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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 amid slate of company news UK stocks slid on Wednesday as investors waded through a plethora of corporate announcements.
Sainsbury's shares fell after the supermarket reported a 13.8% drop in full year underlying pre-tax profit to £587m as sales declined and the group grappled with the industry price war and ensuring food price deflation.
Royal Dutch Shell slumped as it posted a drop in first-quarter earnings on Wednesday in the oil giant's first results since the takeover of BG Group.
Next rallied despite warning that sales and profits could be lower than previously forecast due to a potential slowdown in consumer spending. "We believe it is unlikely (but possible) that sales will deteriorate further, and we have seen a significant improvement over the last few days as temperatures have risen," the company said.
Ryanair flew higher after saying traffic rose 10% in April to a record 9.9m customers from 9m in the same month last year.
BAE Systems gained as reported a good start to the new financial year, with directors confident the good momentum is in line with full year targets.
BHP Billiton edged lower on news that federal prosecutors in Brazil have launched a $43bn lawsuit against the company's part-owned Samarco Mineração mining unit to claim compensation for the dam disaster last November.
In economic data, the Markit/CIPS purchasing managers' index on UK construction will be released at 0930 BST, with analysts expecting a slowdown in sector growth for April. It comes a day after the UK manufacturing PMI showed growth eased in April.
Eurozone retail sales are due at 1000 BST, followed by the US ADP jobs report at 1315 BST, the Markit US services PMI at 1445 BST, ISM's non-manufacturing composite at 1500 BST, and factory orders and durable goods orders at 1500 BST.
US weekly crude inventories data from the Department of Energy will be also released at 1530 BST.
Oil prices were sitting higher in morning trade with Brent crude up 0.31% to $45.11 per barrel and West Texas Intermediate up 0.61% to $43.92 per barrel. |
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| Market Movers
FTSE 100 (UKX) 6,176.06 -0.15%
FTSE 250 (MCX) 16,727.13 -0.02%
techMARK (TASX) 3,063.48 -0.13%
FTSE 100 - Risers
Next (NXT) 5,085.00p 2.15%
Standard Chartered (STAN) 527.80p 1.44%
TUI AG Reg Shs (DI) (TUI) 995.50p 1.32%
Rolls-Royce Holdings (RR.) 649.50p 1.17%
Berkeley Group Holdings (The) (BKG) 2,985.00p 1.15%
Admiral Group (ADM) 1,924.00p 1.10%
BAE Systems (BA.) 481.20p 1.05%
Aviva (AV.) 436.50p 0.99%
International Consolidated Airlines Group SA (CDI) (IAG) 514.50p 0.88%
Direct Line Insurance Group (DLG) 371.10p 0.76%
FTSE 100 - Fallers
BHP Billiton (BLT) 830.10p -5.16%
Randgold Resources Ltd. (RRS) 6,315.00p -4.39%
Morrison (Wm) Supermarkets (MRW) 184.90p -3.14%
Sainsbury (J) (SBRY) 277.50p -2.87%
Anglo American (AAL) 647.00p -2.81%
Paddy Power Betfair (PPB) 9,000.00p -1.85%
Tesco (TSCO) 166.15p -1.83%
Antofagasta (ANTO) 440.40p -1.63%
Fresnillo (FRES) 1,057.00p -1.31%
Imperial Brands (IMB) 3,696.50p -1.16%
FTSE 250 - Risers
Electra Private Equity (ELTA) 3,785.00p 5.14%
Just Eat (JE.) 414.80p 3.11%
Sophos Group (SOPH) 205.90p 2.80%
NCC Group (NCC) 271.40p 2.69%
Indivior (INDV) 150.30p 2.04%
AO World (AO.) 182.90p 1.61%
Bovis Homes Group (BVS) 882.00p 1.55%
Beazley (BEZ) 329.70p 1.45%
JRP Group (JRP) 138.00p 1.32%
William Hill (WMH) 318.40p 1.24%
FTSE 250 - Fallers
International Personal Finance (IPF) 226.30p -13.26%
Ophir Energy (OPHR) 68.15p -3.88%
Vedanta Resources (VED) 381.10p -3.76%
Acacia Mining (ACA) 330.00p -3.03%
Kaz Minerals (KAZ) 157.30p -2.90%
Centamin (DI) (CEY) 117.10p -2.50%
Polymetal International (POLY) 697.50p -2.17%
Debenhams (DEB) 76.45p -1.99%
Allied Minds (ALM) 364.00p -1.78% |
| | UK Event Calendar | | Wednesday 04 May
INTERIMS
Imperial Brands , Imperial Brands
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Crude Oil Inventories (US) (15:30)
Factory Orders (US) (15:00)
ISM Non-Manufacturing (US) (15:00)
MBA Mortgage Applications (US) (12:00)
PMI Composite (EU) (09:00)
PMI Composite (GER) (08:55)
PMI Composite (US) (14:45)
PMI Services (EU) (09:00)
PMI Services (GER) (08:55)
PMI Services (US) (14:45)
Retail Sales (EU) (10:00)
FINALS
1Spatial, Avon Rubber, Beximco Pharmaceuticals Ltd. GDR (Reg S), Venture Life Group
IMSS
Direct Line Insurance Group
DRILLING REPORT
Glencore
AGMS
Amerisur Resources, Audioboom Group, Aviva, BAE Systems, Dairy Farm International Holdings Ltd. (Singapore), Hongkong Land Holding Ltd. (Sing.Reg), International Personal Finance, Intu Properties, Mandarin Oriental International (Singapore), Ocado Group, Royal Bank of Scotland Group, Spirent Communications, St James's Place, Standard Chartered, The Renewables Infrastructure Group Limited, Virgin Money Holdings (UK)
TRADING ANNOUNCEMENTS
Carillion, Direct Line Insurance Group, Glencore , International Personal Finance, Intu Properties, Next, Paddy Power Betfair, Virgin Money Holdings (UK)
UK ECONOMIC ANNOUNCEMENTS
PMI Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Asian Total Return Investment Company, First Quantum Minerals Ltd.
Q1
Hellenic Telecom Industries SA ADS, Royal Dutch Shell 'A', Royal Dutch Shell 'B'
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks waver as investors sift through earnings deluge European stocks wavered in early trade as investors sifted through an avalanche of corporate news.
At 0900 BST, the benchmark Stoxx Europe 600 index was up 0.1%, Germany's DAX was 0.3% higher and France's CAC 40 was up 0.3%.
At the same time, oil prices were a little higher, with West Texas Intermediate up 0.5% to $43.87 as barrel and Brent crude 0.2% higher at $45.08.
Markus Huber, a trader at City of London Markets, said stocks were showing only tentative signs of staging a potential rebound after Tuesday's sharp selloff.
"Overall sentiment is negative, also not necessarily helping matters have been comments by a couple of Fed members yesterday who reiterated that a rate hike isn't necessarily completely off the table for June," he said.
Huber said the main focus of the day will be the US ADP employment report and US labour cost and productivity data.
On the corporate front, Royal Dutch Shell edged lower after saying first-quarter earnings on a current cost of supplies basis and stripping out one-off items fell 58% from the previous year to $1.55bn as weak oil prices continued to take their toll.
Air France-KLM flew lower despite reporting a narrower loss for the first quarter, as it warned on the outlook.
Deutsche Telekom was in the red despite releasing better-than-expected first-quarter earnings.
Supermarket chain Sainsbury's was under the cosh as its full-year results were hit by falling food prices and the industry price war.
BHP Billiton slumped on news that federal prosecutors in Brazil have launched a $43bn lawsuit against its part-owned Samarco Mineração mining unit to claim compensation for the dam disaster last November.
Brewer Anheuser Busch InBev fell as its first-quarter sales missed estimates, while Apple supplier Dialog Semiconductor tumbled after saying underlying operating profit fell 58% on the year in the first quarter.
On the upside, Societe Generale rallied as its first-quarter profit beat analysts' expectations and the bank announced additional cost cuts, while Ryanair nudged up after posting a 10% rise in April passenger numbers.
Siemens was also higher after second-quarter profit surpassed forecasts, while London-listed fashion retailer Next pushed up despite cutting its sales and profit guidance and warning of a slowdown. |
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| | US Market Report | | US close: China concerns and choppy dollar hit stocks US stocks fell on Tuesday after Chinese manufacturing data teamed up with a highly volatile dollar.
By the close, the Dow Jones Industrial Average was down 0.78% to 17,750.91, the S&P 500 was 0.87% lower at 2,063.37 and the Nasdaq composite had fallen 1.13% to 4,763.22.
China's official manufacturing purchasing managers' index dropped to 50.1 in April from 50.2 in March, the National Bureau of Statistics revealed, missing economists' estimates of 50.4. However it was above the 50 level that separates an expansion from a contraction.
The Caixin PMI on China manufacturing contracted further to 49.4 in April from 49.7 in March, according to Markit, below forecasts of 49.9.
"With the Caixin reading focusing on SME's, it is clear that while large firms are feeling the benefits of government spending and increasingly expansionary policies at the PBoC, the smaller firms remain exposed to slowing growth and trade," said Joshua Mahony, market analyst at IG.
At the same time, the Reserve Bank of Australia's decision to cut interest rates to a record low of 1.75% also weighed on sentiment, along with the European Commission's downgrade of its projection for eurozone consumer price inflation in 2016 from 0.5% to 0.2%.
Mike van Dulken, head of research at Accendo Markets, said the RBA's move "will surely only go to fuel fears of another round of 'currency wars' as nations fight for that competitive edge via currency weakness".
Meanwhile, oil prices retreated amid concerns about oversupply. West Texas Intermediate was down 2.46% to $43.68 a barrel while Brent crude was 1.72% weaker at $45.04.
After starting the European session with new multi-month lows, the greenback surged during its native session to record its best-one day performance since August.
EUR/USD shattered the 1.16 mark for the first time in around eight months after Federal Reserve's Dennis Lockhart suggested June's would be a 'live meeting', after rate hike expectations for June had fallen to 12%.
But the volatility continued later, as the dollar swung back to 1.1501.
Among corporate stocks, Pfizer rallied after reporting first quarter revenue that beat analysts' estimates, bolstered by sales of its new treatments for cancer and its Hospira acquisition.
Estee Lauder slumped after announcing plans to cut its workforce by 900 to 1,200 positions globally as it reported a drop in first quarter profit.
Halliburton was under the cosh as it reported a wider quarterly loss, reflecting a fall in revenue at its North American business due to lower energy prices and charges from its failed tie-up with Baker Hughes Inc.
After eight consecutive days of falls, a first since 1998, Apple's stock rallied after CEO Tim Cook made a strong impression in his intense grilling on the 'Mad Money' show on CNBC, insisting the recent results really represented an "incredible quarter by absolute standards".
There were no major US data releases scheduled on Tuesday.
S&P 500 - Risers
FMC Corp. (FMC) $47.32 +8.48%
Mallinckrodt Plc Ordinary Shares (MNK) $64.84 +6.80%
Fidelity National Information Services Inc. (FIS) $71.29 +6.12%
Vulcan Materials Co. (VMC) $113.73 +4.28%
Endo International Plc (ENDP) $28.13 +3.50%
Owens-Illinois Inc. (OI) $19.20 +3.17%
Williams Companies Inc. (WMB) $19.39 +3.08%
Pfizer Inc. (PFE) $33.70 +2.74%
Alexion Pharmaceuticals Inc. (ALXN) $144.37 +2.73%
CVS Health Corp (CVS) $103.92 +2.43%
S&P 500 - Fallers
Chesapeake Energy Corp. (CHK) $5.80 -11.99%
Freeport-McMoRan Inc (FCX) $12.01 -11.37%
Pitney Bowes Inc. (PBI) $18.93 -9.56%
Southwestern Energy Co. (SWN) $11.92 -6.88%
United States Steel Corp. (X) $18.95 -6.65%
NRG Energy Inc. (NRG) $14.03 -5.84%
Expeditors International Of Washington Inc. (EXPD) $47.39 -5.71%
Marathon Oil Corp. (MRO) $12.79 -5.61%
Alcoa Inc. (AA) $10.35 -5.57%
Harris Corp. (HRS) $76.43 -5.48%
Dow Jones I.A - Risers
Pfizer Inc. (PFE) $33.70 +2.74%
Apple Inc. (AAPL) $95.18 +1.64%
Unitedhealth Group Inc. (UNH) $132.46 +0.27%
Procter & Gamble Co. (PG) $81.10 +0.16%
McDonald's Corp. (MCD) $128.40 +0.16%
Dow Jones I.A - Fallers
United Technologies Corp. (UTX) $102.13 -2.15%
JP Morgan Chase & Co. (JPM) $62.56 -1.93%
Chevron Corp. (CVX) $101.32 -1.93%
Caterpillar Inc. (CAT) $76.36 -1.90%
E.I. du Pont de Nemours and Co. (DD) $64.83 -1.88%
Cisco Systems Inc. (CSCO) $26.86 -1.86%
Goldman Sachs Group Inc. (GS) $163.14 -1.83%
Microsoft Corp. (MSFT) $49.78 -1.64%
Visa Inc. (V) $77.19 -1.62%
American Express Co. (AXP) $64.85 -1.26%
Nasdaq 100 - Risers
Endo International Plc (ENDP) $28.13 +3.50%
Alexion Pharmaceuticals Inc. (ALXN) $144.37 +2.73%
Mylan Inc. (MYL) $43.69 +2.29%
Apple Inc. (AAPL) $95.18 +1.64%
O'Reilly Automotive Inc. (ORLY) $268.20 +1.48%
TripAdvisor Inc. (TRIP) $65.83 +1.45%
Walgreens Boots Alliance, Inc. (WBA) $81.46 +1.12%
Liberty Media Corporation - Series C (LMCK) $18.44 +0.71%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $50.14 +0.62%
American Airlines Group (AAL) $34.58 +0.44%
Nasdaq 100 - Fallers
Sba Communications Corp. (SBAC) $99.03 -5.86%
Seagate Technology Plc (STX) $19.44 -5.08%
Tesla Motors Inc (TSLA) $232.32 -3.92%
Western Digital Corp. (WDC) $39.36 -3.65%
JD.com, Inc. (JD) $24.40 -3.52%
Regeneron Pharmaceuticals Inc. (REGN) $371.32 -3.43%
Discovery Communications Inc. Class C (DISCK) $26.58 -3.35%
Discovery Communications Inc. Class A (DISCA) $27.00 -3.33%
Dish Network Corp. (DISH) $47.39 -3.13% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Barclays, challenger banks, China data The Government has taken the rare move of fast-tracking a full investigation into BHS's former directors as Sir Philip Green yesterday agreed to appear before MPs in return for saving his wife's blushes. Business Secretary Sajid Javid has taken the unusual step of accelerating an inquiry by the Insolvency Service into the retailer's collapse, rather than wait three months for administrators to conclude their own investigation.
Challenger banks face a bumpier ride and some are likely to be squeezed by rising competition, a report has warned. Despite notching up a more impressive record on growth, costs and conduct issues than their bigger rivals, challengers are about to have a tougher time, particularly the larger members of the pack, according to KPMG. - The Times
Barclays has become the first high street bank since the financial crisis to launch a 100 per cent mortgage in the latest sign of a return to riskier lending. The bank is allowing some buyers to take out a mortgage to 100 per cent of the value of the property, without needing a deposit, whereas most banks require at least a 5-10 per cent lump sum. - Financial Times
A Chinese government crackdown on the sale of data from its sprawling statistics agencies has prompted a marked deterioration in the numbers that investors rely on to understand the world's second-largest economy. In recent months, executives searching for figures on China's petroleum exports or wind power output have noticed growing gaps in the numbers, with some data released later than expected or missing entirely. That has made it harder to assess the state of the broader economy and the many industries in which the country has become the dominant producer or buyer of raw materials. - Financial Times
Water shortages will deliver a "severe hit" to the economies of the Middle East, central Asia, and Africa by the middle of the century, taking double digits off their GDP, the World Bank warned. By 2050, growing demand for cities and for agriculture would put water in short supply in regions where it is now plentiful - and worsen shortages across a vast swath of Africa and Asia, spurring conflict and migration, the bank said. - Guardian
Riyadh has unveiled reforms to its stock market designed to boost foreign investment and pave the way for the flotation of Saudi Aramco, the giant state-controlled oil producer. The reforms to Saudi Arabia's $400 billion bourse, the Tadawul, include permitting short-sellers, a first for a Gulf state, and relaxing tight restrictions on foreign ownership of Saudi companies. - The Times
Privatising Channel 4 would have an "overwhelmingly negative" impact on the creative industries and bring in a maximum of £500m to the Exchequer, a report for the broadcaster has argued. It rejected claims made by the Culture Secretary John Whittingdale that Channel 4's self-funded but taxpayer-owned model is under threat from the shift of young viewers to internet streaming, saying that "the rate of change is less than suggested by the hype". - Telegraph
Doubts about the controversial EU-US trade pact are mounting after the French president threatened to block the deal. François Hollande said on Tuesday he would reject the Transatlantic Trade and Investment Partnership (TTIP) "at this stage" because France was opposed to unregulated free trade. - The Guardian
The European Investment Bank spent almost €20 billion supporting credit provision for small and medium-sized companies last year, but British entrepreneurs didn't see a penny of it. The UK was the only country in the European Union not to receive any funds, a report by the bank shows, while Germany, Spain, Italy and France received a combined €14.4 billion. - The Times
The chief executive of O2 has compared the UK telecoms market to that of Venezuela, in an attack on regulators over their opposition to the mobile operator's merger with rival Three. Ronan Dunne launched a broadside at Ofcom over its management of the mobile industry after it lobbied against the £10.25bn takeover of O2 by Hutchison, the owner of Three. - Telegraph
Some of the largest food producers in the US have successfully petitioned Congress to propose a change to the Freedom of Information Act that would shield their communications with boards overseen by the US Department of Agriculture from the scrutiny of the public. The move follows a series of stories that showed the government-backed egg promoter, the American Egg Board, had attempted to stifle competition from Silicon Valley food startup Hampton Creek, in direct conflict with its mandate. - Guardian
The UN has urged governments to stem the flow of funds to tax havens after companies funnelled $221bn (£152bn) into countries with low tax rates last year. The Netherlands and Luxembourg were among the top destinations for funds from corporations seeking to avoid tax, along with the US, Britain, Switzerland and Ireland, according to the UN. - Guardian
Alphabet's search for an automotive partner to develop self-driving vehicles finally bore fruit on Tuesday when Google's parent company said it would work with Fiat Chrysler to trial its systems in a new minivan. The deal marks the culmination of months of work by the technology company, which has acknowledged that it needs more automotive industry expertise to work out how to integrate its autonomous systems with a vehicle. - Financial Times |
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