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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 rise ahead of FOMC minutes UK stocks gained on Wednesday ahead of the Federal Reserve's policy meeting minutes which will provide more details behind the central bank's decision to keep interest rates unchanged.
The central bank announced it would maintain the federal funds rate at 0.25% to 0.5% following its 15-16 March policy meeting, citing low inflation and concerns about the risks of global economic and financial developments.
Fed Chair Janet Yellen last Tuesday urged caution on raising interest rates as a slowdown in emerging markets and falling commodities prices has weighed on the rest of the globe.
She said "caution is especially warranted" as inflation remains below the 2% target. The Fed's preferred annual measure of inflation came in flat at 1.7% in February.
Yellen's dovish remarks prompted many analysts to rule out a rate hike in April.
"Further muddying the waters we have had a succession of Federal Reserve policymakers come out in recent days suggesting a rate rise in April remains a real possibility, which rather begs the question as to why there was so little dissent over the decision to hold rates last month," said Michael Hewson, chief market analyst at CMC Markets.
The market will now be looking for clues on the timing of the next interest rate increase in Wednesday's meeting minutes.
Elsewhere, German industrial production rose 1.3% year-on-year in February, beating expectations for a 0.4% increase, the Economy Ministry revealed.
Still to come, US weekly mortgage applications at 1200 BST and weekly US oil inventories data from the Department of Energy at 1530 BST.
Oil prices rose following a volatile Tuesday with Brent crude up 2.2% to $38.73 per barrel and West Texas Intermediate up 3.0% to $37.00 per barrel at 0904 BST.
In company news, mining stocks rebounded from the previous day's lows with Anglo American, BHP Billiton and Glencore among the top risers.
Glencore confirmed it has agreed to sell 40% of its agriculture commodities business to the Canada Pension Plan Investment Board (CPPIB) for $2.5bn (£1.8bn) cash, potentially followed by a further sale of 20% more in the long-term.
easyJet's shares descended after reporting its load factor decreased in March as hundreds of flights were cancelled due to industrial action.
Construction and engineering firm Costain climbed after announcing the appointment of Dr Paul Golby as its new chairman, replacing David Allvey who will retire at the annual general meeting in May after seven years. |
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| Market Movers
FTSE 100 (UKX) 6,129.78 0.63%
FTSE 250 (MCX) 16,768.65 0.26%
techMARK (TASX) 3,112.52 0.49%
FTSE 100 - Risers
Anglo American (AAL) 541.40p 2.99%
Shire Plc (SHP) 4,151.00p 2.52%
AstraZeneca (AZN) 4,034.50p 2.11%
Barclays (BARC) 149.65p 2.08%
Glencore (GLEN) 144.60p 1.94%
CRH (CRH) 1,976.00p 1.86%
GKN (GKN) 284.70p 1.82%
Next (NXT) 5,340.00p 1.71%
Rio Tinto (RIO) 1,960.00p 1.69%
Royal Dutch Shell 'A' (RDSA) 1,671.50p 1.67%
FTSE 100 - Fallers
easyJet (EZJ) 1,493.00p -1.91%
Berkeley Group Holdings (The) (BKG) 3,254.00p -0.88%
Persimmon (PSN) 2,106.00p -0.80%
Inmarsat (ISAT) 981.50p -0.76%
Imperial Brands (IMB) 3,813.50p -0.74%
International Consolidated Airlines Group SA (CDI) (IAG) 545.00p -0.73%
Relx plc (REL) 1,288.00p -0.54%
WPP (WPP) 1,645.00p -0.48%
Taylor Wimpey (TW.) 191.40p -0.47%
Capita (CPI) 1,034.00p -0.39%
FTSE 250 - Risers
Amec Foster Wheeler (AMFW) 444.90p 4.41%
Tullow Oil (TLW) 199.00p 4.30%
Ophir Energy (OPHR) 78.65p 3.69%
Petrofac Ltd. (PFC) 882.00p 3.34%
Aberdeen Asset Management (ADN) 269.30p 2.83%
Polypipe Group (PLP) 319.90p 2.76%
Vedanta Resources (VED) 340.00p 2.66%
Ocado Group (OCDO) 347.40p 2.48%
Wood Group (John) (WG.) 605.50p 2.28%
Man Group (EMG) 149.90p 2.18%
FTSE 250 - Fallers
Rotork (ROR) 168.30p -2.77%
DFS Furniture (DFS) 310.30p -2.57%
Telecom Plus (TEP) 868.00p -1.70%
Auto Trader Group (AUTO) 384.70p -1.69%
Wizz Air Holdings (WIZZ) 1,844.00p -1.65%
CLS Holdings (CLI) 1,479.00p -1.40%
JD Sports Fashion (JD.) 1,109.00p -1.33%
Halfords Group (HFD) 383.00p -1.06%
Scottish Inv Trust (SCIN) 595.00p -1.00% |
| | UK Event Calendar | | Wednesday 06 April
INTERIM DIVIDEND PAYMENT DATE
Dechra Pharmaceuticals, Haynes Publishing Group, Park Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Industrial Production (GER) (07:00)
MBA Mortgage Applications (US) (12:00)
FINALS
HSS Hire Group , ServicePower Technologies, Styles & Wood Group
EGMS
BH Global Ltd. GBP Shares
AGMS
Tower Resources
TRADING ANNOUNCEMENTS
Topps Tiles
UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
Halifax House Price Index (09:30)
FINAL DIVIDEND PAYMENT DATE
Electronic Data Processing
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the black as oil rebounds European stocks rose in early trade as oil prices rebounded and investors digested some encouraging data releases from China and Germany.
At 0900 BST, the benchmark Stoxx 600 index was up 0.5%, Germany's DAX was 0.2% higher and France's CAC 40 was up 0.5%.
At the same time, oil prices pushed higher, with West Texas Intermediate up 2.5% to $36.78 a barrel and Brent crude 1.6% firmer at $38.46.
"European equity markets are trading slightly higher, with the energy sector leading the way on the back of stronger commodity prices," said Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor.
"Oil prices jumped after OPEC officials suggested that a deal to limit output could be achieved at the organisation's upcoming meeting in Qatar. However, market sentiment remains relatively fragile as concerns grow that the potential upside may be less compelling that the downside risk."
Sentiment was also supported by news that China's service sector strengthened in March. The Caixin services purchasing managers' index rose to 52.2 from 51.2 in February, beating expectations for a reading of 51.4.
German data was also better than expected, with figures from Destatis showing industrial production fell 0.5% in February following a revised 2.3% growth the month before, which was much better than the 1.8% drop economists had pencilled in.
On the year, production rose 1.3%, which was down from a revised 1.8% in January but better than the 0.4% forecast.
Pantheon Macroeconomics said: "A surprisingly strong headline, even factoring in the large downward revision of last month's jump."
On the corporate front, Glencore was higher after it confirmed that it has agreed to sell 40% of its agriculture commodities business to the Canada Pension Plan Investment Board for $2.5bn (£1.8bn) in cash.
Shares in H&M rose despite the Swedish retailer posting a 30% decline in first quarter net profit.
It was a bad day for airlines, however. Easyjet flew lower after the budget carrier reported a rise in passenger numbers in March but a drop in the load factor.
Air France-KLM slumped after it announced the departure of its chief executive Alexandre de Juniac.
Looking ahead, investors will eye the release of the latest minutes from the Federal Open Market Committee meeting at 1900 BST. |
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| | US Market Report | | US close: Stocks end lower amid growth concerns US stocks ended lower on Tuesday as global growth concerns undermined investor sentiment following a batch of mixed data.
The Dow Jones Industrial Average fell 0.8%, while the S&P 500 and the Nasdaq both ended 1% lower.
Data from the Commerce Department showed the US trade deficit rose 2.6% to $47.1bn (£33.31bn) in February as a rebound in exports was offset by an increase in imports. Economists had expected a deficit of $46.2bn.
"The widening in the trade deficit to a six-month high of $47.1bn in February, from $45.9bn, means that net exports will be a drag on first-quarter GDP growth, which we now think was around 1.5% annualised (2.0% previous)," said Steve Murphy, US economist at Capital Economics.
Service industry activity figures were a lot cheerier, however, particularly when compared to soft Eurozone data released earlier in the day.
Markit's final US business services purchasing managers' index rose to 51.3 in March from 49.7 in February and the 'flash' estimate of 51.0, back above the 50.0 mark that separates contraction from expansion. The reading was also better than the 51.0 economists had pencilled in.
ISM's non-manufacturing services composite also beat forecasts, rising to 54.5 in March from 53.4 in February. Analysts had predicted a reading of 54.1.
Meanwhile, Chicago Federal Reserve President Charles Evans said in Hong Kong that the central bank has to be proactive and aggressive to reach its 2% target. The Fed's preferred annual measure of inflation came in flat at 1.7% in February.
Comments from International Monetary Fund managing director Christine Lagarde added to growth concerns after she said in a speech at a German university that risks to global growth were rising and urged the world's economies to boost growth.
In commodities, oil futures settled lower after a volatile day, as government data showed a surprise fall in gasoline demand in the US in January and as market participants grew increasingly doubtful that global crude producers would reach an agreement to freeze production at a meeting on 17 April.
Saudi Arabia said on Friday it would only freeze production if Iran follows suit. However, Iran has ruled out freezing output until its production recovers to levels seen before its sanctions.
In company news, Allergan slumped after the US Treasury Department announced new rules to curb corporate tax inversion that could impact the drugmaker's takeover by Pfizer Inc.
Walt Disney Co. fell after saying chief operating officer Thomas Staggs is set to leave the company.
Drugstore operator Walgreens Boots Alliance dropped after reporting quarterly sales that missed analysts' estimates.
On the upside, Olive Garden parent Darden Restaurants advanced after posting better-than-expected adjusted quarterly profit.
Tesla Motors reversed losses to end higher despite the electric car maker failing to reach sales goals for its Model X.
In currencies, the dollar rose 0.80% against the pound, was flat versus the euro and 0.9% weaker against the yen.
S&P 500 - Risers
Newmont Mining Corp. (NEM) $27.30 +3.80%
Ensco Plc. (ESV) $9.78 +2.41%
Pfizer Inc. (PFE) $31.37 +2.12%
Pioneer Natural Resources Co. (PXD) $141.12 +1.94%
Rowan Companies plc (RDC) $15.94 +1.92%
PulteGroup Inc. (PHM) $17.51 +1.74%
Vertex Pharmaceuticals Inc. (VRTX) $84.16 +1.56%
eBay Inc. (EBAY) $24.39 +1.50%
Raytheon Co. (RTN) $126.02 +1.45%
Gilead Sciences Inc. (GILD) $95.58 +1.42%
S&P 500 - Fallers
Allergan plc (AGN) $235.93 -15.00%
Southwestern Energy Co. (SWN) $7.81 -8.23%
Baxalta Incorporated (BXLT) $38.50 -7.39%
First Solar Inc. (FSLR) $62.42 -7.17%
Endo International Plc (ENDP) $26.90 -5.32%
Baker Hughes Inc. (BHI) $39.37 -5.06%
Western Digital Corp. (WDC) $44.13 -4.63%
NRG Energy Inc. (NRG) $12.22 -4.61%
Spectra Energy Corp. (SE) $28.91 -4.56%
Urban Outfitters Inc. (URBN) $32.11 -4.32%
Dow Jones I.A - Risers
Pfizer Inc. (PFE) $31.37 +2.12%
Boeing Co. (BA) $127.04 +0.55%
Johnson & Johnson (JNJ) $108.96 +0.34%
Dow Jones I.A - Fallers
Cisco Systems Inc. (CSCO) $27.58 -1.99%
Unitedhealth Group Inc. (UNH) $127.01 -1.92%
Walt Disney Co. (DIS) $96.99 -1.71%
Microsoft Corp. (MSFT) $54.57 -1.55%
Goldman Sachs Group Inc. (GS) $155.36 -1.53%
JP Morgan Chase & Co. (JPM) $58.35 -1.44%
International Business Machines Corp. (IBM) $149.97 -1.38%
Travelers Company Inc. (TRV) $116.13 -1.22%
Apple Inc. (AAPL) $109.80 -1.19%
Exxon Mobil Corp. (XOM) $82.20 -1.15%
Nasdaq 100 - Risers
Tesla Motors Inc (TSLA) $255.47 +3.43%
Vertex Pharmaceuticals Inc. (VRTX) $84.16 +1.56%
eBay Inc. (EBAY) $24.39 +1.50%
Gilead Sciences Inc. (GILD) $95.58 +1.42%
Celgene Corp. (CELG) $102.13 +1.07%
Alexion Pharmaceuticals Inc. (ALXN) $148.03 +0.63%
Biogen Inc (BIIB) $265.62 +0.61%
Netflix Inc. (NFLX) $104.94 +0.57%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $193.72 +0.31%
Linear Technology Corp. (LLTC) $44.46 +0.09%
Nasdaq 100 - Fallers
Endo International Plc (ENDP) $26.90 -5.32%
Western Digital Corp. (WDC) $44.13 -4.63%
Vimpelcom Ltd Ads (VIP) $3.94 -4.14%
Akamai Technologies Inc. (AKAM) $53.15 -3.94%
Micron Technology Inc. (MU) $10.41 -3.61%
Walgreens Boots Alliance, Inc. (WBA) $83.35 -3.43%
Vodafone Group Plc ADS (VOD) $30.66 -3.40%
Mylan Inc. (MYL) $45.92 -2.77%
Baidu Inc. (BIDU) $183.80 -2.74% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Tata Steel, inversion deals, Panama Papers, pensions The businessman at the centre of efforts to salvage the UK's biggest steel factory has laid out his demands, calling on the UK government for sweeping subsidies if he is to take over the Port Talbot plant. Sanjeev Gupta, founder of commodities group Liberty House, said for him to buy Tata Steel's operations - and save more than 3,000 jobs - the government would have to remove pension and environmental liabilities for the Port Talbot plant. He has also called for lower power costs for steel plants. - Financial Times
A White House tax crackdown designed to put a halt to Pfizer's planned $160bn takeover of Allergan has provoked fury from foreign multinationals with operations in the US. Barack Obama stepped up the offensive on Tuesday championing new proposals to deter "inversion" deals - such as Pfizer-Allergan - that companies use to move to low-tax jurisdictions, accusing them of exploiting "one of the most insidious tax loopholes out there". - Financial Times
A tweak to new market rules has raised the stakes in the London Stock Exchange's bid to merge with its German rival Deutsche Boerse. Analysts said the decision by the European Securities and Markets Authority to bring forward rules on open access puts further pressure on Deutsche Boerse to seal a deal. - Telegraph
Five former Barclays bankers accused of conspiring to rig Libor interest rates were "driven by money" and their offence "is no different from stealing," a court has been told. Jonathan James Mathew, 35; Stylianos Contogoulas, 44; Jay Vijay Merchant, 45; Alex Pabon, 37; and Ryan Michael Reich, 34, are accused of manipulating the US dollar Libor, or London interbank offered rate between 1 June 2005 and 1 September 2007. They all deny one count of conspiracy to defraud. - Guardian
Barack Obama has called for international tax reform in the wake of the revelations contained in the Panama Papers. "There is no doubt that the problem of global tax avoidance generally is a huge problem," he told reporters at the White House on Tuesday. "The problem is that a lot of this stuff is legal, not illegal." - Guardian
The Financial Conduct Authority has opened a review into pension freedom reforms amid concerns that retiring savers are vulnerable to mis-selling. Having carried out its own survey of the way savers were responding to George Osborne's pension overhaul, the FCA said that it would look at "retirement outcomes" as part of a wider study into the chancellor's new rules, which ended the practice of people having to buy an annuity with their savings. - The Times
One of the world's largest buyout firms has confirmed that it is on course to sell more than £6 billion of loans once owned by Northern Rock. The disposal signals that appetites for a type of debt financing popular in the run-up to the financial crisis appears to be returning. - The Times |
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