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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 as Greece creditors agree to unlock fresh bailout funds London stocks rose on Wednesday after the eurozone finance ministers agreed to unlock €10bn in bailout funds.
Following an 11-hour meeting in Brussels, eurozone ministers and the International Monetary Fund came to a deal to release fresh loans to Greece after agreeing the nation had met its obligations.
The IMF also signalled that it could join the bailout by the end of 2016.
A report showing an improvement in German consumer confidence also gave the market a boost. GfK's forward-looking consumer sentiment index unexpectedly rose to 9.8 in June from 9.7 the previous month.
The IFO's German investor sentiment index
Still to come, the US house price index at 1400 BST, Markit's US services purchasing managers' index at 1445 BST and government data on US weekly crude inventories at 1530 BST.
Among corporate stocks, Marks & Spencer's shares plunged as the retailer posted an 18.5% drop in full year pre-tax profits and as chief executive Steve Rowe announced plans to lower clothing prices which may hit short-term profit.
Intertek was also in the red after saying its resource-related business continued to suffer from challenging markets in the first four months of the year.
Royal Mail gained after Ofcom decided against imposing new price controls on the postal service's wholesale or retail products following a review of the regulation of the company.
Serco Group jumped after the outsourcing company said it expects underlying trading profit for 2016 to be ahead of current market forecasts following a stronger-than-anticipated start to the year. |
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| Market Movers
FTSE 100 (UKX) 6,260.54 0.66%
FTSE 250 (MCX) 17,211.35 0.44%
techMARK (TASX) 3,114.04 0.50%
FTSE 100 - Risers
Royal Bank of Scotland Group (RBS) 252.20p 2.81%
HSBC Holdings (HSBA) 443.15p 2.05%
London Stock Exchange Group (LSE) 2,727.00p 1.87%
Royal Mail (RMG) 530.00p 1.73%
CRH (CRH) 2,083.00p 1.61%
ITV (ITV) 220.10p 1.57%
Lloyds Banking Group (LLOY) 73.50p 1.49%
Aviva (AV.) 456.30p 1.45%
Standard Life (SL.) 343.00p 1.30%
Legal & General Group (LGEN) 239.50p 1.27%
FTSE 100 - Fallers
Marks & Spencer Group (MKS) 408.30p -8.19%
Intertek Group (ITRK) 3,210.00p -2.64%
Next (NXT) 5,415.00p -1.72%
Taylor Wimpey (TW.) 207.60p -1.28%
Randgold Resources Ltd. (RRS) 5,810.00p -1.27%
Barratt Developments (BDEV) 593.00p -1.08%
Fresnillo (FRES) 1,030.00p -1.06%
Persimmon (PSN) 2,128.00p -0.75%
Bunzl (BNZL) 2,028.00p -0.69%
Associated British Foods (ABF) 2,928.00p -0.58%
FTSE 250 - Risers
Serco Group (SRP) 101.80p 11.26%
Paysafe Group (PAYS) 414.50p 6.34%
BGEO Group (BGEO) 2,640.00p 5.60%
Regus (RGU) 315.00p 3.82%
Polypipe Group (PLP) 325.00p 3.17%
National Express Group (NEX) 347.90p 2.99%
Pennon Group (PNN) 864.00p 2.67%
Tullow Oil (TLW) 248.30p 2.60%
Paragon Group Of Companies (PAG) 307.30p 2.43%
Virgin Money Holdings (UK) (VM.) 364.60p 2.33%
FTSE 250 - Fallers
AO World (AO.) 165.60p -5.37%
Stagecoach Group (SGC) 243.10p -5.33%
Centamin (DI) (CEY) 103.30p -2.55%
DFS Furniture (DFS) 307.30p -2.32%
Jimmy Choo (CHOO) 114.00p -2.06%
OneSavings Bank (OSB) 310.40p -1.96%
Softcat (SCT) 317.80p -1.82%
Card Factory (CARD) 364.80p -1.67%
Acacia Mining (ACA) 316.30p -1.62% |
| | UK Event Calendar | | Wednesday 25 May
INTERIMS
Ediston Property Investment Company
INTERIM DIVIDEND PAYMENT DATE
Fidelity Special Values, Project Finance Investments Limited, Sequoia Economic Infrastructure Income Fund Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
GFK Consumer Confidence (GER) (07:00)
House Price Index (US) (14:00)
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)
MBA Mortgage Applications (US) (12:00)
FINALS
Babcock International Group, Centralnic Group , Great Portland Estates, Mediclinic International , Pennon Group, Reach4Entertainment Enterprises, Wizz Air Holdings
AGMS
Air China Ltd., Alliance Pharma, Dunedin Income Growth Inv Trust, e-Therapeutics, Electric Word, F&C Private Equity Trust, Hastings Group Holdings , Highland Gold Mining Ltd., Hilton Food Group, IGas Energy, Ingenious Entertainment VCT 1 'D' Shares, Ingenious Entertainment VCT 1 E Shares, Ingenious Entertainment VCT 1 F Shares, Ingenious Entertainment VCT 1 G Shs, Ingenious Entertainment VCT 1 H Shs, Ingenious Entertainment VCT 2 'D' Shares, Ingenious Entertainment VCT 2 E Shares, Ingenious Entertainment VCT 2 F Shares, Ingenious Entertainment VCT 2 G Shs, Ingenious Entertainment Vct 2 H Shs, Intertek Group, Judges Scientific, LiDCO Group, Mercantile Investment Trust (The), Northern Petroleum, Paysafe Group , Polypipe Group , SQS Software Quality Systems AG, Total Produce, Travis Perkins, WANdisco
TRADING ANNOUNCEMENTS
Intertek Group, Kingfisher, Paysafe Group
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
FINAL DIVIDEND PAYMENT DATE
Mobeus Income & Growth 4 Vct, Portmeirion Group, StatPro Group, Virgin Money Holdings (UK) , Zotefoams
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the black as oil gains, Greece deal reached European stocks advanced in early trade following a positive session on Wall Street and amid rising oil prices, as investors digested news that Greece has reached a breakthrough agreement with its international creditors.
At 0855 BST, the benchmark Stoxx Europe 600 index and Germany's DAX were both up 0.8%, while France's CAC 40 was 0.5% stronger.
Meanwhile, Greece's ASE index was up 0.7% after Athens agreed a deal to unlock €10.3bn in loans from its creditors in return for fiscal reforms.
Oil prices gained ground after data from the American Petroleum Institute showed US crude stocks fell by 5.1m barrels last week to 536.8m, which was a much bigger drop than expected.
West Texas Intermediate was up 1.4% to $49.29 a barrel and Brent crude was 1.3% firmer at $49.26.
"After three weeks of lacklustre market performance, investor sentiment has finally turned more positive, with markets up strongly, adding to the significant gains seen yesterday. The increased probability of a Remain vote alongside aid agreement on Greece (albeit somewhat diluted) and a more optimistic view of the US economy have all combined to encourage investors back to the table," said Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor.
"The major fear over recent weeks has been about the possibility of Federal Reserve moves and what the impact of US rate rises might be. However, these fears appear to be receding as Fed speakers and underlying data confirm the US economy is improving and should therefore be able to withstand prospective rate rises. With many investors underinvested, the weight of additional liquidity could provide a boost for markets over the coming weeks."
In corporate news, Marks & Spencer was firmly under the cosh after reporting a drop in full-year profit and warning that short-term profit would take a hit from plans to turn around the clothing business.
German chemical and pharmaceutical company Bayer was in focus after US agriculture giant Monsanto rejected the company's bid, saying it was "financially inadequate".
Royal Mail was higher after the postal regulator decided not to impose any new price controls on the company's wholesale or retail products but kept the cap on stamp prices and proposed tightening some rules in the 'access' market. |
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| | US Market Report | | US close: Stocks gain on oil price rise, strong housing data US stocks finished higher on Tuesday as oil prices rose and data showed new house sales surged more than expected in April.
The Dow Jones Industrial Average increased 1.22%, the S&P 500 climbed 1.37% and the Nasdaq gained 2.0%.
At the same time oil prices increased with West Texas Intermediate crude up 1.4% to $48.81 per barrel and Brent up 0.90% to $48.79 per barrel at 2142 BST.
Sales of new US single-family homes rose to their highest level since 2008 in April, official data released on Tuesday showed. According to figures from the Commerce Department, new home sales jumped 16.6% from the upwardly-revised March rate of 531,000 to a seasonally-adjusted annual rate of 619,000. Economists had been expecting a pace of 523,000.
Compared to the same month a year ago, sales were 23.8% higher.
On the downside, the Richmond Fed manufacturing index fell to -1 for May from 14 the previous month, worse than analysts' estimates for a drop to 8.
Meanwhile, the prospect of an interest rate hike by the Federal Reserve in June boosted financial stocks. An increase in interest rates supports banks' profits as it widens the gap between what banks charge on loans and what they pay for deposits.
Speculation on a rate rise next month has been fuelled by recent hawkish remarks from Fed speakers and last week's Federal Open Market Committee minute minutes showing such a move is on the table.
Societe Generale strategist Kit Juckes said: "The odds of a June Fed rate hike have risen to 30% according to Bloomberg, but the vast majority of people I speak to think the UK's EU membership referendum will be enough to stay the Fed's hand.
"For those tempted to look for an early move, July is the favourite, and the odds there, have increased to above 50%. I should add that SG's US economics team doesn't share that view, expecting a Q4 move, but the contrast with the UK where the chances of a July hike (pot-referendum, remember) remain firmly at zero."
On the corporate front, Toll Brothers gained after reporting better-than-expected second-quarter profit and revenue ahead of the open.
Best Buy slumped as it announced the departure of its chief financial officer and warned that earnings in the second quarter would hit by a disruption in supply of some high-margin products after an earthquake in Japan.
In currencies, the dollar rose 0.71% against the euro and grew 0.67% against the yen but fell 1.01% versus the pound.
S&P 500 - Risers
Chesapeake Energy Corp. (CHK) $4.05 +10.35%
Xilinx Inc. (XLNX) $47.45 +5.70%
PulteGroup Inc. (PHM) $18.73 +5.11%
Vertex Pharmaceuticals Inc. (VRTX) $88.42 +4.74%
Robert Half International Inc. (RHI) $40.80 +4.56%
Western Digital Corp. (WDC) $42.28 +4.50%
Whirlpool Corp. (WHR) $174.25 +4.42%
Moody's Corp. (MCO) $97.80 +4.36%
D. R. Horton Inc. (DHI) $30.48 +4.24%
Frontier Communications Co. (FTR) $5.09 +4.09%
S&P 500 - Fallers
CF Industries Holdings Inc. (CF) $27.61 -7.50%
Best Buy Co. Inc. (BBY) $30.55 -7.42%
Newmont Mining Corp. (NEM) $31.74 -6.18%
Anthem Inc (ANTM) $128.48 -3.53%
Norfolk Southern Corp. (NSC) $82.23 -2.90%
Freeport-McMoRan Inc (FCX) $11.11 -2.37%
Baker Hughes Inc. (BHI) $43.96 -2.07%
Signet Jewelers Ltd (SIG) $105.78 -2.01%
United States Steel Corp. (X) $13.55 -1.95%
Gap Inc. (GPS) $18.09 -1.74%
Dow Jones I.A - Risers
Microsoft Corp. (MSFT) $51.59 +3.12%
Visa Inc. (V) $79.38 +2.81%
Intel Corp. (INTC) $31.06 +2.75%
American Express Co. (AXP) $64.87 +2.01%
Cisco Systems Inc. (CSCO) $28.47 +1.90%
Travelers Company Inc. (TRV) $113.44 +1.84%
JP Morgan Chase & Co. (JPM) $64.54 +1.70%
Unitedhealth Group Inc. (UNH) $132.59 +1.66%
Apple Inc. (AAPL) $97.90 +1.52%
3M Co. (MMM) $168.63 +1.52%
Dow Jones I.A - Fallers
Boeing Co. (BA) $127.50 -0.06%
Nasdaq 100 - Risers
Ctrip.Com International Ltd. Ads (CTRP) $45.42 +6.52%
Xilinx Inc. (XLNX) $47.45 +5.70%
Vertex Pharmaceuticals Inc. (VRTX) $88.42 +4.74%
Western Digital Corp. (WDC) $42.28 +4.50%
JD.com, Inc. (JD) $23.79 +3.93%
Baidu Inc. (BIDU) $175.88 +3.60%
Gilead Sciences Inc. (GILD) $86.22 +3.47%
Activision Blizzard Inc. (ATVI) $39.02 +3.42%
Viacom Inc. Class B (VIAB) $41.30 +3.38%
Linear Technology Corp. (LLTC) $46.99 +3.25%
Nasdaq 100 - Fallers TripAdvisor Inc. (TRIP) $66.07 -1.20% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Greece, BHS, Monsanto Greece's international creditors have bought time to secure the country's financial future after agreeing broad but inexact principles to ease its debt mountain and break an impasse between Germany and the International Monetary Fund. After almost 11 hours of talks in Brussels, eurozone finance ministers and the IMF agreed to a range of measures to restructure Greece's debts when its €86bn bailout ends in 2018 - but put no figures on the concessions and left them subject to political decisions by eurozone countries. Most significant decisions would be taken after the German federal elections next year. - Financial Times
Leaving the EU would cost British consumers and businesses billions and force the UK to suffer the ignominy of renegotiating the terms of its membership in the World Trade Organisation, a body whose predecessor it was instrumental in founding, its director-general has warned. - Financial Times
A former managing director of Mothercare and Burton is leading a bid for BHS backed by a wealthy Portuguese family, which has emerged as the frontrunner to rescue the department store chain. Greg Tufnell, the brother of former England cricketer Phil Tufnell, has been holding talks with administrators. It is understood that Tufnell aims to become BHS chairman. - Guardian
The boss of one of Britain's biggest estate agent chains appears to have called the top of the property market, saying there has been a big slump in demand from buyers after the nation has "reached the limit" on house prices. Paul Smith, whose company operates Haart, Felicity J Lord, Spicer McColl and Darlows chains across the UK, said there was "trouble in paradise" and sellers would have to cut prices to find buyers. - Guardian
US agricultural business Monsanto rejected a $62bn takeover offer from German drugs and crops giant Bayer yesterday as it believes the current proposal is "incomplete and financially inadequate", but said it is willing to engage in further negotiations. The firm said it was "open to continued and constructive conversations" with Bayer to assess whether a transaction "in the best interest of Monsanto shareholders can be achieved". - Telegraph
British banks are increasingly willing to scrap the accounts of charities, small businesses and fintech firms in a bid to cut the cost of regulatory compliance and anti-money laundering controls, according to a report commissioned by the Financial Conduct Authority. Official crackdowns on money laundering and corruption have forced banks to work harder to ensure they are not inadvertently letting dirty money into the financial system. - Telegraph
The scale of the task facing George Osborne as he fights to get Britain's finances in order looks as big as ever, the latest borrowing figures show. In April the government borrowed £7.2 billion to make ends meet, £600 million more than forecast, according to the Office for National Statistics. - The Times |
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