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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 as Chinese exports rise more than forecast UK stocks gained on Wednesday as data revealed Chinese exports rose in March for the first time in nine months.
China exports rose 11.5% in March year-on-year in dollar terms, according to the General Administration of Customs. The increase was more than the 10% expected by analysts and compared to a 25.4% drop in February.
Imports in March fell 7.6%, less than the 10.1% drop expected and following a 13.8% decline in February.
"China's trade data for March point to healthy growth in import volumes and add to growing evidence that the extreme gloom of a few weeks ago about the state of the domestic economy was misplaced," said Capital Economics.
The figures come a day after the International Monetary Fund said China's slowdown may not be as severe as first thought, revising its economic growth forecasts to 6.5% this year and 6.2% next year, both up two-tenths of a percentage point from the last outlook.
Meanwhile, oil prices snapped the rally seen on Tuesday with Brent crude falling 0.97% to $44.26 and West Texas Intermediate decreasing 1.4% to $41.58 per barrel at 0859 BST.
A report from the Department of Energy on weekly crude inventories at 1530 BST could move the market later.
US retail sales data at 1330 BST will also be in focus.
In company news, Tesco's shares dropped after chief executive David Lewis cautioned that the grocer's focus on investment in the customer offer to cope with the cut-throat UK grocery market will impact profitability particularly in the first half of the year. The company swung to a £162m pre-tax profit that marked a turnaround from the previous year's record £6.3bn loss, but fell short of expectations for £541m.
Halfords rallied as the car parts-to-bikes retailer said full year revenues rose 1.7%, driven by a strong final quarter where sales rose 3.2%.
Shares in Mr Kipling and Oxo owner Premier Foods tumbled on Wednesday as US-based McCormick & Co. said it did not intend to make an offer for the company.
Engineering group WS Atkins advanced as it said it traded well through the fourth quarter and expects underlying results for the year to the end of March to be in line with views. |
| | Which way will the major markets be heading in 2016? | | Click here to Download the FREE 2016 Market Mover Report |
| Market Movers
FTSE 100 (UKX) 6,319.85 1.24%
FTSE 250 (MCX) 16,941.46 0.87%
techMARK (TASX) 3,166.90 0.56%
FTSE 100 - Risers
Anglo American (AAL) 679.70p 6.42%
BHP Billiton (BLT) 853.60p 5.57%
Rio Tinto (RIO) 2,200.50p 5.46%
Standard Chartered (STAN) 493.10p 4.76%
Antofagasta (ANTO) 466.80p 4.55%
Glencore (GLEN) 154.50p 4.01%
HSBC Holdings (HSBA) 434.50p 3.43%
BP (BP.) 367.05p 2.83%
Standard Life (SL.) 356.40p 2.83%
St James's Place (STJ) 934.00p 2.81%
FTSE 100 - Fallers
Tesco (TSCO) 187.30p -4.58%
Morrison (Wm) Supermarkets (MRW) 199.30p -0.94%
Sainsbury (J) (SBRY) 283.50p -0.80%
SABMiller (SAB) 4,230.50p -0.21%
Admiral Group (ADM) 1,939.00p -0.15%
National Grid (NG.) 993.20p -0.07%
Severn Trent (SVT) 2,244.00p 0.04%
Inmarsat (ISAT) 1,015.00p 0.10%
United Utilities Group (UU.) 961.00p 0.10%
Mediclinic International (MDC) 939.00p 0.11%
FTSE 250 - Risers
Halfords Group (HFD) 411.70p 6.66%
Tullow Oil (TLW) 213.70p 5.64%
Kaz Minerals (KAZ) 170.90p 5.30%
Evraz (EVR) 113.60p 4.89%
International Personal Finance (IPF) 273.10p 3.92%
Inchcape (INCH) 707.00p 3.21%
Vedanta Resources (VED) 389.30p 3.15%
Cobham (COB) 207.70p 3.03%
Morgan Advanced Materials (MGAM) 221.50p 2.93%
Rotork (ROR) 173.50p 2.85%
FTSE 250 - Fallers
Dunelm Group (DNLM) 921.50p -3.36%
Allied Minds (ALM) 378.80p -1.35%
Dechra Pharmaceuticals (DPH) 1,182.00p -0.92%
Greencore Group (GNC) 376.20p -0.90%
Millennium & Copthorne Hotels (MLC) 422.40p -0.85%
Softcat (SCT) 327.40p -0.79%
NB Global Floating Rate Income Fund Ltd GBP (NBLS) 91.30p -0.71%
Booker Group (BOK) 168.80p -0.71%
Wizz Air Holdings (WIZZ) 1,879.00p -0.63% |
| | UK Event Calendar | | Wednesday 13 April
INTERIMS
WH Smith
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Beige Book Fed Survey (US) (19:00)
Business Inventories (US) (15:00)
Crude Oil Inventories (US) (15:30)
Industrial Production (EU) (10:00)
MBA Mortgage Applications (US) (12:00)
Producer Price Index (US) (13:30)
Retail Sales (US) (13:30)
FINALS
Mi-Pay Group, Midatech Pharma , Tesco, Walker Greenbank
DRILLING REPORT
Fresnillo
EGMS
JSC KazMunaiGaz Exploration Production GDR (Reg S)
AGMS
Allianz Technology Trust, Hunting, Maven Income & Growth 3 VCT
TRADING ANNOUNCEMENTS
Atkins (WS), Fresnillo, Halfords Group, Jupiter Fund Management
UK ECONOMIC ANNOUNCEMENTS
BRC Sales Monitor (00:01)
FINAL EX-DIVIDEND DATE
Sagicor Financial Corp.
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Basic resources pace the advance after China data European stocks pushed higher in early trade, with basic resources pacing the advance after encouraging Chinese trade data.
At 0855 BST, the benchmark Stoxx Europe 600 index was up 1.4%, Germany's DAX was 1.8% firmer and France's CAC 40 was up 1.7%.
Oil prices were in the red, however, as investors worried that Sunday's producer meeting in Doha would do little to curb overproduction. Comments by oil minister Ali al-Naimi in Saudi-owned al-Hayat newspaper also weighed, as he reiterated his country's position that an outright production cut was not an option.
West Texas Intermediate was down 2% to $41.34 a barrel and Brent crude was 1.8% lower at $43.87.
"European equity markets are rallying strongly, led by mining stocks, after Chinese exports increased by an unexpectedly strong year-on-year gain of 11.5% in March, suggesting that the economic situation in both China and its export markets is better than had been anticipated," said Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor.
"As well as supporting Asian equity markets, which have now seen six straight days of gains, the stronger reading is vindication for the recent rally in commodity prices."
The Stoxx 600 basic resources index rallied 4.3% after data showed China's yuan-denominated exports surged 18.7% in March compared to the same month a year ago.
Yuan-denominated imports, meanwhile, fell 1.7% on the year compared with an 8% decline the previous month and giving a trade surplus of 194.6bn yuan.
In dollar terms, exports grew 11.5% to $160.8bn after dropping 25% in February, beating consensus forecasts for a 10% rise. Dollar-denominated imports fell 13.8% to $131bn.
Still, analysts warned that the improvement was partly down to a seasonal upturn.
In corporate news, insurer AXA was on the front foot amid reports the company was in talks to sell most of its UK life insurance and wealth investment units.
On the downside, supermarket chain Tesco was sharply lower after saying it swung to an annual pre-tax profit of £162m following a record loss the previous year but issuing a cautious outlook statement.
Shares in Mr Kipling and Oxo owner Premier Foods tumbled in London as US-based McCormick & Co. said it did not intend to make an offer for the company. |
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| | US Market Report | | US close: Stocks close higher on oil price rally US stocks ended Tuesday's session higher as a rally in oil prices boosted energy shares.
The Dow Jones Industrial Average rose 0.94%, the S&P 500 gained 0.97% and the Nasdaq edged up 0.80%.
Oil prices jumped on hopes that global producers will agree to freeze output at a 17 April meeting in Doha, Qatar.
"The meeting on Sunday comprises of producers of around three quarters of global output and if a deal is agreed on a production freeze or even a cut, the latter of which is very unlikely, it could be the catalyst that drives the next rally in oil and take it back above $50 for the first time since November," said Craig Erlam, senior market analyst at Oanda.
"There are a lot of obstacles to such a deal being done though, not least Iran's determination to return to pre-sanctions production levels, which makes me sceptical that it can be achieved."
At 2122 BST, West Texas Intermediate crude surged 3.8% to $41.96 per barrel and Brent soared 3.6% to $44.45 per barrel.
Meanwhile, investors shrugged off the International Monetary Fund's downward revision to global growth. The IMF cut its forecast for global growth in 2016 to 3.2% from the 3.4% it expected in January, with all advanced economies revised downwards. The estimate for the US growth this year was reduced to 2.4% versus 2.6% at the start of the year.
In economic data, the US import price index rose 0.2% month-on-month in March, compared to forecasts for 1.2% growth and the previous month's 0.3% decline.
The National Federation of Independent Business said its small business optimism index fell to a two-year low of 92.6 in March from 92.9 in February, missing expectations for a reading of 93.7.
On the corporate front, traders were still digesting results from aluminium producer Alcoa, which unofficially kicked off the earnings season with worse-than-expected quarterly revenue on Monday
Earnings fell to $16m from $195 a year before, while revenue dropped 15% to $4.9bn versus analysts' forecasts of around $5.2bn.
"US earnings season is underway and first indications are that this could live up to its billing as one of the worst in years," said Lee Wild of Interactive Investor.
"Profit at America's largest companies is widely-tipped to have fallen by an average of 9% during the first quarter. But aluminium producer Alcoa, the unofficial starting gun, said overnight it made less than expected at the start of 2016."
This week will see earnings releases from heavyweights JPMorgan Chase, Citigroup and Bank of America Corp.
Hertz Global Holdings nudged lower after downgrading its guidance for 2016.
Marathon Oil edged higher after announcing late on Monday that it has signed agreements to sell non-core assets for $950m.
In currencies, the dollar was up 0.57% versus the yen as the Japanese finance minister warned against excessive strength of its currency which has risen against the greenback for seven consecutive sessions.
The dollar fell 0.21% against the pound and increased 0.19% against the euro.
S&P 500 - Risers
Chesapeake Energy Corp. (CHK) $6.05 +34.44%
Southwestern Energy Co. (SWN) $10.54 +15.44%
Marathon Oil Corp. (MRO) $13.12 +12.43%
Murphy Oil Corp. (MUR) $28.82 +9.54%
Range Resources Corp. (RRC) $38.01 +9.22%
Transocean Ltd. (RIG) $9.59 +8.12%
ONEOK Inc. (OKE) $32.35 +7.65%
Freeport-McMoRan Inc (FCX) $10.43 +6.86%
Apache Corp. (APA) $53.29 +6.69%
Devon Energy Corp. (DVN) $30.96 +6.57%
S&P 500 - Fallers
Juniper Networks Inc. (JNPR) $23.06 -7.35%
Mallinckrodt Plc Ordinary Shares (MNK) $58.40 -4.50%
Fastenal Co. (FAST) $45.34 -3.41%
Hewlett Packard Enterprise (HPE) $17.24 -2.76%
Micron Technology Inc. (MU) $10.17 -2.68%
Alcoa Inc. (AA) $9.48 -2.67%
Allergan plc (AGN) $222.57 -2.54%
Starbucks Corp. (SBUX) $59.50 -2.30%
F5 Networks Inc. (FFIV) $95.19 -2.15%
Skyworks Solutions Inc. (SWKS) $74.64 -1.88%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $97.51 +2.38%
Wal-Mart Stores Inc. (WMT) $68.80 +2.08%
Caterpillar Inc. (CAT) $76.10 +1.97%
JP Morgan Chase & Co. (JPM) $59.28 +1.86%
E.I. du Pont de Nemours and Co. (DD) $64.31 +1.72%
American Express Co. (AXP) $60.68 +1.47%
Goldman Sachs Group Inc. (GS) $154.31 +1.39%
Apple Inc. (AAPL) $110.44 +1.30%
Exxon Mobil Corp. (XOM) $84.35 +1.24%
Boeing Co. (BA) $129.47 +1.22%
Dow Jones I.A - Fallers
Nasdaq 100 - Risers
Netflix Inc. (NFLX) $106.98 +4.19%
Alexion Pharmaceuticals Inc. (ALXN) $153.55 +3.83%
Regeneron Pharmaceuticals Inc. (REGN) $408.07 +3.01%
JD.com, Inc. (JD) $28.10 +3.01%
Priceline Group Inc (PCLN) $1,300.28 +2.82%
Twenty-First Century Fox Inc Class A (FOXA) $29.29 +2.66%
Ctrip.Com International Ltd. Ads (CTRP) $46.87 +2.61%
Twenty-First Century Fox Inc Class B (FOX) $29.42 +2.58%
Biomarin Pharmaceutical Inc. (BMRN) $85.00 +2.16%
Tractor Supply Company (TSCO) $88.86 +2.16%
Nasdaq 100 - Fallers
Fastenal Co. (FAST) $45.34 -3.41%
Micron Technology Inc. (MU) $10.17 -2.68%
Starbucks Corp. (SBUX) $59.50 -2.30%
Skyworks Solutions Inc. (SWKS) $74.64 -1.88%
Autodesk Inc. (ADSK) $55.92 -1.67%
Vertex Pharmaceuticals Inc. (VRTX) $83.37 -1.30%
Akamai Technologies Inc. (AKAM) $50.54 -1.02%
Cognizant Technology Solutions Corp. (CTSH) $59.46 -0.87%
Tesla Motors Inc (TSLA) $247.82 -0.84%
Xilinx Inc. (XLNX) $45.87 -0.74% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Retailers, Tata, Reckitt, BP Many leading UK retailers have websites that require "serious attention" to make them safe against cyber attacks, according to new research that reveals how well stores are dealing with the rising threat from hackers and online criminals. Matalan faced particular criticism over its site's ability to counter cyber attacks, while others including Waitrose, Tesco, Debenhams and Topshop also ranked poorly compared to other British retail companies. - Financial Times
The day of reckoning for the British steel industry has been set for May 28, with Tata Steel planning to close down its UK arm if it is unable to negotiate a viable sale by that date, according to people familiar with the situation. The Indian steel group caused shockwaves at the end of March when it announced that it would sell its British division, either as a whole or in parts, after making substantial losses for several years. - Financial Times
Amazon is in talks with British broadcasters to add their channel brands and programmes to its streaming service, as it gears up to use Jeremy Clarkson as the spearhead of an attack on the pay-TV market. The giant is attempting to adapt its American Streaming Partners Programme to the UK media market and make its Prime Instant Video service and Fire TV set-top box hardware into a more credible alternative to Sky and Virgin Media, and give it an edge over Netflix. - Telegraph
Nurofen's manufacturer Reckitt Benckiser should be fined $6m for misleading consumers over a range of "targeted" pain products that cost twice as much as its standard painkillers despite having the same active ingredient and effect, the Australian Competition and Consumer Commission (ACCC) has found. In December the federal court found the British company Reckitt Benckiser, the manufacturer of the painkiller, had engaged in "misleading conduct" by representing that its Nurofen Specific Pain products targeted a type or area of pain despite being identical, and ordered they be removed from supermarket shelves within three months. - Telegraph
One of the world's biggest hotel chains has announced it will plant vegetable gardens at many of its hotels as part of a plan to cut food waste by a third. AccorHotels, which includes the Pullman, Sofitel, Novotel, Mercure and Ibis chains, intends to "reduce food waste by 30%, in particular by sourcing food locally", chief executive Sebastien Bazin said on Tuesday. - Telegraph
Oil prices reached a five-month high yesterday, exceeding $44 for the first time this year amid hopes that a Russian-brokered deal to freeze output by the world's top producers could succeed. The price of a barrel of Brent crude, the international benchmark, rose by 71 cents to touch $44 after Russia's Interfax news agency, quoting diplomatic sources in Doha, reported that Russia and Saudi Arabia, which together pump about a fifth of the world's oil, had reached a tentative pact that could be finalised this weekend. - The Times
Pressure mounted on BP last night after a shareholder group urged investors to block a 20 per cent pay rise to �14 million for the chief executive. Speaking 48 hours before Bob Dudley is to address investors at the oil group's annual meeting, Tim Bush, head of governance and financial analysis at Pirc, the shareholder advisory group, recommended that investors vote against Mr Dudley's deal. - The Times |
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