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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 rise ahead of BoE testimony London stocks edged higher on Tuesday ahead of a Parliamentary testimony from Bank of England officials including governor Mark Carney.
Carney and fellow Monetary Policy Committee members Ben Broadbent, Martin Weale and Gertjan Vlieghe will be questioned about the latest Quarterly Inflation Report before the Treasury Select Committee at 1000 BST.
"MP's are likely to want to question Mr Vlieghe about his recent remarks that he could envisage a scenario where we might see further rate reductions if the economy continued to slow," said Michael Hewson, chief market analyst at CMC Markets.
The MPC's assessment of the impact of a vote to leave the European Union in the 23 June referendum will also likely be in focus.
It follows a stark warning on Brexit by the Treasury on Monday when Chancellor George Osborne said a vote to leave the EU could result in a year-long recession.
Meanwhile, the UK's latest borrowing numbers for April will be released at 0930 BST, which is expected to show a slowdown to £5.8bn from £4.2bn the previous month.
In the eurozone, German gross domestic product in the first quarter was confirmed at 0.7% growth compared with 0.3% in the final quarter of last year. Destatis said positive contributions came mainly from domestic demand, which helped to offset weaker trade.
Still to come, investors will eye the release of the German ZEW survey at 1000 BST and US new home sales at 1500 BST.
In commodities, oil prices were in the red as the dollar gained some ground. A stronger greenback makes dollar-denominated commodities more expensive for holders of other currencies. Brent crude fell 0.77% to $47.99 per barrel and West Texas Intermediate dropped 0.56% to $47.81 per barrel at 0900 BST.
On the company front, DIY retailer Kingfisher was a high riser after reporting a solid start to the year, with 6.2% like-for-like growth in B&Q and Screwfix stores in the UK and Ireland contributing to 3.6% group growth to £2.7bn.
Utility company Severn Trent was also in the black as it cut its dividend but posted a rise full-year profit.
Old Mutual edged up after confirming that it has received approaches from third parties to acquire its 66% stake in OM Asset Management.
Homeserve gained as the repair and insurance company posted a rise in profit for the year to the end of March as revenue and customer numbers grew.
Card Factory slumped as a it reported lower sales growth for the first quarter due to weak consumer confidence. |
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| Market Movers
FTSE 100 (UKX) 6,158.46 0.36%
FTSE 250 (MCX) 17,028.94 -0.02%
techMARK (TASX) 3,080.02 0.01%
FTSE 100 - Risers
Royal Bank of Scotland Group (RBS) 239.50p 2.31%
Kingfisher (KGF) 367.70p 2.00%
Tesco (TSCO) 162.95p 1.78%
Imperial Brands (IMB) 3,715.50p 1.52%
DCC (DCC) 6,705.00p 1.36%
Admiral Group (ADM) 1,903.00p 1.33%
Standard Life (SL.) 332.00p 1.25%
Lloyds Banking Group (LLOY) 71.07p 1.21%
Wolseley (WOS) 4,062.00p 1.20%
Anglo American (AAL) 605.40p 1.17%
FTSE 100 - Fallers
Coca-Cola HBC AG (CDI) (CCH) 1,323.00p -3.08%
Mediclinic International (MDC) 842.00p -1.17%
Merlin Entertainments (MERL) 415.10p -0.81%
Ashtead Group (AHT) 967.00p -0.67%
Dixons Carphone (DC.) 436.40p -0.61%
Provident Financial (PFG) 2,843.00p -0.56%
Babcock International Group (BAB) 983.50p -0.56%
Johnson Matthey (JMAT) 2,856.00p -0.52%
Randgold Resources Ltd. (RRS) 6,050.00p -0.49%
TUI AG Reg Shs (DI) (TUI) 1,040.00p -0.48%
FTSE 250 - Risers
Mitchells & Butlers (MAB) 289.30p 3.06%
Evraz (EVR) 125.70p 2.78%
Ophir Energy (OPHR) 70.15p 1.67%
Micro Focus International (MCRO) 1,600.00p 1.39%
Pendragon (PDG) 40.72p 1.29%
Ibstock (IBST) 214.30p 1.08%
Paysafe Group (PAYS) 391.00p 1.06%
Wood Group (John) (WG.) 623.00p 1.05%
BBA Aviation (BBA) 204.10p 1.04%
Drax Group (DRX) 310.00p 0.94%
FTSE 250 - Fallers
Card Factory (CARD) 361.90p -5.01%
Entertainment One Limited (ETO) 174.40p -3.16%
Paragon Group Of Companies (PAG) 314.00p -3.06%
Aveva Group (AVV) 1,557.00p -2.69%
Weir Group (WEIR) 1,227.00p -2.15%
AO World (AO.) 166.40p -2.12%
Intermediate Capital Group (ICP) 659.00p -1.79%
TalkTalk Telecom Group (TALK) 239.80p -1.36%
BGEO Group (BGEO) 2,398.00p -1.32% |
| | UK Event Calendar | | Tuesday 24 May
INTERIMS
easyHotel, Renew Holdings, Topps Tiles
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Durable Goods Orders (US) (13:30)
Gross Domestic Product (GER) (07:00)
New Homes Sales (US) (15:00)
ZEW Survey (GER) (10:00)
FINALS
Big Yellow Group, Cranswick, De La Rue, Entertainment One Limited, FastForward Innovations Limited, Helical Bar, Hogg Robinson Group, Marks & Spencer Group, Mckay Securities, Porta Communications , Scapa Group, Severn Trent, UK Mail Group
EGMS
BH Macro Ltd. GBP Shares
AGMS
Accesso Technology Group, Card Factory, ClearStar Inc. (DI / REG S), Epwin Group, GVC Holdings, Inch Kenneth Kajang Rubber, Keller Group, Marshall Motor Holdings, Merchants Trust, Metro Bank, Public Service Properties Investments Ltd (DI), Quarto Group Inc., Ranger Direct Lending Fund, Royal Dutch Shell 'A', Telit Communications, Total SA
TRADING ANNOUNCEMENTS
Tungsten Corporation
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
GFK Consumer Confidence (00:05)
Public Sector Net Borrowing (09:30)
FINAL DIVIDEND PAYMENT DATE
Aggreko, Holders Technology, Impax Environmental Markets, Pendragon, Standard Life
Q1
Frutarom Industries Ltd GDR (Reg S), JSC Chelyabinsk Zinc Plant GDR (Reg S)
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the red as Fed remains in focus European stocks edged lower in early trade, taking their cue from downbeat US and Asian sessions.
At 0835 BST, the benchmark Stoxx Europe 600 index was down 0.3%, Germany's DAX was 0.5% weaker and France's CAC was off 0.4%.
At the same time, oil prices were in the red as the dollar gained some ground. West Texas Intermediate was down 0.6% to $47.78 a barrel and Brent crude was 0.8% lower at $47.96.
A stronger greenback makes dollar-denominated commodities more expensive for holders of other currencies.
Markus Huber, a trader at City of London Markets, said negative sentiment was spilling over from Asia.
"Increasing uncertainty on the back of recent comments by some FOMC members where the timing of the next interest rate hike in the US is concerned is currently limiting the appetite for stocks," he said.
"With many major indices getting close towards the lower end of their recent trading range, the overall technical picture could deteriorate substantially over the next few days should buyers fail to come back into the market."
In corporate news, German speciality chemicals group Evonik was under the cosh after private equity firm CVC placed its shares at a discount.
DIY retailer Kingfisher was a high riser after reporting a solid start to the year, with 6.2% like-for-like growth in B&Q and Screwfix stores in the UK and Ireland contributing to 3.6% group growth to £2.7bn.
Utility company Severn Trent was also in the black as it cut its dividend but posted a rise full-year profit.
Old Mutual edged up after confirming that it has received approaches from third parties to acquire its 66% stake in OM Asset Management.
Earlier, Destatis confirmed that German gross domestic product grew at 0.7% in the first quarter compared with 0.3% in the final quarter of last year.
It said positive contributions came mainly from domestic demand, which helped to offset weaker trade.
Household final consumption expenditure increased by 1.8%, while government final consumption expenditure was up 2.7%. Gross fixed capital formation in machinery and equipment rose a price-adjusted 2.4% on the first quarter of 2015.
Still to come, investors will eye the release of the German ZEW survey at 1000 BST. |
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| | US Market Report | | US close: Markets end lower as investors look to Fed US markets closed lower on Monday, with investors starting to play wait-and-see with the Federal Reserve, for cues as to when the next interest rate hike may come.
The Dow Jones Industrial Average lost 0.05% to finish at 17,492.93, the S&P 500 was 0.21% down at 2,048.04, and the Nasdaq Composite lost 0.08% to end at 4,765.78.
On the S&P, utilities closed almost 1% lower to lead the declining sectors, while materials finished more than 1% higher, led by CF Industries and Monsanto which both gained more than 4%.
German pharmaceuticals giant Bayer laid down a $122 per share offer for Monsanto, in a deal worth $62bn including debt.
It was a premium of more than 20% on Monsanto's closing price on Friday of $101.52.
CF Industries, meanwhile, ended its merger agreement with Dutch rival OCI after the Treasury made attempts to end tax-avoiding inversion deals.
In technology, Apple pared back from session highs but still managed to close more than 1% above the line after the Economic Daily in Taiwan reported that the California firm asked suppliers to assemble more iPhone 7 models than expected.
Alphabet, Amazon, Facebook and Microsoft all closed lower, however, dragging on the Nasdaq.
In other merger news, Anthem and Cigna were reported to be privately quarreling over their planned $48bn combination, with the Wall Street Journal citing a chain of letters as the two health insurance giants seek regulatory approval for their deal.
On the data front, the Markit manufacturing PMI reading came in at 50.5, down from 50.8 in April.
Investors were also awaiting durable goods data and the second revision to first-quarter GDP, both due later this week.
St Louis Fed president James Bullard made remarks earlier, saying the tight labour market could be putting upward pressure on domestic inflation, which would pave the way for higher interest rates.
In separate remarks San Francisco Fed president John Williams indicated there could be two or three rate hikes this year, and three or four in 2017.
Both sets of comments came after Boston Fed president Eric Rosengren told the Financial Times at the weekend that "most of the conditions that were laid out in the minutes as of right now seem to be ... on the verge of broadly being met."
Fed chair Janet Yellen is also due to speak on Friday afternoon, and then again on 6 June.
Philadelphia Fed president Patrick Harker was due to speak after the markets closed on Monday, giving investors plenty to wait for.
State Street Global Markets North America head of macro strategy Lee Ferridge said the market has clearly received the message about rate hikes in June.
"Since the April meeting there's been a consistent message. I think we need the data to justify [a rate hike in June].
"The other thing is to hear Yellen justify it," Ferridge said.
Crude futures fell lower during US trading, and continued to decline as the baton was handed to Asia.
Brent crude was last down 0.74% at $48.36 per barrel, and West Texas Intermediate had declined 0.62% at $48.11.
The dollar managed to gain on sterling, and was last 0.19% ahead at USD 1.4474, with a lesser gain on the euro - 0.05% to USD 1.1218.
Against the yen, the greenback was relatively weaker, slipping 0.81% to JPY 109.26.
S&P 500 - Risers
Monsanto Co. (MON) $106.00 +4.41%
CF Industries Holdings Inc. (CF) $29.85 +4.41%
TripAdvisor Inc. (TRIP) $66.87 +3.63%
United States Steel Corp. (X) $13.82 +3.44%
Micron Technology Inc. (MU) $11.14 +3.15%
Southwestern Energy Co. (SWN) $11.99 +2.92%
Wynn Resorts Ltd. (WYNN) $91.48 +2.83%
Freeport-McMoRan Inc (FCX) $11.38 +2.71%
Netflix Inc. (NFLX) $94.89 +2.59%
Viacom Inc. Class B (VIAB) $39.95 +2.30%
S&P 500 - Fallers
Roper Technologies Inc (ROP) $172.71 -5.67%
CIGNA Corp. (CI) $126.15 -3.91%
Valero Energy Corp. (VLO) $54.46 -2.98%
Mallinckrodt Plc Ordinary Shares (MNK) $59.23 -2.95%
Transocean Ltd. (RIG) $9.05 -2.90%
Marathon Petroleum Corporation (MPC) $35.57 -2.89%
Tesoro Corp. (TSO) $77.01 -2.63%
AutoZone Inc. (AZO) $742.08 -2.56%
H&R Block Inc. (HRB) $20.05 -2.53%
Frontier Communications Co. (FTR) $4.89 -2.40%
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $67.00 +1.90%
Apple Inc. (AAPL) $96.43 +1.27%
Caterpillar Inc. (CAT) $70.40 +0.76%
3M Co. (MMM) $166.11 +0.67%
Goldman Sachs Group Inc. (GS) $155.45 +0.61%
Intel Corp. (INTC) $30.23 +0.27%
Procter & Gamble Co. (PG) $80.20 +0.22%
McDonald's Corp. (MCD) $122.81 +0.20%
Boeing Co. (BA) $127.58 +0.15%
Coca-Cola Co. (KO) $43.97 +0.05%
Dow Jones I.A - Fallers
Microsoft Corp. (MSFT) $50.03 -1.17%
Verizon Communications Inc. (VZ) $49.14 -1.05%
Nike Inc. (NKE) $55.99 -0.87%
Walt Disney Co. (DIS) $99.18 -0.60%
Visa Inc. (V) $77.21 -0.59%
American Express Co. (AXP) $63.59 -0.52%
Wal-Mart Stores Inc. (WMT) $69.50 -0.52%
Travelers Company Inc. (TRV) $111.39 -0.45%
Johnson & Johnson (JNJ) $112.16 -0.43%
Chevron Corp. (CVX) $99.38 -0.41%
Nasdaq 100 - Risers
Incyte Corp. (INCY) $80.68 +3.90%
TripAdvisor Inc. (TRIP) $66.87 +3.63%
Micron Technology Inc. (MU) $11.14 +3.15%
Netflix Inc. (NFLX) $94.89 +2.59%
Viacom Inc. Class B (VIAB) $39.95 +2.30%
Western Digital Corp. (WDC) $40.46 +2.28%
NetApp Inc. (NTAP) $24.69 +1.94%
Skyworks Solutions Inc. (SWKS) $65.81 +1.94%
Seagate Technology Plc (STX) $20.80 +1.91%
Regeneron Pharmaceuticals Inc. (REGN) $392.64 +1.72%
Nasdaq 100 - Fallers
Charter Communications Inc. (CHTR) $225.00 -3.48%
JD.com, Inc. (JD) $22.89 -2.39%
Cognizant Technology Solutions Corp. (CTSH) $61.74 -1.91%
Tesla Motors Inc (TSLA) $216.22 -1.84%
Endo International Plc (ENDP) $15.16 -1.81%
Dollar Tree Inc (DLTR) $75.56 -1.73%
Ctrip.Com International Ltd. Ads (CTRP) $42.64 -1.73%
Vodafone Group Plc ADS (VOD) $33.13 -1.60%
Liberty Global plc Series C (LBTYK) $35.21 -1.46% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: US libor case, UK fracking decision, CNH A US appeals court has reinstated a civil lawsuit accusing 16 major banks of conspiring to manipulate the Libor benchmark interest rate. The ruling, which overturns a 2013 decision, could bankrupt the institutions, the judges warned. A lower court judge erred in dismissing the antitrust portion of private litigation against Barclays, Bank of America, Deutsche Bank, HSBC, Royal Bank of Scotland and others on the ground that the investors failed to allege harm to competition, according to the US circuit court of appeals in Manhattan. - The Guardian
Scores of fracking projects across England were given a boost last night as councillors in Yorkshire approved the first scheme in five years. Third Energy is expected to become the first British company to frack legally since 2011 after it won the right to press ahead with extracting shale gas near the North York Moors national park despite protests from local residents and campaigners. The Times
China's finance ministry will issue Rmb3bn ($458m) of bonds in London's offshore renminbi market, a test of foreign investors' appetite for Chinese assets amid concerns about the currency's depreciation and capital flight. The UK government has aggressively courted renminbi business for the City of London as part of a broad push to promote greater economic ties with the world's largest economy in terms of purchasing power. - Financial Times
Britain attracted record levels of foreign direct investment last year but uncertainty over its future in the EU has put its status as a top investment destination at risk, research shows. More than a thousand FDI projects landed in the Britain last year, according to EY's annual attractiveness survey. - Telegraph
Sir Philip Green's retail business was warned before the sale of BHS that Dominic Chappell, the man who led the buyout, had been declared bankrupt and lacked experience in the retail industry. Paul Budge, the finance director of Arcadia, admitted that the company was aware that Chappell had been declared bankrupt at least once and was "cautious" about the sale, MPs heard on Monday. - The Guardian
Vincent Tchenguiz is set to appoint property agents to sell ten Hilton hotels across England with a combined price tag of up to £600 million. The proposed sale is part of a wider refinancing of the entrepreneur's interests after the collapse of a Serious Fraud Office investigation into both him and his brother Robert. - The Times
Bricklayers are earning up to £1,000 a week as firms compete for workers to keep housebuilding and infrastructure projects on track, according to a survey of recruitment firms. A skills shortage in the sector is making it hard for recruiters to meet rising demand, the Recruitment and Employment Confederation (REC) said. It added that a vote to leave the EU at next month's referendum would exacerbate the problem. - The Guardian
Private lawyers will be deployed instead of police for the first time amid increased efforts to seize back assets for the victims of fraud. Fraudsters will be hit with criminal investigations and civil asset recovery measures aimed at clawing back millions of pounds lost every year. - The Times
The coveted triple-A rating is nearly extinct, with just a handful of companies in the world retaining Standard & Poor's seal of approval after ExxonMobil was downgraded last month. The demise of the triple A rating reflects a dramatic rise in the use of debt to help bolster shareholder returns and fund takeover activity.
The International Monetary Fund has called for "upfront" and "unconditional" debt relief for Greece as it warned that without immediate action the financial plight of the recession-ravaged country would deteriorate dramatically over the coming decades. In a strongly worded assessment, the IMF said that there was no prospect of Greece meeting the draconian terms of its current bailout plan and that interest payments on the soaring national debt would eat up 60% of the budget by 2060 in the absence of debt forgiveness. - The Guardian
The competition watchdog has objected to government plans to privatise the Land Registry, warning that allowing a private firm to take possession of property ownership information could cause problems for other businesses. The Competition & Markets Authority (CMA) said selling off the organisation that keeps the official record of commercial and residential land ownership in England and Wales would give the new owner a monopoly on commercially valuable data with no incentive to improve access to it. - The Guardian
Shareholders have stepped up the pressure on Volkswagen still further over its rigging of emissions tests by demanding an independent audit to show that the carmaker has set aside enough to cover the costs of the scandal. DSW, a German group representing the rights of shareholders as well as several international investors, said yesterday that it had applied for the appointment of an independent auditor be put on the agenda of VW's annual meeting on June 22. - The Times |
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