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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 after disappointing Chinese manufacturing data London stocks fell on Tuesday after Chinese manufacturing data came in weaker than anticipated, fuelling concerns about the world's second largest economy.
China's official manufacturing purchasing managers' index dropped to 50.1 in April from 50.2 in March, missing economists' estimates of 50.4, the National Bureau of Statistics revealed. However it was above the 50 level that separates an expansion from a contraction.
The Caixin PMI on China manufacturing contracted further to 49.4 in April from 49.7 in March, according to Markit, below forecasts of 49.9.
"The decline further into contraction territory in the Caixin manufacturing PMI came as a surprise this morning, especially considering the improvements we've seen in the rest of the data over the last month," said Craig Erlam, senior market analyst at Oanda.
"Given the differences in the official manufacturing reading, which just remained in growth territory for a second month, the numbers would suggest that perhaps the larger state owned firms are benefiting from recent stimulus efforts more so than the small to medium sized private firms.
"The benefits could flow through to them in the coming months but I think today's data is a reminder of the challenging times ahead for the world's second largest economy."
Meanwhile, the Royal Bank of Australia cut interest rates by 25 basis points to 1.75% to address a sharp decline in inflation in March.
Michael Hewson, chief market analyst at CMC Markets, said while the move by the RBA was predicted by many analysts, the slide back into deflation is not too surprising given the recent declines in commodity prices in the first quarter.
"It also ignores the fact that these same prices have rebounded, which means that this may well have been a temporary phenomenon," he said.
"This, it would appear seems to have escaped the notice of the RBA as they become the latest in a long line of central bankers to adopt the reflex reaction function of cutting rates due to lower prices, ignoring the possibility that in some cases these can be a good thing."
Turning to Tuesday's agenda, UK manufacturing PMI is due at 0930 BST while the European Commission provides its latest economist forecasts at 1000 BST.
Meanwhile, oil prices rose with Brent crude up 0.56% to $46.08 per barrel and West Texas Intermediate up 0.57% to $45.04 per barrel.
In company news, mining stocks were under pressure after disappointing Chinese manufacturing. Anglo American, Rio Tinto and Glencore were among the biggest fallers.
HSBC's shares dipped after reporting a 14% fall in first quarter profits compared to last year.
RSA Insurance got a boost as Barclays upgraded the stock to 'overweight' from 'equalweight' and lifted the price target to 545p from 457p.
Morrisons gained as it said it has expanded its 'Price Crunch' programme as it seeks to win back customers from discounters.
AstraZeneca declined as it said it has completed the divestment of the global rights to angina treatment Imdur, outside the US, to China Medical System Holdings Ltd and its associated company, Tibet Rhodiola Pharmaceutical Holding Co. |
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| Market Movers
FTSE 100 (UKX) 6,207.45 -0.55%
FTSE 250 (MCX) 16,821.24 0.12%
techMARK (TASX) 3,060.81 0.05%
FTSE 100 - Risers
RSA Insurance Group (RSA) 475.10p 3.49%
Admiral Group (ADM) 1,914.00p 3.07%
Worldpay Group (WI) (WPG) 270.60p 1.39%
Smith & Nephew (SN.) 1,169.00p 1.12%
Direct Line Insurance Group (DLG) 365.70p 1.05%
Informa (INF) 660.50p 0.92%
Rexam (REX) 630.50p 0.88%
Aviva (AV.) 436.10p 0.86%
Carnival (CCL) 3,426.00p 0.85%
Vodafone Group (VOD) 220.80p 0.73%
FTSE 100 - Fallers
Anglo American (AAL) 720.60p -5.61%
Standard Chartered (STAN) 532.50p -3.55%
Rio Tinto (RIO) 2,221.50p -3.43%
Glencore (GLEN) 157.80p -3.13%
Pearson (PSON) 780.50p -3.04%
International Consolidated Airlines Group SA (CDI) (IAG) 510.50p -2.76%
BHP Billiton (BLT) 907.70p -2.72%
Antofagasta (ANTO) 472.90p -2.13%
Rolls-Royce Holdings (RR.) 656.50p -1.94%
AstraZeneca (AZN) 3,856.00p -1.83%
FTSE 250 - Risers
Just Eat (JE.) 413.00p 7.69%
Centamin (DI) (CEY) 128.70p 6.45%
Restaurant Group (RTN) 284.70p 3.49%
Cable & Wireless Communications (CWC) 76.00p 3.26%
Regus (RGU) 299.80p 2.53%
Polymetal International (POLY) 724.50p 2.19%
Interserve (IRV) 436.40p 2.13%
Homeserve (HSV) 422.80p 2.08%
Softcat (SCT) 325.00p 1.88%
Melrose Industries (MRO) 380.20p 1.85%
FTSE 250 - Fallers
Aberdeen Asset Management (ADN) 276.80p -7.33%
Indivior (INDV) 151.80p -5.60%
Tullow Oil (TLW) 268.40p -4.04%
Amec Foster Wheeler (AMFW) 476.80p -3.46%
Ophir Energy (OPHR) 73.00p -3.12%
Sophos Group (SOPH) 199.70p -2.73%
Ocado Group (OCDO) 288.30p -2.47%
Evraz (EVR) 138.70p -2.32%
Petrofac Ltd. (PFC) 827.00p -2.13% |
| | UK Event Calendar | | Tuesday 03 May
INTERIM DIVIDEND PAYMENT DATE
NWF Group, Smith (DS)
QUARTERLY PAYMENT DATE
Mercantile Investment Trust (The)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Producer Price Index (EU) (10:00)
EGMS
Atlantis Japan Growth Fund Ltd.
AGMS
Henderson High Income Trust, Holders Technology, Randgold Resources Ltd., Stadium Group, Starcom, Stratex International
TRADING ANNOUNCEMENTS
Just Eat
UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
FINAL DIVIDEND PAYMENT DATE
Aberdeen UK Tracker Trust, Essentra, Foreign and Colonial Inv Trust, Jardine Lloyd Thompson Group, Nichols
Q1
Indivior
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the red as Commerzbank, UBS slide European stocks fell in early trade as investors sifted through some disappointing corporate releases.
At 0855 BST, the benchmark Stoxx Europe 600 index was down 0.8%, Germany's DAX was 1.3% weaker and France's CAC was 0.8% lower.
"European equities are trading lower this morning as mixed to disappointing corporate earnings news out of Europe this morning and somewhat weaker economic data out of China are spoiling the overall appetite for stocks," said Markus Huber, a trader at City of London Markets.
"Having been spoiled of late by consistently better-than-expected economic readings out of China today's weaker manufacturing data might be pointing towards that the rebound in economic activity could be less pronounced than previously hoped. Furthermore despite QE, low oil prices and a weak euro, corporate earnings within the Eurozone seem to struggle as overall slowing global growth is taking a heavy toll."
The China Caixin manufacturing PMI fell to 49.4 in April from 49.7 in March, missing economists' expectations for a reading of 49.9. A reading below 50 indicates contraction.
Basic resources - demand for which is heavily dependent on China - took a hit, with the Stoxx 600 sub-index for the sector down 2.7%.
In corporate news, Commerzbank slid after it said profit in the first quarter halved, with net income down to €163m from €388m the year before.
UBS was under pressure as the Swiss bank's first-quarter pre-tax profit slumped due to weakness in the wealth management business.
Aberdeen Asset Management dropped after reporting a big decline in first-half profit as it took a hit from emerging-market weakness.
BMW skidded after its first-quarter earnings before interest and tax missed expectations, while Lufthansa flew lower after announcing it will slow the pace of its growth plans this year, as it reported a net loss for the first quarter.
On the upside, BNP Paribas rallied as it posted an increase in first-quarter net profit, while HSBC nudged higher after its first-quarter profit came in ahead of analysts' forecasts. |
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| | US Market Report | | US close: Stocks end lower as traders weigh earnings and data US stocks closed in the red on Friday as investors weighed corporate earnings and economic data.
The Dow Jones Industrial Average fell 0.32%, the S&P 500 shed 0.51% and the Nasdaq lost 0.62%.
Among corporate results, Chevron Corp.'s shares fell after reporting an adjusted profit in the first quarter that missed analysts' estimates.
Exxon Mobile gained after the oil producer reported a higher-than-expected first-quarter profit.
Amazon rallied after the online retailer's first-quarter profit surged past analysts' expectations. Profit came in at $513m as sales rose 28% to $29.1bn.
In other company news, Apple slumped after billionaire investor Carl Icahn said he has sold his entire stake in the technology firm, citing the risk of China's slowdown hurting the stock.
On the macro-economic data front, US personal spending rose by a seasonally-adjusted 0.1% versus expectations for a 0.2% increase, according to the Commerce Department. February's figure was revised up to a 0.2% gain from 0.1% previously.
Person income rose 0.4% in March after nudging up a downwardly-revised 0.1% the month before. Economists had been expecting a 0.3% increase.
The Chicago manufacturing purchasing managers' index fell to 50.4 in April from 53.6 in March, falling short of estimates for a reading of 53.6 but above the 50 level that separates an expansion from a contraction.
Consumer sentiment weakened in April, according to the final reading from the University of Michigan. The consumer sentiment index printed at 89.0 in April, down from the flash estimate of 89.7 and 91.0 in March. It was also weaker than the 95.9 reading in April of last year.
The current economic conditions index came in higher than the estimate of 105.5 at 106.7, compared to 105.6 in March and 107.0 in April 2015.
Meanwhile, oil prices remained volatile as oilfield services firm Baker Hughes reported its weekly oil rig count fell by 11 to 332. It compares to 697 oil rigs the same time last year.
West Texas Intermediate rose 0.08% to $46.07 per barrel and Brent was flat at $48.14 per barrel.
The dollar fell 0.03% against the pound, dropped 0.86% versus the euro and declined 1.49% versus the yen.
S&P 500 - Risers
Monster Beverage Corp (MNST) $144.22 +12.81%
Freeport-McMoRan Inc (FCX) $14.00 +10.58%
Amazon.Com Inc. (AMZN) $659.59 +9.57%
National Oilwell Varco Inc. (NOV) $36.04 +8.88%
Range Resources Corp. (RRC) $44.11 +8.25%
Expedia Inc. (EXPE) $115.77 +8.21%
Newmont Mining Corp. (NEM) $34.97 +6.00%
Southwestern Energy Co. (SWN) $13.43 +5.09%
Newell Brands Inc (NWL) $45.54 +4.88%
Flowserve Corp. (FLS) $48.81 +4.14%
S&P 500 - Fallers
Stericycle Inc. (SRCL) $95.56 -21.50%
Seagate Technology Plc (STX) $21.77 -19.07%
Western Digital Corp. (WDC) $40.87 -11.28%
Gilead Sciences Inc. (GILD) $88.21 -9.06%
Micron Technology Inc. (MU) $10.75 -7.49%
Skyworks Solutions Inc. (SWKS) $66.82 -6.91%
Phillips 66 Common Stock (PSX) $82.11 -6.47%
Tesoro Corp. (TSO) $79.69 -6.46%
Legg Mason Inc. (LM) $32.11 -4.72%
United Continental Holdings Inc. (UAL) $45.81 -4.68%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $133.89 +0.87%
Travelers Company Inc. (TRV) $109.90 +0.71%
Nike Inc. (NKE) $58.94 +0.68%
Procter & Gamble Co. (PG) $80.12 +0.45%
Exxon Mobil Corp. (XOM) $88.40 +0.42%
Coca-Cola Co. (KO) $44.80 +0.38%
3M Co. (MMM) $167.38 +0.23%
United Technologies Corp. (UTX) $104.37 +0.13%
Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $66.87 -2.96%
Intel Corp. (INTC) $30.28 -2.67%
Cisco Systems Inc. (CSCO) $27.49 -1.68%
Merck & Co. Inc. (MRK) $54.84 -1.61%
Apple Inc. (AAPL) $93.74 -1.15%
McDonald's Corp. (MCD) $126.49 -1.12%
International Business Machines Corp. (IBM) $145.94 -0.77%
E.I. du Pont de Nemours and Co. (DD) $65.91 -0.75%
Walt Disney Co. (DIS) $103.26 -0.74%
JP Morgan Chase & Co. (JPM) $63.20 -0.63%
Nasdaq 100 - Risers
Monster Beverage Corp (MNST) $144.22 +12.81%
Amazon.Com Inc. (AMZN) $659.59 +9.57%
Baidu Inc. (BIDU) $194.30 +4.45%
Priceline Group Inc (PCLN) $1,343.66 +1.98%
Activision Blizzard Inc. (ATVI) $34.47 +1.68%
TripAdvisor Inc. (TRIP) $64.59 +1.56%
Charter Communications Inc. (CHTR) $212.24 +1.19%
Sirius XM Holdings Inc (SIRI) $3.95 +0.77%
Facebook Inc. (FB) $117.58 +0.73%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $208.28 +0.62%
Nasdaq 100 - Fallers
Stericycle Inc. (SRCL) $95.56 -21.50%
Seagate Technology Plc (STX) $21.77 -19.07%
Western Digital Corp. (WDC) $40.87 -11.28%
Gilead Sciences Inc. (GILD) $88.21 -9.06%
Micron Technology Inc. (MU) $10.75 -7.49%
Skyworks Solutions Inc. (SWKS) $66.82 -6.91%
Endo International Plc (ENDP) $27.00 -4.49%
Celgene Corp. (CELG) $103.41 -4.28%
Regeneron Pharmaceuticals Inc. (REGN) $376.71 -3.73%
American Airlines Group (AAL) $34.69 -3.56% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Data leaks, UK confidence, Barclays, BT US investors may be profiting from leaked economic data releases that allow them to front-run market-moving news, according to a research paper published by the European Central Bank. Macroeconomic news announcements can move markets, as traders watch for indications about how the economy is performing. The data are released to everyone at the same time to ensure fairness but ECB researchers said they had found evidence of "informed trading" ahead of US data releases. - Financial Times
Worries about the EU referendum in June, rising labour costs and China's slowdown have knocked UK business confidence to a four-year low, according to a report that will fan fears the economy is losing momentum. A poll of 1,000 chartered accountants by their professional body, the ICAEW, echoed other recent surveys pointing to fragile consumer and business confidence as the referendum approaches. The poll also noted a slowdown in domestic sales and nervousness about hiring new staff. - Guardian
More evidence of the uncertainty caused by the EU referendum has emerged as figures suggest that optimism in the jobs market stalled last month and employers froze advertised salaries because of the threat of Brexit. The average salary offered on Adzuna, a jobs search website, was £33,815 in March, flat against the previous month, according to data released today. - The Times
Halliburton and Baker Hughes are preparing to call off their $28bn (£19.2bn) merger, which has met stiff antitrust resistance from regulators in the US and Europe, a person familiar with the situation said. The companies, the second- and third-largest oil-service firms, could announce as soon as Monday morning that they have terminated the combination, according to Bloomberg. - Telegraph
BT Group is in talks to open up its infrastructure to a rival in a landmark test of Ofcom's plan to introduce more competition for its much criticised Openreach network monopoly. Openreach is in discussions with City Fibre, the alternative broadband network builder, about a large-scale fibre-optic roll-out over BT's ducts and poles in Southend, according to industry sources. It is understood that BT is currently surveying its infrastructure in the Essex town to get the project under way. - Telegraph
Mario Draghi has hit back at German criticism of the European Central Bank's interest rate policy, saying low borrowing costs were symptomatic of a glut in global savings for which Germany was partly to blame. The ECB president's argument on Monday is a new line of defence against strong objections from German politicians, bankers and the media over the ECB's decision to lower its benchmark main refinancing rate to zero. - Financial Times
If you are aged 50-plus and have children, then the UK's strongest "Challenger Bank" is probably headquartered in your living room. If on the other hand you are under 40 and trying to buy your first home, your bank managers may well include your parents, or even grandparents, according to Legal & General's research on the "Bank of Mum and Dad", published on Tuesday, that catalogues the £5bn annually supplied by parents for house purchases. - Telegraph
A senior executive at Barclays has alleged money laundering and mis-selling failures at the bank's French operations, casting a shadow over the British group's plan to sell its business in France to a private equity group. A letter dated April 5 from Philippe Hébert, chief risk officer of Barclays France, to Tony Blanco, chief executive of Barclays France, alleged serious shortfalls in the bank's standards of controls, compliance and conduct. - Financial Times
One of the hedge funds that helped to rescue the Co-op Bank has placed a bet on a further decline at the holiday company Thomas Cook. Silver Point Capital has built a trade worth more than £10m that would profit if the tour operator's shares fall. - Telegraph
Eurotunnel made preparations yesterday for the departure of its longstanding chief executive with the appointment of a new deputy. François Gauthey, 53, has been promoted from chief operating officer in charge of corporate services to deputy chief executive and is in pole position to take over when Jacques Gounon retires. - The Times
The City is poised for a brace of listings that could add more than £2 billion to the value of companies traded on the stock market and boost investment banks hit by a worldwide fees drought. The Range, a discount furniture retailer, and NewDay, one of the country's largest providers of store cards, have begun talks with investors about flotations that could value the companies at more than £1 billion each. - The Times
London's historic stations could be sold off to plug a funding gap at the renationalised Network Rail. The possible sale of the property in and around stations such as Waterloo and Paddington is under investigation by Network Rail Property (NRP). - The Times
Britain's most senior civil servant, Sir Jeremy Heywood, is reviewing HS2 as fears grow that the high-speed railway cannot be built within its £55bn budget in its current form. Heywood, the cabinet secretary and head of the civil service, has been quietly investigating HS2 in an effort to cut costly elements, with his report due to be handed to ministers by the summer. - Guardian
Italian banking shares have come under pressure after the planned listing of regional lender Popolare di Vicenza flopped and the latest government measures aimed at tackling the sector's bad loans fell short of expectations. The stock market in Milan said it could not allow Popolare di Vicenza to list after investors bought just 7.7% of its €1.5 bn share issue. - Guardian
Avid cyclists can indulge their passion around the clock and from the comfort of their sofas with a new Sky TV channel. Through word of mouth alone, the UK version of the Bike Channel, of Italy, attracts more than 40,000 daily viewers and will launch officially at the Soho Hotel in London tomorrow, with Mario Cipollini, a cycling legend, in attendance. - The Times
A Portuguese cash-and-carry tycoon agitating to parachute two non-executive directors into Stock Spirits has been backed by a shareholder advisory group. ShareSoc, which represents retail investors, has become the first proxy adviser to weigh into a boardroom battle between Luís Amaral and the board of the Polish vodka maker. - The Times
An executive at Reckitt Benckiser was slapped during an emotional news conference as he apologised on Monday for deadly lung injuries linked to the use of humidifier sterilisers marketed by the firm. Ata Safdar, head of Reckitt Benckiser Korea and Japan, bowed several times in apology before an audience that included victims and their families, among them a 13-year-old boy who now uses an oxygen tank to breathe. - Guardian
The MP leading an analysis into the collapse of BHS has lashed out at its former owner Sir Philip Green over the sale of the business to people who "crash[ed] it into a cliff". The retail billionaire, his wife Tina and Anthony Grabiner, chairman of Green's retail empire Arcadia for more than a decade, are being asked to appear before two parliamentary committees to give evidence about the high street chain's demise. - Guardian
Amid diminishing job security, cut-throat competition, heavier workloads and regulatory turmoil, City workers are facing more pressure than ever. Nightingale Hospital, the only private mental health hospital in London, launched its City unit last Thursday, where it aims to provide help for high-performing financial workers who are struggling to cope with the stigma surrounding mental health. - The Times
Canada has spent centuries mopping up surplus British talent - from dispossessed farmers in the 19th century to disillusioned video games makers a few years ago. Now it is mounting - or perhaps mountie-ing - an assault on London's fintech industry, the companies that use cutting-edge technology to make financial services groups more efficient. Last week, in London, Charles Sousa, the minister of finance for Ontario, met British companies that are looking to expand into North America, to extol the virtues of the Toronto to Waterloo corridor - a 100-mile stretch on the northwestern bank of Lake Ontario just across the border from Niagara Falls. - The Times
Surging investment in artificial intelligence is giving the US an early advantage in the race to dominate a new era of robotics, according to investors and experts in an industry that is set to become one of the most strategically important. Recent advances in AI, particularly in a technique known as deep learning, have shifted robotics from its core industrial market into areas such as self-driving cars, fuelling debate over the benefits and threats posed by the rise of the robots. - FT
A British company has won a contract to help to build a fleet of as many as 20 floating nuclear power stations in China. Lloyd's Register is involved in the scheme to build floating reactors that could be deployed around the world to provide electricity at remote coastal sites or in countries facing power shortages. - The Times
If you had to say which country has the world's biggest offshore wind farm, Europe's biggest floating solar park and electricity from the dregs of Fruit Pastilles, you might not guess it was the UK. But over the past five years, with the help of more than £10bn in subsidies, Britain has quietly become a star in the world of green power. - FT
A former RAF fighter pilot has dived into the glamorous but turbulent world of private jets after spending five years developing an app for the sector. Jonny Nicol, founder of London-based Stratajet, believes that by selling seats on the 40 per cent of planes that fly empty, and using more of Europe's 2,100 airfields whose landing fees range from €20 to €22,000, more business travellers will be able to afford the luxury of door-to-door flights. - The Times |
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