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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 UK jobs data, Fed rate decision London stocks rebounded on Wednesday ahead of UK jobs data and the Federal Reserve's interest rate decision.
The UK jobs report at 0930 BST is expected to show employers added 60,000 jobs in the three months to April, compared to 44,000 in the previous period. The unemployment rate is forecast to remain at 5.1%.
The Bank of England is considering the health of the labour market in its policy decisions, including what to do with interest rates.
In the US, the Federal Reserve is expected to sit tight on interest rates in its policy decision at 1900 BST amid uncertainty surrounding Britain's EU referendum on 23 June and following weak employment data for May.
Fed chair Janet Yellen on 6 June said the federal funds rate will need to rise "gradually over time" but was silent on the timing of an interest rate hike. Her dovish tone was viewed as a signal that a June rate hike was off the table.
While the Fed is not expected to raise rates on Wednesday, Yellen's post-meeting press conference may give clues on the timing of the next hike.
"Fed President Janet Yellen's biggest problem now is trying to reorientate market expectations about not only the potential rate path for this year, but also the US economy as well," said Michael Hewson, chief market analyst at CMC Markets.
Meanwhile, Brexit news will be continued to be closely followed after polls this week have shown growing support for a vote to leave the EU.
Chancellor George Osborne warned that taxes would rise and spending would be cut if Britain votes to exit the EU.
In commodities, oil prices dropped on concerns about the global supply glut with Brent crude down 0.89% to $49.39 per barrel and West Texas Intermediate down 0.97% tp $48.02 per barrel at 0842 BST.
On the company front, Aveva Group slumped after it walked away from a second round of talks with French suitor Schneider Electric and has applied for its share to resume trading after their suspension.
Luxury goods maker Jimmy Choo gained after saying it had made a good start to the year and trading was in line with expectations despite headwinds facing the majority of the sector in 2016.
The Restaurant Group edged higher after appointment Barry Nightingale as chief financial officer.
Housebuilders continued to fall on Brexit fears with Berkeley Group and Barratt Developments in the red.
Mining stocks rallied, including Anglo American, Glencore and Antofagasta, as copper prices rose. |
| Market Movers
FTSE 100 (UKX) 5,982.46 0.99%
FTSE 250 (MCX) 16,360.99 0.79%
techMARK (TASX) 2,983.36 0.52%
FTSE 100 - Risers
Anglo American (AAL) 625.60p 4.35%
Standard Chartered (STAN) 510.10p 3.62%
Glencore (GLEN) 132.75p 3.59%
Antofagasta (ANTO) 407.80p 3.37%
Burberry Group (BRBY) 1,074.00p 3.17%
Tesco (TSCO) 151.85p 3.05%
Rolls-Royce Holdings (RR.) 618.00p 3.00%
BHP Billiton (BLT) 809.10p 2.46%
ARM Holdings (ARM) 982.00p 2.40%
Rio Tinto (RIO) 1,939.50p 2.32%
FTSE 100 - Fallers
Berkeley Group Holdings (The) (BKG) 2,956.00p -1.14%
Taylor Wimpey (TW.) 171.30p -1.04%
Barratt Developments (BDEV) 514.00p -0.48%
London Stock Exchange Group (LSE) 2,460.00p -0.08%
Bunzl (BNZL) 1,979.00p 0.10%
SABMiller (SAB) 4,265.00p 0.14%
Whitbread (WTB) 3,917.00p 0.23%
Sage Group (SGE) 606.00p 0.25%
Worldpay Group (WI) (WPG) 266.60p 0.26%
Next (NXT) 5,150.00p 0.29%
FTSE 250 - Risers
Jimmy Choo (CHOO) 105.00p 9.43%
Henderson Group (HGG) 241.60p 4.09%
Lookers (LOOK) 127.20p 3.08%
Go-Ahead Group (GOG) 2,055.00p 3.01%
Amec Foster Wheeler (AMFW) 423.20p 2.97%
Aberdeen Asset Management (ADN) 255.00p 2.95%
TalkTalk Telecom Group (TALK) 227.30p 2.85%
Euromoney Institutional Investor (ERM) 975.00p 2.63%
Millennium & Copthorne Hotels (MLC) 427.10p 2.59%
Vedanta Resources (VED) 382.50p 2.55%
FTSE 250 - Fallers
Aveva Group (AVV) 1,511.00p -18.52%
Allied Minds (ALM) 331.60p -2.36%
Softcat (SCT) 347.20p -1.62%
AO World (AO.) 149.60p -1.19%
McCarthy & Stone (MCS) 224.60p -1.10%
British Empire Trust (BTEM) 465.50p -0.96%
Aldermore Group (ALD) 190.00p -0.84%
Clarkson (CKN) 2,224.00p -0.71%
Ibstock (IBST) 181.40p -0.66% |
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| | UK Event Calendar | | Wednesday 15 June
INTERIM DIVIDEND PAYMENT DATE
Aeci 5 1/2% Prf, Diploma
QUARTERLY PAYMENT DATE
Canadian General Investments Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Capacity Utilisation (US) (14:15)
FOMC Interest Rate (US) (19:00)
Industrial Production (US) (14:15)
MBA Mortgage Applications (US) (12:00)
Producer Price Index (US) (13:30)
FINALS
Berkeley Group Holdings (The), Oxford Instruments
AGMS
Attraqt Group , Christie Group, Downing Three VCT C Shares, Downing Two VCT 'C' Shs, HSS Hire Group , International Consolidated Airlines Group SA (CDI), Jimmy Choo , Kingfisher, Livanova , Manx Telecom , Mayair Group, Mytrah Energy Ltd, NB Global Floating Rate Income Fund Ltd GBP, NB Global Floating Rate Income Fund Ltd USD, NetScientific , OJSC OC Rosneft GDRS (Reg S), Toyota Motor Corp., UK Commercial Property Trust
UK ECONOMIC ANNOUNCEMENTS
Claimant Count Rate (09:30)
FINAL DIVIDEND PAYMENT DATE
Central Asia Metals, Morrison (Wm) Supermarkets, Share plc
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks recover as investors eye Fed European stocks rose in early trade, recovering from recent Brexit-driven losses as investors awaited the latest US rate announcement and comments from Federal Reserve Chair Janet Yellen.
At 0845 BST, the benchmark Stoxx Europe 600 index was up 1.1%, Germany's DAX was 0.8% higher and France's CAC 40 was 1.2% firmer.
At the same time, oil prices were in the red amid ongoing worries the UK might vote to leave the European Union at next week's referendum and on supply glut fears. West Texas Intermediate was down 0.9% to $48.08 a barrel and Brent crude was 0.8% lower at $49.42.
Rebecca O'Keeffe, head of investment at Interactive Investor, said: "After a torrid few days for markets, European investors are bargain hunting, having concluded the market is oversold. Although this may prove to be a very astute move, with volatility and the possibility of negative news still high and the EU referendum genuinely too close to call, the upside potential for UK and European stocks is likely to remain limited until the result is known.
"Although the chances of a US rate rise today are being priced at 0%, Janet Yellen's statement remains highly relevant as investors try to work out whether the Federal Reserve committee believes the US economy is starting to slow down, or if the most recent jobs report suggests the US has effectively reached full employment? If the latter - and with the Federal Reserve's dual mandate focused on inflation and employment, interest rates could start to rise faster than the market is predicting."
The Fed, which is widely expected to leave the funds rate unchanged at 0.50%, will present the latest projections and rate plots for the US economy after the rate announcement at 1900 BST.
On the corporate front, Swedish retailer Hennes & Mauritz was trading higher after reporting a 9% increase in sales in May.
Zara owner Inditex rallied after its first-quarter profit beat analysts' expectations.
Shares in Zodiac Aerospace surged after its third-quarter sales exceeded forecasts. |
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| | US Market Report | | US close: Stocks end a little weaker on Brexit woes, ahead of Fed US stocks ended a touch lower on Tuesday as investors remained risk-averse amid worries about the possibility the UK might vote to leave the European Union and ahead of the Federal Reserve's interest rate decision.
The Dow Jones Industrial Average ended down 0.3%, the S&P 500 slid 0.2% and the Nasdaq dipped 0.1%.
Polls this week showing growing support for Brexit ahead of the 23 June referendum weighed on investor sentiment.
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%.
Oil prices settled lower amid Brexit concerns, with West Texas Intermediate down 1.5% to $48.16 per barrel and Brent down 1.7% to $49.50.
Investors were also likely to be exercising caution as the Fed's two-day policy meeting kicked off, with the Fed expected to stand pat on rates on Wednesday.
Meanwhile, a better-than-expected report on US retail sales failed to lift spirits.The Commerce Department said sales rose 0.5% from the previous month versus expectations of a 0.3% gain.
"Today's retail sales report was better than expected, indicating robust consumer spending. Of late, the one disappointing hard economic number (no surveys or sentiment indicators), was the nonfarm payrolls report, but that appears to be enough to keep the Fed on hold for now," said CMC Markets' Colin Cieszynski.
"That being said, any signals the Fed gives may attract significant attention. After the payroll report, Fed Chair Yellen talked up the economy saying not to read too much into one data point and hinting upcoming member projections could be significant. USD has been climbing toward 95.00 indicating traders still pricing in two rate hikes this year and stocks fell through the day.
"Fed members could use the statement (wording or number of dissenters), the projections (any change to GDP or inflation forecasts) or Chair Yellen's press conference to signal whether they are still thinking about a July rate hike or not. Because of the upcoming Presidential election campaign, the Fed is unlikely to act in September or especially October so if the Fed delays now, the window for a hike may not re-open until December which would mean one increase at most this year. Because of this, any interest rate signalling could have a significant impact on trading in US stocks, bonds, USD, gold and other currencies."
On the corporate front, Revance Therapeutics tumbled after saying on Monday that a late-stage clinical study of its crow's-feet treatment did not reach its main goal.
Baidu Inc. gained even after it cut its quarterly revenue forecast late on Monday, citing lower medical advertising on tighter regulation in China.
Financal services company Synchrony Financial tanked after disclosing expectations of higher charge-off rates.
E-commerce giant Alibaba ended in the black after saying it expects revenue growth of 48% in fiscal 2017.
S&P 500 - RisersPerrigo Company plc (PRGO) $108.13 +9.16%
Newfield Exploration Co (NFX) $40.82 +3.45%
Symantec Corp. (SYMC) $18.77 +3.08%
Constellation Brands Inc. Class A (STZ) $157.12 +2.77%
Endo International Plc (ENDP) $17.13 +2.70%
Yahoo! Inc. (YHOO) $37.40 +2.55%
Zoetis Inc (ZTS) $47.19 +2.16%
Activision Blizzard Inc. (ATVI) $38.41 +2.07%
General Electric Co. (GE) $30.44 +2.04%
Eog Resources Inc. (EOG) $82.98 +1.95%
S&P 500 - Fallers
Synchrony Financial (SYF) $26.45 -13.11%
Capital One Financial Corp. (COF) $64.43 -6.62%
Southwest Airlines Co. (LUV) $39.88 -5.41%
Navient Corporation (NAVI) $12.15 -4.71%
American Airlines Group (AAL) $30.36 -4.53%
United Continental Holdings Inc. (UAL) $42.09 -4.47%
United States Steel Corp. (X) $16.34 -4.44%
NRG Energy Inc. (NRG) $14.23 -4.37%
American Express Co. (AXP) $61.07 -4.08%
Discover Financial Services (DFS) $53.27 -4.05%
Dow Jones I.A - Risers
General Electric Co. (GE) $30.44 +2.04%
Procter & Gamble Co. (PG) $83.35 +0.94%
Walt Disney Co. (DIS) $98.40 +0.85%
Verizon Communications Inc. (VZ) $52.99 +0.80%
Pfizer Inc. (PFE) $34.99 +0.72%
Wal-Mart Stores Inc. (WMT) $70.95 +0.60%
Boeing Co. (BA) $130.50 +0.45%
Cisco Systems Inc. (CSCO) $28.96 +0.42%
3M Co. (MMM) $167.61 +0.29%
Johnson & Johnson (JNJ) $117.12 +0.28%
Dow Jones I.A - Fallers
American Express Co. (AXP) $61.07 -4.08%
Home Depot Inc. (HD) $125.24 -2.03%
JP Morgan Chase & Co. (JPM) $62.08 -1.88%
Goldman Sachs Group Inc. (GS) $146.19 -1.64%
Nike Inc. (NKE) $54.12 -1.44%
E.I. du Pont de Nemours and Co. (DD) $65.85 -1.35%
Chevron Corp. (CVX) $101.28 -0.80%
Microsoft Corp. (MSFT) $49.82 -0.64%
Caterpillar Inc. (CAT) $74.86 -0.49%
Travelers Company Inc. (TRV) $112.55 -0.40%
Nasdaq 100 - Risers
Symantec Corp. (SYMC) $18.77 +3.08%
Endo International Plc (ENDP) $17.13 +2.70%
Yahoo! Inc. (YHOO) $37.40 +2.55%
Activision Blizzard Inc. (ATVI) $38.41 +2.07%
Ctrip.Com International Ltd. Ads (CTRP) $40.11 +1.52%
Tractor Supply Company (TSCO) $92.64 +1.50%
Monster Beverage Corp (MNST) $152.98 +1.46%
Xilinx Inc. (XLNX) $46.96 +1.38%
Biomarin Pharmaceutical Inc. (BMRN) $81.05 +1.17%
Liberty Media Corporation - Series C (LMCK) $18.30 +0.99%
Nasdaq 100 - Fallers
American Airlines Group (AAL) $30.36 -4.53%
Whole Foods Market Inc. (WFM) $32.52 -2.90%
Baidu Inc. (BIDU) $160.84 -1.66%
Alexion Pharmaceuticals Inc. (ALXN) $131.22 -1.58%
TripAdvisor Inc. (TRIP) $65.07 -1.57%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $43.22 -1.39%
Illumina Inc. (ILMN) $137.80 -1.37%
Tesla Motors Inc (TSLA) $214.96 -1.34%
Discovery Communications Inc. Class A (DISCA) $25.67 -1.16% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Osborne, BHS, Kingfisher George Osborne will threaten today to put 2p on the basic rate of income tax, raise fuel duty and slash spending on health, education, defence and pensions in an emergency budget in the weeks after a Brexit vote. In the Remain campaign's most explicit ultimatum to voters, the chancellor outlines tax rises and cuts to frontline services of £30 billion, which are being readied in case Britain opts to leave the European Union next week. - The Times
Michael Sherwood, the co-head of Goldman Sachs in Europe, has bowed to pressure from MPs to appear before a parliamentary inquiry into the collapse of high street retailer BHS a year after it was sold by his client Sir Philip Green. BHS became one the UK's most controversial corporate failures when it collapsed into administration little more than 12 months after Sir Philip sold it for £1 to a consortium led by ex-bankrupt Dominic Chappell. Its closure has put 11,000 jobs at risk and triggered a £275m rescue of its pension scheme. - Financial Times
A vote to leave the European Union would trigger economic and political convulsions in the UK, plunging the country back into recession and sending the pound sharply lower, a forecasting group has warned. Investors would rush to dump UK assets including shares and bonds in the immediate aftermath of voters choosing Brexit, according to the Economist Intelligence Unit. - Guardian
Kingfisher, the owner of B&Q, will face further pressure over pay and conditions for staff at its annual shareholder meeting on Wednesday when campaigners will ask the DIY retailer to reverse cuts made this year. Siobhain McDonagh, Labour MP for Mitcham and Morden, will ask the board to pay the independently verified living wage, in the latest move of a campaign backed by ShareAction and Citizens UK. - Guardian
If Europe's political leaders awake on Friday June 24 to find that Britain has voted to leave the European Union - which judging by the polls is looking ever more likely - they will know who to blame most: themselves. For many citizens, there are much greater issues of principle and interest at stake in this referendum than the economy. But for me, economic and political stability are the prime consideration, which is why, as regular readers of my columns will already have guessed, I will be voting to remain. - Telegraph | | |
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