| | | | | | | | 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 gain ahead of UK construction PMI London stocks rose on Wednesday ahead of a report on UK construction that is expected to show growth in sector activity accelerated in February.
Markit's purchasing managers' index on UK construction, released at 0930 GMT, is expected to rise to 55.0 in February from 50.0 the previous month. A reading above 50 signals an expansion while a level below that indicates a contraction.
The data follows disappointing UK manufacturing PMI on Tuesday. The Markit/CIPS manufacturing PMI fell to 50.8 in February from 52.9 in January. It was below economists' expectations for a reading of 52.2 and marked the lowest reading since April 2013.
Manufacturing PMIs out of Europe, China and the US were also released on Tuesday and came in mixed.
"Unlike yesterday's manufacturing mayhem, which the markets admittedly faced down with aplomb, Wednesday's economic calendar contains far fewer hurdles for the global indices to overcome if they wish to sustain their current gains," said Connor Campbell, financial analyst at Spreadex.
Wednesday's economic calendar also includes the release of the US private payrolls report from ADP at 1315 GMT and the US crude inventories report at 1530 GMT.
Oil prices were sitting lower in morning trade with Brent crude falling 0.49% to $36.63 per barrel and West Texas Intermediate declining 1.4% to $33.90 per barrel.
In company news, ITV was in the red despite reporting a 6% rise in annual pre-tax profits of £641m on the back of revenue growth across the firm.
Entertainment One plunged as it posted a 3% drop in group revenue for the nine months to 31 December.
AB InBev gained after agreeing the sale of SABMiller's 49% interest in a Chinese joint venture, China Resources Snow Breweries, to joint venture partner China Resources Beer. The deal comes ahead of AB InBev's completion of its takeover of SABMiller.
Mining stocks were the biggest risers including Anglo American, Antofagasta and BHP Billiton as metal prices recovered overnight. |
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| Market Movers
FTSE 100 (UKX) 6,189.12 0.59%
FTSE 250 (MCX) 16,864.58 0.45%
techMARK (TASX) 3,224.45 0.48%
FTSE 100 - Risers
Anglo American (AAL) 516.20p 5.07%
Antofagasta (ANTO) 515.00p 5.02%
BHP Billiton (BLT) 771.10p 4.15%
Shire Plc (SHP) 3,901.00p 3.26%
Rio Tinto (RIO) 1,997.50p 2.96%
Glencore (GLEN) 134.15p 2.80%
Aviva (AV.) 465.20p 2.76%
HSBC Holdings (HSBA) 472.95p 2.60%
Schroders (SDR) 2,754.00p 2.49%
Standard Chartered (STAN) 442.60p 2.47%
FTSE 100 - Fallers
Intertek Group (ITRK) 2,920.00p -2.80%
ITV (ITV) 244.80p -1.92%
Pearson (PSON) 857.00p -1.55%
BT Group (BT.A) 489.30p -1.35%
London Stock Exchange Group (LSE) 2,841.00p -1.01%
Inmarsat (ISAT) 980.50p -0.86%
Associated British Foods (ABF) 3,416.00p -0.84%
Reckitt Benckiser Group (RB.) 6,637.00p -0.58%
Unilever (ULVR) 3,131.00p -0.56%
Randgold Resources Ltd. (RRS) 6,290.00p -0.55%
FTSE 250 - Risers
Amec Foster Wheeler (AMFW) 422.70p 8.52%
Virgin Money Holdings (UK) (VM.) 368.00p 8.17%
Vedanta Resources (VED) 294.50p 6.32%
Aldermore Group (ALD) 206.80p 3.45%
Enterprise Inns (ETI) 87.36p 2.78%
OneSavings Bank (OSB) 286.00p 2.62%
Fidelity China Special Situations (FCSS) 129.50p 2.53%
Tullow Oil (TLW) 175.20p 2.22%
Regus (RGU) 302.40p 2.16%
Genus (GNS) 1,471.00p 2.15%
FTSE 250 - Fallers
Entertainment One Limited (ETO) 158.20p -8.55%
Serco Group (SRP) 98.00p -3.73%
Centamin (DI) (CEY) 94.95p -2.72%
Hastings Group Holdings (HSTG) 152.70p -1.61%
Pets at Home Group (PETS) 274.70p -1.58%
Allied Minds (ALM) 335.00p -1.47%
Inchcape (INCH) 744.50p -1.26%
Hiscox Limited (DI) (HSX) 972.50p -1.22%
Greencore Group (GNC) 369.60p -1.20% |
| | UK Event Calendar | | Wednesday 02 March
INTERIMS
Clinigen Group, Dalata Hotel Group
INTERIM DIVIDEND PAYMENT DATE
Cohort, Stagecoach Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Beige Book Fed Survey (US) (19:00)
Crude Oil Inventories (US) (03:30)
MBA Mortgage Applications (US) (12:00)
Producer Price Index (EU) (10:00)
GMS
Plethora Solutions Holdings
FINALS
Costain Group, Dignity, Intertek Group, ITV, Laird, Nichols, Tarsus Group
EGMS
IG Seismic Services GDR (Reg S)
AGMS
Driver Group
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Basic resource stocks pace the advance European stocks rose in early trade, taking their cue from positive sessions in the US and Asia, with basic resources pacing the advance.
At 0900 GMT, the benchmark Stoxx Europe 600 index was up 0.7%, Germany's DAX was 1% higher and France's CAC 40 was 0.8% firmer. Basic resources were the standout gainers, with the Stoxx 600 index for the sector up 2.9%.
"European equities are trading higher this morning seeing some early follow-through buying after yesterday's strong start to the new month. Sharply higher markets in Asia and the US overnight are helping markets to sustain their positive momentum for now," said Markus Huber, senior analyst at Peregrine & Black.
"Whilst overall sentiment has turned positive, not everybody is convinced fully yet that this move isn't a bull-trap. Besides relatively low trading volumes much of the move of the past couple of days is based on the assumption that major central banks will successfully stabilise global growth and that the US economy won't be going into a recession."
Meanwhile, oil prices were in the red after data from the American Petroleum Institute showed US crude inventories rose 9.9m barrels last week, which was much higher than the 3.6m barrel increase forecast by analysts.
West Texas Intermediate was down 1.2% to $33.99 a barrel and Brent crude was 0.4% lower at $36.68.
In corporate news, Old Mutual rallied following well-received 2015 results for its South African banking subsidiary Nedbank.
On the downside, broadcaster ITV was weaker. Although the company posted a rise in profit and revenue for 2015 and announced a special dividend, analysts noted concerns about the outlook for advertising revenue.
Swedish medical technology company Elekta tumbled after its third quarter earnings missed analysts' expectations, while Luxottica Group fell after the eyewear maker downgraded its outlook.
Intertek shares slid as the inspection, product testing and certification group said it swung to a loss in 2015. |
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| | US Market Report | | US close: Stocks march higher in record risk-on March start US stocks rose to their highest finish since the first week of January as better-than-expected data joined hands with steadying oil prices.
Even with oil weak initially, all three indices started strongly and by the close the S&P 500 spiked 2.37% by the close, its best ever start to March, while the Dow Jones Industrial Average climbed 2.11% for its best start since 2002, according to Dow Jones data.
The Nasdaq composite surged 2.9%, its best one-day performance since last summer and its best start to March since 2013.
Earlier, the Institute of Supply Management's purchasing managers' index on manufacturing rose to 49.5 in February from 48.2 in January, beating analysts' estimates of 48.5.
Another manufacturing PMI, produced by Markit, was revised higher than expected in February to a reading of 51.3 from a previous estimate of 51.0. Although the reading marked a slowdown from 52.4 in January, the index was a touch higher than analysts' forecasts of 51.2.
US construction spending data also surpassed forecasts. Spending increased by 1.5% on the month to a seasonally-adjusted rate of $1.14bn in January, compared to economists' expectations for a 0.4% rise, the Commerce Department revealed.
Wall Street also took confidence from upbeat Asian and European sessions, while oil prices maintained their rally.
Front-month prices for West Texas Intermediate crude recovered from an early dip to rise 0.7% to $33.99, while Brent crude was could not hold onto its gains above $36.5 per barrel.
The dollar rose against the euro, the pound and the yet but retreated against selected commodity crosses.
Comments from Federal Reserve Bank of New York president William Dudley, speaking in Hangzhou, China, were seen as having some effect. Dudley said he was increasingly worried that the rate of inflation might fail to rise back to the US central bank's 2.0% medium-term target.
"On balance, I am somewhat less confident than I was before. Partly, this reflects my assessment that uncertainty to the outlook has increased and that downside risks have crept up," the central banker added.
The Asian session was choppy but finished in the black despite the official manufacturing PMI dropped to 49.0 in February from 49.4 in January, surprising analysts who had expected no change. Caixin's unofficial 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.
However, analysts continued to cheer Monday's decision by China's central bank to cut the required reserve ratio (RRR) for banks by 50 basis points.
On the company front, Hertz Global was firmer after the car rental company said it swung to a profit in the fourth quarter.
Valeant Pharmaceuticals shares rose, bouncing back from huge losses in the previous session after it confirmed it was under investigation by the Securities and Exchange Commission and withdrew its financial guidance for 2016.
SunEdison tumbled after the renewable energy developer delayed the release of 2015 results, in part due to an internal inquiry over the accuracy of its financial status.
Marathon Oil was also in the red after saying it plans to sell as much as $1.23bn of stock to strengthen its balance sheet.
Intercontinental Exchange, which owns the New York Stock Exchange, will likely be in focus after confirming it is considering making a bid for London Stock Exchange to rival Deutsche Boerse's.
Marvell Technology Group jumped after the semiconductor company said it "no fraudulent activity" following an investigation into accounting and internal control matters.
S&P 500 - Risers
Genworth Financial Inc. (GNW) $2.32 +9.43%
Range Resources Corp. (RRC) $25.74 +8.47%
Alexion Pharmaceuticals Inc. (ALXN) $150.83 +7.12%
Regeneron Pharmaceuticals Inc. (REGN) $410.21 +6.82%
Lincoln National Corp. (LNC) $38.89 +6.46%
Prudential Fincl Inc. (PRU) $70.31 +6.39%
Pioneer Natural Resources Co. (PXD) $128.10 +6.28%
Citrix Systems Inc. (CTXS) $75.08 +6.27%
Citigroup Inc. (C) $41.27 +6.23%
Regions Financial Corp. (RF) $7.98 +6.12%
S&P 500 - Fallers
Pepco Holdings Inc. (POM) $22.81 -12.87%
Equity Residential (EQR) $68.62 -7.88%
Medtronic Plc (MDT) $74.18 -4.15%
First Solar Inc. (FSLR) $69.02 -3.97%
Motorola Solutions Inc (MSI) $71.19 -3.13%
Marathon Oil Corp. (MRO) $7.96 -3.05%
Owens-Illinois Inc. (OI) $14.54 -2.81%
Southwestern Energy Co. (SWN) $5.62 -2.77%
Linear Technology Corp. (LLTC) $42.44 -2.71%
Intercontinental Exchange Inc (ICE) $232.08 -2.68%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $59.20 +5.15%
Apple Inc. (AAPL) $100.53 +3.97%
Goldman Sachs Group Inc. (GS) $154.65 +3.42%
E.I. du Pont de Nemours and Co. (DD) $62.94 +3.40%
Microsoft Corp. (MSFT) $52.58 +3.34%
Chevron Corp. (CVX) $86.13 +3.22%
Visa Inc. (V) $74.64 +3.11%
Merck & Co. Inc. (MRK) $51.75 +3.07%
Intel Corp. (INTC) $30.37 +2.64%
International Business Machines Corp. (IBM) $134.37 +2.55%
Dow Jones I.A - Fallers
United Technologies Corp. (UTX) $95.05 -1.62%
Nasdaq 100 - Risers
Alexion Pharmaceuticals Inc. (ALXN) $150.83 +7.12%
Biomarin Pharmaceutical Inc. (BMRN) $87.57 +6.96%
Regeneron Pharmaceuticals Inc. (REGN) $410.21 +6.82%
Citrix Systems Inc. (CTXS) $75.08 +6.27%
Vimpelcom Ltd Ads (VIP) $3.76 +6.21%
Illumina Inc. (ILMN) $159.51 +6.17%
Seagate Technology Plc (STX) $33.23 +5.96%
Skyworks Solutions Inc. (SWKS) $70.40 +5.94%
Western Digital Corp. (WDC) $46.10 +5.90%
Discovery Communications Inc. Class A (DISCA) $26.43 +5.72%
Nasdaq 100 - Fallers
Tesla Motors Inc (TSLA) $186.35 -2.91%
Linear Technology Corp. (LLTC) $42.44 -2.71% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Brexit, China, Schengen, Sports Direct BlackRock, the world's largest asset manager, has warned that Britain's economy would be hit hard by a vote to leave the EU, with equities, sterling and the London property market all likely to suffer. In a gloomy report for clients, it also warns that David Cameron could lose control over his fractious Conservative party whatever the result of the June 23 referendum, adding to the uncertainty hanging over the UK economy. - Financial Times
George Osborne has hailed a £8bn rise in tax revenues from the UK's highest earners as a vindication of his decision to cut the 50p rate. The chancellor told MPs on Tuesday that the increase in tax take "completely defies the predictions" made by the Labour party when he reduced the 50p rate for those earning more than £150,000 to 45p in April 2013. - Financial Times
Moody's has warned it may downgrade China's sovereign rating, a sign of increasing investor concern over the country's rising debt and dwindling foreign exchange reserves. The US rating agency revised its outlook on China from stable to negative, the first major step on the country by a rating agency since Fitch downgraded its rating three years ago, the first cut since 1999. - Financial Times
Europe's deep economic malaise is the result of "deliberate" policy choices made by EU elites, according to the former governor of the Bank of England. Lord Mervyn King continued his scathing assault on Europe's economic and monetary union, having predicted the beleaguered currency zone will need to be dismantled to free its weakest members from unremitting austerity and record levels of unemployment. - Telegraph
Europe could see €28bn wiped off the value of its economies as it faces the imminent collapse of the Schengen system of open borders, according to a leading investment bank. Up to 0.2pc of the European Union's GDP could be erased as a result of the spiralling costs of cross-border travel and disruption to internal trade that would return in a post-Schengen Europe, Morgan Stanley warned. - Telegraph
Sports Direct has been relegated from the FTSE 100 following a torrid three months in which £1.6bn has been wiped from the retailer's value after a Guardian investigation into working conditions and a slump in trading at its stores. The group's share price is now down more than 40% since the start of December and the retailer's demotion from the premier league of UK listed companies was on Tuesday characterised as an example of the punishment investors can mete out to large companies that appear not to treat their workers fairly. - Guardian
Its motto is "Only the best is good enough" and Lego has lived up to that by recording the best performance in its 82-year history. The maker of toy bricks, figurines and themed sets said that its net profit had jumped by nearly a third to DKr9.2 billion (£959 million) on a revenue increase of 25 per cent to DKr 35.8 billion last year. - The Times | | |
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