights to paid holiday, maternity leave and fair treatment at work would be at risk if the UK voted to leave the European Union, the head of the Trades Union Congress has warned. Frances O'Grady, general secretary of the body representing British trade unions, said the EU debate had been too dominated by business interests, with not enough focus on the potential costs for ordinary workers. "Most of the rights that we depend on derive from Europe," she said. - Guardian
The financial regulator faces the threat of a judicial review over its proposed deadline for payment protection insurance claims in what could be a huge blow to banks. A claims management company has warned the Financial Conduct Authority that unless it tears up its consultation over a two-year cutoff for all PPI claims, which is due to conclude on Friday next week, it will seek a judicial review on the basis of a legal opinion that the deadline might be unlawful. - The Times | | |
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