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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 fall ahead of BoE's 'Super Thursday' UK equities were in the red ahead of the Bank of England's 'Super Thursday' of announcements which includes the policy decision, meeting minutes and Inflation Report.
The central bank announces its latest policy measures at 1200 BST and is expected to keep interest rates at 0.50% amid a slowdown in the UK economy and uncertainties ahead of June's referendum on EU membership.
The minutes of the Monetary Policy Committee meeting, which will be released alongside the policy announcement, will be closely scrutinised for clues on the next move in interest rates.
"We see interest rates only reaching 1.00% at the end of 2017 and 2.00% at the end of 2018," said Howard Archer, chief European and UK economist at IHS Global Insight.
"Should the UK vote to leave the EU in June's referendum, monetary policy will become a lot more complicated for the Bank of England. Sterling would be likely to fall sharply, with inflationary implications. However, it is also likely that heightened uncertainty would weigh down markedly on economic activity, especially on business investment, and likely also on consumer spending. The weaker pound though would be supportive to exports."
At the same time the BoE publishes its Quarterly Inflation Report which will outline the central bank's medium-term economic outlook and inflation forecasts. Inflation rose just 0.5% in March, according to the Office for National Statistics, well below the BoE's 2% target.
Elsewhere, Federal Reserve officials Loretta Mester, Eric Rosengren and Esther George speak in the US later in the session.
Meanwhile, oil prices gained after a report showed a surprise fall in US weekly crude inventories. The Energy Information Administration on Wednesday said crude-oil stockpiles fell 3.4 million barrels in the week ended 6 May, compared to analysts' estimates for a 400,000 increase.
At 0910 BST Brent crude rose 0.25% to $47.72 per barrel and West Texas Intermediate increased 0.36% to $46.40 per barrel.
In company news, ITV's shares fell after saying it expected net advertising revenue to be "broadly flat" for the first half of the year after a 13% decline in April.
Mondi gained as underlying first quarter operating profits at paper manufacturer rose 14% year on year to €269m with strong contributions from consumer packaging, uncoated fine paper and South Africa Division offsetting the impact of lower selling prices in certain packaging paper segments and margin pressure in fibre packaging.
Supergroup jumped after the owner of SuperDry reported double-digit growth for the full year.
3i Infrastructure slumped after launching a capital raise of up to £350m to fund investments. |
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| Market Movers
FTSE 100 (UKX) 6,122.92 -0.64%
FTSE 250 (MCX) 16,687.14 -0.20%
techMARK (TASX) 3,060.87 -0.53%
FTSE 100 - Risers
Mondi (MNDI) 1,395.00p 3.41%
Randgold Resources Ltd. (RRS) 6,205.00p 1.80%
Fresnillo (FRES) 1,094.00p 1.77%
Dixons Carphone (DC.) 416.40p 0.41%
National Grid (NG.) 1,000.00p 0.31%
Paddy Power Betfair (PPB) 9,000.00p 0.28%
Compass Group (CPG) 1,254.00p 0.24%
Severn Trent (SVT) 2,235.00p 0.22%
Barclays (BARC) 163.80p 0.12%
Experian (EXPN) 1,266.00p 0.08%
FTSE 100 - Fallers
Centrica (CNA) 202.20p -3.71%
Sainsbury (J) (SBRY) 253.40p -3.65%
Admiral Group (ADM) 1,869.00p -2.81%
Inmarsat (ISAT) 779.50p -2.68%
Morrison (Wm) Supermarkets (MRW) 184.70p -2.48%
Associated British Foods (ABF) 3,042.00p -2.00%
Prudential (PRU) 1,283.00p -1.87%
GlaxoSmithKline (GSK) 1,447.50p -1.86%
Kingfisher (KGF) 357.30p -1.57%
Burberry Group (BRBY) 1,151.00p -1.54%
FTSE 250 - Risers
Supergroup (SGP) 1,415.00p 12.30%
CLS Holdings (CLI) 1,749.00p 11.05%
Polymetal International (POLY) 765.50p 9.75%
Aldermore Group (ALD) 195.30p 5.57%
Centamin (DI) (CEY) 119.50p 5.29%
Rank Group (RNK) 247.00p 4.04%
Sophos Group (SOPH) 222.40p 2.16%
AO World (AO.) 174.80p 1.92%
Acacia Mining (ACA) 326.10p 1.81%
Weir Group (WEIR) 1,138.00p 1.70%
FTSE 250 - Fallers
3i Infrastructure (3IN) 170.10p -4.97%
Fidessa Group (FDSA) 2,322.00p -3.69%
Carillion (CLLN) 274.10p -3.14%
TalkTalk Telecom Group (TALK) 263.00p -2.99%
Saga (SAGA) 203.50p -2.77%
AA (AA.) 261.40p -2.72%
Barr (A.G.) (BAG) 538.00p -2.62%
Interserve (IRV) 304.90p -2.62%
Aberdeen Asset Management (ADN) 260.50p -2.54% |
| | UK Event Calendar | | Thursday 12 May
INTERIMS
Vedanta Resources
INTERIM DIVIDEND PAYMENT DATE
Northamber, Photo-Me International
INTERIM EX-DIVIDEND DATE
Aberdeen Asset Management, DX (Group), Electra Private Equity, Fidelity Special Values, Ranger Direct Lending Fund, Sage Group
QUARTERLY EX-DIVIDEND DATE
Boeing Co, Ediston Property Investment Company, GlaxoSmithKline
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Industrial Production (EU) (10:00)
Initial Jobless Claims (US) (13:30)
Wholesale Price Index (GER) (07:00)
FINALS
JZ Capital Partners Ltd
IMSS
Hansard Global, Old Mutual
SPECIAL DIVIDEND PAYMENT DATE
888 Holdings
SPECIAL EX-DIVIDEND PAYMENT DATE
Admiral Group, FDM Group (Holdings), Fidessa Group, Gem Diamonds Ltd. (DI), U And I Group
AGMS
Cairn Energy, Candover Investments, Cronin Group , Deltex Medical Group, Direct Line Insurance Group, esure Group, Fidelity European Values, French Connection
Group, Highcroft Investment, Hikma Pharmaceuticals, IP Group, ITV, John Laing Group , Lloyds Banking Group, Miton Group, Mondi, Netplay TV, New Europe Property
Investments, Restaurant Group, Serco Group, SIG, Telefonica SA, Tomco Energy, Unite Group, Vesuvius, Wireless Group
TRADING ANNOUNCEMENTS
Cairn Energy, ITV, Mondi, Mondi, Rank Group, SIG, Supergroup, Telefonica SA, Vesuvius
UK ECONOMIC ANNOUNCEMENTS
BoE Inflation Report (10:30)
BoE Interest Rate Decision (12:00)
BoE Interest Rate Minutes (12:00)
FINAL DIVIDEND PAYMENT DATE
888 Holdings, Ladbrokes
FINAL EX-DIVIDEND DATE
AA , Admiral Group, Barr (A.G.), BBGI SICAV S.A. (DI), Blancco Technology Group, Carillion, Centrica, Epwin Group, FDM Group (Holdings), Fidessa Group, Gem
Diamonds Ltd. (DI), Globaldata, Hunters Property , Hydro International, Inmarsat, Macfarlane Group, Morrison (Wm) Supermarkets, North American Income Trust
(The), Quixant, Robinson, Saga , Sainsbury (J), Share plc, SQS Software Quality Systems AG, Trinity Mirror
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Construction and bank stocks lead losses Construction and bank stocks dragged European indices lower following weak results out of Lafarge Holcim and Credit Agricole, highlighting just how weak the earnings season has been relatively to expectations at the start of the year.
As of 08:45 the benchmark DJ Stoxx 600 was retreating 1.5 points or 0.45% to 333.24, the Dax was off by 49.16 points or 0.49% at 9,926.16 while Paris's Cac lost 23.52 points or 0.54% to 4,293.15.
The DJ Stoxx 600 construction sector gauge was down 1.08% at 376.98 and that for Banks by 0.95% to 141.13.
Overnight, Wall Street gave back almost all of the previous session's gains after a profit-warning from Macy's sent the stock 15% lower and blew a 2% hole in an index of retailers shares.
More significantly, market commentary highlighted how the US department store chain's poor results were reflective of lacklustre trends in consumer spend.
On Wednesday, investors on the Continent would look likely also be keeping close tabs on the Monetary Policy Committee's decision and minutes and what rate-setters had to say about their contingency plans in case of Brexit. The event would potentially be quite disruptive not just for UK markets but for the rest of Europe as well.
French consumer prices dipped at a 0.2% year-on-year rate in April following a 0.1% retreat in the month before, weighed down by falls in prices for manufactured goods. Core inflation on the other hand was steady.
As expected, Norway's central bank kept its main policy rate unchanged at 0.50%.
Dutch insurer Aegon reported a weaker than expected first quarter underlying pre-tax profit of €462m.
That came alongside a 71% drop in quarterly net income at French lender Credit Agricole.
LafargeHolcim's - the world's biggest cement maker - operating profits shrank more than expected in the first quarter following last year's merger. |
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| | US Market Report | | US close: Dow suffers worst day in five years Sharp gains in crude prices and disappointing results from Disney and Macy's pushed US stocks lower on Wednesday, with the Dow industrials posting their worst day in more than five years.
The Dow Jones Industrial Average lost 1.21%, or 217 points, to close at 17,711.12 - its worst performance since February 2011. The S&P 500 lost 0.96% to finish at 2,064.46, while the Nasdaq Composite slipped 1.02% to 4,760.69.
"Stocks are down due to worries about consumer spending, which has been the mainstay of economic growth through this whole expansion," said Edward Jones investment strategist Kate Warne.
Shares in Disney lost 4.04% after the firm reported its first earnings miss in five years, with revenue also below expectations.
Declines in advertising revenue at ESPN and higher-than-anticipated expenses at Shanghai Disney Resort were cited by the company as hampering performance.
Department store chain Macy's plunged more than 29%, after the company lowered its full-year forecast with quarterly earnings above expectations and revenue below it.
CEO Terry Lundgren noted "continued weakness" in consumer spending in the results release.
Staples and Office Depot called off their planned merger deal, after a judge agreed with the Federal Trade Commission in its bid to block the deal on competition grounds.
Office Depot had its worst day since its IPO in 1988, losing 40.4%, while Staples lost 18.3%.
Oil prices shot up during the session and were still rising after the closing bell. Brent crude was last up 3.99% at $47.71 per barrel, while West Texas Intermediate added 2.83% to $45.96.
Data from the American Petroleum Institute out late on Tuesday showed crude inventories rising 3.45 million barrels in the week to 6 May, much higher than analyst expectations for a 714,000 barrel increase.
S&P 500 - Risers
Electronic Arts Inc. (EA) $73.38 +13.70%
Freeport-McMoRan Inc (FCX) $11.61 +6.91%
Marathon Oil Corp. (MRO) $12.46 +4.36%
Devon Energy Corp. (DVN) $32.54 +3.17%
Newmont Mining Corp. (NEM) $33.88 +2.57%
Baxter International Inc. (BAX) $46.39 +1.96%
Anadarko Petroleum Corp. (APC) $47.92 +1.94%
Activision Blizzard Inc. (ATVI) $37.11 +1.92%
ConocoPhillips (COP) $43.68 +1.89%
National Oilwell Varco Inc. (NOV) $32.36 +1.89%
S&P 500 - Fallers
Staples Inc. (SPLS) $8.46 -18.34%
Macy's Inc. (M) $31.38 -15.17%
Endo International Plc (ENDP) $13.55 -12.69%
PVH Corp. (PVH) $83.15 -7.57%
Nordstrom Inc. (JWN) $45.43 -7.02%
VF Corp. (VFC) $60.67 -6.58%
Vertex Pharmaceuticals Inc. (VRTX) $83.63 -6.12%
Kohls Corp. (KSS) $38.70 -6.02%
Tiffany & Co. (TIF) $66.48 -6.00%
Coach Inc. (COH) $38.18 -5.98%
Dow Jones I.A - Risers
Microsoft Corp. (MSFT) $51.05 +0.06%
Dow Jones I.A - Fallers
Walt Disney Co. (DIS) $102.29 -4.04%
Nike Inc. (NKE) $57.01 -3.70%
Wal-Mart Stores Inc. (WMT) $66.41 -3.46%
Visa Inc. (V) $77.30 -2.40%
Home Depot Inc. (HD) $134.30 -2.33%
Unitedhealth Group Inc. (UNH) $130.69 -2.16%
Pfizer Inc. (PFE) $33.16 -1.89%
McDonald's Corp. (MCD) $129.14 -1.87%
Exxon Mobil Corp. (XOM) $88.81 -1.31%
Boeing Co. (BA) $133.00 -1.28%
Nasdaq 100 - Risers
Electronic Arts Inc. (EA) $73.38 +13.70%
Activision Blizzard Inc. (ATVI) $37.11 +1.92%
Amazon.Com Inc. (AMZN) $713.23 +1.45%
Whole Foods Market Inc. (WFM) $30.53 +0.83%
Charter Communications Inc. (CHTR) $217.22 +0.34%
Nvidia Corp. (NVDA) $36.06 +0.28%
Intuitive Surgical Inc. (ISRG) $627.69 +0.18%
Applied Materials Inc. (AMAT) $20.01 +0.15%
Tesla Motors Inc (TSLA) $208.96 +0.13%
Micron Technology Inc. (MU) $10.10 +0.10%
Nasdaq 100 - Fallers
Endo International Plc (ENDP) $13.55 -12.69%
Vertex Pharmaceuticals Inc. (VRTX) $83.63 -6.12%
Biomarin Pharmaceutical Inc. (BMRN) $82.22 -5.89%
Ross Stores Inc. (ROST) $54.44 -5.42%
Bed Bath & Beyond Inc. (BBBY) $43.61 -4.66%
Alexion Pharmaceuticals Inc. (ALXN) $138.86 -4.55%
Western Digital Corp. (WDC) $36.74 -4.25%
Incyte Corp. (INCY) $70.62 -3.91%
Regeneron Pharmaceuticals Inc. (REGN) $371.86 -3.63% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Money laundering, housing demand, Iran David Cameron is to counter claims that his campaign against international corruption is hobbled by London's reputation as the money laundering capital of the world by introducing a new corporate offence for executives who fail to prevent fraud or money laundering inside their companies. Ahead of Thursday's anti-corruption summit in the capital, the prime minister revealed plans to force all foreign companies buying property in the UK to disclose their true owners in a public register for the first time. - The Guardian
The foreign companies that hold more than 100,000 UK properties will have to reveal their true owners under a transparency proposal announced by David Cameron. The step was greeted by transparency campaigners as "a great move" and was aimed at energising an international summit on corruption being hosted by the prime minister on Thursday. - Financial Times
Demand for homes has dropped for the first time in a year, but the chronic lack of supply will continue to push prices sky high, according to the Royal Institutions of Chartered Surveyors. In April, 22% more chartered surveyors reported a drop in demand, partly caused by a lull in activity after the feverish buy-to-let rush, in which investors and second home hunters brought forward transactions to escape the stamp duty hike. - The Telegraph
Oil prices are set to soar to $76 a barrel next year, propelled by robust demand from expanding Asian and African countries, an influential American agency has predicted. The US Energy Information Administration expects a gradual recovery in crude prices this year and next after oil tumbled in January to a 13-year low of about $27 a barrel. - The Times
Disengaged North Sea workers are facing a potentially fatal safety crisis which must be tackled in partnership with industry and the regulator, unions have warned. Leaders from Unite and RMT have called for a summit with North Sea operators and the regulator to reach a collective agreement to cut costs without endangering the workforce. - The Telegraph
Some of Europe's biggest banks are to resist rising political pressure to do more business in Iran when they meet the US secretary of state and the British foreign secretary on Thursday. John Kerry and Philip Hammond plan to call on the banks to do more to reconnect with Iran and to finance British companies seeking to win contracts in the Middle East's second-largest economy. - Financial Times
The Asian owners of the Three mobile phone network will try to resurrect a plan to create Britain's largest mobile phone network after European regulators blocked the £10.25 billion takeover of O2. CK Hutchison, which owns Three, is likely to mount a legal challenge as other markets, including Germany and Ireland, have been cut from four to three mobile phone groups, though it has only until June 30 before Telefónica, the Spanish owner of O2, can start talks with other potential buyers for its British mobile business. - The Times
Amid the dearth of London flotations this year, car retailer Motorpoint is expected to close its book on a float on Thursday, market sources said. Shore Capital and Numis are working on the IPO alongside adviser Rothschild and are understood to have an indicative price range of 190p to 240p a share, giving Motorpoint a market value of up to £240 million. - The Times
Lycamobile, the largest donor to the Conservative party, uses a complex web of offshore and UK companies so opaque that its own auditors cannot account for £134m of assets. The financial affairs of the international telephone calls firm, owned by the Sri Lankan-born tycoon Subaskaran Allirajah, were described as "deeply worrying" by experts who also raised questions about the effect of the firm's arcane structure on its UK tax bill. - The Guardian
Sir Philip Green and the independent trustee chairman of the BHS pension fund have accused the head of the Pensions Regulator of getting her facts wrong. After only one session, a parliamentary inquiry into the collapse of BHS has become mired in confusion and accusations, as Sir Philip and Chris Martin claimed that Lesley Titcomb was incorrect to state that she had learnt about the sale of BHS last year only in the newspapers. - The Times
Nissan is in talks to buy a one-third stake in Mitsubishi Motors as its smaller Japanese rival seeks outside capital to survive a scandal over inflated fuel economy data. In a statement, the two companies said they were studying a capital tie-up and would discuss the matter at a board meeting later on Thursday. - FT |
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