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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: Equities gain as investors digest China data UK equities gained on Tuesday as official data showed Chinese inflation held steady and producer price deflation eased in April.
China's consumer price index rose 2.3% year-on-year in April, unchanged from the previous month and in line with analysts' estimates. Food prices, particularly pork price inflation, were the biggest drivers of inflation.
The producer price index fell 3.4% last month compared to a year ago, easing from March's 4.3% decline and beating forecasts for a 3.7% drop.
"While this will continue to apply deflationary pressure, it is an improvement from March's 4.3% decline and suggests the negative price pressures from the drop in commodities is beginning to abate," said Craig Erlam, senior market analyst at Oanda.
Closer to home, the British Retail Consortium said British shoppers held back from buying new spring and summer clothes during an unusually cold April. Like-for-like retail sales fell 0.9% year-on-year in April, compared to a 0.7% fall in March and analysts' expectations for a 0.5% increase.
Still to come, UK trade data at 0930 BST, US small business optimism index from NFIB at 1100 BST and US wholesale inventories at 1500 BST.
Meanwhile, oil prices moved higher after wildfires in Canada caused supply disruptions. Brent crude was up 0.57% to $43.88 per barrel and West Texas Intermediate was up 0.20% to $43.53 per barrel at 0902 BST.
In company news, EasyJet flew higher after reporting a smaller first half loss than expected.
Capita surged after saying it had a 'solid' start to the year and was confident of growing organic sales 4% in 2016.
Bovis Homes rallied as it revealed in a trading update that it had "no discernible impact" of Brexit worries hitting housing demand and that after an initial slowdown its sales rate has picked back up to where it was a year ago.
However, housebuilders Taylor Wimpy, Berkeley Group and Barratt Developments declined amid fears about Brexit and a slowdown in London's prime real estate market.
Specialist insurer Hiscox advanced as it increased its gross written premiums by 10% in local currency to £640.5m in its first quarter. |
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| Market Movers
FTSE 100 (UKX) 6,168.81 0.88%
FTSE 250 (MCX) 16,764.75 0.47%
techMARK (TASX) 3,080.41 0.52%
FTSE 100 - Risers
Capita (CPI) 1,069.00p 4.39%
Standard Chartered (STAN) 489.80p 2.61%
Fresnillo (FRES) 1,065.00p 2.50%
easyJet (EZJ) 1,504.00p 2.31%
BHP Billiton (BLT) 809.50p 2.04%
Tesco (TSCO) 159.80p 1.91%
Anglo American (AAL) 570.10p 1.89%
Barclays (BARC) 161.30p 1.80%
BP (BP.) 357.65p 1.75%
Informa (INF) 681.00p 1.64%
FTSE 100 - Fallers
Next (NXT) 5,240.00p -1.60%
ITV (ITV) 219.60p -0.45%
Taylor Wimpey (TW.) 183.20p -0.43%
Berkeley Group Holdings (The) (BKG) 2,976.00p -0.27%
DCC (DCC) 6,235.00p -0.16%
SABMiller (SAB) 4,219.00p -0.13%
London Stock Exchange Group (LSE) 2,584.00p -0.04%
Travis Perkins (TPK) 1,852.00p -0.00%
Smith & Nephew (SN.) 1,166.00p 0.09%
Barratt Developments (BDEV) 533.00p 0.09%
FTSE 250 - Risers
Restaurant Group (RTN) 281.30p 2.74%
Clarkson (CKN) 2,320.00p 2.70%
Kaz Minerals (KAZ) 154.20p 2.59%
Drax Group (DRX) 316.70p 2.53%
Pendragon (PDG) 35.75p 2.52%
JRP Group (JRP) 139.20p 2.35%
CLS Holdings (CLI) 1,625.00p 2.27%
Shawbrook Group (SHAW) 281.70p 2.03%
Jimmy Choo (CHOO) 122.20p 1.92%
Henderson Group (HGG) 242.10p 1.89%
FTSE 250 - Fallers
Evraz (EVR) 114.20p -2.06%
Stagecoach Group (SGC) 253.20p -1.90%
Interserve (IRV) 307.60p -0.84%
Beazley (BEZ) 341.40p -0.78%
Centamin (DI) (CEY) 108.80p -0.73%
Fidessa Group (FDSA) 2,334.00p -0.72%
Hastings Group Holdings (HSTG) 182.00p -0.71%
Brown (N.) Group (BWNG) 251.20p -0.51%
Grafton Group Units (GFTU) 687.00p -0.51% |
| | UK Event Calendar | | Tuesday 10 May
INTERIMS
Cambria Automobiles, easyJet
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Current Account (GER) (07:00)
Industrial Production (GER) (07:00)
Wholesales Inventories (US) (15:00)
GMS
European Assets Trust
FINALS
Gear4music (Holdings), Maxcyte (DI/Reg S), Quantum Pharma
ANNUAL REPORT
Cairn Homes
IMSS
Bovis Homes Group, Grafton Group Units
AGMS
Anglo Pacific Group, Bovis Homes Group, British Polythene Industries, Cairn Homes , Capita, Capital & Regional, Cello Group, Grafton Group Units, Greggs,
Interserve, Juridica Investments Ltd., Macfarlane Group, Michelmersh Brick Holdings, Ophir Energy, OptiBiotix Health, Patagonia Gold, Plus500 Ltd (DI),
Publishing Technology, Spirax-Sarco Engineering, Worldpay Group (WI), X5 Retail Group NV GDR (Reg S)
TRADING ANNOUNCEMENTS
Capita, Hiscox Limited (DI)
UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
BRC Sales Monitor (00:01)
FINAL DIVIDEND PAYMENT DATE
Equiniti Group , Sanne Group
Q1
Bank Pekao SA GDS (Reg S), Nokia OYJ
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Credit Suisse leads bounce higher Stocks in Europe started the morning off higher following stronger-than-expected inflation data out overnight in China.
As of 09:03 BST the benchmark DJ Stoxx 600 was up by 1.17% to 337.11, alongside gains of 0.77% to 10,063.7 for Germany's Dax and an advance of 0.85% to 4,362 for Paris's Cac-40.
Consumer prices in the People's Republic of China held steady at 2.3% year-on-year in April, for a fourth consecutive month, as expected by analysts.
However, factory gate deflation decreased from -4.3% year-on-year in March to 3.4% in April, as energy prices rebounded.
"Following 26 straight months in negative territory, the m/m change in producer prices was positive in March and April, which should ease concerns over deflation," Julian Evans-Pritchard at Capital Economics said in a research report sent to clients.
Acting as a backdrop, euro/dollar was roughly steady, advancing by 0.09% to 1.1393. In parallel, front month Brent crude futures were up by 0.57% to $43.88 per barrel on the ICE.
Weak French IP
The move higher came despite weaker than expected readings on industrial production out of Germany, France and Italy.
Output in Germany, arguably the Eurozone's growth engine, shrank by 1.3% month-on-month in March, exceeding forecasts for a 0.2% dip by a wide margin.
Nonetheless, over the first quarter of the year as a whole output jumped by 1.8%, rebounding from a 0.3% fall in the final three months of 2015, Pantheon Macroeconomics said.
"This points to a strong GDP print later this week, and suggests that the consensus' prediction of an upbeat 0.6% quarter-on-quarter is within reach."
French industrial production shrank by 0.3% month-on-month in March (consensus: 0.7%).
That was consistent with a quarterly drop for industrial output of 0.6% and a possible downward revision in the rate of growth for first quarter gross domestic product from 0.5% to 0.4% in terms of quarterly rates of change, analysts at Barclays said.
In Italy, industrial production was flat over the month in March but 0.7% higher over the first quarter as a whole.
Investment bank Credit Suisse was leading to the upside in the corporate space.
The Swiss outfit reported a 302m Swiss franc loss for the first quarter of 2016 - its first loss since 2008 - but nevertheless besting the 344m franc loss estimated by analysts, although it meant a sharp drop from the 1.05bn francs recorded in the comparable period of a year ago.
Helping the shares along, chief Tidjane Thiam expressed confidence in his ability to deliver the cost cuts promised for the year ahead. |
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| | US Market Report | | US close: Stocks finish mixed as oil losses continue US markets ended a high volume day mixed on Monday, with oil prices continuing their slide from European trading, sending energy stocks tumbling while health care equities gained.
The Dow Jones Industrial Average closed down 0.2% at 17,705.91, the S&P 500 finished 0.08% higher at 2,058.69, and the Nasdaq Composite added 0.3% at 4,750.21.
Health care led the advancers, closing almost 1% higher, with utilities and consumer staples following close behind. Mallinckrodt and Allergan led health care, closing up 6.12% and 5.98% respectively.
On the underperforming Dow, Caterpillar and Chevron led the decliners while Johnson & Johnson gained the most.
Boston Private Wealth chief market strategist Robert Pavlik said it seems like there is a lot of rotation going on, into the so-called safe havens.
"I think there's concern about the strength of the economy, the overall lag of the rally that's been occurring in oil. There's concerns about China as well. The dollar is stronger as well. That's certainly not helping the commodity space," he said.
Oil had risen in Asian trading as the Canadian wildfires severely hampered that country's oil sands output and as the market reacted to Saudi Arabia's decision on Saturday to replace Ali al-Naimi with Saudi Aramco chairman Khalid al-Falih as energy minister.
Crude prices slipped into declines during the European session, and the trend continued through New York hours. West Texas Intermediate was last down 2.9% at $43.40 per barrel, while Brent crude lost 4.04% at $43.61.
On the monetary policy front, Chicago Federal Reserve president Charles Evans said US economic fundamentals are looking solid enough to support growth of around 2.5% this year, but he reiterated that the Fed's overall wait-and-see approach remained appropriate.
Neel Kashkari, president of the Minneapolis Fed, also said the current stance was appropriate, with low rates helping to bring workers back to the market without putting pressure on inflation to rise.
San Francisco Fed president John Williams was due to make remarks after the closing bell.
S&P 500 - Risers
Mallinckrodt Plc Ordinary Shares (MNK) $59.85 +6.12%
Allergan plc (AGN) $213.71 +5.98%
Chipotle Mexican Grill Inc. (CMG) $453.17 +4.46%
HCP Inc. (HCP) $35.99 +4.17%
Kroger Co. (KR) $35.84 +3.73%
Cerner Corp. (CERN) $55.43 +3.36%
Darden Restaurants Inc. (DRI) $64.45 +3.14%
Hormel Foods Corp. (HRL) $39.74 +3.09%
Vertex Pharmaceuticals Inc. (VRTX) $88.06 +2.95%
Baxalta Incorporated (BXLT) $42.35 +2.87%
S&P 500 - Fallers
United States Steel Corp. (X) $16.23 -14.08%
Freeport-McMoRan Inc (FCX) $10.52 -10.77%
Chesapeake Energy Corp. (CHK) $4.10 -10.68%
Transocean Ltd. (RIG) $9.96 -7.09%
Newmont Mining Corp. (NEM) $31.83 -6.74%
Diamond Offshore Drilling Inc. (DO) $23.20 -6.45%
National Oilwell Varco Inc. (NOV) $31.42 -6.10%
Alcoa Inc. (AA) $9.46 -5.78%
Endo International Plc (ENDP) $15.27 -5.57%
Murphy Oil Corp. (MUR) $28.84 -4.94%
Dow Jones I.A - Risers
Wal-Mart Stores Inc. (WMT) $68.95 +1.03%
Merck & Co. Inc. (MRK) $54.10 +0.93%
Johnson & Johnson (JNJ) $113.72 +0.87%
Pfizer Inc. (PFE) $33.82 +0.71%
Visa Inc. (V) $78.22 +0.64%
Nike Inc. (NKE) $58.72 +0.50%
Unitedhealth Group Inc. (UNH) $132.67 +0.48%
Home Depot Inc. (HD) $136.24 +0.40%
Travelers Company Inc. (TRV) $110.81 +0.33%
McDonald's Corp. (MCD) $130.83 +0.19%
Dow Jones I.A - Fallers
Caterpillar Inc. (CAT) $70.78 -3.52%
Chevron Corp. (CVX) $100.35 -1.48%
United Technologies Corp. (UTX) $100.09 -1.02%
Boeing Co. (BA) $132.10 -0.87%
Goldman Sachs Group Inc. (GS) $157.51 -0.84%
General Electric Co. (GE) $29.87 -0.83%
American Express Co. (AXP) $63.98 -0.82%
Intel Corp. (INTC) $29.80 -0.80%
Microsoft Corp. (MSFT) $50.07 -0.64%
JP Morgan Chase & Co. (JPM) $61.21 -0.63%
Nasdaq 100 - Risers
Biomarin Pharmaceutical Inc. (BMRN) $83.98 +3.94%
Cerner Corp. (CERN) $55.43 +3.36%
Incyte Corp. (INCY) $72.86 +3.07%
Vertex Pharmaceuticals Inc. (VRTX) $88.06 +2.95%
Mylan Inc. (MYL) $40.77 +2.82%
Biogen Inc (BIIB) $270.17 +2.49%
Celgene Corp. (CELG) $102.42 +2.16%
Dish Network Corp. (DISH) $47.67 +2.08%
Ross Stores Inc. (ROST) $58.16 +1.91%
Walgreens Boots Alliance, Inc. (WBA) $80.89 +1.84%
Nasdaq 100 - Fallers
JD.com, Inc. (JD) $23.43 -7.02%
Endo International Plc (ENDP) $15.27 -5.57%
Tesla Motors Inc (TSLA) $208.92 -2.80%
Ctrip.Com International Ltd. Ads (CTRP) $43.29 -2.72%
Baidu Inc. (BIDU) $169.49 -2.56%
Liberty Media Corporation - Class A (LMCA) $19.00 -2.16%
Viacom Inc. Class B (VIAB) $40.43 -2.15%
Liberty Media Corporation - Series C (LMCK) $18.59 -2.11%
Activision Blizzard Inc. (ATVI) $37.15 -1.90% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Brexit, oil prices, Tata offers, Channel 4 Support among business for Britain staying in the EU has declined since David Cameron announced an in/out referendum three months ago, but still remains significant. Despite warnings about the economic costs of Brexit from the Treasury, the International Monetary Fund and the Organisation for Economic Cooperation and Development, the lead for the remain side has narrowed from 30 points to 17. - The Guardian Global banks have turned more cautious towards the UK as a potentially economically disruptive vote on EU membership looms in June, according to a rating agency. Credit Benchmark, an agency that aggregates the internal lending risk assessments of big international banks and uses them to devise ratings, said that lenders had turned slightly more cautious towards the UK earlier this year. - Financial Times Steady inflation numbers out of Beijing helped quell concerns about the health of China’s economy, enabling many regional stock markets to trim early declines, while a weaker yen again buoyed Japan’s export-focused equities. Japan’s broad Topix index and the Nikkei 225 were both 2.1 per cent higher, as the yen weakened 0.4 per cent to ¥108.71 per US dollar. Australia’s S&P/ASX 200 edged up one-quarter of a percentage point. - Financial Times Hopes of a meaningful deal to boost oil prices were evaporating last night, after Saudi Arabia’s appointment of a new oil minister consolidated the grip of a powerful reformist prince who has said that he does not care about the price of crude. Oil ministers from Opec are scheduled to descend on Vienna on June 2 for a policy meeting, the first since December, when a gathering broke up, sending the price to a 12-year low of $27 a barrel. - The Times China’s passenger vehicle retail sales grew 6.4 per cent year-on-year in April according to data from the China Passenger Car Association. Retail sales of sedans, multi-purpose vehicles, sport utility vehicles and minivans in China totaled 1.7m in April, down from March sales of 1.9m but up by 6.4 per cent-year on-year. - Financial Times Channel 4 will escape full privatisation following an intervention from Downing Street. A series of other major reforms of the state-owned broadcaster remain under consideration, however, senior Government sources revealed. They include the potential sale of a minority stake to a strategic partner such as BT and the introduction of National Audit Office (NAO) scrutiny of Channel 4’s accounts. - Daily Telegraph Seven firms are weighing up bids for Tata Steel’s entire UK business, the company has revealed, raising hopes of a rescue deal that could save up to 12,000 jobs. Indian conglomerate Tata has been seeking a buyer since it said in March that a turnaround plan for its Port Talbot steelworks was “unaffordable”. - The Guardian Takeaway firm Pizza Hut is planning to serve up at least 3,000 new jobs as it embarks on a £40m expansion in the UK and Ireland over the next four years. Pizza Hut Delivery, a 419-store business owned by American fast-food giant Yum! Brands, wants to open a further 200 sites by 2020, the majority of which will be run by franchisees. - Daily Telegraph London estate agency Foxtons is set to become the latest casualty of shareholder revolts after advisers recommended that investors vote against its chief executive’s pay package. Nic Budden, who has headed up the company since July 2014, received a 19pc pay rise for 2015, despite the company reporting a fall in pre-tax profits in recent results, and suffering a steep drop in its share price. - Daily Telegraph Eurozone finance ministers have failed to paper over growing cracks concerning a third Greek bailout amid fears that a fresh crisis in the currency bloc could tip Britain into voting to leave the European Union. Ministers have given themselves until May 24 to decide whether Greece can meet the terms of the new package to unlock its next €5 billion aid payment. - The Times The International Monetary Fund has urged Germany to do more to help find work for the hundreds of thousands of refugees in the country, saying such moves would help counter the effects of an ageing population. The country should also make the most of low borrowing costs to bolster spending on infrastructure, the IMF said in its annual assessment of Europe’s largest economy, known as an article IV report. - The Guardian HMV has reclaimed is position as the second biggest entertainment retailer in the UK as high street chains enjoy a revival against their online competitors. HMV, which is owned by investment firm Hilco, recorded a 2% year-on-year rise in sales of music, DVDs and games over the last quarter, giving it a market share of 16.9%, ahead of Tesco’s 16.1%. - The Guardian A former top City banker has been found guilty of insider trading, marking the end of Britain’s largest inquiry into illegal dealing in the City after a nine-year investigation costing more than £10 million. Martyn Dodgson, 44, a former managing director at Deutsche Bank and Lehman Brothers, was convicted yesterday along with Andrew Hind, 56, an accountant and property developer, of using insider information on big UK takeover bids to make large trading profits. - The Times A Russian broker working at a big global financial services company has been arrested as part of an investigation into alleged money laundering by a criminal gang after staff at Intercontinental Exchange, owner of the New York Stock Exchange, became suspicious of trades placed through his account. The unnamed 43-year-old man was arrested last month by officers from City of London police, who seized $22 million held in five trading accounts in an investigation that has drawn in a Russian oil company, a Swiss investment company and a British Virgin Islands-based firm believed to have been used as fronts by the gang. - The Times Failings in culture were at the heart of every misconduct scandal and bank failure in recent history, a deputy governor of the Bank of England has claimed. Andrew Bailey, the chief designate of the Financial Conduct Authority, told bankers yesterday that correct behaviour was “of the utmost importance to financial regulators”, in spite of the eye-catching decision by the Financial Conduct Authority in December to ditch a review into correct culture. Key UK overseas territories led by the British Virgin Islands are still resisting David Cameron’s calls to make fresh concessions on ending tax secrecy at the prime minister’s anti-corruption conference in London on Thursday. The overseas territories have said they will not sign up to public central registers of beneficial ownership, one of the key demands of the charities and anti-corruption campaign groups eager to expose the money launderers hiding their gains in the BVI and elsewhere. - The Guardian Sarah Wood, who founded tech firm Unruly, has been named Veuve Clicquot businesswoman of the year. Unruly, which works in 15 countries with more than 200 staff, helps video adverts go viral. Wood champions diversity in the workplace – half her employeesare female – and has set up mentoring programmes to help women become more confident in business. - The Guardian |
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