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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 gains in Asia UK stocks rose on Monday, tracking gains in Asia as an improvement in China's fixed asset investment offset worse-than-expected industrial production and retail sales figures.
China's fixed-asset investment growth accelerated to 10.2% year-on-year in the January to February period, beating forecasts of 9.5% and compared with 10% the prior period.
Industrial output growth slowed to 5.4% year-on-year between January and February, missing analysts' estimates of 5.6% after an increase of 5.9% the prior month.
Retail sales growth cooled to 10.2% on an annual basis, falling short of forecast for a 10.8% rise after a 11.1% gain the previous month.
While Monday's economic calendar is quiet, a busy week lies ahead with the Bank of Japan's policy decision on Tuesday, the UK Budget 2016 and the Federal Reserve's interest rate decision on Wednesday followed by the Bank of England's policy announcement on Thursday.
Meanwhile, the UK commodities market shrugged off another decline in oil prices. At 0900 GMT, Brent crude dropped 1.3% to $39.89 per barrel and West Texas Intermediate slid 1.5% to $37.92 per barrel.
Mining stocks rallied as base metal prices rose with Anglo American, Glencore and BHP Billiton topping the FTSE 100.
Among corporate stocks, Admiral slumped after Bank of America Merrill Lynch downgraded the company to 'underperform' from 'neutral'.
SSE advanced as it said it has signed agreements for the sale of 49.9% of its operational 349.6MW Clyde Wind Farm to
Greencoat UK Wind and GMPF & LPFA Infrastructure LLP for a headline £355m.
Royal Bank of Scotland declined on news it is cutting 550 jobs as part of a plan to reduce its investment advice team. |
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| Market Movers
FTSE 100 (UKX) 6,181.02 0.67%
FTSE 250 (MCX) 16,706.53 0.67%
techMARK (TASX) 3,099.57 0.63%
FTSE 100 - Risers
Glencore (GLEN) 148.35p 4.69%
Anglo American (AAL) 535.20p 3.80%
BHP Billiton (BLT) 840.70p 3.05%
Berkeley Group Holdings (The) (BKG) 3,063.00p 2.85%
Rio Tinto (RIO) 2,054.50p 2.72%
Antofagasta (ANTO) 538.00p 2.67%
GKN (GKN) 286.80p 2.58%
Standard Chartered (STAN) 478.25p 2.23%
Old Mutual (OML) 185.90p 2.14%
Land Securities Group (LAND) 1,071.00p 1.90%
FTSE 100 - Fallers
Admiral Group (ADM) 1,877.00p -1.98%
Shire Plc (SHP) 3,745.00p -0.87%
Worldpay Group (WI) (WPG) 282.30p -0.81%
Provident Financial (PFG) 3,078.00p -0.52%
Aviva (AV.) 493.50p -0.38%
Barclays (BARC) 165.50p -0.30%
Imperial Brands (IMB) 3,746.50p -0.16%
Fresnillo (FRES) 928.50p -0.11%
Associated British Foods (ABF) 3,352.00p -0.06%
Royal Bank of Scotland Group (RBS) 229.50p -0.04%
FTSE 250 - Risers
Lancashire Holdings Limited (LRE) 566.00p 5.50%
NMC Health (NMC) 946.50p 4.13%
Evraz (EVR) 92.25p 3.65%
Brown (N.) Group (BWNG) 361.70p 3.46%
St. Modwen Properties (SMP) 307.20p 3.40%
Hastings Group Holdings (HSTG) 166.00p 3.23%
Circassia Pharmaceuticals (CIR) 265.50p 3.07%
Wizz Air Holdings (WIZZ) 1,806.00p 2.79%
International Personal Finance (IPF) 292.60p 2.67%
TalkTalk Telecom Group (TALK) 239.20p 2.44%
FTSE 250 - Fallers
Acacia Mining (ACA) 255.50p -3.80%
Stagecoach Group (SGC) 264.30p -3.33%
Ladbrokes (LAD) 117.70p -2.73%
Cranswick (CWK) 1,947.00p -2.16%
Aldermore Group (ALD) 207.80p -1.05%
Amec Foster Wheeler (AMFW) 491.90p -1.03%
Pendragon (PDG) 35.57p -0.97%
Assura (AGR) 54.00p -0.92%
Wetherspoon (J.D.) (JDW) 690.50p -0.79% |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks push higher as central bank meetings loom European stocks rose in early trade, taking their cue from an upbeat session in Asia as investors looked ahead to a week packed full of central bank meetings.
At 0855 GMT, the benchmark Stoxx Europe 600 index was up 1%, France's CAC 40 was 0.8% firmer and Germany's DAX was up 1.9%.
At the same time, oil prices were in the red amid ongoing concerns about oversupply. West Texas Intermediate was down 1% at $38.10 a barrel while Brent crude was 0.9% lower at $40.04.
"European equities are continuing on from where they left off last week, trending higher at the start of a critical week for markets, with central banks yet again taking centre stage," said Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor.
"Investors will be hoping the Bank of Japan will continue supporting the market and that the Federal Reserve will at least refrain from making any decisions that might jeopardise sentiment. Amid conflicting views among FOMC members as to the strength of the US economy and the outlook for inflation, the prospect of further divergence in policy from Janet Yellen relative to other global central banks could potentially undermine the current stock market rally."
Although Monday looks set to be a fairly quiet session, the rest of the week will be busy, with rate decisions from the Bank of Japan, the Bank of England and the Federal Reserve due on Tuesday, Thursday and Friday, respectively.
Corporate news was thin on the ground on Monday.
Banca Monte dei Paschi di Siena surged after newspaper La Repubblica said Prime Minister Matteo Renzi had asked Italian state lender Cassa Depositi e Prestiti and Intesa Sanpaolo to consider a potential acquisition of the bank.
London-listed energy group SSE edged higher after announcing the sale of its 49.9% stake in Clyde wind farm for £355m.
On the downside, French defence and security firm Safran slumped after confirming it was selling its Morpho Detection business and saying it was reviewing strategic options for its identity and security activities.
Still to come on the data front, Eurozone industrial production is at 1000 GMT. |
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| | US Market Report | | US close: S&P closes at highest level since 31 December A broad advance on Wall Street pushed the S&P 500 past the psychological 2,000-point mark, as markets on both sides of the Atlantic registered gains in the wake of the European Central Bank's policy stimulus barrage on the previous day.
The Dow Jones Industrials racked up gains of 1.28% on Friday, taking it to 17,213.31 points, alongside a 1.85% rise in the Nasdaq Composite to 4,748.47 and of 1.64% for the S&P 500 to 2,022.19, with the latter paring its year-to-date loss to 1.1%.
From a sector standpoint, the advance was paced by the following industrial groups: Consumer electronics (5.68%), Coal (5.50%), Real estate (4.22%) and Exploration and production (4.20%).
Oil prices gained after the International Energy Agency (IEA) said in its monthly report there were signs oil prices "might have bottomed out" and there is now "light at the end of what has been a long dark tunnel".
The IEA estimated that oil production outside the OPEC cartel will fall by 750,000 barrels a day this year - 150,000 barrels a day more than it estimated last month - easing concerns about the supply glut. Iranian production was also coming onstream more slowly than Tehran had claimed, the rich-world's oil watchdog said.
West Texas Intermediate crude oil futures jumped 1.82% to $38.49 per barrel on the NYMEX and gold futures were to be seen off by 1.7% to $1,251 per ounce on COMEX.
"There are clear signs that market forces ... are working their magic and higher-cost producers are cutting output," the IEA said.
US import prices fell for an eighth straight month in February although by less than analysts had expected. The Labor Department said import prices dropped 0.3% last month after a revised 1.0% decrease in January. Analysts had pencilled in a 0.7% slide.
The yield on the benchmark 10-year US Treasury note rose by five basis points to 1.98%, ahead of next week's FOMC rate meeting.
Yellen&Co. were not expected to move on rates on 16 March but traders had priced-in a 51% probability of another rate hike for when Fed rate-setters met in June. One month ago the odds of such a scenario were pegged at under 2.0%, according to calculations from Bloomberg.
In corporate news, Ulta Salon Cosmetics & Fragrance shares surged after its fourth quarter numbers beat analysts' expectations.
Regeneron Pharmaceuticals drifted lower despite the biotechnology company saying its rheumatoid arthritis drug had met its primary endpoint and was superior to a competitor's drug when it came to improving symptoms.
In currencies, the dollar slipped 0.21% versus the European single currency, settling at 1.1154 by the end of trading.
S&P 500 - Risers
Devon Energy Corp. (DVN) $24.78 +10.23%
Southwestern Energy Co. (SWN) $8.00 +10.19%
Anadarko Petroleum Corp. (APC) $46.29 +8.92%
FMC Technologies Inc. (FTI) $27.54 +8.60%
Tenet Healthcare Corp. (THC) $27.60 +8.24%
NRG Energy Inc. (NRG) $13.74 +6.59%
Legg Mason Inc. (LM) $33.23 +6.54%
Hess Corp. (HES) $51.26 +6.19%
Harman International Industries Inc. (HAR) $81.41 +6.07%
National Oilwell Varco Inc. (NOV) $33.39 +6.00%
S&P 500 - Fallers
Pepco Holdings Inc. (POM) $22.07 -8.99%
Mosaic Company (MOS) $28.70 -2.58%
Newmont Mining Corp. (NEM) $26.68 -2.45%
Mattel Inc. (MAT) $33.04 -1.73%
Altria Group Inc. (MO) $62.01 -1.57%
Reynolds American Inc. (RAI) $51.08 -1.56%
Graham Holdings Co. (GHC) $491.59 -1.54%
Public Service Enterprise Group Inc. (PEG) $44.33 -1.53%
Dr Pepper Snapple Group Inc. (DPS) $91.04 -1.17%
Nordstrom Inc. (JWN) $56.49 -0.91%
Dow Jones I.A - Risers
Pfizer Inc. (PFE) $30.50 +3.08%
E.I. du Pont de Nemours and Co. (DD) $63.83 +2.69%
Unitedhealth Group Inc. (UNH) $125.10 +2.47%
Home Depot Inc. (HD) $128.46 +2.04%
Nike Inc. (NKE) $60.08 +2.04%
Caterpillar Inc. (CAT) $72.80 +2.02%
Visa Inc. (V) $71.63 +2.01%
Microsoft Corp. (MSFT) $53.07 +1.96%
Goldman Sachs Group Inc. (GS) $153.94 +1.93%
Travelers Company Inc. (TRV) $113.64 +1.89%
Dow Jones I.A - Fallers
Procter & Gamble Co. (PG) $81.75 -0.64%
Wal-Mart Stores Inc. (WMT) $67.17 -0.36%
Coca-Cola Co. (KO) $45.20 -0.07%
Nasdaq 100 - Risers
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $191.62 +17.28%
Biomarin Pharmaceutical Inc. (BMRN) $88.27 +5.59%
JD.com, Inc. (JD) $27.83 +5.46%
Endo International Plc (ENDP) $42.40 +4.95%
Vertex Pharmaceuticals Inc. (VRTX) $86.26 +4.84%
Micron Technology Inc. (MU) $11.39 +4.69%
TripAdvisor Inc. (TRIP) $63.70 +4.39%
Western Digital Corp. (WDC) $49.88 +4.16%
Skyworks Solutions Inc. (SWKS) $72.77 +4.00%
Baidu Inc. (BIDU) $182.98 +3.92%
Nasdaq 100 - Fallers
Mattel Inc. (MAT) $33.04 -1.73%
Fastenal Co. (FAST) $46.86 -0.28%
Regeneron Pharmaceuticals Inc. (REGN) $377.12 -0.12%
Costco Wholesale Corp. (COST) $152.71 -0.10% |
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| | Newspaper Round Up | | Monday newspaper round-up: Budget, Deutsche Boerse/LSE, UK wealth, Hinkley Point George Osborne will this week try to plug the hole in the public finances with £4bn of new spending cuts and a series of raids on corporate Britain, as he tries to avoid a Budget fight with Eurosceptic Tory MPs. Mr Osborne admitted on Friday that the economy was £18bn smaller than originally thought; his eighth Budget on Wednesday will seek "soft targets" to replenish the exchequer without risking a rebellion from Tory MPs. - Financial Times
An increase in fuel duty would hold back Britain's economic recovery by penalising consumers and industry, motoring groups have said. George Osborne is expected to raise the duty - currently 57.95p a litre on petrol and diesel - in line with inflation. It would be the first increase since 2011 and would add 0.75p to the cost. - Financial Times
German exchange Deutsche Boerse could increase its offer to buy London Stock Exchange this week, potentially hiking its bid for the British institution as soon as today. The rising price of shares in the LSE Group combined with interest from rival US exchange group Intercontinental Exchange (ICE) is set to push Deutsche Boerse to dig deeper in its efforts to acquire the LSE, which the market currently values at just over £10bn. - Telegraph
The UK's reliance on gas-fired power has reached its highest level in five years and will accelerate the growing dependence on foreign energy supplies this summer, according to market data. Within the last week gas generators contributed to more than half of the total electricity supply for the first time since 2011, and analysts predict that this summer the UK's gas power dependence will climb 26pc above the levels seen last year. - Telegraph
The government will be putting retail jobs at risk if it does not undertake a fundamental review of business rates, Dave Lewis, the chief executive of Tesco, has warned ahead of the budget on Wednesday. In a clear warning to the chancellor, George Osborne, Lewis said business rates were "completely disproportionate" and the fact they are linked solely to property puts traditional retailers operating from physical stores at a disadvantage. - Guardian
More than a quarter of the wealth created in Britain over the past 15 years has ended up in the pockets of the richest 1% of people, according to Oxfam. In a report that singled out "wealthy British tax-dodgers" for withholding funds that could be used to fight poverty, the charity called for a crackdown on tax havens. - Guardian
President Hollande has demanded that France's state electricity giant presses ahead with an £18 billion reactor in Britain despite growing misgivings at home over the project. The beleaguered Mr Hollande has told EDF he will not accept a U-turn over the plan to build a new-generation nuclear plant at Hinkley Point in Somerset, The Times has learnt. - The Times |
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