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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 fall as China economic growth slows London stocks declined on Friday as China's economic growth slowed further in the first quarter.
China's gross domestic product rose 6.7% year-on-year in the first three months of the year, down from 6.8% growth the previous quarter, the National Bureau of Statistics said. The figure was in line with analysts' estimates but marked the slowest quarterly growth for China since the height of the financial crisis in 2009.
Other Chinese data came in more positive. Retail sales jumped 10.3% in March, beating forecasts for a 10.2% increase. Industrial production climbed 6.8% in March compared to forecasts for a 6% gain.
"With the mixed morning for Chinese data leaving little real cause for concern or indeed celebration the FTSE failed to do much as the start of the session, opening flat at 6360," said Connor Campbell, financial analyst at Spreadex.
"There isn't really much for the UK index to work with this Friday (an oft-repeated refrain at the moment), meaning it will have to find inspiration from elsewhere (the oil price perhaps?) if it to build on its recent highs."
While it will be quiet day of economic data in the UK, the US will see the release of the Empire manufacturing report at 1330 BST, industrial production figures at 1415 BST and the University of Michigan's consumer confidence survey at 1500 BST.
Meanwhile, oil prices gained ahead of Sunday's meeting in Doha between global producers to discuss a potential output freeze.
Brent crude rose 0.31% to $43.93 per barrel and West Texas Intermediate increased 0.33% to $41.64 per barrel at 0904 BST.
In company news, William Hill slumped after Goldman Sachs downgraded the stock to 'neutral' from 'buy' and cut the target to 380p from 460p.
Poundland was in the red after HSBC downgraded it to 'hold' from 'buy' and slashed its target to 160p from 290p after disappointingly slow growth in core trading with no recovery expected until the second half of 2017.
Man Group gained after Shore Capital argued that the company's shares were significantly undervalued, following its first quarter update. |
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| Market Movers
FTSE 100 (UKX) 6,355.67 -0.15%
FTSE 250 (MCX) 16,924.92 -0.45%
techMARK (TASX) 3,170.72 -0.34%
FTSE 100 - Risers
Tesco (TSCO) 180.05p 1.35%
SABMiller (SAB) 4,272.00p 1.26%
British American Tobacco (BATS) 4,247.00p 0.88%
BHP Billiton (BLT) 905.80p 0.81%
Imperial Brands (IMB) 3,761.50p 0.74%
Vodafone Group (VOD) 228.30p 0.66%
Morrison (Wm) Supermarkets (MRW) 196.90p 0.61%
Coca-Cola HBC AG (CDI) (CCH) 1,468.00p 0.55%
Diageo (DGE) 1,938.00p 0.47%
Standard Chartered (STAN) 518.90p 0.45%
FTSE 100 - Fallers
Berkeley Group Holdings (The) (BKG) 2,898.00p -2.62%
Anglo American (AAL) 673.50p -2.42%
ARM Holdings (ARM) 987.50p -2.03%
InterContinental Hotels Group (IHG) 2,869.00p -2.02%
Taylor Wimpey (TW.) 173.50p -1.98%
Barratt Developments (BDEV) 512.00p -1.92%
Kingfisher (KGF) 362.90p -1.44%
Capita (CPI) 1,051.00p -1.41%
Ashtead Group (AHT) 837.00p -1.36%
Travis Perkins (TPK) 1,836.00p -1.29%
FTSE 250 - Risers
Man Group (EMG) 158.70p 4.75%
BGEO Group (BGEO) 2,117.00p 3.62%
Vesuvius (VSVS) 311.50p 2.20%
Cranswick (CWK) 2,386.00p 1.45%
Diploma (DPLM) 758.50p 1.13%
AO World (AO.) 167.70p 1.08%
Senior (SNR) 221.30p 1.05%
Aldermore Group (ALD) 198.30p 1.02%
esure Group (ESUR) 275.50p 0.95%
Evraz (EVR) 127.30p 0.87%
FTSE 250 - Fallers
Tullow Oil (TLW) 219.00p -2.97%
McCarthy & Stone (MCS) 260.00p -2.62%
Zoopla Property Group (WI) (ZPLA) 273.70p -2.56%
William Hill (WMH) 325.30p -2.46%
Entertainment One Limited (ETO) 175.80p -2.39%
DFS Furniture (DFS) 295.30p -2.38%
Clarkson (CKN) 2,200.00p -2.22%
Allied Minds (ALM) 391.20p -2.15%
Jimmy Choo (CHOO) 126.90p -2.08% |
| | UK Event Calendar | | Friday 15 April
INTERIM DIVIDEND PAYMENT DATE
Origin Enterprises, Trifast, Waterman Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (EU) (10:00)
Capacity Utilisation (US) (14:15)
Industrial Production (US) (14:15)
U. of Michigan Confidence (Prelim) (US) (15:00)
Wholesale Price Index (GER) (07:00)
FINALS
ICG Enterprise Trust, Manchester Building Society 8% Perm Int Bear Shs
ANNUAL REPORT
Ebiquity
AGMS
MD Medical Group Investments GDR (Reg S), Zegona Communications
TRADING ANNOUNCEMENTS
Man Group
FINAL DIVIDEND PAYMENT DATE |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks nudge lower as investors digest China data European stocks nudged lower in early trade as investors digested some key data releases out of China and looked ahead to this weekend's meeting of oil producers in Doha.
At 0835 BST, the benchmark Stoxx Europe 600 index was down 0.1%, Germany's DAX was off 0.4% and France's CAC 40 was down 0.2%.
At the same time, oil prices popped just a touch higher as this weekend's summit in Doha edged closer. West Texas Intermediate was up 0.3% to $41.63 a barrel while Brent crude was 0.1% higher at $43.90.
On Thursday, the International Energy Agency said the global oil glut was set to ease by the end of this year. It also said that any potential agreement to freeze output at the Doha meeting would have only a limited impact on supplies.
Stocks in Asia reacted in a pretty muted fashion to data showing China's economy grew 6.7% on the year in the first quarter compared with 6.8% in the fourth quarter of last year.
Although this marked the slowest quarterly growth in seven years, it was in line with both economists' expectations and the country's own targets. The government's growth range is 6.5% to 7%.
For 2015 as a whole, growth came in at 6.9%.
Meanwhile, figures from the National Bureau of Statistics showed industrial output in the world's second-largest economy rose 6.8% in March from the year before and compared with 5.4% growth in January to February. Economists had been expecting a 5.9% increase.
On the month, industrial production was up 0.6% from February compared with 0.4% growth the month before.
Retail sales increased 10.5% in March from a year earlier compared with 10.2% growth in January to February, just a touch above economists' expectations of 10.4%.
"Whilst the Chinese data released today certainly constitutes more much needed good news for the global economy it doesn't necessarily come as a major surprise as plenty of data released over the past few weeks already have indicated that the Chinese economy has turned the corner," said Markus Huber, a trader with broker City of London Markets.
David Morrison, senior market strategist at SpreadCo, said: "Overall there's a slight negative bias but this could be no more than a touch of position-squaring after this week's rally and ahead of the weekend. Investors are well aware of Sunday's meeting in Doha between OPEC and non-OPEC producers to discuss a freeze on crude output. Equity movements have a strong positive correlation to the oil price so we may see some profit-taking now given uncertainty ahead of the meeting."
In corporate news, Rio Tinto nudged higher after announcing the extension of its Channar Mining joint venture with Sinosteel Corporation in Australia's Pilbara region.
Supermarket operator Carrefour pushed higher as its first quarter sales came in marginally ahead of expectations.
Man Group rallied after its first quarter update revealed positive net inflows and a good performance at its AHL unit. |
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| | US Market Report | | US close: Stocks end flat as investors digest bank earnings, jobs data US stocks ended little changed on Thursday as investors digested key bank earnings and jobs data that suggested some resilience in the labour market.
The Dow Jones Industrial Average eked out a 0.1% gain, while the S&P 500 and the Nasdaq ended flat.
Bank earnings were in focus after JPMorgan Chase released better-than-expected first-quarter numbers on Wednesday.
Bank of America ended in the black. Although it posted a drop in first-quarter profit on the back of falling trading revenue, the results were better than expected.
BlackRock also finished up despite falling short of its profit expectations, but Wells Fargo edged lower after saying first-quarter net income fell 7.6% from last year to $5.46bn.
In economic news, data from the Labor Department showed the number of Americans filing for unemployment benefits unexpectedly fell last week.
US initial jobless claims fell by 13,000 to 253,000 from a downwardly-revised 266,000 the week before, beating expectations for a rise to 270,000.
Still, analysts were sceptical. Pantheon Macroeconomics said: "We'd love to be able to argue convincingly that these data represent hard evidence of a further improvement in labour market conditions, but it's more likely that Easter-related seasonal adjustment problems explain the drop."
Meanwhile, the US consumer price index rose 0.9% in the year through March, compared to a 1% increase in February and analysts' forecasts for 1.1% growth.
On the month, CPI rose 0.1% in March, up slightly from the previous month's 0.2% fall but lower than the 0.2% gain that was expected.
A rebound in gasoline prices was offset by a drop in the cost of food and a slowdown in medical care and housing costs.
The Federal Reserve, which has a 2% inflation target, is monitoring consumer prices as it determines the timing of its next interest rate hike.
"It was tricky to ascertain investors' reaction to the CPI reading; initially both the pound and the Dow rose, suggesting the market was happy with the ostensibly hawk-damaging nature of inflation's relative softness," said Connor Campbell, financial analyst at Spreadex.
"Yet at the same time the reading is now back out of negative territory, something that may cause a slightly less cautious tone to creep in during the Fed's statement at the end of the month, explaining why those gains disappeared as the afternoon wore on."
In commodities, oil prices settled lower. Earlier in the day, International Energy Agency said the global oil glut was set to ease by the end of this year. It also said that any potential agreement to freeze output at the Doha meeting this weekend would have only a limited impact on supplies.
By the time of the US close, West Texas Intermediate crude was down 0.6% to $41.49 per barrel and Brent was off 0.7% to $43.89.
S&P 500 - Risers
Baker Hughes Inc. (BHI) $43.18 +4.55%
American Airlines Group (AAL) $41.18 +3.10%
Molson Coors Brewing Co. Class B (TAP) $95.73 +3.02%
Occidental Petroleum Corp. (OXY) $74.32 +2.88%
Southwestern Energy Co. (SWN) $10.75 +2.58%
Chipotle Mexican Grill Inc. (CMG) $456.01 +2.55%
Bank of America Corp. (BAC) $14.14 +2.54%
Alcoa Inc. (AA) $10.01 +2.25%
Vertex Pharmaceuticals Inc. (VRTX) $87.08 +2.23%
United Continental Holdings Inc. (UAL) $56.73 +2.07%
S&P 500 - Fallers
Seagate Technology Plc (STX) $27.11 -20.10%
Western Digital Corp. (WDC) $41.82 -6.65%
Transocean Ltd. (RIG) $9.26 -6.37%
Micron Technology Inc. (MU) $10.40 -4.41%
NetApp Inc. (NTAP) $25.64 -3.97%
Mosaic Company (MOS) $25.47 -3.96%
H&R Block Inc. (HRB) $24.02 -3.96%
Viacom Inc. Class B (VIAB) $38.45 -3.44%
Progressive Corp. (PGR) $33.57 -3.42%
Williams Companies Inc. (WMB) $17.77 -3.16%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $62.59 +1.29%
Merck & Co. Inc. (MRK) $56.45 +0.88%
Visa Inc. (V) $80.33 +0.78%
Exxon Mobil Corp. (XOM) $85.43 +0.71%
Goldman Sachs Group Inc. (GS) $160.91 +0.66%
E.I. du Pont de Nemours and Co. (DD) $65.18 +0.59%
American Express Co. (AXP) $62.51 +0.56%
McDonald's Corp. (MCD) $127.51 +0.49%
Home Depot Inc. (HD) $134.37 +0.40%
Chevron Corp. (CVX) $97.98 +0.39%
Dow Jones I.A - Fallers
Intel Corp. (INTC) $31.80 -1.03%
Walt Disney Co. (DIS) $98.63 -0.85%
Procter & Gamble Co. (PG) $82.01 -0.55%
Travelers Company Inc. (TRV) $115.36 -0.52%
Wal-Mart Stores Inc. (WMT) $68.80 -0.51%
Coca-Cola Co. (KO) $45.83 -0.46%
3M Co. (MMM) $168.16 -0.26%
Boeing Co. (BA) $130.85 -0.22%
Nike Inc. (NKE) $59.49 -0.15%
Caterpillar Inc. (CAT) $79.05 -0.10%
Nasdaq 100 - Risers
American Airlines Group (AAL) $41.18 +3.10%
Vertex Pharmaceuticals Inc. (VRTX) $87.08 +2.23%
Tractor Supply Company (TSCO) $91.21 +1.72%
Priceline Group Inc (PCLN) $1,336.39 +1.41%
Citrix Systems Inc. (CTXS) $80.81 +1.39%
Whole Foods Market Inc. (WFM) $30.65 +1.32%
Alexion Pharmaceuticals Inc. (ALXN) $154.75 +1.22%
Gilead Sciences Inc. (GILD) $98.22 +1.06%
Amazon.Com Inc. (AMZN) $620.75 +0.96%
Cerner Corp. (CERN) $56.44 +0.95%
Nasdaq 100 - Fallers
Seagate Technology Plc (STX) $27.11 -20.10%
Western Digital Corp. (WDC) $41.82 -6.65%
Micron Technology Inc. (MU) $10.40 -4.41%
NetApp Inc. (NTAP) $25.64 -3.97%
Viacom Inc. Class B (VIAB) $38.45 -3.44%
Symantec Corp. (SYMC) $17.89 -1.49%
Lam Research Corp. (LRCX) $81.61 -1.45%
Maxim Integrated Products Inc. (MXIM) $36.81 -1.37%
Mondelez International Inc. (MDLZ) $42.16 -1.26% |
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| | Newspaper Round Up | | Friday newspaper round-up: Brexit, BP, HMRC, tax evasion The British economy will be weaker, its international influence will be reduced and the EU will be damaged if the UK votes to leave the bloc in June, the White House said on Thursday. Speaking ahead of a visit to the UK next week by Barack Obama, senior administration officials insisted that the Brexit decision was one for British voters and that the US president would offer his views as a "friend" only if asked during his two days in London. - Financial Times
Brussels has stepped up its efforts to finalise antitrust charges related to the Android mobile operating system, advancing a case which is set to sharply escalate the stand-off between the EU and Google. Four lawyers involved in the case said on Thursday that the European Commission had, over recent days, sent out requests for information from complainants with 24-hour deadlines. - Financial Times
BP has moved to appease disgruntled investors, promising that it will overhaul the way its pays its most senior directors after almost 60pc of shareholders who voted did so against its highly criticised remuneration report. The pay revolt, stemming from the £14m chief executive Bob Dudley was awarded for 2015, was the biggest to date in the current annual general meeting season. - Telegraph
HM Revenue & Customs has no clear plan to tackle tax fraud and has made "only limited progress" in reducing the sums lost to fraudsters as it grapples with a huge restructuring, according to a scathing report by politicians. The Public Accounts Committee said that beneath HMRC'striumphant statements about the rise in overall tax receipts in recent years, the amount of tax lost to fraud has barely shifted, making up about 3pc of expected collections over the past five years. - Telegraph
Britain and its European allies have announced new "hammer blow" rules against tax evasion in direct response to the Panama Papers leak that exposed how the world's richest and most powerful people hide their wealth from the taxman. George Osborne announced on Thursday, in partnership with his counterparts from France, Germany, Spain and Italy, new rules that will lead to the automatic sharing of information about the true owners of complex shell companies and overseas trusts. - Guardian
China's economic growth slowed in the first quarter of 2016 to 6.7%, largely in line with expectations, but at its slowest pace since the global financial crisis, sparking hope growth may be stabilising. The report showed that the annualized growth rate for the world's second-largest economy ticked lower from the previous quarter's 6.8%. - Guardian
The future of a British mutual was in doubt for the first time since the run on Northern Rock in 2007 yesterday, after Manchester Building Society wrote to customers warning them to keep balances within the £75,000 limit covered by the official compensation scheme. - The Times |
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