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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 gain as banks and oil recover London stocks edged up on Friday as finance stocks recovered and oil prices bounced back from declines throughout most of the week.
"Of course as those pre-referendum fears really ramp up next week that could change, but for now the FTSE appears to be settling into that 100 point range," said Connor Campbell, financial analyst at Spreadex.
Morgan Stanley said the probability of a vote to Remain in next Thursday's EU referendum stands at 55%, based on the expectation of a late swing in the polls. In this event, which is the bank's base case, it expects to see a stock rally that could push the FTSE 100 up 14% from its current level.
Meanwhile, banks rebounded from a slump the previous day when worries about the impact of a possible vote by Britain to leave the EU weighed on the sector. Lloyds Banking Group, Barclays, Royal Bank of Scotland and Standard Chartered were the top risers on the FTSE 100 in morning trade.
Oil prices also regained strength with Brent crude up 1.5% to $47.92 per barrel and West Texas Intermediate up 1.13% to $46.73 per barrel at 0856 BST.
Investors' spirits were also lifted by news that Greece's eurozone creditors have agreed to release a much-needed €7.5bn tranche of funding. European Commissioner Pierre Moscovici said the agreement was a "a welcome breath of oxygen for the Greek economy".
On the economic data front, there is little on the calendar with US housing starts, US building permits and the US Baker Hughes Rig Count the only notable releases due.
European Central Bank president Mario Draghi is due to speak at 1600 BST in Munich. The market will be looking out for any remarks on ECB policy and the looming European Union referendum in Britain on 23 June.
Fellow ECB board member Benoit Couere speaks in Berlin at 1245 BST.
On the corporate front, HSBC shares climbed even as it said it will pay $1.57bn to end a class action lawsuit over its 2003 purchase of Household International that could have exposed it to $3.6bn in payouts. The bank said it would take a pre-tax charge of around $585m in the second quarter.
Tesco gained as it confirmed the sale of its Dobbies Garden Centres chain to an investor group led by Midlothian Capital Partners and Hattington Capital.
JD Sports Fashion advanced as it said it is well placed to deliver an "excellent" first-half result on the back of the UEFA Euro 2016 tournament.
Aerospace and defence firm Cobham rallied after saying its one-for-two rights issue had been 97.21% subscribed. The 89p-a-share issue announced earlier this month will raise £506.7m to reduce debt.
Market Movers
FTSE 100 (UKX) 6,029.74 1.33%
FTSE 250 (MCX) 16,342.32 1.94%
techMARK (TASX) 2,984.11 1.29%
FTSE 100 - Risers
Lloyds Banking Group (LLOY) 64.05p 4.38%
Barclays (BARC) 165.05p 4.13%
International Consolidated Airlines Group SA (CDI) (IAG) 484.40p 3.88%
Standard Chartered (STAN) 517.20p 3.70%
Royal Bank of Scotland Group (RBS) 221.70p 3.50%
Aviva (AV.) 409.70p 3.46%
TUI AG Reg Shs (DI) (TUI) 992.50p 3.33%
Ashtead Group (AHT) 990.00p 3.12%
Legal & General Group (LGEN) 217.90p 3.12%
Prudential (PRU) 1,232.00p 2.97%
FTSE 100 - Fallers
Randgold Resources Ltd. (RRS) 6,640.00p -4.12%
Fresnillo (FRES) 1,204.00p -2.35%
National Grid (NG.) 950.60p -1.17%
British American Tobacco (BATS) 4,140.50p -0.12%
Unilever (ULVR) 3,105.00p -0.03%
Rexam (REX) 630.50p 0.08%
SABMiller (SAB) 4,282.50p 0.21%
Severn Trent (SVT) 2,131.00p 0.33%
United Utilities Group (UU.) 919.00p 0.38%
Reckitt Benckiser Group (RB.) 6,676.00p 0.42%
FTSE 250 - Risers
Kaz Minerals (KAZ) 137.00p 6.20%
Morgan Advanced Materials (MGAM) 242.20p 5.76%
Thomas Cook Group (TCG) 63.50p 5.31%
Shawbrook Group (SHAW) 232.00p 4.98%
Restaurant Group (RTN) 328.00p 4.56%
Riverstone Energy Limited (RSE) 854.00p 4.53%
Atkins (WS) (ATK) 1,324.00p 4.50%
Virgin Money Holdings (UK) (VM.) 317.10p 4.31%
Pendragon (PDG) 36.19p 4.20%
Sports Direct International (SPD) 347.90p 4.16%
FTSE 250 - Fallers
Centamin (DI) (CEY) 112.40p -2.77%
AO World (AO.) 147.00p -1.34%
Allied Minds (ALM) 341.60p -1.27%
Acacia Mining (ACA) 341.00p -1.25%
Templeton Emerging Markets Inv Trust (TEM) 458.10p -0.52%
British Empire Trust (BTEM) 464.30p -0.15%
JPMorgan Emerging Markets Inv Trust (JMG) 578.00p -0.00%
Mercantile Investment Trust (The) (MRC) 1,572.00p -0.00%
Darty (DRTY) 168.40p -0.00% |
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| | UK Event Calendar | | Friday 17 June
INTERIM DIVIDEND PAYMENT DATE
Avingtrans, Cambria Automobiles, Matchtech Group
QUARTERLY PAYMENT DATE
BP, Carnival
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Building Permits (US) (13:30)
Current Account (EU) (09:00)
Housing Starts (US) (13:30)
GMS
Rexam
SPECIAL DIVIDEND PAYMENT DATE
U And I Group
EGMS
JZ Capital Partners Ltd
AGMS
British American Inv Trust, Charlemagne Capital Ltd., Hunters Property , JD Sports Fashion, JZ Capital Partners Ltd, Silence Therapeutics, Zincox Resources
FINAL DIVIDEND PAYMENT DATE
Blancco Technology Group, Burford Capital , Fairpoint Group, Howden Joinery Group, LLoyds Banking Group 6.367% Non-Cum Fxd/Fltg Rte Pref Shares, Quarto Group Inc., Soco International, Ted Baker, Witan Pacific Inv Trust |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the black as Brexit fears recede for now European stocks rose in early trade, tracking gains in the US and Asia and underpinned by higher oil prices as worries about Brexit receded, at least for now.
At 0855 BST, the benchmark Stoxx Europe 600 index, Germany's DAX and France's CAC 40 were all up 1.4%.
At the same time, oil prices recovered. West Texas Intermediate was up 1.2% at $46.77 a barrel and Brent crude was up 1.7% to $47.98.
"A late surge in share prices yesterday continued in international markets overnight and has spilled over into a second day here," said Lee Wild, head of equity strategy at Interactive Investor.
"The cessation of referendum hostilities following the tragic death of Yorkshire and pro-Europe MP Jo Cox may have tipped the balance back in favour of the 'Remain' campaign, but it will be hard work keeping early gains without a big swing in the opinion polls. Heading into a final weekend of campaigning, and with just days to go before the big vote, many traders could decide that squaring off positions is the best way to avoid sleepless nights."
Morgan Stanley said in an equity strategy note that its base case was for the UK to remain in the EU, a scenario that could push the FTSE 100 up by as much as 14% from current levels.
In the event of a vote to Remain, the bank expects the FTSE to move up to a range of between 6,500 and 6,800 and the Stoxx 50 to move up to 3,150-3,300.
MS pointed out that with European indices further below their three- and six-month averages than UK indices - perhaps reflecting concerns over political contagion into Europe or an expectation that a weaker pond would limit downside for UK indices - it is possible European stocks will rally harder than UK equities in the event of a Remain vote.
If the UK votes to stay in the EU, the MSCI Europe could rally 5%-10%, although a drop of between 15% and 20% might ensure in the case of a Brexit scenario, MS said.
Greece was back in focus on Friday as Eurozone officials approved the payment of €7.5bn of aid following months of wrangling and just in time for the nation's July loan repayments.
In corporate news, Tesco was a little higher after confirming the sale of its Dobbies Garden Centres chain.
On the downside, Ericsson AB was under pressure on news it received a request from US authorities in 2013 to answer questions relating to its operations. |
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| | US Market Report | | US close: Telecoms help stocks break losing streak US stocks snapped their five day losing streak on Thursday, with the major indices led higher by telecoms.
The Dow Jones Industrial Average closed up 92.93 points to 17,733.10, with Merck leading the risers and Nike dragging the losers.
Telecoms lead nine sectors higher on the S&P 500, which closed up 0.31% at 2,077.99, while the Nasdaq finished up 0.21% at 4,844.91.
Energy was the only declining sector, as crude prices settled down throughout the session - Brent crude was last down 4.08% at $47.05 per barrel, while West Texas Intermediate lost 4.28% at $46.04.
The major indexes lifted off their earlier session lows as selling in sterling eased against the greenback towards the end of the day.
The move in the pound came at the same time as David Cameron said all campaigning in the EU referendum has been suspended, following the news that Labour MP Jo Cox had been killed in a shooting earlier in the day.
As the UK went to bed the cause behind the shooting was unclear, but there was speculation that the act could encourage more voters to choose to remain in the EU.
"Civility took over and the debate over Brexit stopped for a period of time," said Wunderlich Securities chief market strategist Art Hogan.
Both the Dow and S&P Utilities rose more than half a percent by the closing bell, to hit fresh 52-week intraday highs.
Overnight, the Bank of Japan went short of offering further monetary stimulus, but governor Haruhiko Kuroda said the strength in the yen could have undesirable effects on Japan's economy and future inflation.
"It really calls into question whether the Bank of Japan has run out of bullets and trigger the yen to go higher (against the dollar)," said The Earnings Scout CEO Nick Raich.
The National Association of Home Builders released fresh data on builder sentiment during the session, with the reading rising two points to 60.
S&P 500 - Risers
Viacom Inc. Class B (VIAB) $45.05 +6.75%
Symantec Corp. (SYMC) $19.78 +4.16%
Frontier Communications Co. (FTR) $5.04 +3.70%
Merck & Co. Inc. (MRK) $57.50 +2.51%
CBS Corp. (CBS) $54.48 +2.41%
Hormel Foods Corp. (HRL) $34.97 +2.33%
Sysco Corp. (SYY) $49.76 +2.26%
Assurant Inc. (AIZ) $85.25 +1.97%
Tyson Foods Inc. (TSN) $61.49 +1.87%
Activision Blizzard Inc. (ATVI) $39.03 +1.83%
S&P 500 - Fallers
Pioneer Natural Resources Co. (PXD) $152.64 -6.07%
American Airlines Group (AAL) $29.14 -4.43%
United Rentals Inc. (URI) $67.01 -4.05%
Murphy Oil Corp. (MUR) $27.98 -3.98%
Under Armour Inc. Class A (UA) $36.42 -3.55%
Transocean Ltd. (RIG) $10.52 -3.31%
Newfield Exploration Co (NFX) $39.13 -3.19%
Marathon Oil Corp. (MRO) $12.67 -2.99%
Diamond Offshore Drilling Inc. (DO) $23.84 -2.93%
Apache Corp. (APA) $53.00 -2.81%
Dow Jones I.A - Risers
Merck & Co. Inc. (MRK) $57.50 +2.51%
E.I. du Pont de Nemours and Co. (DD) $66.92 +1.76%
Microsoft Corp. (MSFT) $50.39 +1.41%
3M Co. (MMM) $169.93 +1.27%
Exxon Mobil Corp. (XOM) $91.22 +1.18%
Verizon Communications Inc. (VZ) $53.46 +1.17%
Unitedhealth Group Inc. (UNH) $138.66 +1.02%
Travelers Company Inc. (TRV) $112.75 +0.84%
American Express Co. (AXP) $61.93 +0.83%
Cisco Systems Inc. (CSCO) $28.87 +0.77%
Dow Jones I.A - Fallers
Nike Inc. (NKE) $53.47 -1.55%
Boeing Co. (BA) $129.37 -0.61%
Pfizer Inc. (PFE) $34.75 -0.11%
Caterpillar Inc. (CAT) $74.99 -0.11%
Nasdaq 100 - Risers
Viacom Inc. Class B (VIAB) $45.05 +6.75%
Symantec Corp. (SYMC) $19.78 +4.16%
Baidu Inc. (BIDU) $165.52 +2.79%
Activision Blizzard Inc. (ATVI) $39.03 +1.83%
Stericycle Inc. (SRCL) $102.89 +1.66%
Ctrip.Com International Ltd. Ads (CTRP) $39.84 +1.50%
Monster Beverage Corp (MNST) $155.82 +1.43%
Priceline Group Inc (PCLN) $1,323.89 +1.41%
Microsoft Corp. (MSFT) $50.39 +1.41%
Biogen Inc (BIIB) $242.19 +1.37%
Nasdaq 100 - Fallers
American Airlines Group (AAL) $29.14 -4.43%
Biomarin Pharmaceutical Inc. (BMRN) $80.80 -3.82%
Check Point Software Technologies Ltd. (CHKP) $81.70 -3.06%
Alexion Pharmaceuticals Inc. (ALXN) $127.49 -1.59%
Alphabet Inc. Class C (GOOG) $710.36 -1.19%
Bed Bath & Beyond Inc. (BBBY) $42.45 -1.14%
Alphabet Inc. Class A (GOOGL) $724.25 -1.08%
Liberty Global plc Series A (LBTYA) $35.04 -0.88%
TripAdvisor Inc. (TRIP) $64.39 -0.69% |
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| | Newspaper Round Up | | Friday newspaper round-up: National Grid, Barclays, Brexit MPs are calling for National Grid, the company that runs Britain's electricity system, to be broken up in a radical move they say could transform the UK's energy supply. Members of the cross-party energy select committee have said they believe that National Grid, which is one of Britain's 20 biggest companies with a market value of £36bn, faces too many conflicts of interest and should be split up. - Financial Times
Barclays has branded accusations of fraud levelled by financier Amanda Staveley against the bank as "fundamentally misconceived", court documents show. Ms Staveley is suing the bank for £721m in fees she claims her company PCP Capital Partners is owed for work on Barclays' £5.8bn fundraising in 2008. - Telegraph
Auditors are chasing a £10bn wave of professional services work that is expected to change hands as a result of long-awaited rules to make accountants more independent of their biggest clients. The EU regulations come into force on Friday, five years after they were proposed, forcing large companies to put their audit contract out to tender at least once every decade, and change provider every 20 years. - Telegraph
A third of businesses in the UK think Brexit would be bad for the economy, according to a poll that also shows company bosses in London and Scotland are most worried about a vote to leave the EU in next week's referendum. The survey of 3,394 business owners and finance directors found those in the Midlands, east of England and northern England were the most optimistic about Brexit being helpful to the economy. - Guardian
Marks & Spencer is using crowdfunding to back the installation of solar panels on its stores. The retailer is partnering with Energy4All, a not-for-profit group that helps community groups set up energy co-ops, with the aim of raising £1.23m to put panels on nine large stores including Torbay in Devon, Truro in Cornwall and Cheshunt in Hertfordshire. - Guardian
Britain's reputation as a nation of shopkeepers may be in peril after the number of convenience stores fell sharply in the past year. Fresh figures from the Local Data Company (LDC) show that 300 of the stores in 228 towns closed last year as a result of structural change in the grocery sector and increased competition. - The Times
A For Sale sign linked to Warren Buffett could soon be appearing in your neighbour's garden after the real estate division of the famous investor's company Berkshire Hathaway announced plans to move into UK market. Berkshire Hathaway HomeServices is a national real estate chain that operates solely in the United States using a franchise model that comprises 14,000 agents across 1,200 offices in almost every state in the country. Now the company is setting its sights on the wider world. - The Times | | |
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