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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 advance ahead of UK Budget 2016 UK stocks advanced on Wednesday as investors awaited the details of the 2016 Budget.
Chancellor George Osborne will set out £4bn in extra spending cuts and announce investment in the UK's infrastructure when he presents the Budget at 1230 GMT.
The Budget will also include a £1.5bn education package to turn all state schools into academies and allow some to open later in the day.
Meanwhile, UK jobs data is due at 0930 GMT with analysts' expecting the unemployment rate to hold steady and average weekly earnings growth to improve slightly.
The Bank of England is taking the health of the labour market into consideration as it determines the timing of an interest rate hike. The central bank meets on Thursday to announce its latest policy decision but is expected to keep interest rates unchanged.
The Federal Reserve is also expected to stand pat on rates when it announces its policy decision at 1800 GMT amid a slowdown in the global economy.
Wednesday's calendar is also packed with US data including mortgage applications at 1100 GMT, housing starts at 1230 GMT, inflation at 1230 GMT, industrial and manufacturing production at 1315 GMT and crude oil inventories 1430 GMT.
In company news, shares in the London Stock Exchange were slightly lower after agreeing a merger with Deutsche Boerse.
Tullow Oil gained as it said its Cheptuket-1 well in Northern Kenya has encountered good oil shows.
Hikma Pharmaceuticals slumped after it reported revenue of $1.44bn (£1.02bn) in its final results for 2015 on Wednesday, down 3% on what was an exceptionally strong 2014.
Smiths Group declined after it said pre-tax profits declined 9% to £189m on revenue 3% lower at £1.37bn in the six months to 31 January. |
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| Market Movers
FTSE 100 (UKX) 6,163.41 0.38%
FTSE 250 (MCX) 16,664.73 0.18%
techMARK (TASX) 3,080.21 -0.26%
FTSE 100 - Risers
Anglo American (AAL) 498.95p 2.36%
Ashtead Group (AHT) 833.50p 2.14%
Glencore (GLEN) 143.85p 2.13%
Legal & General Group (LGEN) 232.50p 1.93%
RSA Insurance Group (RSA) 467.60p 1.92%
BP (BP.) 348.40p 1.87%
Barratt Developments (BDEV) 564.50p 1.71%
Fresnillo (FRES) 930.50p 1.69%
International Consolidated Airlines Group SA (CDI) (IAG) 551.50p 1.66%
Royal Dutch Shell 'B' (RDSB) 1,688.00p 1.66%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 1,612.00p -6.33%
TUI AG Reg Shs (DI) (TUI) 999.50p -4.45%
Shire Plc (SHP) 3,637.00p -3.45%
Smiths Group (SMIN) 1,066.00p -1.02%
AstraZeneca (AZN) 3,983.00p -0.97%
GlaxoSmithKline (GSK) 1,403.50p -0.88%
Antofagasta (ANTO) 509.00p -0.88%
Standard Chartered (STAN) 460.80p -0.69%
BT Group (BT.A) 451.60p -0.56%
Whitbread (WTB) 3,819.00p -0.55%
FTSE 250 - Risers
Allied Minds (ALM) 366.40p 3.80%
Aldermore Group (ALD) 226.60p 3.47%
Ocado Group (OCDO) 277.30p 2.55%
Zoopla Property Group (WI) (ZPLA) 241.00p 2.34%
Acacia Mining (ACA) 260.20p 2.24%
Tullow Oil (TLW) 195.60p 1.82%
Centamin (DI) (CEY) 91.60p 1.78%
Stagecoach Group (SGC) 265.30p 1.61%
International Personal Finance (IPF) 284.70p 1.61%
BGEO Group (BGEO) 1,859.00p 1.58%
FTSE 250 - Fallers
Thomas Cook Group (TCG) 95.20p -6.30%
Moneysupermarket.com Group (MONY) 322.60p -6.11%
CLS Holdings (CLI) 1,525.00p -3.24%
Evraz (EVR) 81.85p -3.19%
AO World (AO.) 170.10p -2.35%
Just Eat (JE.) 373.80p -1.53%
P2P Global Investments C (P2P2) 925.00p -1.49%
Homeserve (HSV) 422.90p -1.40%
Indivior (INDV) 164.30p -1.32% |
| | UK Event Calendar | | Wednesday 16 March
INTERIMS
Finsbury Food Group, Produce Investments, Smiths Group
INTERIM DIVIDEND PAYMENT DATE
WYG
FINALS
Accesso Technology Group, Advanced Medical Solutions Group, Cape, EMIS Group, Eurocell , Hikma Pharmaceuticals, MirLand Development Corporation, Paysafe Group , PJSC Cherkizovo Group GDR (Reg S), Surgical Innovations Group, Taptica International (DI), WANdisco, Xaar
ANNUAL REPORT
Intu Properties, New Europe Property Investments
SPECIAL DIVIDEND PAYMENT DATE
32Red, Shoe Zone
AGMS
Savannah Resources
FINAL DIVIDEND PAYMENT DATE
Shoe Zone, SSP Group , ULS Technology |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge higher as oil prices firm; Fed in focus European stocks edged higher in early trade amid firming oil prices, as investors awaited the Federal Reserve's latest policy announcement and further clues on the path of US interest rates.
At 0845 GMT, the benchmark Stoxx Europe 600 index was up 0.4%, France's CAC 40 was up 0.6% and Germany's DAX was 0.7% higher.
At the same time, oil prices recovered, supported by data from the US Energy Information Administration on Tuesday showing crude stockpiles rose 1.5m barrels last week, which was much less than expected.
Sentiment was also underpinned by news that a meeting of the Organization of the Petroleum Exporting Countries may take place in April, even without Iran.
West Texas Intermediate was up 1.1% at $36.75 a barrel and Brent crude was up 0.7% to $39.00.
"European equity markets have opened higher in early trade, as oil and metals bounce back slightly after yesterday's rout - but with the Federal Reserve decision and press conference this evening and the UK budget this afternoon, markets are likely to be relatively lacklustre until further clarity is provided," said Rebecca O'Keeffe, head of investment at Interactive Investor.
With the Fed widely expected to stand pat on interest rates, investors will be paying close attention to what chairwoman Janet Yellen has to say.
"The gap in expectations between the Federal Reserve and the market on the pace of monetary tightening remains high, so investors will be hoping that Janet Yellen will reset the Fed's perspective closer to the market's more dovish view in order to narrow this difference," said O'Keeffe.
"If not, markets could be in store for another nasty bout of volatility."
In the UK, meanwhile, Chancellor George Osborne is set to announce £4bn in spending cuts during the Budget statement which kicks off at 1230 GMT.
The Federal Open Market Committee rate announcement is due after the European close at 1800 GMT.
In corporate news, shares in London Stock Exchange and Deutsche Boerse were both on the front foot after agreeing the terms of a merger.
Belgian chemical company Solvay rose after saying it will divest its stake in a joint venture with Ineos earlier than planned.
Brenntag racked up solid gains after the German chemical distribution firm posted better-than-expected 2015 profit.
On the downside, German industrial group Bilfinger slumped after saying it will not pay a dividend for 2015 and posting a wider loss.
Zodiac Aerospace was also under the cosh after it said profit this year was likely to be flat.
Still to come on the data front, US housing starts and CPI are at 1230 GMT, while US industrial production is at 1215 GMT. |
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| | US Market Report | | US close: Stocks end mostly lower as oil slides and investors eye Fed US stocks ended mostly lower on Tuesday as oil prices slid and investors digested mixed economic data a day before the Federal Reserve's rate announcement.
The Dow Jones Industrial Average ended up 0.1%, but the S&P 500 closed down 0.2% and the Nasdaq slipped 0.5%.
Oil prices declined as the Organization of the Petroleum Exporting Countries said global demand in 2016 for its crude would be lower than previously thought while supply would likely be higher than expected this year.
West Texas Intermediate dropped 2% to $36.41 per barrel and Brent crude fell 1.9% to $38.77 per barrel.
Data releases were mixed.
Retail sales dropped - albeit less than expected - in February, while January's data was revised down into negative territory, according to the Commerce Department. Sales fell 0.1% month-on-month to $447.3bn in February, the first drop since September. The decline was not as bad as the 0.2% consensus forecast, however. On an annual basis, sales were up 2.9%.
But January's sales data was revised markedly down to a 0.4% fall, having initially been published as a 0.2% rise.
On a cheerier note, however, a survey from the New York Fed showed business conditions in the region improved more than expected in March.
The Empire State manufacturing index rose to a reading of 0.6 from -16.6 in February, marking the first positive reading since July last year and beating expectations of -10.
Elsewhere, a report from the National Association of Home Builders showed home-builder sentiment held steady in March.
An index of builder confidence in the market for new single-family homes remained at the seasonally adjusted level of 58 in March, missing forecasts of 59.
Meanwhile, the ratio of business inventories to sales was 1.40 in January, marginally higher than 1.39 in December and 1.36 it was 12 months ago, the Commerce Department said, signalling that companies are failing to sell what they have produced.
The Fed is due to announce its policy decision on Wednesday and is widely expected to keep measures unchanged.
Capital Economics said that "despite the improving economic data and the recovery in financial markets, the Fed is very unlikely to hike interest rates from between 0.25-0.50%".
"Nevertheless, with the market turmoil subsiding and domestic price pressures mounting, we expect the Fed to resume raising rates in June (or possibly even April), with the fed funds target range climbing to between 1.00% and 1.25% by year-end."
Earlier on Tuesday, the Bank of Japan stood pat on interest rates despite deteriorating conditions in the world's third largest economy. The central bank also downgraded its view of the economy and inflation expectations.
On the corporate front, shares in Valeant Pharmaceuticals halved after the company's fourth quarter results missed analysts' expectations and it downgraded its revenue forecast for 2016.
Avon Products tumbled after it announced on Monday that it would cut around 2,500 jobs and move its corporate headquarters to the UK.
On the upside, Apple rose after Morgan Stanley said demand for the iPhone in the first quarter of this year is ahead of analysts' expectations.
In currencies, the dollar was 1% firmer versus the pound, 0.1% lower against the euro and 0.6% weaker versus the yen.
S&P 500 - Risers
Mead Johnson Nutrition Co. (MJN) $83.81 +11.09%
Range Resources Corp. (RRC) $31.84 +3.85%
EQT Corp. (EQT) $62.61 +3.15%
Stericycle Inc. (SRCL) $118.46 +2.16%
Cabot Oil & Gas Corp. (COG) $22.57 +2.13%
Apple Inc. (AAPL) $104.58 +2.01%
Marathon Oil Corp. (MRO) $11.31 +1.98%
Whirlpool Corp. (WHR) $168.84 +1.69%
Northrop Grumman Corp. (NOC) $191.66 +1.64%
Assurant Inc. (AIZ) $78.67 +1.60%
S&P 500 - Fallers
Endo International Plc (ENDP) $32.57 -22.60%
Peabody Energy Corp. (BTU) $4.01 -10.60%
Tenet Healthcare Corp. (THC) $25.36 -7.09%
Freeport-McMoRan Inc (FCX) $9.27 -7.02%
Genworth Financial Inc. (GNW) $2.72 -6.85%
Leucadia National Corp. (LUK) $14.50 -5.76%
Fossil Group Inc (FOSL) $46.85 -5.49%
Alcoa Inc. (AA) $9.15 -5.38%
CF Industries Holdings Inc. (CF) $33.63 -5.37%
Western Digital Corp. (WDC) $45.61 -5.35%
Dow Jones I.A - Risers
Apple Inc. (AAPL) $104.58 +2.01%
Wal-Mart Stores Inc. (WMT) $68.08 +1.07%
Nike Inc. (NKE) $61.42 +1.00%
Travelers Company Inc. (TRV) $113.92 +0.98%
Microsoft Corp. (MSFT) $53.59 +0.79%
Intel Corp. (INTC) $31.65 +0.70%
Home Depot Inc. (HD) $129.72 +0.68%
Visa Inc. (V) $71.90 +0.57%
Exxon Mobil Corp. (XOM) $82.83 +0.51%
McDonald's Corp. (MCD) $123.42 +0.42%
Dow Jones I.A - Fallers
Pfizer Inc. (PFE) $29.52 -1.93%
Merck & Co. Inc. (MRK) $52.42 -1.24%
Goldman Sachs Group Inc. (GS) $152.04 -0.94%
E.I. du Pont de Nemours and Co. (DD) $62.82 -0.76%
United Technologies Corp. (UTX) $96.24 -0.61%
Walt Disney Co. (DIS) $98.24 -0.58%
American Express Co. (AXP) $59.23 -0.57%
Caterpillar Inc. (CAT) $72.40 -0.45%
Unitedhealth Group Inc. (UNH) $124.86 -0.29%
Cisco Systems Inc. (CSCO) $27.66 -0.14%
Nasdaq 100 - Risers
Stericycle Inc. (SRCL) $118.46 +2.16%
Apple Inc. (AAPL) $104.58 +2.01%
Tesla Motors Inc (TSLA) $218.34 +1.48%
Electronic Arts Inc. (EA) $65.72 +1.44%
Skyworks Solutions Inc. (SWKS) $73.61 +1.13%
Costco Wholesale Corp. (COST) $154.18 +0.99%
Analog Devices Inc. (ADI) $56.11 +0.79%
Microsoft Corp. (MSFT) $53.59 +0.79%
Sba Communications Corp. (SBAC) $95.07 +0.74%
Starbucks Corp. (SBUX) $59.08 +0.73%
Nasdaq 100 - Fallers
Endo International Plc (ENDP) $32.57 -22.60%
Western Digital Corp. (WDC) $45.61 -5.35%
Incyte Corp. (INCY) $65.64 -4.84%
Mylan Inc. (MYL) $45.92 -4.07%
Vimpelcom Ltd Ads (VIP) $3.83 -3.77%
Vertex Pharmaceuticals Inc. (VRTX) $82.83 -3.22%
Illumina Inc. (ILMN) $149.98 -3.09%
Biomarin Pharmaceutical Inc. (BMRN) $83.42 -2.98%
NetApp Inc. (NTAP) $25.83 -2.93% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Budget, Sorrell, Barclays, Fed, Sports Direct George Osborne will today admit he has broken two out of the three fiscal rules he set down after last year's election, as he sets out a Budget constrained by slowing growth and weakening public finances. Mr Osborne will use whatever cash he can find to promote the life chances of the "next generation", with a promise to improve schools, build more homes and raise the income tax threshold for low and middle earners. - Financial Times
George Osborne is set to promise an extra £1.5bn to speed up the school academies programme as part of an overhaul of England's education system that will see all local authorities lose their control over schools. David Cameron has previously promised to "make local authorities running schools a thing of the past" so that every school in England had the power to set its own curriculum. - Financial Times
Sir Martin Sorrell, founder and chief executive of advertising giant WPP, will receive a £63m pay cheque in one of the largest corporate payouts in history. Sir Martin, who is Britain's highest paid chief executive, will collect a share award worth £62.78m and cash in £30.2m to meet "consequential tax liabilities", WPP said in a statement released after the end of Tuesday's trading. - Telegraph
Barclays has paid its top bankers almost £9m in shares, including an award worth £1.8m for new chief executive Jes Staley as he slashes jobs and pares back dividend payments. The bank has revealed that nine directors were this week awarded almost 5.2 million shares in various long-term bonus and payment schemes. - Telegraph
The Federal Reserve is expected to keep interest rates unchanged in a range of 0.25% to 0.5% when it concludes its two-day March meeting on Wednesday, putting off a planned rise after fears of a slowdown in China and collapsing oil prices have rattled investors worldwide. Most economists expect Federal Reserve chair Janet Yellen to hint at two interest rate hikes to come later this year - down from four hikes that were expected back in December, when the Fed raised interest rates for the first time since 2006. - Guardian
The Sports Direct founder, Mike Ashley, is to be formally summonsed to appear before MPs to explain his company's treatment of its workers. Ashley will be issued with a demand to appear before the business select committee on 7 June after refusing to agree to a number of dates suggested by MPs. - Guardian
It is the end of an affair that began in the dotcom boom and has had its fair share of ups and downs. Simon Nixon, the co-founder of Moneysupermarket, is to sell his final stake in the website that was founded during the internet bubble and floated on the stock exchange just as the credit crunch was pricking. - The Times |
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