| | | | | | | | 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 rebound as oil prices rally UK stocks rebounded on Tuesday from declines a day earlier as oil prices jumped after Saudi Arabia said it would work with other producers to limit market volatility.
Brent crude rose 0.76% to $36.85 per barrel and West Texas Intermediate crude gained 1.14% to $34.14 per barrel at 0850 GMT.
Saudi cabinet said in a statement that it "seeks to achieve stability in the oil markets and will always remain in contact with all main producers in an attempt to limit volatility and it welcomes any cooperative action".
Saudi Arabia and several fellow OPEC members agreed with non-OPEC Russia this month to freeze output at January levels but Iran has remained the main obstacle at curbing an oversupplied market as it takes advantage of the recent lifting of its international economic sanctions.
Meanwhile, investors seemed little fazed by another contraction in Chinese manufacturing data. The official purchasing managers' index on China manufacturing activity fell to 49.0 in February from 49.4in January, surprising analysts who had expected no change. A reading below 50 signals a contraction while a level above that indicates an expansion.
Caixin's PMI on manufacturing was released the same day, also showing a worse-than-expected drop. The PMI fell to 48.0 in February from 48.4 in January. Economists had pencilled in an unchanged reading.
"Today's PMIs suggest the economy lost some momentum last month, though Chinese New Year disruptions are probably partly to blame," said Julian Evans-Prichard, China economist at Capital Economics.
"The upshot is that today's PMI readings point to some softening in demand, which may explain why the People's Bank of China decided to cut the required reserve ratio (RRR) for banks by 50bp yesterday."
Markit's Eurozone manufacturing PMI was revised higher at 51.2 in February from a flash estimate of 51.0, ahead of analysts' projections for no change. However it marked a slowdown from the previous month's reading of 52.3.
UK manufacturing and US PMIs from Markit will be released at 0930 GMT and 1445 GMT respectively. ISM also publishes its manufacturing data at 1500 GMT.
In company news, shares in Barclays declined after it confirmed plans to sell its African business on Tuesday as it announced a drop in full year profit and a cut to the dividend. For the year to 31 December, adjusted pre-tax profit slipped 2% to £5.4bn and the bank announced a £1.45bn provision for PPI misselling.
The London Stock Exchange surged after Intercontinental Exchange confirmed it was considering making a bid for the UK exchange to rival Deutsche Boerse's.
Glencore slumped as it reported a 32% drop in full year earnings before interest, tax, depreciation and amortisation (EBITDA) to $8.7bn (£6.25bn) due to weaker commodity prices.
Fresnillo was also under the cosh as it posted a 3.5% decrease in EBITDA to $547.5m. |
| | Complimentary Market Report - Trade Tips and Review for 2016 | | Which way will the major markets be heading in 2016? Click here to Download the FREE 2016 Market Mover Report |
| Market Movers
FTSE 100 (UKX) 6,135.37 0.63%
FTSE 250 (MCX) 16,737.44 0.81%
techMARK (TASX) 3,207.66 0.54%
FTSE 100 - Risers
London Stock Exchange Group (LSE) 2,892.00p 7.99%
Anglo American (AAL) 505.60p 5.28%
Direct Line Insurance Group (DLG) 404.50p 4.09%
Rio Tinto (RIO) 1,958.00p 2.84%
Burberry Group (BRBY) 1,355.00p 2.65%
BHP Billiton (BLT) 746.70p 2.57%
Hargreaves Lansdown (HL.) 1,270.00p 2.50%
easyJet (EZJ) 1,539.00p 2.19%
Worldpay Group (WI) (WPG) 292.90p 2.09%
Intertek Group (ITRK) 2,980.00p 1.98%
FTSE 100 - Fallers
Ashtead Group (AHT) 817.00p -11.58%
Barclays (BARC) 161.25p -6.28%
Fresnillo (FRES) 984.00p -1.60%
Royal Bank of Scotland Group (RBS) 222.90p -0.45%
Rolls-Royce Holdings (RR.) 676.00p -0.44%
Berkeley Group Holdings (The) (BKG) 3,236.00p -0.40%
AstraZeneca (AZN) 4,100.50p -0.16%
Royal Dutch Shell 'A' (RDSA) 1,645.00p -0.15%
Royal Dutch Shell 'B' (RDSB) 1,643.50p -0.09%
Shire Plc (SHP) 3,787.00p -0.03%
FTSE 250 - Risers
Rotork (ROR) 181.10p 13.54%
Greggs (GRG) 1,108.00p 7.05%
Just Eat (JE.) 408.80p 5.99%
Ophir Energy (OPHR) 81.60p 4.95%
Centamin (DI) (CEY) 96.00p 3.67%
Entertainment One Limited (ETO) 163.90p 3.67%
Drax Group (DRX) 240.70p 3.39%
Acacia Mining (ACA) 256.30p 3.26%
Morrison (Wm) Supermarkets (MRW) 204.80p 2.91%
Serco Group (SRP) 96.20p 2.89%
FTSE 250 - Fallers
Lancashire Holdings Limited (LRE) 552.00p -6.52%
International Personal Finance (IPF) 257.50p -3.88%
Mediclinic International (MDC) 870.50p -2.03%
DFS Furniture (DFS) 313.10p -1.88%
Ocado Group (OCDO) 256.20p -1.46%
Euromoney Institutional Investor (ERM) 898.50p -0.94%
TalkTalk Telecom Group (TALK) 235.90p -0.92%
Meggitt (MGGT) 414.30p -0.89%
Circassia Pharmaceuticals (CIR) 269.00p -0.74% |
| | UK Event Calendar | | Tuesday 01 March
INTERIMS
Empiric Student Property , Mysale Group, Purecircle Limited (DI), Revolution Bars Group
INTERIM DIVIDEND PAYMENT DATE
Coral Products, Puma VCT 10 , Puma Vct 8, Puma Vct VII
QUARTERLY PAYMENT DATE
JPMorgan Claverhouse Inv Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Construction Spending (US) (15:00)
ISM Manufacturing (US) (15:00)
ISM Prices Paid (US) (15:00)
PMI Manufacturing (GER) (08:55)
PMI Manufacturing (EU) (09:00)
PMI Manufacturing (US) (14:45)
Unemployment Rate (EU) (10:00)
Q3
Ashtead Group
FINALS
Barclays, Direct Line Insurance Group, Elementis, Fresnillo, Glencore , Greggs, Hutchison China Meditech Ltd, Hydro International, Jardine Lloyd Thompson Group, Johnson Service Group, Moneysupermarket.com Group, Regus, Rotork, Servelec Group , Somero Enterprises Inc. (DI)
ANNUAL REPORT
Barclays, IP Group
AGMS
CareTech Holding, Sage Group
UK ECONOMIC ANNOUNCEMENTS
PMI Manufacturing (09:30)
FINAL DIVIDEND PAYMENT DATE
Renew Holdings
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks push higher as deal news provides a boost European stocks edged higher in early trade, supported by a positive session in Asia, with deal news also underpinning sentiment.
At 0900 GMT, the benchmark Stoxx Europe 600 index was up 0.6%, Germany's DAX was 1.5% firmer and France's CAC 40 was up 0.5%,.
"European stocks are trading higher this morning as a late selloff in US shares is more than cancelled out by higher markets across the board in Asia overnight. Despite somewhat weaker and disappointing Chinese PMIs overnight, the lowering of the reserve ratio rate by the PBoC after the close of the Chinese markets yesterday is driving stocks higher today," said Markus Huber, senior analyst at Peregrine & Black.
"Furthermore much of the weaker readings of the PMIs was attributed to possible distortions related to last month's Chinese New Year celebrations. Also giving stocks a boost are firmer oil prices this morning as of late stock indices have closely correlated to oil."
West Texas Intermediate was up 1.3% to $34.18 as barrel while Brent crude was 0.9% higher at $36.89.
Stocks in Asia managed to shrug off weak readings on China's manufacturing as investors continued to cheer the People's Bank of China's cut to the reserve requirement ratio and amid stronger oil prices.
The Caixin Purchasing Managers Index fell to 49.0 in February from 49.4 the month before, missing consensus forecasts for an unchanged reading.
Meanwhile, the official manufacturing PMI from China's National Bureau of Statistics also disappointed, falling to 49.0 versus 49.4 the month before and forecasts for the same.
Deal news provided a boost on Tuesday, with London Stock Exchange sharply higher after Intercontinental Exchange confirmed it was considering making a bid for the UK exchange to rival Deutsche Boerse's.
Glencore was on the front foot despite posting a 69% drop in net income for 2015 on the back of weaker commodity prices. |
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| | US Market Report | | US close: Stocks decline after worse-than-forecast data US stocks closed lower on Monday after investors were left disappointed by worse-than-expected economic data and the China government's lack of concrete stimulus plans at the G20 meetings.
The Dow Jones Industrial Average fell 0.74%, the Nasdaq dropped 0.71% and the S&P 500 dipped 0.82%.
An index measuring US pending home sales fell 2.5% month-on-month in January to a seasonally adjusted reading of 106 in January, the National Association of Realtors revealed. The drop was much worse than the 0.6% decline expected by analysts and reflected lower inventory and rising prices.
The Chicago Purchasing Managers' Index fell 8 points to 47.6 in February following a sharp increase to 55.6 the previous month. The data, released by the Institute for Supply Management, missed economists' expectations for a reading of 53, led by significant declines in production and new orders. A reading below 50 signals a contraction in sector activity while a level above that indicates an expansion.
Meanwhile, investors had been hoping China's government would announce further stimulus measures to boost the economy over the weekend at the G20 in Shanghai after People's Bank of China chief Zhou Xiaochuan said on Friday there was more room for easing. However, such an announcement failed to materialise, sending Asian stocks into the red.
The PBoC guided the yuan lower for fifth straight session on Monday, adding to worries that China is using the manipulation of its currency as a major tool to support the economy.
China's central bank also announced on Monday that it was cutting the reserve-ratio for banks by 0.5 percentage points.
The ratio refers to the amount of cash China's lenders must keep as reserves.
"The People's Bank paused monetary loosening in recent weeks apparently on concerns that it would worsen capital outflows," according to Capital Economics.
"The government stepped up fiscal support instead. Today's cut to the required reserve ratio (RRR) is therefore both confirmation that policymakers retain a bias towards easing and also a signal that they are less concerned about outflows getting out of control."
In positive news, oil prices rallied as Saudi Arabia said it would work with other producers to limit oil market volatility. West Texas Intermediate crude rose 3.1% to $33.86 per barrel and Brent grew 2.4% to $35.97 per barrel at 2136 GMT.
"The kingdom (of Saudi Arabia) seeks to achieve stability in the oil markets and will always remain in contact with all main producers in an attempt to limit volatility and it welcomes any cooperative action," the Saudi cabinet said in a statement.
Saudi Arabia and several fellow OPEC members agreed with non-OPEC Russia this month to freeze output at January levels but Iran has remained the main obstacle at curbing an oversupplied market as it takes advantage of the recent lifting of its international economic sanctions.
Among corporate stocks, shares in Lumber Liquidators Holdings slumped after the flooring retailer a fourth quarter loss than was steeper than expected by analysts.
Signet Jewelers Limited advanced after the company reported preliminary fourth-quarter earnings that surpassed projections.
Valeant Pharmaceuticals International plunged after the drugmaker withdrew its earnings guidance and said it would reschedule its planned call to discuss fourth-quarter results, which had been due to be held on Monday.
The dollar fell 0.29% against the pound and dropped 1.07% against the yen but increased 0.50% versus the euro.
S&P 500 - Risers
Peabody Energy Corp. (BTU) $2.44 +10.41%
CONSOL Energy Inc. (CNX) $8.63 +10.08%
United States Steel Corp. (X) $9.12 +9.75%
Signet Jewelers Ltd (SIG) $108.40 +9.35%
Newfield Exploration Co (NFX) $27.23 +4.61%
CF Industries Holdings Inc. (CF) $36.46 +4.32%
ONEOK Inc. (OKE) $24.00 +4.30%
Rowan Companies plc (RDC) $13.32 +4.06%
Qorvo, Inc. (QRVO) $45.08 +3.73%
Ensco Plc. (ESV) $8.67 +3.09%
S&P 500 - Fallers
Endo International Plc (ENDP) $41.81 -21.02%
Southwestern Energy Co. (SWN) $5.78 -9.40%
Mylan Inc. (MYL) $45.07 -4.39%
Eog Resources Inc. (EOG) $64.74 -4.09%
Monster Beverage Corp (MNST) $125.50 -4.04%
SunTrust Banks Inc. (STI) $33.18 -3.94%
Red Hat Inc. (RHT) $65.35 -3.87%
Amgen Inc. (AMGN) $142.28 -3.60%
Ecolab Inc. (ECL) $102.55 -3.51%
M&T Bank Corp. (MTB) $102.55 -3.48%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $67.70 +1.24%
American Express Co. (AXP) $55.58 +0.36%
Walt Disney Co. (DIS) $95.52 +0.22%
McDonald's Corp. (MCD) $117.19 +0.11%
Boeing Co. (BA) $118.18 +0.02%
Dow Jones I.A - Fallers
JP Morgan Chase & Co. (JPM) $56.30 -2.16%
Exxon Mobil Corp. (XOM) $80.15 -1.96%
Pfizer Inc. (PFE) $29.67 -1.85%
Unitedhealth Group Inc. (UNH) $119.10 -1.84%
Home Depot Inc. (HD) $124.12 -1.69%
Nike Inc. (NKE) $61.59 -1.61%
United Technologies Corp. (UTX) $96.62 -1.10%
Chevron Corp. (CVX) $83.44 -1.08%
E.I. du Pont de Nemours and Co. (DD) $60.87 -1.04%
Procter & Gamble Co. (PG) $80.29 -1.00%
Nasdaq 100 - Risers
Skyworks Solutions Inc. (SWKS) $66.44 +2.37%
Biomarin Pharmaceutical Inc. (BMRN) $81.87 +2.16%
Viacom Inc. Class B (VIAB) $36.85 +1.71%
Yahoo! Inc. (YHOO) $31.79 +1.34%
JD.com, Inc. (JD) $25.71 +1.18%
Autodesk Inc. (ADSK) $51.77 +1.13%
Intuit Inc. (INTU) $96.64 +0.93%
Dish Network Corp. (DISH) $47.13 +0.92%
Priceline Group Inc (PCLN) $1,265.81 +0.92%
Tesla Motors Inc (TSLA) $191.93 +0.84%
Nasdaq 100 - Fallers
Endo International Plc (ENDP) $41.81 -21.02%
Mylan Inc. (MYL) $45.07 -4.39%
Monster Beverage Corp (MNST) $125.50 -4.04%
Amgen Inc. (AMGN) $142.28 -3.60%
Illumina Inc. (ILMN) $150.24 -3.26%
Vimpelcom Ltd Ads (VIP) $3.54 -2.75%
Regeneron Pharmaceuticals Inc. (REGN) $384.02 -2.59%
Celgene Corp. (CELG) $100.83 -2.46%
Xilinx Inc. (XLNX) $47.22 -2.42% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: LSE/ICE, Apple, Google, ECB London Stock Exchange's £20bn merger with Deutsche Boerse could be gatecrashed by the owner of the New York Stock Exchange, according to reports. Intercontinental Exchange (ICE), which operates global exchanges, clearing houses and data services, has appointed Morgan Stanley to advise on a higher offer for the British group, it is claimed. - Telegraph
Central banks must behave more like "pawnbrokers" to stamp out recklessness and put an end to taxpayer-backed bail-outs, according to the former Bank of England Governor. Lord King says the financial crisis of 2008 shows the concept of a central bank acting as "lender of last resort" when financial institutions have run out of options is "in need of updating". - Telegraph
Apple has defeated a US government attempt to force it to unlock an iPhone as part of a criminal investigation into a drugs case, handing it an important victory in the first test case on the issue. The decision, by a federal judge in New York, comes two weeks after Apple sought a showdown with the FBI over a separate demand in California requiring it to break into an iPhone that had belonged to one of the shooters in the San Bernardino massacre. - Financial Times
One of Google's driverless cars has been involved in an accident for the first time in a situation where human drivers rely on the normal social etiquette of the road to avoid scrapes, according to an accident report filed in California. The incident highlights the challenges of programming machines to deal with the sort of social situations that humans encounter every day on the roads, but which are beyond robots to resolve, experts said. - Financial Times
More than 1,000 fund managers, hedge funds, brokers and smaller banks will be exempt from the EU's bonus cap after the Bank of England said it had concluded they did not fall within the scope of the rules. The cap limits bonuses to one times salary - or twice if shareholders approve - and is opposed by the Bank, which argues that it pushes up fixed pay and makes it harder to claw back bonuses when things go wrong. - Guardian
The European Central Bank is under growing pressure to step up support for the eurozone's flagging economy after the bloc slipped back into negative inflation in February. The surprise drop in prices marked the third time in a year that inflation has turned negative, fanning fears that the eurozone is headed for all-out deflation - a sustained period of falling prices. The news cemented market expectations that the ECB would use its meeting next week to inject fresh cash into the single currency bloc and to cut a key interest rate further into negative territory. - Guardian
Households are borrowing more than £1 billion each month to finance new cars, holidays and big-ticket consumer items in a spending splurge that economists warn could fuel another dangerous debt bubble. Figures from the Bank of England showed that unsecured lending to households rose at the fastest pace in a decade in January, rising by 9.1 per cent, a level not recorded since 2006. In total, consumers borrowed £1.6 billion in January, up from £1.1 billion the month before. - The Times | | |
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