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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 as oil prices fall UK stocks declined on Tuesday as oil prices continued to fall and mining stocks reversed the previous session's gains.
Oil prices extended losses from Monday as the Organization of the Petroleum Exporting Countries said that global demand for its crude would be less than previously thought in 2016 as supply from rivals continues to ramp up.
At 0855 GMT Brent crude fell 2.14% to $38.70 per barrel and West Texas Intermediate declined 2.19% to $36.38 per barrel.
Meanwhile, the Bank of Japan left its monetary policy unchanged despite worsening conditions in the world's third largest economy. The central bank also downgraded its view of the economy and inflation expectations.
"Although it was broadly expected that the central bank remains on standby following the souring mood from the negative interest rate cut on the 29th, the ongoing global woes which have exposed Japan to downside risk have left the central bank under immense pressure to take action," said FXTM research analyst Lukman Otunuga.
Investors are now awaiting the Federal Reserve's policy decision on Wednesday. The central bank is expected to stand pat on interest rates amid worries about a global economic slowdown.
The Bank of England is also widely expected to keep policy unchanged when it announces its latest measures on Thursday.
Still to come on Tuesday's calendar, Eurozone employment figures are due at 1000 GMT and US retail sales data will be released at 1230 GMT.
In company news, shares in Antofagasta slid after the miner revealed earnings before interest, tax, depreciation and amortisation plunged 58% to $890.7m due mainly to lower copper prices.
Balfour Beatty edged higher as it narrowed its full year losses and announced plans to reinstate a dividend later this year.
Evraz was in the red as the steelmaker saw earnings fall by more than a third in its 2015 results.
Legal & General declined after reporting a capital position below some expectations in its full year.
Automotive distributor and retailer Inchcape gained as it posted a small rise in full year pre-tax profit as revenue edged higher amid strong UK sales. |
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| Market Movers
FTSE 100 (UKX) 6,127.36 -0.76%
FTSE 250 (MCX) 16,681.80 -0.07%
techMARK (TASX) 3,090.32 -0.17%
FTSE 100 - Risers
Ashtead Group (AHT) 827.50p 1.53%
Royal Bank of Scotland Group (RBS) 234.60p 1.47%
Standard Life (SL.) 364.50p 0.66%
Relx plc (REL) 1,261.00p 0.48%
Compass Group (CPG) 1,219.00p 0.33%
Sky (SKY) 1,020.00p 0.29%
Dixons Carphone (DC.) 432.00p 0.23%
Schroders (SDR) 2,709.00p 0.22%
WPP (WPP) 1,578.00p 0.19%
Imperial Brands (IMB) 3,758.50p 0.17%
FTSE 100 - Fallers
Antofagasta (ANTO) 487.60p -9.28%
Anglo American (AAL) 498.80p -8.73%
BHP Billiton (BLT) 771.80p -5.44%
Legal & General Group (LGEN) 231.40p -5.01%
Glencore (GLEN) 140.75p -4.83%
Rio Tinto (RIO) 1,916.50p -4.25%
Burberry Group (BRBY) 1,369.00p -2.07%
Fresnillo (FRES) 906.50p -2.00%
Centrica (CNA) 223.30p -1.85%
Royal Dutch Shell 'B' (RDSB) 1,650.50p -1.49%
FTSE 250 - Risers
Ocado Group (OCDO) 279.30p 6.77%
Hastings Group Holdings (HSTG) 171.60p 6.25%
IP Group (IPO) 181.00p 4.02%
Shawbrook Group (SHAW) 292.10p 2.78%
Inchcape (INCH) 728.50p 2.61%
Polypipe Group (PLP) 329.90p 1.70%
DFS Furniture (DFS) 320.00p 1.65%
Renishaw (RSW) 1,887.00p 1.62%
Supergroup (SGP) 1,397.00p 1.53%
SIG (SHI) 141.60p 1.43%
FTSE 250 - Fallers
Tullow Oil (TLW) 200.30p -6.66%
Vedanta Resources (VED) 312.00p -5.02%
Wood Group (John) (WG.) 622.00p -4.45%
Mediclinic International (MDC) 877.00p -3.52%
Ophir Energy (OPHR) 82.90p -3.27%
Cairn Energy (CNE) 191.00p -2.95%
Marshalls (MSLH) 325.70p -2.60%
AO World (AO.) 171.10p -2.28%
Enterprise Inns (ETI) 79.10p -2.16% |
| | UK Event Calendar | | Tuesday 15 March
INTERIMS
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Blue Capital Global Reinsurance Fund Ltd (DI)
QUARTERLY PAYMENT DATE
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FINALS
Antofagasta, Charlemagne Capital Ltd., Crossrider , Evraz, Gem Diamonds Ltd. (DI), Hansteen Holdings, Hastings Group Holdings , Huntsworth, Inchcape, Legal & General Group, Legal & General Group, Mears Group, PJSC MNC Norilsk Nickel ADR, SDL, The Gym Group, Zotefoams
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge lower as investors digest BoJ decision European stocks edged lower in early trade, taking their cue from a mostly downbeat session in Asia after the Bank of Japan stood pat on interest rates.
At 0900 GMT, the benchmark Stoxx Europe 600 index was down 0.8%, France's CAC 40 was off 0.6% and Germany's DAX was down 0.5%.
Stocks in Asia fell, with the exception of China's Shanghai Composite Index, as the BoJ left rates unchanged in negative territory, kept the pace of asset purchases steady at Y80trn a year and sounded a cautious note on the economic outlook.
The central bank downgraded its inflation expectations and repeated its stance that further easing would be implemented if necessary to meet the 2% inflation target.
The BoJ pointed to external risks from emerging and commodity-exporting economies, in particular China, and the impact of US monetary policy.
BOJ Governor Haruhiko Kuroda said: "Japan's economy continues to recover moderately as a trend, although some weaknesses are seen in exports and output on slowing growth in emerging economies."
Central bank meetings will remain in focus for the rest of the week as the Federal Reserve's two-day meeting kicks off later on Tuesday, while the Bank of England rate announcement is due on Thursday.
There will also be a raft of US data to look to later on Tuesday. PPI final demand is at 1230 GMT, along with retail sales, Empire manufacturing, business inventories and the NAHB housing market index.
The Fed is widely expected to leave interest rates unchanged on Wednesday. Morgan Stanley now expects the US central bank to delay its next rate hike until the December meeting, which is a big departure from its previous expectation of three hikes this year.
"Even though the market is discounting the prospect of a move on rates this week, investors will be looking for signs that Fed officials are worried enough about the recent global slowdown to have revised down their 'dot plot' predictions of the future path of interest rate rises, which at the beginning of the year raised the prospect of at least four rate rises this year," said Michael Hewson, senior market analyst at CMC Markets.
"Some of the more recent economic data has shown some signs of an improvement, and this has seen the prospect of a move on rates in June increase slightly from a few weeks ago. This doesn't change the fact that the manufacturing sector continues to remain weak, as does wage growth which declined in February."
In corporate news, Legal & General was under the cosh despite reporting a 14% rise in full year operating profit and lifting its full year dividend.
Antofagasta fell sharply after posting a 58% drop in full year earnings and cancelling its final dividend.
Elsewhere, Swedish retailer Hennes & Mauritz was in the red after its February sales figures failed to impress.
Beleaguered German car maker Volkswagen was also under pressure after institutional investors from around the world sued the company for €3.3bn over the emissions cheating scandal. |
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| | US Market Report | | US close: Markets mixed as investors await Fed Markets in the US closed mixed on Monday, though they appeared to brush off a drop in oil prices as investors looked towards the US Federal Reserve meeting later in the week.
The Nasdaq Composite and Dow Jones Industrial Average both managed to reverse opening losses to eke out gains, by 0.04% to 4,750.29 and 0.09% to 17,229 respectively.
Boeing was the big leader on the Dow gaining 1.37%, while the Nasdaq was led by rises in Gilead Sciences, up 1.39%; Amazon, up 0.66%; and Starbucks, up 1.84%.
Trade volumes were looking to be at their lowest in 2016 so far, sitting just above six billion at close.
The S&P 500 slipped away from earlier gains, losing 0.13% to 2,019.64. Energy and materials led the decliners, each closing more than half a percent down.
Leading the index's risers, however, was Starwood Hotels & Resorts, which gained 7.8% after the company revealed an unsolicited acquisition offer for $76 a share.
Oil maintained its downward trend, with Brent crude last down 1.74% at $39.70 per barrel and West Texas Intermediate down 2.86% at $37.43.
The crude prices kept declining after the Iranian news agency Shana quoted Russia's energy minister Alexander Novak as saying Russia accepted Iran's right to increase oil output despite production sanctions.
"Today's pretty much of a day where people shore up their positions ahead of the meeting," said TD Ameritrade chief strategist JJ Kinahan.
Sarhan Capital CEO Adam Sarhan pointed out that the markets were starting to see some of the Nadsaq stocks lead the way higher, adding: "to me it feels like this is late in the game. People being positive ahead of BOJ and the Fed. They don't want to be left out."
The Bank of Japan was set to finish its two day meeting in the early hours of Tuesday GMT, while the Fed's Open Market Committee was to begin its two-day meet on Tuesday.
US investors appeared to be taking a breather with the lower oil prices, ahead of consumer sales data on Tuesday and the Fed press conference scheduled for Wednesday. Analysts were expecting the central bank to hold on interest rates, and were mainly awaiting the commentary.
Treasury yields managed to lift off from session lows. The two year yield sat at 0.96% and the 10-year yield finished the day at 1.97%.
The greenback was slightly higher by end of US trading, though the yen had since clawed back 0.03% to JPY 113.79 and the common currency was 0.01% weaker post-close at $1.1102 per euro.
S&P 500 - Risers
Starwood Hotels & Resorts Worldwide Inc. (HOT) $75.93 +7.82%
TripAdvisor Inc. (TRIP) $66.54 +4.46%
Freeport-McMoRan Inc (FCX) $9.97 +4.40%
Genworth Financial Inc. (GNW) $2.92 +4.29%
Williams Companies Inc. (WMB) $16.50 +3.06%
Perrigo Company plc (PRGO) $140.14 +3.04%
GameStop Corp. (GME) $31.66 +2.96%
Activision Blizzard Inc. (ATVI) $32.41 +2.82%
Mosaic Company (MOS) $29.46 +2.65%
Owens-Illinois Inc. (OI) $15.11 +2.44%
S&P 500 - Fallers
Peabody Energy Corp. (BTU) $4.48 -31.60%
Chesapeake Energy Corp. (CHK) $4.38 -6.81%
Southwestern Energy Co. (SWN) $7.46 -6.75%
Baker Hughes Inc. (BHI) $43.88 -4.17%
Helmerich & Payne Inc. (HP) $61.13 -3.57%
Alexion Pharmaceuticals Inc. (ALXN) $134.50 -3.43%
Western Digital Corp. (WDC) $48.19 -3.39%
Dentsply International Inc. (XRAY) $61.41 -3.28%
Ecolab Inc. (ECL) $103.04 -3.12%
LyondellBasell Industries (LYB) $84.75 -3.12%
Dow Jones I.A - Risers
Boeing Co. (BA) $126.34 +1.37%
Nike Inc. (NKE) $60.81 +1.22%
McDonald's Corp. (MCD) $122.90 +1.11%
Walt Disney Co. (DIS) $98.81 +0.89%
Home Depot Inc. (HD) $128.84 +0.30%
International Business Machines Corp. (IBM) $142.78 +0.30%
Wal-Mart Stores Inc. (WMT) $67.36 +0.28%
Exxon Mobil Corp. (XOM) $82.41 +0.27%
Apple Inc. (AAPL) $102.52 +0.25%
Coca-Cola Co. (KO) $45.29 +0.20%
Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $30.10 -1.31%
Intel Corp. (INTC) $31.43 -1.04%
E.I. du Pont de Nemours and Co. (DD) $63.30 -0.83%
Travelers Company Inc. (TRV) $112.82 -0.72%
Procter & Gamble Co. (PG) $81.17 -0.71%
Cisco Systems Inc. (CSCO) $27.70 -0.57%
JP Morgan Chase & Co. (JPM) $59.12 -0.37%
Chevron Corp. (CVX) $94.26 -0.34%
Goldman Sachs Group Inc. (GS) $153.49 -0.29%
General Electric Co. (GE) $30.27 -0.23%
Nasdaq 100 - Risers
TripAdvisor Inc. (TRIP) $66.54 +4.46%
Tesla Motors Inc (TSLA) $215.15 +3.69%
Activision Blizzard Inc. (ATVI) $32.41 +2.82%
Intuitive Surgical Inc. (ISRG) $593.07 +2.17%
Cognizant Technology Solutions Corp. (CTSH) $58.12 +2.02%
Liberty Global plc Series A (LBTYA) $36.79 +2.00%
Ctrip.Com International Ltd. Ads (CTRP) $41.22 +1.90%
PACCAR Inc. (PCAR) $53.72 +1.88%
Starbucks Corp. (SBUX) $58.65 +1.84%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $49.69 +1.68%
Nasdaq 100 - Fallers
Alexion Pharmaceuticals Inc. (ALXN) $134.50 -3.43%
Western Digital Corp. (WDC) $48.19 -3.39%
Incyte Corp. (INCY) $68.98 -2.69%
Biomarin Pharmaceutical Inc. (BMRN) $85.98 -2.59%
Illumina Inc. (ILMN) $154.77 -2.41%
Discovery Communications Inc. Class C (DISCK) $26.67 -2.38%
Seagate Technology Plc (STX) $35.36 -2.24%
Micron Technology Inc. (MU) $11.15 -2.11%
Celgene Corp. (CELG) $99.99 -1.83% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: BoJ, Brexit, Budget, VW The Bank of Japan has downgraded its view of the economy but held interest rates at minus 0.1 per cent, reflecting public confusion over January's unprecedented move to take rates into negative territory. The BoJ, like peers such as the European Central Bank, is in largely uncharted territory and negative interest rates have had several unintended consequences - not least prompting trade unions to ditch wage demands in the expectation of weaker corporate profitability. - Financial Times
Britain's biggest business group has called for the UK to remain in the European Union after its members sent a "resounding" message that staying in was better for jobs and growth. The Confederation of British Industry said a "clear majority" believed EU membership was better for business and the economy. However, Carolyn Fairbairn, the CBI's director general, said the lobby group had "no intention" to register its stance with the Electoral Commission. - Telegraph
Government must lean on banks to keep funding troubled North Sea oil explorers or risk a $250bn hit to the UK economy, Sir Ian Wood has warned. The highly influential industry veteran said a number of oil companies could go under as banks pull back on lending to the heavily indebted sector, which is already shedding around 200 jobs a day. But the "real danger" to the UK economy could come from a loss of investor confidence, which could result in billions of barrels in oil reserves left untapped. - Telegraph
George Osborne will use Wednesday's budget to set in motion plans for a high-speed railway line from Manchester to Leeds and an 18-mile underground road tunnel beneath the Peak District. The chancellor will also promise to "prioritise" a north-south link through centralLondon as he accepts the final recommendations of the National Infrastructure Commission, led by former Labour peer Lord Adonis, which are being published on Tuesday. - Guardian
Almost 300 institutional investors in Volkswagen have filed a multi-billion dollar suit against the carmaker for what they claim were breaches of its stock market duty in the emissions cheating scandal. The lawsuit, for damages of €3.3bn ($3.6bn), was filed at a regional court in Braunschweig in VW's home state of Lower Saxony on Monday and is being brought by 278 investors from all over the world, including German insurers and US pension fund Calpers. - Guardian
An LV= insurance executive has scooped one of the biggest pay packets ever awarded to a director of a mutual, receiving £10.7 million last year. John O'Roarke, general insurance chief of the friendly society, which is owned by more than a million of its policyholders, received a 16-fold pay rise. Mr O'Roarke, whose base pay was £616,000, hit the jackpot because of a three-year bonus scheme paying out £10.13 million, according to the insurer's report and accounts. - The Times
Shares in the London Stock Exchange hit a record high yesterday as expectations grew that it will reveal the details of an agreed merger with Deutsche Börse within days, valuing the combined group at more than £20 billion. The LSE's share price ended trading more than 1 per cent higher at £29, its highest since the exchange became a public company in 2000. - The Times |
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