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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 gain ahead of ECB policy announcement UK stocks gained on Thursday as Chinese inflation grew more than anticipated and traders braced the European Central Bank's latest policy announcement.
China's consumer price index rose 2.3% in February from a year ago, beating analysts' forecasts for a 1.8% increase in line with the previous month's growth. The key driver was a rise in food price inflation, supported by unusually colder weather and demand for the Chinese New Year celebrations.
"Looking ahead, we expect consumer price inflation to fall back soon as the seasonal pressures on food prices subside," according to Julian Evans-Pritchard, China economist at Capital Economics.
"Stepping back though, inflation does look set to edge higher this year as the sharp falls in the price of oil and other commodities over the past year drop out of the base for comparison and looser monetary and fiscal policy help to stoke broader domestic price pressures. "
Capital Economics expects CPI to increase 2.5% year-on-year this year, which would still be below the government's annual target of 3% set at the recent opening of the National People's Congress.
The attention now turns to the central bank's policy decision at 1245 GMT, followed by a press conference with President Mario Draghi at 1330 GMT.
The ECB is expected to announce a 10 basis point cut to the deposit facility rate, a six-month extension to the quantitative easing programme and a €10bn increase to the pace of monthly asset purchases.
The ECB has been under mounting pressure to take further action to address prolonged low, a stagnant recovery in the euro area and a global economic slowdown.
"As the ECB looks set to ease its monetary policy even further today, the discussion about what central banks can and cannot achieve is veering into ever wilder directions," said Holger Schmieding, analyst at Berenberg.
"Some pundits claim that central banks have lost much of their erstwhile power; others accuse them of expropriating hapless savers. Some observers even suggest that it would take a tighter rather than looser policy to support demand. To assess these claims, we need to recall some basic points about monetary policy."
Meanwhile, oil prices reversed gains in the previous session after government data showed US crude stockpiles rose in line with analysts' expectations. Crude stocks increased 3.9m barrels to a total 521.9m barrels in the week to 4 March as predicted, according to the Energy Information Administration.
Brent crude fell 0.95% to $40.68 per barrel and West Texas Intermediate dropped 0.60% to $38.06 per barrel at 0906 GMT.
In company news, shares in Morrison Supermarkets declined after the company said annual profits fell more than a quarter and like-for-like sales dropped 2.0%.
Aviva rallied after revealing a 20% jump in annual operating profits, supported by the acquisition of Friends Life.
Home Retail edged higher as it reported an improvement in sales at its Argos stores in the final eight-week trading period for the financial year ended 27 February.
Savills was on the front foot as the real estate agent said full year pre-tax profits were up 16% to £98.6m, underpinned by the strength of its commercial market positions and resilience of its residential businesses.
Hiscox slumped as it sold the Hong Kong division of its Asian business to Well Link Group for an undisclosed fee. |
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| Market Movers
FTSE 100 (UKX) 6,141.33 -0.08%
FTSE 250 (MCX) 16,588.16 -0.02%
techMARK (TASX) 3,091.87 -0.17%
FTSE 100 - Risers
Aviva (AV.) 483.20p 5.13%
Whitbread (WTB) 3,778.00p 2.08%
Centrica (CNA) 230.80p 1.67%
Anglo American (AAL) 537.70p 1.40%
Rio Tinto (RIO) 2,054.00p 1.16%
Old Mutual (OML) 193.50p 1.04%
Intu Properties (INTU) 298.10p 0.88%
Burberry Group (BRBY) 1,376.00p 0.88%
Standard Life (SL.) 357.90p 0.79%
HSBC Holdings (HSBA) 453.75p 0.78%
FTSE 100 - Fallers
Direct Line Insurance Group (DLG) 370.50p -6.18%
Ashtead Group (AHT) 809.50p -5.04%
CRH (CRH) 1,868.00p -2.56%
Barclays (BARC) 164.10p -2.44%
Royal Bank of Scotland Group (RBS) 226.30p -2.20%
Rolls-Royce Holdings (RR.) 687.00p -1.86%
Prudential (PRU) 1,344.50p -1.50%
Next (NXT) 6,565.00p -1.28%
Land Securities Group (LAND) 1,026.00p -0.97%
BHP Billiton (BLT) 823.20p -0.96%
FTSE 250 - Risers
Amec Foster Wheeler (AMFW) 498.30p 6.29%
Allied Minds (ALM) 382.00p 6.20%
Savills (SVS) 696.00p 5.94%
Cairn Energy (CNE) 201.10p 4.69%
Vedanta Resources (VED) 327.80p 4.06%
Riverstone Energy Limited (RSE) 804.50p 2.88%
Petrofac Ltd. (PFC) 993.00p 2.80%
Fidelity European Values (FEV) 165.30p 2.29%
Circassia Pharmaceuticals (CIR) 270.00p 1.85%
Wood Group (John) (WG.) 661.00p 1.46%
FTSE 250 - Fallers
Hiscox Limited (DI) (HSX) 926.50p -5.02%
Jupiter Fund Management (JUP) 387.30p -4.46%
Crest Nicholson Holdings (CRST) 508.50p -3.60%
Shawbrook Group (SHAW) 279.10p -2.75%
OneSavings Bank (OSB) 270.50p -2.59%
Countrywide (CWD) 368.00p -2.31%
Rightmove (RMV) 3,792.00p -2.27%
Domino's Pizza Group (DOM) 1,008.00p -2.14%
Debenhams (DEB) 76.00p -1.81% |
| | Thursday 10 March
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks waver as investors eye ECB announcement European stocks wavered in early trade, with investors reluctant to make any big bets either way ahead of the European Central Bank rate announcement.
At 0910 GMT, the benchmark Stoxx Europe 600 index and France's CAC 40 were up 0.1%, while Germany's DAX was 0.2% lower.
"With a raft of new stimulus measures expected investors will be hoping the ECB meet increasing expectations however, if they come up short like we witnessed in December we will see this have a significant negative impact on markets and we may be in for a volatile session," said Andy McLevey at Interactive Investor.
The European Central Bank rate announcement is at 1245 GMT, followed by the press conference with chief Mario Draghi at 1330 GMT.
Market participants are pricing in a 10 basis points cut to the deposit rate, an extension of asset purchases and maybe even the introduction of tiered interest rates.
Societe Generale expects the central bank to cut the deposit rate by 20 basis points and extend the LTRO for one year, but it does not expect the pace of asset purchases to be increased.
"There are other options such as a corporate bond purchase programme or expanded collateral eligibility, but these would have limited economic effect.
"Our main concern is that, whilst the bank will continue to signal its willingness to do whatever it takes, we think the ECB is approaching the effective limit of what it can do."
In corporate news, Aviva was the standout gainer on the FTSE 100 after the insurer reported better-than-expected full year profit.
Societe Generale edged up as it announced plans to cut 550 jobs by 2020 in an attempt to streamline its operations and posted a drop in 2015 profit.
French supermarket operator Carrefour slipped despite posting a rise in full year operating profit.
German resources group K+S was in the red after it cautioned it would post a big drop in operating profit this year.
Shares in French media company Lagardere tumbled after disappointing results. |
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| | US Market Report | | US close: Stocks end in the black as oil rallies US stocks ended higher as oil prices rallied, but gains were fairly muted overall as investors awaited the outcome of Thursday's European Central Bank announcement.
The Dow Jones Industrial Average closed up 0.2%, the S&P 500 rose 0.5% and the Nasdaq added 0.6%.
Investors on both sides of the pond were looking ahead to the ECB meeting on Thursday, with market participants pricing in a 10 basis points cut to the deposit rate, an extension of asset purchases and maybe even the introduction of tiered interest rates.
However, there was a certain degree of caution in the air, with some analysts pointing out that the bank could disappoint again like it did in December.
Oil prices advanced after data from the US Energy Information Administration showed a large weekly increase in crude supplies. The EIA reported a 3.9m barrel rise in crude oil supplies for the week ended 4 March. This was below the 4.4m barrel rise reported by the American Petroleum Institute and a touch higher than the 3m barrels expected.
West Texas Intermediate was up 4.6% to $38.17 per barrel while Brent was 3% firmer at $40.85.
Data released earlier by the Mortgage Bankers Association showed total mortgage application volume in the US rose 0.2% last week in seasonally-adjusted terms. This compared to a 4.8% drop the previous week.
On the year, mortgage application volumes were up 20%.
Figures from the Commerce Department showed US wholesale inventories unexpectedly rose in January as sales slid. Wholesale stocks were up 0.3% compared with expectations for a 0.2% decline.
On the corporate front, natural pet food company Blue Buffalo Pet Products surged as its fourth quarter results released late on Tuesday beat analysts' expectations.
Valeant Pharmaceuticals was also on the front foot as it announced the addition of three new board members.
Retailer Express Inc was in the black after posting a 34% jump in fourth-quarter profit.
On the downside, Pfizer Inc edged higher as the pharmaceutical company said it had entered into a $5bn accelerated repurchase programme with Goldman Sachs to be settled during the second quarter of 2016.
Chipotle slumped after one of its restaurants in Massachusetts was shut down as four employees fell ill, possibly from norovirus.
In currencies, the dollar was down 0.1% against the pound, flat versus the euro and 0.7% firmer against the yen.
S&P 500 - Risers
Peabody Energy Corp. (BTU) $5.87 +29.30%
Chesapeake Energy Corp. (CHK) $4.63 +7.56%
Devon Energy Corp. (DVN) $22.93 +6.80%
Newfield Exploration Co (NFX) $30.64 +5.76%
CONSOL Energy Inc. (CNX) $11.04 +5.54%
Freeport-McMoRan Inc (FCX) $9.14 +5.54%
Marathon Petroleum Corporation (MPC) $37.06 +5.37%
Tesoro Corp. (TSO) $88.50 +5.36%
Chevron Corp. (CVX) $92.81 +4.59%
Noble Energy Inc. (NBL) $32.06 +4.26%
S&P 500 - Fallers
Frontier Communications Co. (FTR) $5.17 -8.50%
Regeneron Pharmaceuticals Inc. (REGN) $374.72 -5.09%
Rowan Companies plc (RDC) $15.77 -4.13%
Ensco Plc. (ESV) $10.47 -3.50%
Chipotle Mexican Grill Inc. (CMG) $506.63 -3.44%
Southwestern Energy Co. (SWN) $7.12 -2.86%
Vertex Pharmaceuticals Inc. (VRTX) $84.62 -2.63%
W.W. Grainger Inc. (GWW) $218.94 -2.60%
Amgen Inc. (AMGN) $140.90 -2.58%
TripAdvisor Inc. (TRIP) $60.98 -2.54%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $92.81 +4.59%
Microsoft Corp. (MSFT) $52.84 +2.30%
Cisco Systems Inc. (CSCO) $27.61 +2.07%
Pfizer Inc. (PFE) $29.73 +1.26%
Coca-Cola Co. (KO) $44.81 +1.11%
McDonald's Corp. (MCD) $119.64 +1.03%
Intel Corp. (INTC) $30.86 +1.00%
International Business Machines Corp. (IBM) $140.41 +0.96%
JP Morgan Chase & Co. (JPM) $59.11 +0.56%
Johnson & Johnson (JNJ) $106.80 +0.55%
Dow Jones I.A - Fallers
Nike Inc. (NKE) $58.33 -2.47%
Goldman Sachs Group Inc. (GS) $149.91 -1.11%
Wal-Mart Stores Inc. (WMT) $67.53 -0.75%
American Express Co. (AXP) $59.04 -0.66%
Home Depot Inc. (HD) $126.03 -0.54%
Unitedhealth Group Inc. (UNH) $121.10 -0.46%
Exxon Mobil Corp. (XOM) $82.33 -0.36%
United Technologies Corp. (UTX) $96.60 -0.31%
Verizon Communications Inc. (VZ) $52.34 -0.23%
Walt Disney Co. (DIS) $97.64 -0.18%
Nasdaq 100 - Risers
Vimpelcom Ltd Ads (VIP) $4.00 +5.82%
Mylan Inc. (MYL) $46.55 +4.02%
Symantec Corp. (SYMC) $17.59 +3.78%
Tesla Motors Inc (TSLA) $208.72 +3.02%
Microsoft Corp. (MSFT) $52.84 +2.30%
Sirius XM Holdings Inc (SIRI) $3.96 +2.19%
American Airlines Group (AAL) $41.65 +2.16%
Baidu Inc. (BIDU) $176.53 +2.15%
Western Digital Corp. (WDC) $47.42 +2.11%
Applied Materials Inc. (AMAT) $19.17 +2.08%
Nasdaq 100 - Fallers
Regeneron Pharmaceuticals Inc. (REGN) $374.72 -5.09%
Incyte Corp. (INCY) $68.85 -3.26%
Vertex Pharmaceuticals Inc. (VRTX) $84.62 -2.63%
Amgen Inc. (AMGN) $140.90 -2.58%
TripAdvisor Inc. (TRIP) $60.98 -2.54%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $159.00 -2.43%
Biogen Inc (BIIB) $255.66 -2.15%
Endo International Plc (ENDP) $41.79 -2.04%
T-Mobile Us, Inc. (TMUS) $38.20 -1.93%
Sba Communications Corp. (SBAC) $91.76 -1.89% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Deutsche Boerse, ECB, Sunday trading Deutsche Börse has agreed to sell the International Securities Exchange, its US options business, to rival Nasdaq for $1.1bn, as global exchanges swap assets in an industry shake-up. The deal will extend Nasdaq's leading share of the highly competitive US options market, in which more than a dozen exchanges fight for business. ISE operates three equity options markets with a combined market share of 15%. - Financial Times
Some of Europe's most senior bankers have warned the European Central Bank of the dangers of negative interest rates ahead of a widely anticipated cut at the bank's policy meeting on Thursday. The ECB is expected to cut its deposit rate by 10 basis points to minus 0.4 per cent as it takes further action in its struggles to lift persistently low inflation and boost economic growth back to normal levels. - Financial Times
Britain has little or no say over decisions made in a European Union increasingly dominated by German interests, Iceland's prime minister has said. A leader of non-EU member state, Iceland's Sigmundur Gunnlaugsson warned larger member states like the UK wield "diminishing power" in institutions still under the sway of the Franco-German alliance. - Telegraph
Britain's statistics office is a step closer to including homeowner costs in the official measure of inflation after the UK's top statistician recommended the move. John Pullinger, head of the Government Statistical Service and the UK Statistics Authority, said the CPIH measure of inflation, which includes the costs associated with owning and maintaining a property, should be the "preferred measure of consumer inflation". - Telegraph
No 10 has conceded that its plans to relax Sunday trading laws are dead in the water, after David Cameron suffered his biggest Commons defeat since the election at the hands of his own Conservative MPs. The government's attempt to let larger shops trade for longer than six hours each Sunday was voted down after 27 Tory backbenchers teamed up with Labour and the SNP. - Guardian
The energy company behind the Hinkley Point nuclear project has still not signed off a contract with its Chinese partner that is needed for the £18bn plant to go ahead. EDF Energy and China General Nuclear Power Corporation (CGNPC) reached anoutline deal that was unveiled last October by David Cameron during a state visit by the Chinese president, Xi Jinping. But five months on the companies have not finalised the agreement, amid growing doubts over EDF's commitment to the project. - Guardian
A record number of British workers are on zero-hours contracts, according to official figures. More than 800,000 people are on the controversial contracts, the Office for National Statistics reported, a rise of 104,000 on last year. The findings prompted a volley of abuse from unions and Labour, who called the practice unjust, but employers maintained that the majority of people on zero-hours contracts were happy with the arrangement. - The Times |
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