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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 ahead of UK jobs data, FOMC minutes London stocks were in the red on Wednesday ahead of the release of UK jobs data and the Federal Reserve's policy meeting minutes.
UK jobs data from the Office for National Statistics at 0930 BST is expected to show no change employment or the jobless rate in the three months to March. Average weekly earnings growth is expected to slow.
The Bank of England has said that it is reacting more cautiously to UK news and economic data ahead of the European Union referendum on 23 June.
Meanwhile, minutes of the Fed's 26-27 April meeting will be in focus at 1900 BST. Economists will be searching for clues on whether the Fed will meet expectations to keep interest rates unchanged in June.
However, hawkish remarks from Fed officials in the past two weeks on interest rates have confused economists.
"Confused? Markets certainly are, up one minute and down the next as speculation about the US economy continues to divide opinion, along with speculation about the number of possible rate rises the Fed might decide upon over the course of the remainder of this year," said Michael Hewson, chief market analyst at CMC Markets.
In commodities, oil prices reversed the previous day's gains with Brent crude down 0.38% to $49.09 per barrel and West Texas Intermediate down 0.29% to $48.17 per barrel at 0906 BST.
A report from the Department of Energy on US weekly crude inventories at 1530 BST may influence prices as the market monitors the supply glut.
Elsewhere, a final estimate of April eurozone consumer price inflation is due at 1000 BST with analysts pencilling in an unchanged 0.2% year-on-year fall.
In company news, Burberry slumped after saying full year profits fell 10%, at the bottom of analysts' range of estimates, due to pressures in China.
Chilean copper miner Antofagasta slumped as it confirmed that two major development projects have been slowed to preserve cash.
Megabrewer SABMiller climbed as it reported 7% organic revenue growth at constant currencies in the year to 31 March. |
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| Market Movers
FTSE 100 (UKX) 6,134.48 -0.54%
FTSE 250 (MCX) 16,775.58 -0.41%
techMARK (TASX) 3,058.49 -0.39%
FTSE 100 - Risers
DCC (DCC) 6,495.00p 1.72%
Persimmon (PSN) 2,035.00p 1.24%
Vodafone Group (VOD) 229.40p 1.06%
Ashtead Group (AHT) 936.50p 0.97%
easyJet (EZJ) 1,448.00p 0.77%
Taylor Wimpey (TW.) 195.00p 0.72%
Berkeley Group Holdings (The) (BKG) 3,080.00p 0.69%
Barratt Developments (BDEV) 554.50p 0.64%
SABMiller (SAB) 4,226.00p 0.38%
ARM Holdings (ARM) 931.50p 0.38%
FTSE 100 - Fallers
Anglo American (AAL) 597.40p -4.98%
Glencore (GLEN) 132.00p -3.30%
Burberry Group (BRBY) 1,111.00p -2.80%
Antofagasta (ANTO) 422.10p -2.70%
Rio Tinto (RIO) 1,979.50p -2.68%
BHP Billiton (BLT) 841.20p -2.35%
Standard Chartered (STAN) 506.10p -2.24%
TUI AG Reg Shs (DI) (TUI) 1,014.00p -1.46%
ITV (ITV) 203.70p -1.31%
Direct Line Insurance Group (DLG) 364.50p -1.22%
FTSE 250 - Risers
Booker Group (BOK) 173.90p 5.46%
Marston's (MARS) 155.30p 3.46%
Allied Minds (ALM) 325.00p 3.44%
Shawbrook Group (SHAW) 271.00p 2.50%
Ophir Energy (OPHR) 69.15p 1.92%
Greene King (GNK) 865.00p 1.59%
Playtech (PTEC) 824.50p 1.41%
SSP Group (SSPG) 303.60p 1.20%
William Hill (WMH) 305.00p 0.99%
Mitchells & Butlers (MAB) 276.60p 0.88%
FTSE 250 - Fallers
Marshalls (MSLH) 317.10p -8.59%
Acacia Mining (ACA) 332.50p -4.67%
Ocado Group (OCDO) 253.00p -4.67%
Jimmy Choo (CHOO) 113.40p -2.83%
Genus (GNS) 1,529.00p -2.61%
Millennium & Copthorne Hotels (MLC) 425.70p -2.54%
Meggitt (MGGT) 393.50p -2.53%
Kaz Minerals (KAZ) 155.60p -2.38%
Pets at Home Group (PETS) 236.80p -2.19% |
| | UK Event Calendar | | Wednesday 18 May
INTERIMS
Countryside Properties , Patisserie Holdings
INTERIM DIVIDEND PAYMENT DATE
Dunedin Enterprise Investment Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Price Index (EU) (10:00)
Crude Oil Inventories (US) (15:30)
FOMC Interest Rate Minutes (US) (19:00)
MBA Mortgage Applications (US) (12:00)
FINALS
Burberry Group, Burberry Group, HICL Infrastructure Company Ltd, SABMiller, SSE
ANNUAL REPORT
NBNK Investments
EGMS
Norish Units
AGMS
Action Hotels, Aminex, Antofagasta, Bankers Petroleum Ltd.(CDI), Camper & Nicholsons Marina Investments Ltd., Circassia Pharmaceuticals, Circle Holdings , CPP Group, European Real Estate Investment Trust Limited Part Pref Shs, Foxtons Group , Frenkel Topping Group, Johnston Press, Jupiter Fund Management , Kcell Joint Stock Co GDR (Reg S), Kings Arms Yard VCT, Marshalls, MTI Wireless Edge Ltd., Norish Units, Norish Units, Paddy Power Betfair, Panmure Gordon & Co, Rathbone Brothers, SafeCharge International Group Limited (DI), Skyepharma, Specialist Investment Properties, Stilo International, STM Group, UBM, Vitec Group
TRADING ANNOUNCEMENTS
UBM
UK ECONOMIC ANNOUNCEMENTS
Claimant Count Rate (09:30)
FINAL DIVIDEND PAYMENT DATE
Miton Group, OneSavings Bank, Rentokil Initial
FINAL EX-DIVIDEND DATE
Seplat Petroleum Development Company (DI)
Q1
New World Resources A Shares, Plaza Centers NV
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks nudge lower amid US rate hike concerns European stocks nudged lower in early trade, taking their cue from downbeat US and Asian sessions as expectations grew that the Federal Reserve might hike rates as early as next month following hawkish comments by a number of Fed officials and upbeat US data.
At 0845 BST, the benchmark Stoxx Europe 600 index was flat, while Germany's DAX and France's CAC 40 were down 0.2%.
At the same time, oil prices edged higher, with West Texas Intermediate up 0.3% to $48.43 a barrel and Brent crude up 0.2% to $49.40.
"European markets have opened softer as investors struggle to find significant reasons to invest and the Federal Reserve becomes the focus of attention yet again. While the odds of a June US rate hike have increased substantially over the past week, the market is arguably still considerably more dovish than any of the recent Fed speakers," said Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor.
"Today's release of April's Fed meeting minutes is therefore highly important for investors who will be hoping to get some further insight as to which Fed members are looking to raise rates versus those who remain more cautious."
Atlanta Fed President Dennis Lockhart and San Francisco Fed President John William said on Tuesday that there could be two or three rate hikes on the cards this year.
Meanwhile, investors were also digesting a downgrade of global equities to 'neutral' by Goldman Sachs over a 12-month period on growth and valuation concerns.
"Until we see sustained earnings growth, equities do not look attractive, especially on a risk-adjusted basis. We expect particularly poor returns in dollar terms, with our forecast of a stronger dollar and the prospect of less negative equity/FX correlations," the bank said.
In corporate news, luxury retailer Burberry was under the cosh after it said full-year profits fell 10%, at the bottom of analysts' range of estimates.
Shares in Swiss hearing aid maker Sonova tumbled after its full-year results missed analysts' sales and profit targets.
Brewer SABMiller nudged higher after reporting a 10% drop in revenue for the year in its preliminary results to $19.8bn, though the company did claim 7% organic revenue growth at constant currencies.
AstraZeneca was little changed after announcing that its trial of ovarian cancer drug Lynparza in combination with chemotherapy, compared with paclitaxel chemotherapy alone, did not meet the primary endpoint of overall survival in advanced gastric cancer patients
Novartis was in the black after announcing the departure of its head of pharmaceuticals, David Epstein. |
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| | US Market Report | | US close: Stocks see red on fears of interest rate rise US shares saw red at the close on Tuesday after remarks from Federal Reserve officials fuelled fears of an interest rate rise as early as June.
The Dow Jones Industrial Average fell 180 points, or 1%, to 17,529. The S&P 500 index finished the session 19 points lower to 2,047 and the Nasdaq Composite 59 points down at 4,715.
Investor jitters worsened after Atlanta Fed President Dennis Lockhart and San Francisco Fed President John Williams both said the June 14-15 Fed meeting could see rates rise for the first time since late last year.
"I think it certainly could be a meeting in which action could be taken," Lockhart said at a Politico event in Washington, while Williams, speaking at the same function, said a lot more data would be available to inform any decision by the time of the Fed meeting.
Higher rates would mean higher borrowing costs for US businesses. The downbeat mood was compounded by US monthly inflation hitting a two month high due to higher petrol prices.
On the corporate front Home Depot fell despite reporting better-than-expected quarterly results.
Shares of LendingClub Corp dropped sharply as the online lender revealed it was being investigated by the US Justice Department late Monday, following the disclosure of faulty internal controls.
Resources stocks surged as the crude price jumped to fresh highs. Southwestern Energy, Freeport-McMoran and Range Resources all beat the general market trend to close the day higher.
S&P 500 - Risers
Southwestern Energy Co. (SWN) $12.26 +6.98%
Endo International Plc (ENDP) $15.17 +6.08%
United Rentals Inc. (URI) $64.28 +5.48%
Williams Companies Inc. (WMB) $21.51 +4.47%
Freeport-McMoRan Inc (FCX) $11.51 +4.26%
Range Resources Corp. (RRC) $39.28 +4.22%
Mallinckrodt Plc Ordinary Shares (MNK) $61.99 +3.77%
Agilent Technologies Inc. (A) $44.41 +3.42%
Western Digital Corp. (WDC) $36.75 +3.32%
EQT Corp. (EQT) $71.96 +3.02%
S&P 500 - Fallers
Kraft Heinz Co. (KHC) $82.16 -4.32%
Westrock Company (WRK) $37.97 -4.19%
Kimco Realty Corp. (KIM) $27.93 -4.09%
Hormel Foods Corp. (HRL) $38.80 -3.58%
AbbVie Inc (ABBV) $60.25 -3.52%
F5 Networks Inc. (FFIV) $103.83 -3.26%
Activision Blizzard Inc. (ATVI) $38.12 -3.22%
Alexion Pharmaceuticals Inc. (ALXN) $139.96 -3.19%
Dollar Tree Inc (DLTR) $77.51 -3.15%
Campbell Soup Co. (CPB) $63.81 -3.14%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $71.05 +0.50%
E.I. du Pont de Nemours and Co. (DD) $64.53 +0.30%
JP Morgan Chase & Co. (JPM) $61.66 +0.00%
Dow Jones I.A - Fallers
Microsoft Corp. (MSFT) $50.51 -2.55%
Home Depot Inc. (HD) $132.00 -2.47%
American Express Co. (AXP) $62.76 -2.04%
Coca-Cola Co. (KO) $44.75 -1.91%
United Technologies Corp. (UTX) $100.06 -1.73%
Travelers Company Inc. (TRV) $110.42 -1.62%
Chevron Corp. (CVX) $100.75 -1.51%
McDonald's Corp. (MCD) $127.69 -1.50%
Wal-Mart Stores Inc. (WMT) $65.10 -1.39%
Intel Corp. (INTC) $29.98 -1.35%
Nasdaq 100 - Risers
Endo International Plc (ENDP) $15.17 +6.08%
Western Digital Corp. (WDC) $36.75 +3.32%
Vodafone Group Plc ADS (VOD) $33.58 +2.57%
Seagate Technology Plc (STX) $19.64 +2.48%
Stericycle Inc. (SRCL) $97.67 +2.30%
JD.com, Inc. (JD) $23.88 +2.18%
Baidu Inc. (BIDU) $171.05 +1.84%
American Airlines Group (AAL) $32.64 +1.62%
Mylan Inc. (MYL) $41.02 +1.41%
TripAdvisor Inc. (TRIP) $65.79 +1.37%
Nasdaq 100 - Fallers
Kraft Heinz Co. (KHC) $82.16 -4.32%
Activision Blizzard Inc. (ATVI) $38.12 -3.22%
Alexion Pharmaceuticals Inc. (ALXN) $139.96 -3.19%
Dollar Tree Inc (DLTR) $77.51 -3.15%
Walgreens Boots Alliance, Inc. (WBA) $76.48 -3.03%
O'Reilly Automotive Inc. (ORLY) $254.16 -2.93%
Mondelez International Inc. (MDLZ) $43.25 -2.85%
Biomarin Pharmaceutical Inc. (BMRN) $84.05 -2.80%
Liberty Global plc Series C (LBTYK) $36.58 -2.69% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Brexit, BHS, Heathrow Almost £1bn in annual research funding would be thrown into doubt if the UK left the EU, according to a study warning that quitting the bloc could turn Britain into the "poor cousin" of European science. A quarter of all public funding for research in the UK comes from the EU, making the country the second-biggest recipient after Germany. The data, which also revealed the high level of EU science funding for UK universities, were published in a report by Digital Science, a research software company. - Financial Times
David Cameron will on Wednesday try to regroup a fractured Conservative party behind a "one nation" Queen's Speech, including legislation to reform prisons to stop them from being "warehouses for criminals". Mr Cameron wants to prove he has a modernising agenda for his second term as prime minister, which risks being remembered mainly for the EU referendum and the Tory splits on Europe that it provoked. - Financial Times
Administrators are hoping to finalise a rescue deal for BHS by the end of this week after securing four offers for the business on Tuesday. MPs are preparing to call Darren Topp, the current boss of BHS, to give evidence to a parliamentary inquiry next month into the retail chain's collapse. Topp, who took over the business after it was bought for £1 from Topshop owner Sir Philip Green a year ago, will stand before a joint hearing of the work and pensions select committee and the business, innovation and skills committee on 8 June. - Guardian
Microsoft is the latest business to come out in support of the UK remaining in the EU, in a letter to more than 5,000 of its UK staff. The tech firm said Britain's membership in the union made it one of "the most attractive places in Europe" to make investments. In a letter to employees on Tuesday, Microsoft's chief executive in the UK, Michel Van der Bel, said: "We appreciate and respect that there are a range of reasons that motivate people on both sides of the debate, but as a business that is very committed to this country, our view is that the UK should remain in the EU. - Guardian
A leading opponent of Heathrow's expansion has called on the airport to publish details of a directors' bonus scheme that is partially linked to their success in securing approval for a third runway, a type of incentive plan the hub had previously denied existed. John Stewart, the chairman of the influential Heathrow Association for the Control of Aircraft Noise (Hacan), said the west London airport's apparent "secrecy" over the scheme meant the bonuses had become an "issue". - Telegraph
Thames Water has hit back at claims that its pensions schemes are in crisis and that a deficit in its workers' retirement funds is comparable to the problems besetting BHS. "Any comparision with BHS is frankly outrageous," Stuart Siddall, Thames' finance director, said: His comment came after reports prompted by an article in the Financial Timescited Thames' pension situation alongside that of BHS and the money taken out of the department stores chain by Sir Philip Green, its former owner. - The Times
The debate about Britain's relationship with Europe has focused on a small number of questions. Surely there are none more important than those about British exports and about foreign direct investment into Britain. We need them both to help businesses to grow and to create jobs. As the last three trade ministers, who also ran UK companies operating around the globe, we know what it takes for Britain to succeed internationally. In government we travelled the world to showcase Britain as a great place for foreign companies to set up and invest. - The Times |
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