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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 and sterling tentatively climb as EU referendum voting begins London stocks and the pound both moved higher on Thursday morning as polling stations opened for the UK referendum on EU membership, following a late tilt towards the Remain campaign in polls overnight.
The FTSE 100 climbed around 28 points or 0.45% to 6,289.71, while the more UK-focused 250 was up 64 points or 0.38% to 17,107.55 just after 0900 BST.
All of the FTSE sectors opened in the green, with energy and miners the frontrunners in London.
The pound traded to a fresh six-month high of 1.4844 against the US dollar.
European markets opened tentatively higher following another mixed session in Asia and a negative US finish as markets around the world cross their fingers about the Brexit vote.
"Despite the positive trend in the UK markets, the event risk remains high," said Ipek Ozkardeskaya
market analyst at LCG. "The sentiment could rapidly turn sour should the slightest panic regarding the Brexit vote hit the headlines. Any sell-off could gain momentum as many investors would not hesitate to close their long positions and turn flat before the outcome of the historical Brexit referendum. Offers are eyed at 6300/6325 zone."
Financial markets were pretty calm, with investors seemingly hopeful of a Remain vote but overnight polls suggesting a neck-and-neck race.
The latest polls from ComRes for the Daily Mail and ITV and the polls conducted by YouGov for the Times both showed an increase in support for the Remain campaign.
In terms of data, the preliminary Eurozone composite PMI was down, as Manufacturing PMI was up and Services PMI down.
In the afternoon, watch out for Chicago Fed National Activity Index and Kansas City Fed manufacturing, both forecast flat for the latest month's data although US PMI Manufacturing may be on for a small gain in June. US New Home Sales are seen lower in May while the US Leading Index may barely have grown in May.
Oil prices continued to rise, with Brent crude 0.6% stronger at $50.17a barrel and West Texas Intermediate up 0.5% at $49.36.
Corporate news was thin on the ground, but Tesco rallied in London after the supermarket operator's first-quarter results confirmed sales growth continued for the second successive period.
AstraZeneca was slightly lower after it confirmed disappointing news to investors on Thursday, with updated guidance from US regulators its FluMist Quadrivalent influenza vaccine is not used this coming season.
This was based on CDC vaccine effectiveness data from the last three flu seasons in the US, which indicated FluMist did not demonstrate statistically significant effectiveness in children aged between two and 17.
In the FSTE 250, packaging company DS Smith was a riser after it reported a small jump in full-year profit as revenue grew, partly thanks to acquisitions. |
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| Market Movers
FTSE 100 (UKX) 6,294.04 0.52%
FTSE 250 (MCX) 17,105.23 0.36%
techMARK (TASX) 3,077.86 0.37%
FTSE 100 - Risers
Glencore (GLEN) 153.05p 2.82%
Tesco (TSCO) 169.65p 1.92%
CRH (CRH) 2,074.00p 1.92%
Randgold Resources Ltd. (RRS) 6,505.00p 1.64%
Anglo American (AAL) 681.10p 1.58%
Fresnillo (FRES) 1,235.00p 1.56%
TUI AG Reg Shs (DI) (TUI) 1,045.00p 1.55%
InterContinental Hotels Group (IHG) 2,692.00p 1.51%
Merlin Entertainments (MERL) 436.20p 1.49%
Imperial Brands (IMB) 3,683.00p 1.45%
FTSE 100 - Fallers
United Utilities Group (UU.) 930.50p -2.77%
Standard Chartered (STAN) 561.40p -0.94%
Land Securities Group (LAND) 1,177.00p -0.93%
RSA Insurance Group (RSA) 479.90p -0.87%
Burberry Group (BRBY) 1,127.00p -0.53%
Next (NXT) 5,435.00p -0.46%
Berkeley Group Holdings (The) (BKG) 3,228.00p -0.40%
BAE Systems (BA.) 500.50p -0.40%
Experian (EXPN) 1,317.00p -0.38%
Provident Financial (PFG) 2,837.00p -0.32%
FTSE 250 - Risers
Ocado Group (OCDO) 266.00p 6.78%
Circassia Pharmaceuticals (CIR) 110.30p 4.55%
Smith (DS) (SMDS) 403.20p 4.21%
Centamin (DI) (CEY) 108.10p 3.15%
Domino's Pizza Group (DOM) 1,036.00p 2.57%
Aldermore Group (ALD) 209.20p 2.55%
Thomas Cook Group (TCG) 71.60p 2.51%
Hill & Smith Holdings (HILS) 921.00p 2.39%
CMC Markets (CMCX) 278.40p 2.09%
Inchcape (INCH) 677.00p 1.88%
FTSE 250 - Fallers
Shawbrook Group (SHAW) 286.30p -2.82%
Debenhams (DEB) 67.80p -2.73%
Mitie Group (MTO) 263.80p -2.30%
Henderson Group (HGG) 258.90p -2.23%
Elementis (ELM) 204.50p -2.01%
TR Property Inv Trust (TRY) 302.00p -1.79%
Ascential (ASCL) 258.00p -1.75%
Cairn Energy (CNE) 187.40p -1.37%
Essentra (ESNT) 519.50p -1.33% |
| | UK Event Calendar | | Thursday 23 June
INTERIM DIVIDEND PAYMENT DATE
Cerillion , Euromoney Institutional Investor, Impax Asset Management Group
INTERIM EX-DIVIDEND DATE
Compass Group, Elegant Hotels Group , Gooch & Housego, RWS Holdings
QUARTERLY PAYMENT DATE
Total SA, UIL Limited (DI)
QUARTERLY EX-DIVIDEND DATE
Assura , BlackRock Income Strategies Trust , Land Securities Group, Mercantile Investment Trust (The)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Durable Goods Orders (US) (13:30)
Initial Jobless Claims (US) (13:30)
Leading Indicators (US) (15:00)
FINALS
Latham (James), Smith (DS)
SPECIAL EX-DIVIDEND PAYMENT DATE
Castings, Northern 2 VCT, Small Companies Dividend Trust
AGMS
Aberdeen New Thai Inv Trust, Amati VCT , Amati Vct 2, Aureus Mining Inc (DI), BH Global Ltd. GBP Shares, Cambridge Cognition Holdings, Condor Gold, Cyprotex, Exillon Energy, First Derivatives, Flowgroup, Good Energy Group, Hellenic Telecom Industries SA ADS, Lifeline Scientific Inc., Maruwa Co Ltd., New Century AIM VCT 2, PJSC Lukoil B' GDR (144A), Science In Sport, Serica Energy, Tesco
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
GFK Consumer Confidence (00:05)
FINAL DIVIDEND PAYMENT DATE
British American Inv Trust, Centrica, Gamma Communications, Hunters Property , Keywords Studios, Premier Farnell, STM Group
FINAL EX-DIVIDEND DATE
Anglo Pacific Group, Aurora Investment Trust, B&M European Value Retail S.A. (DI), Bonmarche Holdings, Castings, Charles Stanley Group, CML Microsystems, De La Rue, Fidelity China Special Situations , Fuller Smith & Turner, JD Sports Fashion, KCOM Group, Maruwa Co Ltd., Mitie Group, Montanaro European Smaller Companies Trust, MS International, Norcros, Northern 2 VCT, Octopus AIM VCT, Tex Holdings, TR Property Inv Trust, Triple Point Income VCT C, United Utilities Group, Vertu Motors, Vislink, Wynnstay Properties
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise as UK voters head to the polls European stocks rose in early trade as voters in the UK headed to the polls for the European Union referendum.
At 0840 BST, the benchmark Stoxx Europe 600 index was up 0.6%, Germany's DAX was up 1% and France's CAC 40 was 0.8% higher.
At the same time, oil prices edged higher. West Texas Intermediate was up 0.5% at $49.36 a barrel and Brent crude was 0.6% stronger at $50.17.
Financial markets were pretty calm, with investors seemingly hopeful of a Remain vote. The latest polls from ComRes for the Daily Mail and ITV and the polls conducted by YouGov for the Times both showed an increase in support for the Remain campaign.
Lee Wild, heady of equity strategy at Interactive Investor, said: "The start of voting might mean a quieter day for stocks, but traders are already buying again and will be quick to price in any early sniff of a result.
"The implications of the EU referendum for financial markets cannot be underestimated. Vote Remain and UK shares will add to this week's gains. Back Leave and there'll be carnage on Friday morning. Opinion polls tell us it's too close to call, but the hot money is most definitely on the status quo and another rally to end the week."
Still, Wild pointed out that even in the event of a Remain vote, it's only a matter of time before investors remember lacklustre global economic growth, the slowdown in China, and the threat of Donald Trump making it to the White House.
Voting began at 0700 BST and will close at 2200 BST, with the results expected early on Friday.
In currency markets, the pound was trading down 0.2% against the dollar at $1.4772, slipping back after hitting a six-month high of $1.4846 in Asian trading.
Hussein Sayed, chief market strategist at FXTM, said: "Not only did the sterling rally this week, but broad based risk appetite also boosted high yielding currencies, equities, and AAA sovereign bond yields, as if investors are saying we are almost convinced the UK will not divorce the European Union. Risk premium is barely priced into financial markets suggesting that the upside is limited from current levels, but if markets have got it wrong here's the interesting part.
A Brexit vote is likely to be disastrous. Many analysts were trying to predict the magnitude of Sterling's fall in case of a Brexit, whether it's 10%, 20% or more than 30%, all agree it's going to be severe. In the equity markets, the banking sector will be hit the hardest, and will likely to see a double digit drop in UK's major banks.
Corporate news was thin on the ground, but Tesco rallied in London after the supermarket operator's first-quarter results confirmed sales growth continued for the second successive period. |
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| | US Market Report | | US close: Stock retreat as investors show Brexit caution US stocks gave up their earlier gains to finish in the red as worries about the UK referendum on EU membership spread across the Atlantic.
The Dow Jones Industrial Average lost 0.27% to end at 17,780.83, the S&P 500 lost 0.17% to 2,085.45 and the Nasdaq Composite lost 0.22% to 4,833.32.
At the same time, oil prices slipped into the red after data from the Energy Information Administration showed US crude inventories fell by 900,000 barrels last week, which was a smaller drop than expected.
West Texas Intermediate was down 0.3% to $49.68 a barrel and Brent crude was off 0.4% at $50.42.
The dollar was down 0.26% versus the pound to $1.4690 after two online opinion polls, from TNS and Opinium, showed lead for the Vote Leave campaign.
John Caruso, senior market strategist at RJO Futures, said the unpredictable narrative was difficult for the market: "I expect the news to change and the story to change 10 more times between today and tomorrow."
"Brexit is an iceberg," said Douglas Borthwick, managing director of Tullett Prebon's Chapdelaine FX in New York.
While a win for Remain would not worry investors, a potential Leave was the worry as "none of us can fathom how deep it goes under the surface... And therein lies the problem."
Aside from the issue of Brexit, investors were digesting more comments from Yellen as she delivered the second part of her two-day testimony before Congress after she reiterated a cautious approach to hiking interest rates on Tuesday.
Yellen said on Tuesday that she sees "considerable uncertainty" over the US economic outlook, also highlighting the potential impact of the UK referendum.
"In the current environment of sluggish growth, low inflation, and already very accommodative monetary policy in many advanced economies, investor perceptions of and appetite for risk can change abruptly," Yellen said. "One development that could shift investor sentiment is the upcoming referendum in the United Kingdom. A UK vote to exit the European Union could have significant economic repercussions."
On the corporate front, Tesla Motors slumped nearly 9% after the electric car maker made an offer for SolarCity Corp. Shares in the latter surged.
Shares in motor homes manufacturer Winnebago Industries gained after its third-quarter profit came in better than expected.
McDonald's chomped down 1.5% as a big weight on the Dow as all but six constituents fell. Nomura downgraded the stock to "neutral" from "buy" on expectations of weaker sales.
Data out earlier from the National Association of Realtors showed sales of existing US homes rose to a nine-year high in May.
Sales were up 1.8% to a seasonally-adjusted annual rate of 5.53m from a downwardly revised 5.43m in April. This was a touch weaker than economists had expected.
Sales were up 4.5% from May 2015, at their highest annual pace since February 2007. Meanwhile, the median price for a home rose 4.7% from last May to $239,700.
S&P 500 - Risers
Newfield Exploration Co (NFX) $42.88 +4.92%
Csra Inc. (CSRA) $24.37 +2.83%
Abbott Laboratories (ABT) $38.74 +2.68%
Urban Outfitters Inc. (URBN) $26.97 +2.63%
Newmont Mining Corp. (NEM) $35.72 +2.56%
Celgene Corp. (CELG) $99.23 +2.45%
Quest Diagnostics (DGX) $79.59 +2.21%
Regeneron Pharmaceuticals Inc. (REGN) $351.92 +1.96%
News Corp Class B (NWS) $12.06 +1.69%
Universal Health Services Inc. (UHS) $134.84 +1.64%
S&P 500 - Fallers
Adobe Systems Inc. (ADBE) $94.01 -5.73%
HP Inc (HPQ) $12.61 -5.40%
Southwestern Energy Co. (SWN) $13.47 -4.67%
FedEx Corp. (FDX) $156.51 -4.54%
Williams Companies Inc. (WMB) $20.76 -4.20%
Carmax Inc. (KMX) $46.50 -3.41%
Hewlett Packard Enterprise (HPE) $19.21 -2.78%
HCP Inc. (HCP) $34.05 -2.74%
Perrigo Company plc (PRGO) $93.81 -2.74%
Frontier Communications Co. (FTR) $5.09 -2.40%
Dow Jones I.A - Risers
Merck & Co. Inc. (MRK) $57.04 +1.40%
E.I. du Pont de Nemours and Co. (DD) $68.07 +0.77%
Wal-Mart Stores Inc. (WMT) $71.75 +0.41%
Johnson & Johnson (JNJ) $116.46 +0.24%
Procter & Gamble Co. (PG) $83.57 +0.19%
Boeing Co. (BA) $131.77 +0.19%
Dow Jones I.A - Fallers
McDonald's Corp. (MCD) $120.62 -1.64%
Visa Inc. (V) $76.53 -1.03%
Chevron Corp. (CVX) $102.29 -0.92%
Pfizer Inc. (PFE) $34.47 -0.81%
Travelers Company Inc. (TRV) $111.83 -0.79%
International Business Machines Corp. (IBM) $152.92 -0.73%
Coca-Cola Co. (KO) $44.86 -0.60%
American Express Co. (AXP) $61.95 -0.55%
General Electric Co. (GE) $30.78 -0.52%
Exxon Mobil Corp. (XOM) $91.17 -0.39%
Nasdaq 100 - Risers
Celgene Corp. (CELG) $99.23 +2.45%
Regeneron Pharmaceuticals Inc. (REGN) $351.92 +1.96%
Illumina Inc. (ILMN) $140.89 +1.32%
Priceline Group Inc (PCLN) $1,360.25 +1.28%
Biomarin Pharmaceutical Inc. (BMRN) $82.18 +1.18%
Lam Research Corp. (LRCX) $85.65 +1.17%
Ctrip.Com International Ltd. Ads (CTRP) $40.10 +1.16%
Incyte Corp. (INCY) $78.50 +1.16%
Viacom Inc. Class B (VIAB) $44.03 +1.15%
Express Scripts Holding Co (ESRX) $75.59 +1.12%
Nasdaq 100 - Fallers
Tesla Motors Inc (TSLA) $196.66 -10.45%
Adobe Systems Inc. (ADBE) $94.01 -5.73%
Alexion Pharmaceuticals Inc. (ALXN) $121.41 -2.20%
Verisk Analytics Inc. (VRSK) $78.96 -1.50%
eBay Inc. (EBAY) $24.34 -1.46%
Intuit Inc. (INTU) $106.45 -1.34%
Autodesk Inc. (ADSK) $57.38 -1.19%
Netflix Inc. (NFLX) $90.01 -1.08%
Western Digital Corp. (WDC) $48.35 -1.06% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Brexit banks, Brexit views, Brexit traders, National Grid, CMA City banks have reportedly drawn up a list of demands for politicians if the UK leaves the EU today, calling for the slashing of red tape, open borders and a push to underpin the country's status as a financial centre outside the EU. Confidential documents from TheCityUK lobby group show the group has a plan to mitigate the damage caused by a Brexit, and suggest it would be possible to promote a "relatively better long-term economic outlook for the UK" which would "promote financial stability" outside the European Union. - Daily Telegraph
City banks including UBS, HSBC, Morgan Stanley and Bank of America Merrill Lynch have written to clients telling them to prepare for disruption tomorrow once the EU referendum result is declared. The Bank of England is on high alert to intervene if markets freeze. The banks said that they couold not guarantee to "make a market" by acting as intermediaries between buyers and sellers. - The Times
Traders and brokers across the City of London are bracing themselves for an all-night vigil as the votes are counted in the Brexit referendum. Senior staff and traders at banks including Citigroup, JPMorgan, Goldman Sachs and Morgan Stanley have been asked to stay overnight in the office while others are working in shifts between the UK market close on Thursday and its reopening on Friday morning. - FT
Britons gathering round the television to watch the results of Thursday's referendum on EU membership are set to trigger the biggest spike in night-time electricity demand ever seen in the UK, according to National Grid. The company that runs Britain's electricity network has told the Financial Times it is preparing for a huge surge in power usage as the country stays up to watch the results of the historic vote. - FT
The total cost of a two-year competition investigation into the British energy market could exceed £80 million, according to industry officials. The Competition and Markets Authority is set to publish its final 500-page report tomorrow, bringing a formal end to a detailed study of the energy market that began in June 2014. - The Times
The boss of Britain's biggest airline has accused Heathrow of "ripping off" passengers with plans for a new runway when it could save billions of pounds by doubling the length of an existing one. Willie Walsh, chief executive of British Airways' parent company, called for an extension to the airport's northern runway - rather than a third runway costing almost £18 billion - saying that it was the only way to create extra capacity at Heathrow without vastly inflating costs for travellers and driving away airlines. - The Times
Britons are swapping the Dordogne for Dorset this summer because foreign travel has become too expensive since the pound's Brexit-induced meltdown, according to the Bank of England. Weak sterling and fears about the heightened terror threat overseas have deterred holidaymakers from venturing abroad, the bank claimed in its monthly regional report. With more people choosing to stay in the country, domestic tour operators, attractions, restaurants and coffee bars have been doing a brisk trade, the Bank said. - The Times
The pensions lifeboat has requested that a second administrator be appointed to BHS amid inquiries into a complex web of ties between the former owners of the collapsed retailer. The Pension Protection Fund, the scheme that protects pensions when a company fails, is understood to have tabled a resolution at a scheduled meeting of creditors today for FRP Advisory to be appointed alongside Duff & Phelps. - The Times
Bunnings will arrive in the UK in October when the Australian DIY chain will convert the first of the Homebase stores it bought for £340m this year. The company has hired British retail veteran Archie Norman and fellow former Kingfisher executive Matt Tyson to sit on an advisory board for the venture. - Guardian
Amazon is quietly rooting out many of its Chinese traders who do not hold UK VAT numbers to try to protect itself from tax evasion inquiries later this year when new HMRC powers come into force, the Guardian has learned. The online retailer has been conducting a review of sellers' VAT compliance in the UK. It is understood to have contacted many Chinese sellers, giving them until the end of the month to provide their VAT numbers. - Guardian | | |
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