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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 as support for Brexit grows London stocks fell on Tuesday as fears over a possible vote by Britain to leave the European Union continued to drag on investor sentiment.
Polls this week have shown a growing support for Brexit ahead of the 23 June referendum, adding to worries about the impact on the economy.
A poll from Guardian/ICM, released late Monday, showed the Leave camp enjoyed a 53%-47% advantage, compared with a 52%-48% split reported two weeks ago.
According to the latest YouGov poll, published in The Times on Tuesday, support for Brexit jumped by three percentage points to 46% over the latest week, while backing for 'Remain' lost another three percentage points to 39%.
"One positive thing to come from the last few days is that markets finally appear to be pricing in the real possibility that the UK could vote out," said Craig Erlam, senior market analyst at Oanda.
"The pound has been in freefall over the last week, a trend that could well continue between now and next Thursday if momentum remains with the leave campaign. At this rate, I wouldn't be surprised to see the pound trading at 1.35 against the dollar before the vote even takes place, although that would require another massive push by the leave campaign and another poor show from remain."
Meanwhile, UK inflation data will also be in focus when it is released at 0930 BST. Economists expect a slight pick-up in May as oil prices recover.
Also on the agenda, Eurozone industrial production figures at 1000 BST, Eurozone employment data at 1000 BST, US retail sales at 1330 BST and US business inventories at 1500 BST.
Company-wise, Ted Baker shares gained after reporting a 12.7% increase in first quarter retail sales and saying it expects full year results to meet expectations.
Go-Ahead plunged after saying it expects margins at its contract on the Govia Thames Railway to be lower than previously anticipated.
FirstGroup jumped after reporting a rise in full-year profit despite a drop in revenue following the loss of rail franchises.
Housebuilders, including Taylor Wimpey, Crest Nicholson and Barratt Developments, were in the red on worries about Brexit. |
| Market Movers
FTSE 100 (UKX) 5,990.26 -0.91%
FTSE 250 (MCX) 16,433.86 -0.85%
techMARK (TASX) 2,986.11 -0.72%
FTSE 100 - Risers
Ashtead Group (AHT) 968.00p 1.15%
Tesco (TSCO) 150.10p 0.37%
Standard Chartered (STAN) 502.20p 0.26%
Fresnillo (FRES) 1,234.00p 0.08%
3i Group (III) 541.00p 0.00%
International Consolidated Airlines Group SA (CDI) (IAG) 488.20p -0.04%
Centrica (CNA) 201.80p -0.05%
Vodafone Group (VOD) 210.95p -0.07%
Mondi (MNDI) 1,302.00p -0.08%
Inmarsat (ISAT) 709.50p -0.14%
FTSE 100 - Fallers
Anglo American (AAL) 612.80p -3.56%
Worldpay Group (WI) (WPG) 267.40p -2.69%
BHP Billiton (BLT) 803.60p -2.40%
Barclays (BARC) 161.25p -2.36%
Taylor Wimpey (TW.) 175.70p -2.23%
Sky (SKY) 873.00p -2.08%
Schroders (SDR) 2,428.00p -2.02%
BT Group (BT.A) 402.85p -1.97%
Barratt Developments (BDEV) 526.00p -1.96%
Glencore (GLEN) 130.30p -1.96%
FTSE 250 - Risers
FirstGroup (FGP) 111.80p 8.44%
Indivior (INDV) 215.70p 2.71%
Ted Baker (TED) 2,375.00p 2.15%
Euromoney Institutional Investor (ERM) 952.50p 1.33%
Fidelity China Special Situations (FCSS) 136.80p 1.18%
P2P Global Investments (P2P) 855.00p 1.12%
Vesuvius (VSVS) 331.30p 1.07%
BGEO Group (BGEO) 2,458.00p 0.99%
PayPoint (PAY) 950.00p 0.96%
Riverstone Energy Limited (RSE) 854.50p 0.89%
FTSE 250 - Fallers
Go-Ahead Group (GOG) 2,142.00p -11.96%
Ocado Group (OCDO) 209.90p -6.42%
Crest Nicholson Holdings (CRST) 533.50p -4.73%
Henderson Group (HGG) 234.00p -4.14%
Kaz Minerals (KAZ) 137.90p -3.50%
Rightmove (RMV) 3,979.00p -3.21%
Telecom Plus (TEP) 988.00p -3.14%
Shawbrook Group (SHAW) 232.70p -3.00%
Aberdeen Asset Management (ADN) 251.00p -2.90% |
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| | UK Event Calendar | | Tuesday 14 June
INTERIMS
Crest Nicholson Holdings, Servoca
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (15:00)
Crude Oil Inventories (US) (21:30)
Import and Export Price Indices (US) (13:30)
Industrial Production (EU) (10:00)
Retail Sales (US) (13:30)
Retail Sales Less Autos (US) (13:30)
Q4
Ashtead Group
FINALS
Abzena, Ashtead Group, CML Microsystems, Falkland Islands Holdings, Findel, Halma, Market Tech Holdings Limited , Norcros, Park Group, Shield Therapeutics, Trifast
SPECIAL DIVIDEND PAYMENT DATE
Gem Diamonds Ltd. (DI)
AGMS
City Merchants High Yield Trust, Dragon-Ukrainian Properties & Development, HMS Hydraulic Machines & Systems Group GDR, ICG Enterprise Trust, Inspired Energy, PJSC Novorossiysk Commercial Sea Port GDR (Reg S), Premier Farnell, Pro Global Insurance Solutions , Synairgen, Ted Baker, TP Group, Velocys plc, Walcom Group (DI)
TRADING ANNOUNCEMENTS
Ted Baker
UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
FINAL DIVIDEND PAYMENT DATE
Gem Diamonds Ltd. (DI)
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks drop as investors shun risk amid Brexit fears European stocks fell in early trade while government bonds rallied as risk-averse investors grew increasingly concerned the UK might vote to leave the European Union, and ahead of rate announcements from the Federal Reserve, the Bank of England and the bank of Japan later this week.
At 0910 BST, the benchmark Stoxx 600 index was down 1%, Germany's DAX was off 0.9% and France's CAC 40 was 1% lower.
"With the 'leave' campaign gaining ground and some polls even having them in the lead for the first time since April traders continue to scale back their risk exposure," said Markus Huber, a trader at City of London Markets.
"As it is often the case in situations of extreme uncertainty markets will continue to price in a worst case scenario meaning further declines are likely in the days ahead except if there would be a substantial shift in public opinion or some kind of verbal intervention from politicians or central bankers to bring back calm into the markets.
"No doubt markets are heavily oversold in the short-term but with overall sentiment remaining very negative and market liquidity not necessarily very high, traders are preferring to sell rallies for now with more downside possible."
As investors looked for somewhere safe to park their cash, yields on Germany's 10-year bund turned negative for the first time, while the yield on the 10-year UK gilt was three basis points lower at 1.187%. When a bond falls below zero it means investors are effectively paying the government to hold its bonds.
Oil prices retreated, with West Texas Intermediate down 1.4% at $48.19 a barrel and Brent crude down 1.3% at $49.68.
Meanwhile, the pound was under the cosh again as more polls suggested the UK would vote to leave the European Union in next week's referendum. It was down 0.6% against both the euro the US dollar.
Societe Generale strategist Kit Juckes said: "Our best guess of a post-Brexit reaction is still that GBP/USD loses 5-10% quickly, dragging other European currencies down too against the yen and dollar."
"What's changing this week...is that the very near-term outlook around the vote is now more symmetrical. GBP/USD is now as likely to rally by 10 figures in the immediate aftermath of the vote as to fall by 10, depending on the outcome."
Brexit wasn't the only thing on investors' minds, as this week sees rate announcements from the FOMC on Wednesday, and the BoE and BoJ on Thursday.
In corporate news, Ashtead was on the front foot after the equipment rental firm said it had a strong fourth quarter and announced a bumper dividend and a £200m share buyback.
Shares in London-listed electronic component maker Premier Farnell rocketed after it agreed to be bought by Swiss-based Daetwyler Holding for 165p per share in cash.
Denmarks' Novo Nordisk was sharply lower despite announcing that its best-selling diabetes drug cuts the risk of heart attacks by 13%.
On the data front, Eurozone industrial production figures are due at 1000 BST. In the US, retail sales are at 1330 BST while business inventories are at 1500 BST. |
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| | US Market Report | | US close: Stocks drop ahead of EU referendum, Fed rate decision US stocks declined on Monday on jitters ahead of Britain's European Union referendum and the Federal Reserve's interest rate decision.
At the close the Dow Jones Industrial Average fell 0.74%, the S&P 500 dropped 0.81% and the Nasdaq dipped 0.94%.
Worries about a possible Brexit grew on Monday after polls showed more Britons in favour of leaving the European Union before the 23 June referendum.
The ORB poll for the Independent showed 55.0% said they were now backing the option to leave the EU, against 45.0% who said they were supporting 'Remain'.
A poll by the Financial Times showed 'Leave' has taken the lead for the first time, at 46% versus the Remain camp's 44%.
According to Betfair the probability of a vote to stay in the EU is around 64%, down around 14 points from last Thursday when it was at 78%.
Uncertainty surrounding the EU referendum is also expected to prompt the Federal Reserve to hold fire on raising interest rates on Wednesday. Weak jobs data and dovish remarks by Fed chair Janet Yellen have also added to bets the central bank will keep rates unchanged at this week's policy meeting.
Elsewhere, data showed China industrial production held steady in May but retail sales and investment growth slowed.
Industrial output rose 6% in May from a year earlier, the National Bureau of Statistics said, in line with the previous month's growth and analysts' expectations.
Retail sales rose 10% year-on-year in May, missing forecasts for a 10.1% increase and following a 10.1% gain the previous month.
China's fixed asset investments, excluding rural, climbed 9.6% year-on-year in May compared to a 10.5% increase in April. Economists had pencilled in no change.
A drop in oil prices also weighed on investor sentiment with West Texas Intermediate down 0.92% to $48.62 per barrel and Brent crude down 0.93% to $50.07 per barrel at 2112 BST.
Baker Hughes said the number of rigs drilling for oil in the US rose by three in the week ended June 10, the second straight weekly increase, adding to worries about the global supply glut.
On the corporate front, Apple shares fell as the iPhone maker revealed details of its latest mobile operating system at its annual developers' conference on Monday.
Symantec Corp. gained after the computer security group said it would buy Blue Coat Systems for $4.65bn.
Microsoft edged lower after as it agreed to buy LinkedIn for $26.2bn. Shares in LinkedIn surged.
S&P 500 - Risers
Symantec Corp. (SYMC) $18.22 +5.32%
Iron Mountain Inc (New) (IRM) $37.93 +1.99%
Transocean Ltd. (RIG) $10.96 +1.95%
Devon Energy Corp. (DVN) $35.79 +1.91%
Dentsply International Inc. (XRAY) $64.75 +1.79%
Nvidia Corp. (NVDA) $46.80 +1.30%
FLIR Systems Inc. (FLIR) $31.35 +1.23%
Endo International Plc (ENDP) $16.68 +1.21%
Ventas Inc. (VTR) $69.34 +1.11%
Allergan plc (AGN) $243.50 +1.07%
S&P 500 - Fallers
Marathon Petroleum Corporation (MPC) $33.97 -6.68%
Macy's Inc. (M) $31.60 -4.93%
Frontier Communications Co. (FTR) $4.87 -4.70%
Valero Energy Corp. (VLO) $51.03 -4.49%
United Continental Holdings Inc. (UAL) $44.05 -4.41%
Tenet Healthcare Corp. (THC) $27.70 -4.15%
Signet Jewelers Ltd (SIG) $85.51 -4.06%
Kohls Corp. (KSS) $35.31 -4.05%
American Airlines Group (AAL) $31.80 -4.04%
Tesoro Corp. (TSO) $74.25 -3.83%
Dow Jones I.A - Risers
Exxon Mobil Corp. (XOM) $90.60 +0.69%
McDonald's Corp. (MCD) $122.93 +0.47%
Intel Corp. (INTC) $32.18 +0.44%
Walt Disney Co. (DIS) $97.57 +0.24%
Chevron Corp. (CVX) $102.10 +0.12%
Dow Jones I.A - Fallers
Microsoft Corp. (MSFT) $50.14 -2.60%
Visa Inc. (V) $78.43 -2.18%
American Express Co. (AXP) $63.66 -2.02%
Coca-Cola Co. (KO) $45.11 -1.91%
Pfizer Inc. (PFE) $34.73 -1.59%
Apple Inc. (AAPL) $97.34 -1.51%
Merck & Co. Inc. (MRK) $56.10 -1.24%
E.I. du Pont de Nemours and Co. (DD) $66.75 -1.20%
Caterpillar Inc. (CAT) $75.26 -1.01%
Boeing Co. (BA) $129.91 -0.94%
Nasdaq 100 - Risers
Symantec Corp. (SYMC) $18.22 +5.32%
Walgreens Boots Alliance, Inc. (WBA) $84.36 +2.30%
Nvidia Corp. (NVDA) $46.80 +1.30%
Endo International Plc (ENDP) $16.68 +1.21%
Mylan Inc. (MYL) $44.78 +0.56%
Intuitive Surgical Inc. (ISRG) $644.48 +0.45%
Intel Corp. (INTC) $32.18 +0.44%
Verisk Analytics Inc. (VRSK) $79.10 +0.43%
Starbucks Corp. (SBUX) $55.04 +0.32%
Twenty-First Century Fox Inc Class B (FOX) $29.08 +0.31%
Nasdaq 100 - Fallers
Liberty Global plc Series A (LBTYA) $35.07 -4.10%
American Airlines Group (AAL) $31.80 -4.04%
Liberty Global plc Series C (LBTYK) $34.31 -3.16%
Microsoft Corp. (MSFT) $50.14 -2.60%
Whole Foods Market Inc. (WFM) $33.49 -2.39%
Facebook Inc. (FB) $113.97 -2.27%
Dish Network Corp. (DISH) $52.38 -2.03%
Seagate Technology Plc (STX) $22.68 -1.99%
Mondelez International Inc. (MDLZ) $44.17 -1.89% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: Sterling, retail jobs, Barclays, Apple Mounting fears that Britain will vote to leave the European Union this month have sent the cost of insurance against a collapse in the pound soaring. As the pound collapsed back towards $1.40, traders have been hedging themselves, with euro/sterling one-month implied volatility, a measure based on the cost of insurance options taken to protect investors against movement in the pound over the next month, surpassing levels seen in the financial crisis. - The Times
Job opportunities in the retail sector are expected to fall to their lowest level for five years as shop owners claw back the costs of the government's new living wage. About a third of employers in the retail sector intend to restrict the number of new jobs as higher pay packets for the lowest-paid staff eat into profit levels and cut dividend payouts. - The Guardian
Barclays is the British bank most exposed to the referendum on the UK's membership of the EU, as its international operations will be hit the most by Brexit according to analysts. Joseph Dickerson at Jefferies notes that Barclays share price is highly correlated with moves in sterling, which explain 80% of the stock's moves over the past 18 months. - Daily Telegraph
The move by Microsoft to merge its technology prowess and more than a billion users with LinkedIn's community of 433 million members could trigger the start of a new wave of technology mergers and acquisitions. According to Dealogic, there have been deals worth just over $85bn already this year and more could be in the offing, not least because the share prices of some of the biggest technology companies have tanked, making them vulnerable to predators. - The Times
Apple is making a fresh attempt to court developers by opening up its Siri virtual assistant, its iMessage service and a wide range of other aspects of its iOS operating system to outside app makers for the first time. The changes, announced at its annual Worldwide Developers Conference in San Francisco, see Apple trying to maintain the iPhone's place in app makers' priorities amid competing demands on their time from rival virtual assistants and messaging apps, which threaten to unseat the smartphone as the centre of the innovation. - Financial Times
Government plans to let councils keep all of their business rates must address problems with appeals and withdrawing essential grants before they can go ahead, the Communities and Local Government committee has said. Plans to reform the business rates system were unveiled at the 2015 Conservative Party Conference by George Osborne, who said that the move would devolve power for more than £26bn of revenue to local authorities. - Daily Telegraph
Households could be forced to pick up the tab for reimbursing customers left out of pocket if an energy supplier goes bust, under plans from Ofgem. The energy regulator has been reviewing procedures to cope with a supplier going out of business as an influx of new start-ups join the market offering cheap gas and electricity deals that some fear may prove to be unsustainable. - Daily Telegraph
Cities have a huge waste problem. Levels are expected to more than double over the next 20 years in low and middle income countries as the population increases towards an estimated 8.6 billion by 2030. - The Guardian | | |
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