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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 on weak Chinese trade data UK stocks declined on Tuesday as poor Chinese trade data added to worries about the health of the world's second largest economy.
Chinese exports plunged 25.4% in February from a year earlier, marking the biggest slump in more than five years and compared to analysts' expectations for a 14.5% drop.
Imports decreased 13.8% year-on-year, more than forecasts for a 12% slide.
China's trade surplus narrowed in February to $32.59bn from $63.29bn in January, below estimates for a $51.25bn surplus.
"Chinese trade data showed February exports plunged 25.4% which has spooked markets already concerned about slowing global growth rather than adding to hopes of more stimulus from Beijing (too much work to do for policy makers?)," said Mike van Dulken and Augustin Eden at Accendo Markets.
"However, the Lunar New Year holiday may have interfered with the data."
Mining stocks were in the red following the data, including Anglo American, BHP Billiton and Rio Tinto.
An increase in oil prices on Monday failed to lift the mood although the gains reversed slightly in Tuesday morning trade. Brent crude fell 0.59% $40.60 per barrel and West Texas Intermediate dipped 0.61% to $37.67 per barrel at 0903 GMT.
Meanwhile, the market will be watching Bank of England Governor Mark Carney's testimony on Brexit at the parliament committee at 0915 GMT.
The Eurozone will see the release of gross domestic product data at 1000 GMT, which comes ahead of the European Central Bank's policy announcement on Thursday.
In company news, Close Brothers was under the cosh after the specialist financial services company warned that its UK trading services business Winterflood "remains sensitive to market conditions".
Tesco's shares gained as data from Kantar Worldpanel showed the supermarket halved its sales decline in the last three months.
Burberry rallied on speculation that the UK's biggest luxury goods producer is setting up defences against a potential takeover offer.
Worldpay's shares edged lower as the group did not recommend a dividend in its full year results despite swinging to a profit in 2015. |
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| Market Movers
FTSE 100 (UKX) 6,130.56 -0.84%
FTSE 250 (MCX) 16,753.98 -0.46%
techMARK (TASX) 3,097.85 -0.56%
FTSE 100 - Risers
Burberry Group (BRBY) 1,438.00p 4.89%
Admiral Group (ADM) 1,990.00p 1.32%
Shire Plc (SHP) 3,789.00p 0.61%
Tesco (TSCO) 192.55p 0.39%
Sports Direct International (SPD) 404.20p 0.27%
Randgold Resources Ltd. (RRS) 6,430.00p 0.23%
Hammerson (HMSO) 549.50p 0.18%
Travis Perkins (TPK) 1,797.00p 0.11%
Capita (CPI) 1,020.00p 0.10%
Royal Dutch Shell 'A' (RDSA) 1,675.50p 0.09%
FTSE 100 - Fallers
Worldpay Group (WI) (WPG) 274.20p -6.06%
Anglo American (AAL) 591.30p -5.86%
BHP Billiton (BLT) 849.20p -5.41%
Antofagasta (ANTO) 561.00p -5.32%
Rio Tinto (RIO) 2,144.50p -4.14%
Glencore (GLEN) 163.90p -4.01%
ARM Holdings (ARM) 983.50p -2.24%
Direct Line Insurance Group (DLG) 387.60p -1.97%
Hargreaves Lansdown (HL.) 1,236.00p -1.90%
Lloyds Banking Group (LLOY) 71.45p -1.79%
FTSE 250 - Risers
CLS Holdings (CLI) 1,660.00p 6.34%
John Laing Group (JLG) 219.00p 2.62%
DFS Furniture (DFS) 314.80p 2.34%
Woodford Patient Capital Trust (WPCT) 89.05p 1.77%
Ophir Energy (OPHR) 86.30p 1.59%
Ladbrokes (LAD) 129.70p 1.49%
Keller Group (KLR) 823.00p 1.35%
Caledonia Investments (CLDN) 2,245.00p 1.35%
Rathbone Brothers (RAT) 2,281.00p 1.20%
Circassia Pharmaceuticals (CIR) 275.20p 1.18%
FTSE 250 - Fallers
Close Brothers Group (CBG) 1,289.00p -6.86%
Vedanta Resources (VED) 368.70p -3.28%
esure Group (ESUR) 255.00p -3.19%
Morrison (Wm) Supermarkets (MRW) 203.20p -2.96%
Millennium & Copthorne Hotels (MLC) 420.80p -2.68%
Capital & Counties Properties (CAPC) 317.00p -2.67%
Greencore Group (GNC) 349.10p -2.62%
Evraz (EVR) 94.70p -2.52%
Aldermore Group (ALD) 220.80p -2.21% |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Basic resources pace the decline as China data disappoints European stocks fell in early trade, with basic resources pacing the decline following disappointing data in China.
At 0900 GMT, the benchmark Stoxx Europe 600 index was down 1.1%, Germany's DAX was down 1.3% and France's CAC was 1.5% weaker.
"European equity markets are under pressure in early trade. Investors have been rattled by the release of China's latest trade surplus which showed a sharp decline. The fall in both exports and imports was far bigger than expected," said David Morrison, market analyst at SpreadCo.
"We've got used to weak Chinese data boosting risk appetite as investors look forward to further stimulus of one form or another. However, the current stock market rally looks due a pull-back, even if it's just to book profits and trim exposure ahead of this and next week's central bank meetings. Last night Federal Reserve vice-chair Stanley Fischer took some of the wind out of the market's sails when he suggested that the 'first stirrings of higher inflation' were evident. This was interpreted as leaving open the slimmest of chances for a Fed rate hike next Thursday."
Investors were likely wary ahead of Thursday's European Central Bank rate announcement, as they look for further clues on monetary policy.
Basic resources were the worst performers after data showed China's trade performance last month was much worse than economists had been expecting, with exports and imports down more than forecast.
Exports fell 25.4% from the previous year to $126.1bn, compared with January's 11.2% contraction. Imports, meanwhile, were down 13.8% to $93.5bn, compared with an 18.8% drop the previous month.
The Stoxx 600 basic resources index, which is highly dependent on demand from China, slumped nearly 4%.
Oil prices also retreated, with West Texas Intermediate down 0.8% to $37.59 a barrel and Brent crude down 0.9% at $40.49.
On the corporate front, Casino was in the red after US research firm Muddy Waters put out another scathing note on the French supermarket retailer.
Payment processor Worldpay, which listed on the London Stock Exchange last year, was under the cosh despite saying it swung to a pre-tax profit of £19.1m in 2015 compared with a £47.1m loss the previous year.
On the upside, shares in advertising agency WPP were higher after it put out a brief update in response to demand from investors and analysts saying like-for-like revenue and net sales growth were both "well over 3%" in February.
Luxury goods brand Burberry was a high riser following a press report it was seeking help to fight off a takeover bid.
Data released earlier by the Economy Ministry showed German industrial production rose the most in more than six years in January, underpinned by strong domestic demand.
Adjusted for seasonal swings, industrial production rose 3.3% from the previous month following a 0.3% drop in December, beating economists' expectations of a 0.5% increase. On the year, industrial production was up 2.2%, also beating forecasts.
Pantheon Macroeconomics said the data was "extraordinary".
"A very strong report with a surging headline, and upward revisions to the December data. Production was boosted by strong increases in capital and consumer goods production, rising 5.3% and 3.7% respectively month-to-month.
"The stand-out detail, however, was the 7.0% month-to-month surge in construction. This likely was partly due to continuing warm weather, but it was also a result of base effects indicating that even a big monthly jump would only be consistent with a stable or slightly rising year-over-year rate," Pantheon said. |
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| | US Market Report | | US close: Markets eke out Monday gain Stocks in the US mostly edged their way higher on Monday, extending a recent rally - albeit only slightly - with surging oil prices blowing steam into energy shares.
The Dow Jones Industrial Average rose 67.18 points, or 0.4%, to close at 17,073.95.The S&P 500 managed a 1.77 point rise, or 0.1%, to 2,001.76, and the Nasdaq fell slightly by 8.77 points, or 0.2%, to 4,708.25.
Investors appeared to be taking a wait-and-see approach to the markets ahead of Thursday's European Central Bank meeting, in a cooling off from the recent three-week rebound that saw the Dow Industrials reach above 17,000 point for the first time since early January.
Many were anticipating more stimulus to come out of the ECB meeting.
"People are definitely watching and being somewhat circumspect in their investing," said JonesTrading managing director Tom Carter.
Rebounding commodity prices extended from Asian trading into the US, fuelling energy stocks. Brent crude was last up 5.05% at $40.78 per barrel, and West Texas Intermediate was up 5.35% at $37.95.
Both Chevron and Exxon Mobil saw big gains on the Dow, up 3.12% and 2.64% respectively. On the S&P 500, Murphy Oil and Southwestern Energy rose 12.62% and 9.71%.
Recent economic data, easing fears of recession, also helped to stoke the markets, with investors reportedly buying back some of the assets they sold off earlier in the year.
The nonfarm payrolls data on Friday further eased investor fears of impending calamity, with the yield on the 10-year US Treasury note being pushed up to 1.902%. That was the highest yield since 1 February.
"There's been a collective sigh of relief after starting the year in such a sloppy manner," said Rosenblatt Securities managing director Gordon Charlop.
China was also having an influence on the US industries, as the benchmark price for iron ore reached a nine-month high on Monday.
That came after Chinese officials said they would put economic growth above restructuring this year, with the market taking that as a sign of more stimulus to come.
In currencies, the greenback was last 0.27% weaker against sterling, with a pound being worth $1.4267. The common currency also gained on the dollar by 0.09%, at $1.1015 per euro, and the yen gained 0.29% on its American counterpart, at JPY 113.41.
S&P 500 - Risers
Peabody Energy Corp. (BTU) $4.79 +41.30%
Murphy Oil Corp. (MUR) $26.69 +12.62%
CONSOL Energy Inc. (CNX) $11.66 +10.21%
Southwestern Energy Co. (SWN) $8.59 +9.71%
EQT Corp. (EQT) $61.46 +9.09%
National Oilwell Varco Inc. (NOV) $34.93 +7.48%
CF Industries Holdings Inc. (CF) $36.88 +6.62%
Apache Corp. (APA) $51.02 +6.20%
Eog Resources Inc. (EOG) $75.47 +5.69%
Cimarex Energy Co (XEC) $95.47 +5.32%
S&P 500 - Fallers
Netflix Inc. (NFLX) $95.49 -6.00%
Equinix, Inc. (EQIX) $297.73 -3.87%
Constellation Brands Inc. Class A (STZ) $138.71 -3.61%
Newell Rubbermaid Inc. (NWL) $39.59 -3.39%
Nike Inc. (NKE) $59.25 -3.28%
Mohawk Inds Inc. (MHK) $180.95 -3.14%
Expedia Inc. (EXPE) $105.39 -2.89%
Diamond Offshore Drilling Inc. (DO) $23.08 -2.66%
Visa Inc. (V) $71.94 -2.65%
Micron Technology Inc. (MU) $11.58 -2.53%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $90.67 +3.12%
Caterpillar Inc. (CAT) $74.77 +2.65%
Exxon Mobil Corp. (XOM) $84.46 +2.64%
E.I. du Pont de Nemours and Co. (DD) $64.71 +2.42%
International Business Machines Corp. (IBM) $140.15 +1.71%
Wal-Mart Stores Inc. (WMT) $67.89 +1.66%
Boeing Co. (BA) $122.90 +1.51%
Cisco Systems Inc. (CSCO) $27.14 +1.27%
American Express Co. (AXP) $59.00 +1.22%
Merck & Co. Inc. (MRK) $52.64 +1.08%
Dow Jones I.A - Fallers
Nike Inc. (NKE) $59.25 -3.28%
Visa Inc. (V) $71.94 -2.65%
Microsoft Corp. (MSFT) $51.03 -1.92%
Apple Inc. (AAPL) $101.87 -1.11%
Goldman Sachs Group Inc. (GS) $155.35 -0.95%
General Electric Co. (GE) $30.29 -0.56%
Procter & Gamble Co. (PG) $83.10 -0.47%
Coca-Cola Co. (KO) $44.01 -0.23%
JP Morgan Chase & Co. (JPM) $59.94 -0.18%
United Technologies Corp. (UTX) $96.92 -0.08%
Nasdaq 100 - Risers
Vimpelcom Ltd Ads (VIP) $3.92 +5.38%
Endo International Plc (ENDP) $44.58 +5.04%
Alexion Pharmaceuticals Inc. (ALXN) $149.60 +3.56%
Illumina Inc. (ILMN) $161.62 +3.51%
Whole Foods Market Inc. (WFM) $33.61 +3.42%
Autodesk Inc. (ADSK) $58.17 +3.41%
NetApp Inc. (NTAP) $26.87 +3.35%
Viacom Inc. Class B (VIAB) $40.07 +3.22%
Mylan Inc. (MYL) $46.14 +3.04%
Vertex Pharmaceuticals Inc. (VRTX) $90.95 +2.93%
Nasdaq 100 - Fallers
Netflix Inc. (NFLX) $95.49 -6.00%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $164.64 -2.56%
Micron Technology Inc. (MU) $11.58 -2.53%
Facebook Inc. (FB) $105.73 -2.45%
Alphabet Inc. Class A (GOOGL) $712.80 -2.39%
Alphabet Inc. Class C (GOOG) $695.16 -2.21%
Amazon.Com Inc. (AMZN) $562.80 -2.15%
Dollar Tree Inc (DLTR) $76.82 -2.00%
Microsoft Corp. (MSFT) $51.03 -1.92% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: BoE, BHS, Wall St bonuses, Hinkley Point The Bank of England is preparing to protect British banks from running out of funds in the event of a Brexit vote by flooding them with a wall of money in the latest sign of the authorities' nervousness surrounding the EU referendum. The central bank has announced it will give commercial banks three exceptional opportunities just before and after the June 23 poll on Britain's membership of the EU to borrow as much money as they like to offset any threat of a run on banks and prevent a repeat of the chaos of the financial crisis in 2007 and 2008. - Financial Times
The average bonus paid on Wall Street slipped 9 per cent last year to $146,200, as banks hired more staff and tried to cap pay amid a surge in compliance costs and volatile trading activity. The much-watched figure, published annually by the office of the New York State Comptroller, reflects the mood of the securities divisions of New York Stock Exchange member firms, which generate almost one-fifth of the state's total tax receipts. - Financial Times
BHS has warned its creditors that they stand to lose as much as £1.3bn if they do not agree to a drastic turnaround plan this month. The beleaguered retailer's proposed Company Voluntary Arrangement (CVA), filed at the High Court, has revealed that it the black hole in its pension fund now stands at £571m, on a buyout basis. The figure has ballooned by nearly £120m since the last triennial valuation in 2012. Landlords, the creditors BHS is attempting convince to give it a chance of survival, are owed nearly £517m. - Telegraph
Philips is pushing ahead with plans for a bumper stockmarket float of its 125-year old lighting arm, dealing a potential blow to UK industrial firm Melrose and its attempts to buy the historic company. The Dutch conglomerate has recently appointed Goldman Sachs and JP Morgan as so-called global co-ordinators to lead an Amsterdam listing of the division, The Daily Telegraph understands. - Telegraph
The British and French governments have insisted the Hinkley Point nuclear plant is on track, despite fresh doubts emerging over the £18bn project after an executive row at its main backer, EDF Energy. EDF confirmed that finance chief Thomas Piquemal had resigned, amid reports he wanted the French state-owned company to delay a final decision on building the UK's first new nuclear power station in a generation. - Guardian
Employers are preparing to cut overtime pay and reduce rates paid for weekend working to claw back the extra cost of the new "national living wage", according to a report by the recruitment group Manpower. A survey of employers showed that workers who qualify for the wage, which is 50p an hour higher than the £6.70 minimum wage, will see little difference in their pay packets after businesses have made savings in other areas. - Guardian
Burberry is trying to find out the identity of a mystery investor who has built up a stake of about 5 per cent in the luxury retail group. The British brand, known for its check scarves and trenchcoats, is understood to have asked HSBC, which is listed as the custodian for the position, to disclose the identity of the investor. Analysts speculated that the mystery shareholder could be a rival retailer trying to build up a stake before a potential takeover offer, with Macquarie analysts stating that a bad of £17 a share would value Burberry at £8bn. - The Times
Competition watchdog to call for a radical reform of Britain's railways, with the scrapping of the system of intercity rail franchises. The competition watchdog will call today for a radical reform of Britain's railways, with the scrapping of the present system of intercity rail franchises and a switch to several different train companies offering rival services on the same lines. - The Times |
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