| | | | | | | Brexit: How is the stock market reacting? Which stocks should you buy and which are best avoided. With the Brexit debate intensifying in the run up to the 23 June referendum, how is the stock market reacting? Which stocks & sectors are benefitting and which are to be avoided? Our exclusive special report answers these questions and more. Download our latest Brexit Report today. Losses can exceed deposits | | |
| | 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 BoJ governor warns on Brexit London stocks fell on Monday after Bank of Japan governor said the possibility of the UK leaving the European Union poses a serious risk to the global economy.
Haruhiko Kuroda told the BBC a vote by Britain to exit the EU in the 23 June referendum would have a "significant and serious impact" on the world economy.
Kuroda also defended his negative interest rate policy and said he was willing to loosen monetary policy further if needed to boost the real economy and inflation.
His remarks came as data showed the manufacturing industry fell further into a contraction. The Nikkei flash purchasing managers' index dropped to 47.6 in May from 48.2 in April, below the 50 level that separates a contraction from an expansion.
Meanwhile the yen strengthened against most currencies after official data showed a surprise trade surplus in April. Japan's trade surplus came in at 825.5bn yen, well above the market forecast of 535bn yen.
In the eurozone, Markit's manufacturing PMI dipped to 51.5 in May from 51.7 in April, missing forecasts for a reading of 51.9.
The services PMI for the bloc held at 53.1 in May, slightly below estimates of 53.2.
Still to come, Federal Reserve official James Bullard speaks in Beijing at 1115 BST while fellow Fed policymaker John Williams speaks in New York at 1300 BST. US manufacturing PMI is due at 1445 BST and the eurozone consumer confidence index will be released at 1500 BST.
Meanwhile, oil prices fell on a strong dollar and signs that the global supply glut persists. Brent crude fell 1.05% to $48.21 per barrel and West Texas Intermediate declined 1.2% to $47.79 per barrel at 0859 BST.
On the company front, mining stocks slumped including Anglo American, Glencore and BHP Billiton as metal prices fell.
Ryanair shares were broadly flat after reporting a jump in full-year profit but cautioning that profit growth for this year is likely to be modest.
Mitie Group advanced after saying total annual operating profit grew 100.9% to £112.5m, with basic earnings per share growth of 119.6%. |
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| Market Movers
FTSE 100 (UKX) 6,130.47 -0.42%
FTSE 250 (MCX) 16,966.08 0.26%
techMARK (TASX) 3,069.64 0.02%
FTSE 100 - Risers
Royal Mail (RMG) 508.50p 3.37%
ARM Holdings (ARM) 967.00p 2.38%
Randgold Resources Ltd. (RRS) 6,115.00p 1.41%
Sage Group (SGE) 596.00p 0.93%
DCC (DCC) 6,535.00p 0.77%
Carnival (CCL) 3,560.00p 0.74%
Land Securities Group (LAND) 1,182.00p 0.60%
easyJet (EZJ) 1,478.00p 0.54%
Intu Properties (INTU) 287.80p 0.49%
Mediclinic International (MDC) 850.50p 0.47%
FTSE 100 - Fallers
Anglo American (AAL) 577.40p -3.81%
Inmarsat (ISAT) 732.00p -3.05%
BHP Billiton (BLT) 796.60p -2.60%
Glencore (GLEN) 126.05p -2.02%
Rio Tinto (RIO) 1,919.00p -1.72%
Standard Chartered (STAN) 517.60p -1.63%
Marks & Spencer Group (MKS) 438.60p -1.37%
Rolls-Royce Holdings (RR.) 635.00p -1.24%
Royal Dutch Shell 'A' (RDSA) 1,662.00p -1.07%
Royal Dutch Shell 'B' (RDSB) 1,671.00p -1.07%
FTSE 250 - Risers
Pendragon (PDG) 39.37p 3.52%
CLS Holdings (CLI) 1,590.00p 3.25%
IP Group (IPO) 155.50p 2.37%
OneSavings Bank (OSB) 316.30p 2.16%
JRP Group (JRP) 143.00p 2.14%
Moneysupermarket.com Group (MONY) 320.90p 2.13%
Weir Group (WEIR) 1,253.00p 1.95%
John Laing Group (JLG) 220.30p 1.85%
Homeserve (HSV) 425.80p 1.84%
Telecom Plus (TEP) 995.50p 1.84%
FTSE 250 - Fallers
ICAP (IAP) 410.70p -4.86%
Sports Direct International (SPD) 351.20p -4.82%
Restaurant Group (RTN) 344.10p -2.27%
Cobham (COB) 158.10p -1.98%
Vedanta Resources (VED) 372.40p -1.87%
Allied Minds (ALM) 330.50p -1.72%
Wizz Air Holdings (WIZZ) 1,913.00p -1.65%
Amec Foster Wheeler (AMFW) 443.20p -1.53%
Mitchells & Butlers (MAB) 273.30p -1.48% |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the red; Bayer, Fiat under pressure European stocks fell in early trade as the prospect of a June rate hike by the Federal Reserve and disappointing Japanese trade data undermined sentiment.
At 0900 BST, the benchmark Stoxx Europe 600 index was down 0.7%, Germany's DAX was off 1% and France's CAC 40 was 1.1% weaker.
At the same time, oil prices retreated amid ongoing supply glut concerns. West Texas Intermediate was down 1.3% to $47.77 a barrel and Brent crude was 1% lower at $48.22.
"US interest rate speculation remains the favourite pastime in City dealing rooms as focus shifts from corporate earnings to data," said Lee Wild, head of equity strategy at stockbroker Interactive Investor.
"It is inevitable that the 'will they, won't they?' debate about a June hike in US interest rates will rumble on right up until decision time. The hot money's on another pause, but the more data keeps telling policymakers the US economy is healthy, the greater the risk of a shock. However, it would be a brave Fed that raised rates just a week before the EU referendum and just months ahead of the US presidential election. A policy error now could have serious consequences, threatening both fragile economic growth and a fresh slump in commodity prices."
The mood was also soured by data showing Japanese exports fell 10.1% on the year in April, in line with forecasts but a much weaker performance than March's 6.8% drop. Imports slumped 23%, missing expectations for a 19% decline.
In corporate news, lost-cost carrier Ryanair edged higher after reporting a 43% jump in full-year net profit but cautioning that profit growth for this year is likely to be modest.
Legal & General was touch lower after announcing the acquisition of a £3bn annuity portfolio from Aegon.
German drugs company Bayer was under the cosh after making a $62bn bid for US agriculture group Monsanto.
French Insurer AXA was a little weaker after it announced plans to sell all its exposure to tobacco companies, valued at approximately €1.8bn.
Italian-American car maker Fiat Chrysler was also in the red following a press report the German regulator suspects it used illegal software to cheat emissions tests.
On the economic front, Markit's composite purchasing managers' index for Germany rose to a five-month high of 54.7 in May from 53.6 in April, beating economists' expectations for a reading of 53.8.
The manufacturing PMI increased to a five-month high of 52.4 from 51.8, surpassing expectations of 52.0, while the services PMI edged up to a three-month high of 55.2 from 54.5 in April, ahead of estimates of 54.6. |
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| | US Market Report | | US open: Stocks rebound as oil prices waver US stocks rebounded on Friday from the previous day’s slump as investors’ nerves eased after the Federal Reserve’s hawkish meeting minutes. At 1506 BST the Dow Jones Industrial Average increased 0.66%, the S&P 500 rose 0.71% and the Nasdaq gained 1.08%. Equities were in the red on Thursday after minutes from the Federal Open Market Committee’s last meeting showed a possibility of an interest rate hike in June. However, stocks recovered on Friday as oil prices wavered but stayed on track to end the week higher. Crude prices were lifted as the global supply glut eased due to a series of production outages in Nigeria, Canada and Libya. West Texas Intermediate crude climbed 0.18% to $48.76 per barrel while Brent crude fell 0.02% to $48.80 per barrel at 1510 BST. In economic data, sales of existing US homes rose 1.7% in April to a seasonally-adjusted annual rate of 5.45m from an upwardly-revised 5.36m the previous month, according to the National Association of Realtors. The jump was bigger than the 1.2% increase analysts had pencilled in. Lawrence Yun, NAR chief economist, said April’s sales increase signals slowly building momentum for the housing market this spring. "Primarily driven by a convincing jump in the Midwest, where home prices are most affordable, sales activity overall was at a healthy pace last month as very low mortgage rates and modest seasonal inventory gains encouraged more households to search for and close on a home.” In company news, Foot Locker declined after reporting first quarter sales at comparable sales that missed analysts’ estimates. Campbell Soup Company was also under the cosh after reporting weak organic sales in the third quarter. Deere & Co. slumped after cutting their profit outlook and reported a decline in quarterly earnings. Gap advanced after saying late on Thursday that it was closing all its Old Navy stores in Japan and posting a 47% drop in first-quarter profit. Electric car maker Tesla Motors was also higher following media reports it has raised $1.46bn in capital from the sale of new common stock. Yahoo dropped following a press report that bidders for the company were likely to bid less than initially thought. In currencies, the dollar rose 0.63% against the pound, fell 0.07% against the euro and gained 0.55% against the yen. |
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| | Newspaper Round Up | | Monday newspaper round-up: Brexit warning, Rosengren, BT, Reckitt Britain will be plunged into a year-long recession if it votes to leave the EU, according to a bleak analysis of the short-term economic shock of a Brexit vote published on Monday by the Treasury. The Treasury analysis suggests that growth could be 3.6% lower after two years if Britain votes to leave the EU, compared with the forecast for continued growth after a vote to remain - Financial Times
The US is on the verge of meeting most of the economic conditions the Federal Reserve has set to increase interest rates next month, according to a member of the rate-setting Federal Open Market Committee. Eric Rosengren, the president of the Federal Reserve Bank of Boston, told the Financial Times he was getting ready to back tighter monetary policy after financial and economic indicators swung in a positive direction after the Fed's policy meeting in March. - Financial Times
The company that owns the Three mobile phone network has hit EE, its longterm network sharing partner, with an unexpected lawsuit to demand almost £160 million in lost profit. Hutchison 3G UK filed proceedings against EE, its larger rival now owned by BT Group, after accusing it of failing to install 3G equipment for Three to use as was agreed. - The Times
The first fracking operation in Britain in five years could be approved today despite fierce opposition from the community. North Yorkshire county council's planning committee in Northallerton will decide at the end of a second day of hearings whether to allow a UK company to frack for shale gas close to North York Moors National Park. - The Times
The fate of more than 11,000 British steelworkers is hanging in the balance as potential buyers of Tata Steel's troubled UK business put the final touches to bids ahead of a deadline today. As up to seven possible buyers scrambled to finalise their proposals, the business secretary, Sajid Javid, was preparing to travel to Mumbai for talks with senior executives at Tata before a board meeting on Wednesday. - The Times
Sterling's fall against the dollar has sparked a nosedive in company dividends as the Brexit vote takes its toll on UK investment portfolios. UK dividends dropped 5 per cent year on year in the first quarter, to $16.4bn, largely because of the weakness of the pound, according to data compiled by Henderson Global Investors. - Financial Times
The former owner of BHS is facing legal action after allegedly failing to co- operate with the administrator of the failed department store. Only two weeks before Dominic Chappell is due to give evidence to a parliamentary inquiry into the collapse of BHS, which begins in earnest today, Duff & Phelps is preparing a High Court claim against him. - The Times
Saudi Arabia faces a vicious liquidity squeeze as capital continues to leak out the country, with a sharp contraction of the money supply and mounting stress in the banking system. Three-month interbank offered rates in Riyadh have suddenly begun to spiral upwards, reaching the highest since the Lehman crisis in 2008. - Telegraph
Axa is to ditch its tobacco investments, arguing that owning them clashes with its position as a health insurer. The move is a timely boost to anti-tobacco campaigners, coming as other big investors consider going back into the sector. - Financial Times
The Australian consumer watchdog is appealing what it says is an inadequate fine imposed by the federal court against the makers of Nurofen over misplaced claims of targeted pain relief. The Australian Competition and Consumer Commission says Reckitt Benckiser should have been fined at least $6m, rather than the $1.7m imposed, because the company made millions from products it misleadingly claimed were tailored to treat specific pain. - The Guardian
Britain has passed another milestone on the path to a cashless society, with 2015 the first year that cash was used for less than half of all payments by consumers. Cash usage will be eclipsed by debit cards and contactless payments by 2021, said Payments UK, which represents the major banks, building societies and payment providers. - The Guardian
Greek MPs at the weekend approved fresh austerity measures that will pave the way for new eurozone rescue loans and an agreement to reduce the country's massive debt burden. The ruling coalition, led by prime minister Alexis Tsipras's Syriza party, backed the last part of a €5.4bn austerity package that includes further tax hikes as well as automatic spending cuts if budget targets are missed. - Telegraph |
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