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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 drop as China services PMI falls UK stocks declined on Thursday as a report showed Chinese services activity slowed in February.
Caixin's purchasing managers' index on China services fell to 51.2 in February from 52.4 in January, although remaining above the 50 level that separates an expansion from a contraction.
"Of course this won't have helped the markets regain the confidence that was so rampant on the first day of the month, a reminder of the Chinese slowdown the last thing anyone needs to hear when they wake up for a day's trading," said Conor Campbell, financial analyst at Spreadex.
In the UK, Nationwide revealed house prices rose less than expected in February. House prices increased 0.3% on the month and 4.8% on the year, compared to analysts' estimates of 0.5% and 5% growth respectively.
Still to come, the UK services PMI from Markit/CIPS will be released at 0930 GMT while the US sees the release of initial jobless claims at 1330 GMT, ISM's non-manufacturing services composite at 1500 GMT and factory orders at 1500 GMT.
Meanwhile, oil prices declined as government data on Wednesday showed an increase in US crude inventories. Brent crude fell 0.49% to $36.75 per barrel and West Texas Intermediate dropped 0.31% to $34.55 per barrel on 0909 GMT. Energy Information Administration on Wednesday reported crude inventories rose by 10.4m barrels to a total of 518m barrels last week, well above the 3.6m barrel increase expected by analysts.
In company news, Admiral's shares surged after reporting record annual pre-tax profits of £377m for 2015, up 6% on the previous year.
CRH rallied after reporting a 33% jump in full year earnings before interest, taxes, depreciation and amortisation to €2.2bn.
Inmarsat slumped as it said full year pre-tax profit slid 17.3% to $282m on flat revenues of $1.27bn.
Travis Perkins gained after reporting adjusted operating profit increased 7.6% to £413m in 2015 as revenues rose 6.5%. |
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| Market Movers
FTSE 100 (UKX) 6,119.78 -0.44%
FTSE 250 (MCX) 16,672.78 -0.34%
techMARK (TASX) 3,155.95 -0.85%
FTSE 100 - Risers
Admiral Group (ADM) 1,869.00p 6.19%
CRH (CRH) 1,918.00p 3.68%
Intertek Group (ITRK) 2,961.00p 3.35%
Travis Perkins (TPK) 1,856.00p 3.34%
Schroders (SDR) 2,806.00p 3.24%
Glencore (GLEN) 139.10p 2.73%
Anglo American (AAL) 535.30p 2.14%
Aberdeen Asset Management (ADN) 267.20p 2.10%
SSE (SSE) 1,420.00p 2.08%
BHP Billiton (BLT) 793.40p 1.93%
FTSE 100 - Fallers
Persimmon (PSN) 2,009.00p -6.30%
Inmarsat (ISAT) 924.00p -4.35%
Whitbread (WTB) 3,915.00p -3.31%
HSBC Holdings (HSBA) 457.80p -2.93%
ITV (ITV) 234.90p -2.49%
RSA Insurance Group (RSA) 436.70p -2.37%
Imperial Brands (IMB) 3,689.50p -2.25%
Taylor Wimpey (TW.) 178.80p -1.92%
GlaxoSmithKline (GSK) 1,373.50p -1.61%
Dixons Carphone (DC.) 438.80p -1.53%
FTSE 250 - Risers
Vedanta Resources (VED) 342.70p 9.77%
Aggreko (AGK) 957.50p 6.92%
Evraz (EVR) 72.15p 2.78%
Serco Group (SRP) 104.70p 2.65%
Shawbrook Group (SHAW) 311.60p 2.16%
Zoopla Property Group (WI) (ZPLA) 234.50p 1.96%
Cairn Energy (CNE) 169.00p 1.81%
Aberforth Smaller Companies Trust (ASL) 1,024.00p 1.69%
Hastings Group Holdings (HSTG) 158.31p 1.55%
Tullow Oil (TLW) 181.00p 1.51%
FTSE 250 - Fallers
Cobham (COB) 234.00p -9.65%
Dunelm Group (DNLM) 977.00p -4.03%
Thomas Cook Group (TCG) 104.10p -3.97%
Indivior (INDV) 159.60p -3.80%
Victrex plc (VCT) 1,475.00p -3.78%
Bovis Homes Group (BVS) 917.50p -2.60%
John Laing Infrastructure Fund Ltd (JLIF) 113.90p -2.57%
Stagecoach Group (SGC) 270.60p -2.42%
Crest Nicholson Holdings (CRST) 549.00p -2.31% |
| | UK Event Calendar | | Thursday 03 March
INTERIM EX-DIVIDEND DATE
Alumasc Group, Ashmore Group, Best of the Best, Carclo, Colefax Group, Darty, Dunelm Group, Genus, Hansard Global, Hargreaves Lansdown, Hays, Ibex Global Solutions, JPMorgan Mid Cap Inv Trust, MJ Gleeson , Park Group, Redde, Renishaw, Ruffer Investment Company Ltd Red PTG Pref Shares
QUARTERLY EX-DIVIDEND DATE
Blackrock North American Income Trust , Premier Energy & Water Trust, Real Estate Credit Investments PCC Ltd Pref Shs , SQN Asset Finance Income Fund Limited
FINALS
Admiral Group, Aggreko, Alpha Bank GDR (Reg S) USD, BBA Aviation, Carillion, Cobham, Communisis, CRH, Dairy Farm International Holdings Ltd. (Singapore), Exova Group , Genel Energy, H&T Group, Headlam Group, Hongkong Land Holding Ltd. (Sing.Reg), Hunting, Impellam Group, IndigoVision Group, Inmarsat, Jardine Matheson Holdings Ltd (Singapore Reg), Jardine Strategic Holdings Ltd. (Singapore), LSL Property Services, Mandarin Oriental International (Singapore), Melrose Industries, Shawbrook Group, Spirax-Sarco Engineering, Sportech, Travis Perkins
ANNUAL REPORT
Headlam Group, Henderson Group, IndigoVision Group
SPECIAL EX-DIVIDEND PAYMENT DATE
Dunelm Group, Premier Energy & Water Trust
EGMS
Argo Group Ltd., Phoenix Spree Deutschland Limited SHS NPV
AGMS
AFH Financial Group , Impax Asset Management Group, Jersey Electricity 'A' Shares, JPMorgan Russian Securities, Mercom Oil Sands, Sanderson Group
TRADING ANNOUNCEMENTS
McCarthy & Stone
FINAL DIVIDEND PAYMENT DATE
Gooch & Housego, Zoopla Property Group (WI)
FINAL EX-DIVIDEND DATE
Caledonia Investments, CareTech Holding, Downing Four VCT DSO, Downing Four VCT DSO 'A' Shs, Downing Three VCT A Shares, Downing Three VCT C Shares, Downing Two VCT 'A' Shs, Downing Two VCT 'C' Shs, Electronic Data Processing, John Laing Infrastructure Fund Ltd, Judges Scientific, Lavendon Group, Maintel Holdings, Northern Electricity Prf, Octopus Eclipse VCT 1, Ranger Direct Lending Fund, RSA Insurance Group, Sanderson Group, Scottish American Inv Company, Spirent Communications, St. Modwen Properties, Treatt
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks slip as investors pause after recent gains European stocks slipped in early trade as investors paused for breath following five consecutive days of gains.
At 0910 GMT, the benchmark Stoxx Europe 600 index was down 0.6%, France's CAC 40 was off 0.5% and Germany's DAX was down 0.3%.
At the same time, oil prices were in the red, with West Texas Intermediate down 0.5% to $34.50 a barrel and Brent crude down 0.9% at $36.60.
"As the recent bounce may be running out of steam investors will be monitoring the release of this morning's Services PMI data looking for signs of economic recovery across Europe while the US jobs data tomorrow may well be a key driver as we head towards the weekend," said Andy McLevey, head of dealing at Interactive Investor.
In corporate news, BHP Billiton was in the black after its part-owned Brazilian mining venture Samarco agreed a B$30bn ($8bn or £5.5bn) program of compensation and clean-up from the bursting of a mine tailings dam last November.
Steelmaker ArcelorMittal was higher after its chief executive officer told Les Echos the company was not planning to cut its French production.
Insurer Admiral rallied after posting a 6% rise in 2015 pre-tax profit and lifting its dividend target.
On the downside, sportswear maker Adidas was weaker after reporting a slightly bigger than expected net loss for the quarter.
Evonik Industries shares tanked after the chemical maker issue a weaker-than-expected profit outlook.
Satellite communications provider Inmarsat slid after posting a drop in full year profit amid weak global government spending.
On the data front, Markit's final Eurozone composite purchasing managers' index for February fell to 53.0, which was above the flash estimate of 52.7 and January's 53.6 but marked the lowest reading since January last year.
February saw a broad-based slowdown of the Eurozone private sector economy. Rates of output expansion eased across Germany, Italy, Spain and Ireland, while France fell back into contraction for the first time in 13 months. Price pressures also remained on the downside, with modest reductions registered for both output charges and input costs.
The services PMI, meanwhile, came in at 53.3, up from the flash estimate of 53 but below January's 53.6. |
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| | US Market Report | | US close: Stocks rise with buoyant oil prices US stocks ended the day up on Wednesday, thanks in part to a rise in energy equities following a jump in oil prices.
The session followed Tuesday's large rally, with the S&P 500 closing up 0.41% to 1,986.36. The energy sector showed the strongest gains on the index, up 2.4%. The Dow Jones Industrial Average closed 0.2% higher at 16,898.70, and the Nasdaq Composite was up 0.29% to 5,703.42.
A view that the Federal Reserve was unlikely to raise interest rates with any haste this year was fuelled by the release of the central bank's Beige Book, which painted a sombre picture of the US economy.
"Today's moves are very small, and it's not surprising to see markets take a breather after a big rally, like the 300 point gain in the Dow yesterday," said Tower Bridge Advisors president Maris Ogg.
"The fact that the economy is still growing, however slowly, is good news, and since markets are not anticipating a rate hike soon, they are taking good news as good news."
Oil prices ended the day higher, after a report from the US Energy Information Administration showed mixed numbers. Investors seemed keener to focus on a drop in production, and ignore a larger increase in weekly supplies.
Brent crude was last up 0.78% to $37.10 per barrel, and West Texas Intermediate was up 1.09% to $34.78.
On the economic front, the US private sector added 214,000 jobs in February according to data from ADP. It was a slight increase in momentum from January's revised figure of 193,000, and gave the markets a teaser ahead of the Fed's nonfarm payrolls on Friday.
In stocks, Monsanto shares lost 7.77% after the agricultural products company ran a knife through its full-year profit outlook, with the company citing challenging conditions in a worsening macroeconomic environment.
Chesapeake Energy stocks were boosted 23% after the oil and gas firm's former CEO Aubrey McClendon was indicted on Tuesday on charges of conspiring to rig bids for oil and gas leases. McClendon was found dead in a car crash on Wednesday.
Abercrombie & Fitch was up 4.4% after the retailer reported the first same-store sales gains in oer three years, with profit in the most recent quarter rocketing 33%.
Checkpoint Systems was up 29%, after a takeover bid from CCL Industries was announced.
S&P 500 - Risers
United States Steel Corp. (X) $11.35 +23.50%
Chesapeake Energy Corp. (CHK) $3.40 +23.19%
Freeport-McMoRan Inc (FCX) $8.97 +15.59%
Marathon Oil Corp. (MRO) $9.10 +14.32%
Murphy Oil Corp. (MUR) $19.30 +12.08%
Devon Energy Corp. (DVN) $21.52 +11.97%
Ensco Plc. (ESV) $9.58 +10.62%
Range Resources Corp. (RRC) $28.46 +10.57%
Southwestern Energy Co. (SWN) $6.21 +10.50%
Rowan Companies plc (RDC) $14.91 +9.47%
S&P 500 - Fallers
Monsanto Co. (MON) $85.30 -7.77%
CF Industries Holdings Inc. (CF) $34.72 -4.22%
Dollar Tree Inc (DLTR) $78.77 -3.97%
Stericycle Inc. (SRCL) $114.65 -2.80%
Sherwin-Williams Co. (SHW) $273.69 -2.66%
eBay Inc. (EBAY) $23.72 -2.19%
Skyworks Solutions Inc. (SWKS) $68.98 -2.02%
Gen Dynamics Corp. (GD) $135.61 -1.90%
AutoNation Inc. (AN) $51.55 -1.87%
Tesoro Corp. (TSO) $82.19 -1.71%
Dow Jones I.A - Risers
Exxon Mobil Corp. (XOM) $82.70 +1.75%
Procter & Gamble Co. (PG) $82.55 +1.63%
International Business Machines Corp. (IBM) $136.30 +1.44%
Verizon Communications Inc. (VZ) $52.12 +1.28%
Chevron Corp. (CVX) $87.14 +1.17%
Merck & Co. Inc. (MRK) $52.27 +1.00%
General Electric Co. (GE) $30.18 +1.00%
JP Morgan Chase & Co. (JPM) $59.76 +0.95%
Microsoft Corp. (MSFT) $52.95 +0.70%
American Express Co. (AXP) $57.12 +0.56%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $62.15 -1.26%
Nike Inc. (NKE) $62.22 -1.11%
Walt Disney Co. (DIS) $97.00 -0.67%
Visa Inc. (V) $74.30 -0.46%
Wal-Mart Stores Inc. (WMT) $66.21 -0.38%
Unitedhealth Group Inc. (UNH) $121.27 -0.33%
McDonald's Corp. (MCD) $118.48 -0.31%
Goldman Sachs Group Inc. (GS) $154.20 -0.29%
Boeing Co. (BA) $119.65 -0.26%
Pfizer Inc. (PFE) $29.98 -0.20%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $11.68 +5.51%
Endo International Plc (ENDP) $43.85 +3.93%
Vertex Pharmaceuticals Inc. (VRTX) $92.52 +3.29%
Western Digital Corp. (WDC) $47.35 +2.71%
Ross Stores Inc. (ROST) $57.74 +2.69%
Seagate Technology Plc (STX) $33.93 +2.11%
Maxim Integrated Products Inc. (MXIM) $34.82 +1.75%
Nxp Semiconductors Nv (NXPI) $75.53 +1.75%
Liberty Media Corporation - Class A (LMCA) $37.11 +1.70%
Costco Wholesale Corp. (COST) $152.79 +1.51%
Nasdaq 100 - Fallers
Dollar Tree Inc (DLTR) $78.77 -3.97%
Ctrip.Com International Ltd. Ads (CTRP) $40.50 -3.34%
Stericycle Inc. (SRCL) $114.65 -2.80%
eBay Inc. (EBAY) $23.72 -2.19%
Skyworks Solutions Inc. (SWKS) $68.98 -2.02%
Incyte Corp. (INCY) $73.60 -1.93%
Baidu Inc. (BIDU) $176.94 -1.81%
CA Inc. (CA) $29.61 -1.53%
Monster Beverage Corp (MNST) $127.75 -1.53% |
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| | Newspaper Round Up | | Thursday newspaper round-up: National Grid, Rolls-Royce, bookmakers The energy regulator Ofgem is to be handed sweeping new powers to manage the country's electricity supplies, switch off factories and request emergency back-up generation, under energy market reforms being considered by Whitehall. Documents seen by The Times show ministers are considering three main options designed to strip National Grid of its role as the UK's power system operator, a role that grants it huge supervisory influence. - The Times
Rolls-Royce could face a shareholder rebellion at its annual meeting in May after it caved into pressure from an American activist demanding a place on the board. In a move that has taken aback leading institutional investors such as M&G and Standard Life, Rolls has appointed a representative of ValueAct Capital, the San Francisco-based activist investment group, as a director.- The Times
Aubrey McClendon, the founder and former chief executive of Chesapeake Energy, has died in a car crash just a day after he was indicted on charges of bid-rigging. The Oklahoma City Policy Department said in a tweet that Mr McClendon, 56, died in a crash on Wednesday morning. - The Financial Times
The growth of the buy-to-let sector poses a risk to financial stability, a deputy governor of the Bank of England has warned. Sir Jon Cunliffe said that there was a risk that if large numbers of buy-to-let landlords were to exit the market at the same time, there could be a "spiral of house price declines" in the property market. - The Times
The German stock market could sell off a key part of the London Stock Exchange to get its takeover of the company past regulators. Deutsche Börse launched a surprise bid for the LSE last week and bankers said yesterday that it may spin off Clearnet SA, the French part of London's giant clearing operation for shares and other financial instruments. - The Times
Bookmakers will be forced to fill the financial black hole facing the horseracing industry under government plans to make it compulsory next year for their offshore gambling operations to contribute to the sport. The government will tomorrow say it will replace the controversial horseracing levy with a new "racing right" next April, a move the sport believes will help it plug its looming cash shortfall. - Daily Telegraph
The UK's embattled steel sector faces fresh pressure after the US government stepped in to protect its domestic industry against the growing glut of cheap Chinese supply, industry groups have warned. UK steel producers have been dealt a double blow by the US plans to impose crippling import duties of up to 266pc against Chinese companies, and around 30pc against UK steel makers. - Daily Telegraph
A recession in Europe could lead to the collapse of the eurozone, as the single currency would buckle under the political turmoil unleashed by a fresh downturn, a leading investment bank has warned. In a research note titled "Close to the edge", economists at Swiss bank Credit Suisse warned the fate of monetary union hangs in the balance if Europe's policymakers are unable to ward off another global slump and quell anti-euro populism. - Daily Telegraph
Keith Hellawell has vowed to continue as chairman of Sports Direct in a snub to shareholders and campaigners calling for his head after the retailer's relegation from the FTSE 100. In an interview with the Guardian, the former chief constable suggested the retailer's difficulties with the City were largely cosmetic, despite concerns over the group's trading and its treatment of workers - as well as longstanding investor complaints including the influence of 55% shareholder Mike Ashley and thefailure to hire a permanent finance director for two years. - The Guardian
The chief executive of Rolls-Royce Motor Cars, which is owned by BMW, has written to all its workers in Britain to warn that exit from the European Unionwould drive up costs and prices and could affect the company's "employment base". The letter, leaked to the Guardian, is one of six sent by the bosses of each of BMW's British companies, including MINI, to their staff each warning of the dangers of UK withdrawal. It comes after the government warned that car-makers would be among those badly hit by Brexit in a civil service report. - Guardian
Seven years of quantitative easing (QE) and record low interest rates have cost savers an estimated £160bn, but supported strong increases in the prices of property, stocks and bonds. Analysis by financial firm Hargreaves Lansdown suggests that up to £106bn is being held in accounts paying no interest, as loose monetary policy has "annihilated" returns on cash. - Guardian | | |
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