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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 oil prices reverse gains London stocks fell on Wednesday as oil prices reversed gains in the previous session and as investors awaited industrial and manufacturing data.
Oil prices fell as Canadian oil sand production was expected to gradually ramp up following forced closures due to wildfires. Brent crude dropped 1.3% to $44.91 per barrel and West Texas Intermediate declined 1.3% to $44.05 per barrel at 0907 BST.
A report on weekly US crude inventories at 1530 BST from the Department of Energy will be closely scrutinised.
Data on industrial and manufacturing production at 0930 BST will also be in focus amid concerns about the health of the industry.
It is an otherwise quiet day of news on the economic data front.
In company news, Barratt Developments slumped despite saying it improved its sales rate in the 19 weeks since the start of the year and confirmed market conditions remained "strong".
Analyst Charlie Huggins at Hargreaves Lansdown noted that shares in housebuilders have been down of late, as measures such as price-to-book and cyclically adjusted price to earnings, mean the sector looking is trading at high valuations relative to history, meaning it could be vulnerable should the housing market slow.
Experian was in the red after reporting a 4% drop in revenue in the year to 31 March due to foreign exchange headwinds.
Meanwhile, mining stocks recovered with Randgold Resources, Anglo American, BHP Billiton and Fresnillo topping the FTSE 100 as metal prices gained. |
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| Market Movers
FTSE 100 (UKX) 6,142.39 -0.23%
FTSE 250 (MCX) 16,692.46 -0.19%
techMARK (TASX) 3,070.54 0.01%
FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 6,025.00p 2.29%
Compass Group (CPG) 1,281.00p 1.51%
Anglo American (AAL) 593.10p 1.25%
BHP Billiton (BLT) 823.10p 0.99%
Fresnillo (FRES) 1,064.00p 0.95%
Glencore (GLEN) 135.15p 0.93%
Carnival (CCL) 3,574.00p 0.87%
Ashtead Group (AHT) 894.00p 0.68%
Paddy Power Betfair (PPB) 9,000.00p 0.67%
Shire Plc (SHP) 4,128.00p 0.63%
FTSE 100 - Fallers
TUI AG Reg Shs (DI) (TUI) 1,044.00p -2.25%
Experian (EXPN) 1,244.00p -2.05%
Standard Chartered (STAN) 487.65p -1.67%
Royal Bank of Scotland Group (RBS) 211.90p -1.53%
British Land Company (BLND) 727.50p -1.29%
Land Securities Group (LAND) 1,165.00p -1.19%
Barclays (BARC) 161.50p -1.10%
Old Mutual (OML) 170.50p -1.04%
Provident Financial (PFG) 2,801.00p -1.02%
Hammerson (HMSO) 584.00p -0.93%
FTSE 250 - Risers
Centamin (DI) (CEY) 111.50p 5.29%
Allied Minds (ALM) 331.00p 2.16%
Savills (SVS) 766.50p 2.06%
AO World (AO.) 174.80p 1.33%
Kaz Minerals (KAZ) 152.00p 1.27%
JPMorgan American Inv Trust (JAM) 286.60p 1.24%
Playtech (PTEC) 813.50p 1.18%
Bellway (BWY) 2,488.00p 1.18%
Homeserve (HSV) 418.00p 1.14%
Ibstock (IBST) 187.00p 1.14%
FTSE 250 - Fallers
William Hill (WMH) 314.50p -3.02%
Marshalls (MSLH) 315.10p -2.20%
Cobham (COB) 161.10p -1.83%
DFS Furniture (DFS) 295.00p -1.80%
Capital & Counties Properties (CAPC) 329.80p -1.70%
UBM (UBM) 570.50p -1.64%
Wood Group (John) (WG.) 608.50p -1.54%
Evraz (EVR) 111.20p -1.51%
Tullow Oil (TLW) 235.00p -1.47% |
| | UK Event Calendar | | Wednesday 11 May
INTERIMS
Compass Group, TUI AG Reg Shs (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Budget Statement (US) (19:00)
Crude Oil Inventories (US) (15:30)
MBA Mortgage Applications (US) (12:00)
FINALS
C&C Group, Experian
IMSS
Barratt Developments
SPECIAL DIVIDEND PAYMENT DATE
Plus500 Ltd (DI)
AGMS
Aberdeen Asian Income Fund Ltd., Afarak Group (DI), Centamin (DI), Centaur Media, Dunedin Enterprise Investment Trust, Ebiquity, Gulf Marine Services, IFG
Group, Indivior, JPMorgan American Inv Trust, Medaphor Group, Melrose Industries, National Express Group, Octopus AIM VCT 2, OneSavings Bank, Phoenix Group
Holdings (DI), Premier Oil, Rentokil Initial, Savills, Tritax Big Box Reit , TT Electronics, William Hill
TRADING ANNOUNCEMENTS
Barratt Developments, Barratt Developments, National Express Group, Premier Oil, Purplebricks Group, Renishaw, William Hill, Wood Group (John)
UK ECONOMIC ANNOUNCEMENTS
Industrial Production (09:30)
Manufacturing Production (09:30)
FINAL DIVIDEND PAYMENT DATE
BrainJuicer Group, Dairy Farm International Holdings Ltd. (Singapore), Hongkong Land Holding Ltd. (Sing.Reg), Jardine Matheson Holdings Ltd (Singapore Reg),
Jardine Strategic Holdings Ltd. (Singapore), Mandarin Oriental International (Singapore), Molins, Plus500 Ltd (DI), Smith & Nephew
Q1
Afarak Group (DI), Arrow Global Group
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks tread water in heavy day for government debt auctions European stocks got off to a soft start on Wednesday, giving back some of the previous session's gains as crude oil futures came under pressure.
As of 08:48 BST the benchmark DJ Stoxx 600 was drifting lower by 0.38% or 1.29 points to 334.95, while the Dax was slipping 0.22% to 10,022.93 and the Cac-40 was down 0.24% to 438.44.
Stocks saw solid gains on Tuesday as commodities rebounded and on optimism that Greece may be on the path to obtaining much-needed debt relief in exchange for undertaking the macroeconomic reforms that the country desperately needs.
In parallel, the French government was forced to use article 49.3 of the constitution to pass a controversial labour market reform bill give the lack of support for it within the National Assembly.
However, oil facilities around the area of Fort McMurray were expected to come back on-line in just a matter of days, according to provincial and industry officials, Reuters reported early on Wednesday morning.
That led to a retreat in front month Brent crude oil futures, which as of 09:23 BST were down by 0.77% to $45.17 per barrel on the ICE.
There was little on the economic calendar for Wednesday, with the exception of the latest UK industrial production numbers due out at 09:30 BST.
Chancellor Osborne's testimony to the Treasury Select Committee on the Treasury's recent report on the likely impact of Brexit at 14:00 BST was also be expected to draw attention as the date of the 23 June referendum neared.
However, it was set to be a busy day in the sovereign debt space, with Germany, Italy, France and Spain all set to tap financial markets for fresh funds.
To take note, strategists at Deutsche Bank were cautioning clients about the sharp drop seen in the analysts' profit forecasts since the start of the year. Average earnings per share for Stoxx 600 companies were now expected to rise by just 0.3% this year, down from the rise of about 7% which had been seen.
ABN Amro saw first quarter underlying profits jump 21% to €475m, outpacing estimates of €423m as bad loan impairments at the Dutch lender fell by a sharp 99% thanks to the country's robust economy.
Deutsche Post DHL Group reported an identical 21% rise in its first quarter earnings, adding that it was on track to meet its full-year guidance. |
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| | US Market Report | | US close: Dow, S&P and Nasdaq gain at least 1.25% US stock indices made strong gains on Tuesday, all three gaining at least 1.25% for the first time in more than a month as an oil price rally, flatter dollar and various data provided boosts.
The Dow Jones fattened up by 222 points, or 1.26%, to close at 17,928.35; the S&P 500 swelled almost 26 points, or 1.25%, to 2,084.39; while the Nasdaq composite widened nearly 60 points, or 1.26%, to end at 4,809.88.
Oil's rally saw front-month West Texas Intermediate (TWI) crude futures up 2.2% to $44.41 per barrel, with the Brent crude price advance 3.9% to $45.32. Prices were helped by news of supply outages in Canada and Nigeria.
Before markets opened stocks were primed for gains after better than expected inflation data from China.
Closer to home, data showed an improvement in small business optimism and a gauge of the labour market provided macroeconomic vim.
US small business confidence rebounded from a two-year low in April as optimism on the labour market grew, according to the National Federation of Independent Business. The small business optimism index rose 1.0 point to a reading of 93.6 last month, compared to forecasts for 93.1.
Later on, the Federal Reserve's Job Opening and Labor Turnover survey, a great favourite of Fed Chair Janet Yellen, rose back to near its peak level hit in July 2015.
The JOLT report revealed the number of available positions Stateside rose from an upwardly revised 5.608m for February to 5.757m in March, beating expectations of 5.45m
"Yellen has argued on several occasions that it is a useful measure of the state of the labor market. Right now, it says that conditions are tight," Pantheon Macroeconomics said.
Moe good news came in the shape of positive US wholesale inventories, which edged slightly higher in March, rising by 0.1% to reach $583.6bn according to the Department of Commerce. In comparison to a year ago, inventories were 0.3% higher.
The monthly percentage variation was in-line with economists' forecasts.
Help for commodities sectors and other heavily dollar-dependent sectors came as the greenback flattened off after its recent climb.
Company-wise, SolarCity slumped in pre-market trade after reporting a wider quarterly loss as expenses rose, while Hertz Global Holdings declined after reporting a bigger loss for the first three months of the year as car rental revenue fell.
Allergan was up strongly its earnings report, while Norwegian Cruise Lines led the Nasdaq fallers as its figures disappointed.
After the close Walt Disney raised frowns as earnings of $1.36 per share were short of $1.40 estimates - the first time the House of Mouse had missed its numbers in five years.
S&P 500 - Risers
Southwestern Energy Co. (SWN) $12.36 +7.20%
Dun & Bradstreet Corp. (DNB) $119.56 +6.98%
Hess Corp. (HES) $57.71 +5.95%
Leucadia National Corp. (LUK) $17.71 +5.92%
International Flavors & Fragrances Inc. (IFF) $126.24 +5.30%
Allergan plc (AGN) $225.00 +5.28%
Devon Energy Corp. (DVN) $31.54 +4.99%
Wynn Resorts Ltd. (WYNN) $94.03 +4.92%
Chesapeake Energy Corp. (CHK) $4.30 +4.88%
TripAdvisor Inc. (TRIP) $66.10 +4.77%
S&P 500 - Fallers
Gap Inc. (GPS) $19.30 -11.51%
HCP Inc. (HCP) $34.71 -3.56%
Centene Corp. (CNC) $59.16 -2.47%
Kohls Corp. (KSS) $41.18 -2.35%
Welltower Inc (HCN) $73.03 -2.24%
Activision Blizzard Inc. (ATVI) $36.41 -1.99%
Macy's Inc. (M) $36.99 -1.99%
Zoetis Inc (ZTS) $46.56 -1.98%
PVH Corp. (PVH) $89.96 -1.84%
Edison International (EIX) $71.32 -1.75%
Dow Jones I.A - Risers
Goldman Sachs Group Inc. (GS) $161.42 +2.48%
Caterpillar Inc. (CAT) $72.51 +2.44%
United Technologies Corp. (UTX) $102.16 +2.07%
General Electric Co. (GE) $30.48 +2.04%
Boeing Co. (BA) $134.72 +1.98%
Cisco Systems Inc. (CSCO) $27.03 +1.96%
Microsoft Corp. (MSFT) $51.02 +1.90%
International Business Machines Corp. (IBM) $149.97 +1.78%
Exxon Mobil Corp. (XOM) $89.99 +1.60%
E.I. du Pont de Nemours and Co. (DD) $64.99 +1.40%
Dow Jones I.A - Fallers
Wal-Mart Stores Inc. (WMT) $68.79 -0.23%
Pfizer Inc. (PFE) $33.80 -0.06%
Nasdaq 100 - Risers
TripAdvisor Inc. (TRIP) $66.10 +4.77%
Discovery Communications Inc. Class A (DISCA) $29.31 +4.12%
Biomarin Pharmaceutical Inc. (BMRN) $87.37 +4.04%
Western Digital Corp. (WDC) $38.37 +3.81%
Akamai Technologies Inc. (AKAM) $51.97 +3.63%
Amazon.Com Inc. (AMZN) $703.07 +3.43%
Discovery Communications Inc. Class C (DISCK) $28.48 +3.30%
PACCAR Inc. (PCAR) $57.61 +3.17%
Monster Beverage Corp (MNST) $153.10 +2.90%
Regeneron Pharmaceuticals Inc. (REGN) $385.87 +2.77%
Nasdaq 100 - Fallers
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $46.89 -4.79%
Activision Blizzard Inc. (ATVI) $36.41 -1.99%
Baidu Inc. (BIDU) $166.21 -1.94%
Ross Stores Inc. (ROST) $57.56 -1.03%
Dollar Tree Inc (DLTR) $81.69 -0.51%
Cerner Corp. (CERN) $55.24 -0.34%
Skyworks Solutions Inc. (SWKS) $64.86 -0.29%
Dish Network Corp. (DISH) $47.54 -0.27%
Whole Foods Market Inc. (WFM) $30.28 -0.13% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Saudi expansion, o2, Heathrow, Amazon The boss of Saudi Arabia's state oil producer set out plans for expansion yesterday as he prepares for a potential $2 trillion flotation that will create the world's largest quoted company. Saudi Aramco, which has a monopoly on the country's vast oil reserves, is set to further boost output despite pleas for restraint from rival Opec members reeling from a supply glut that has lowered prices. - The Times
Liberty Global would consider a takeover of Telefnica's O2 in the UK as a long-running deal to sell the business to Hong Kong's CK Hutchison moves closer to being blocked by Brussels antitrust regulators. European commissioners met on Tuesday to discuss the 10.5bn takeover of O2 in the UK by CK Hutchison, which is then expected to be officially rejected in an announcement on Wednesday, leaving Telefnica looking for a new buyer for the business. - Financial Times
Heathrow has abandoned resistance to a longer ban on night flights in a bid to secure the government's backing for its 18bn expansion plan, pledging to meet or exceed all of the conditions laid down by the independent airports inquiry last year. John Holland-Kaye, Heathrow's chief executive, has also agreed to forgo any future attempt at further expansion with a fourth runway if that will secure permission to build a long-awaited third strip at Britain's busiest airport. - Financial Times
The number of offices being built in London is at its highest level for 20 years, with 51 developments currently under construction, according to a new report. Deloitte Real Estate's London Office Crane Survey, which is released every six months, found that construction was up more than 28pc between October 2015 and March 2016 compared to the previous six months. - The Telegraph
Hopes were rising that a white knight investor will save British Home Stores after five bidders submitted offers for the bulk of the failed retailer before the final deadline yesterday. Duff & Phelps, the administrator to BHS, which collapsed last month putting more than 10,000 jobs at risk, set a deadline of 5pm for offers, with Sports Direct; Yousuf Bhailok, a Preston-based property entrepreneur; Philip Day, the entrepreneur behind the Edinburgh Woollen Mill and Peacocks chains; and a mystery "European retail business" are all understood to be interested in buying BHS. - The Times
Amazon is poised to start selling fresh groceries including staples such as milk and bananas on the back of its tie-up with supermarket chain Morrisons. Amazon inadvertently made public its listings for Morrisons branded fresh food on Tuesday, including diced chicken breasts, smoked ham slices and ready meals. All had been removed by the end of the day. - The Guardian
Bosses at easyJet have failed to appease the outspoken founder of the no-frills airline despite acceding to his demands to raise its dividend. Rather than praising management's decision to lift the airline's pay-out ratio to 50pc of after-tax profits from 40pc, Sir Stelios Haji-Ioannou, whose family owns a 33% stake, instead highlighted today what he believes is "the real issue" at easyJet: that fleet expansion will drag on its profits and dividends. - The Telegraph
Britain generated no electricity from coal on Tuesday morning for what is believed to be the first time since the 19th century, in a major milestone in the decline of the polluting power source. National Grid confirmed that none of Britain's coal stations were running between midnight and 4am. - The Telegraph
Plans to expand London City airport to create more long-haul flights leapt forward yesterday after the new mayor reversed opposition to the proposals. Sadiq Khan overturned a ruling by Boris Johnson, his predecessor, that had resulted in City Hall opposing plans for more aircraft stands, a bigger taxiing lane and an expanded terminal. - The Times
Dyson could become the next Tesla motors as it develops a new electric car, according to a leading industry expert. Filed patents show the Dyson vehicle may use solid-state batteries, which would see the car's range stretch to hundreds of miles and also be safer than current batteries. - The Guardian |
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