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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 as investors get to grips with Brexit UK equities rose on Wednesday as investors came to terms with the reality of Brexit.
Prime Minster David Cameron has said he will not invoke Article 50 of the 2007 Treaty of Lisbon that starts formally the process of Britain's exit from the EU. The next Prime Minister who takes over from Cameron in September will need to decide whether to trigger Article 50. Boris Johnson and Theresa May are seen as likely contenders for Prime Minister while Jeremy Hunt, Stephen Crabb and Nicky Morgan have said they would consider running for the top job.
"With no likelihood of Article 50 of the Lisbon Treaty getting triggered any time soon it seems that the status quo isn't likely to change in the short - term, with an emergency EU Summit scheduled in September being pencilled in for a new UK Prime Minister to submit plans for next steps," said Michael Hewson, chief market analyst at CMC Markets UK.
"Whilst that doesn't remove the uncertainty with respect to the eventual outcome it also means that markets are going to have plenty of time to settle into their new found reality and equilibrium, as the extra time allotted could well see cooler heads prevail as some of the temperature is taken out of what still remains quite a tense situation."
The pound also continued to regain strength against the dollar, rising 0.39% to $1.3396.
At the same time oil prices gained on looming strikes by Norwegian oil and gas workers, which could help ease the global supply glut. Brent crude rose 1.01% to $49.08 per barrel and West Texas Intermediate jumped 1.19% to $48.43 per barrel.
On the economic data front, UK house prices rose 0.2% in June compared to a month ago, Nationwide said. It marked the same rate of growth as the previous month and was better than the 0% expected by analysts.
German consumer sentiment is set to improve next month but uncertainty following the UK's decision to leave the European Union could take its toll, according to data from market research group GfK. Its forward-looking consumer sentiment indicator rose to 10.1 going into July from 9.8, beating expectations for it to remain unchanged.
Still to come, US personal consumption expenditure figures at 1330 BST, US pending home sales at 1500 BST and the Department of Energy's US weekly crude oil inventories data at 1530 BST.
In company news, shares in Dixons Carphone fell even as the company reported a 17% increase in full year profit and said it was optimistic of its chances post-Brexit as the largest player in the UK market. The group also announced its expansion in the US in a joint venture with Sprint mobile network.
Maintenance group Homeserve advanced as it said it was "well positioned" to meet the challenges posed by Britain's exit from the EU, adding that growth prospects remained "strong".
Pub group Greene King edged slightly higher as it reported a surge in full-year profit and revenue, partly thanks to its acquisition of Spirit Pub Company, but cautioned that Brexit was likely to hit consumer confidence in the near term.
Travel and leisure stocks declined, including TUI, IAG and easyJet, after a gun and bomb attack on Istanbul's Ataturk international airport killed 36 people. |
| Market Movers
FTSE 100 (UKX) 6,244.56 1.70%
FTSE 250 (MCX) 15,674.56 1.11%
techMARK (TASX) 3,090.33 1.28%
FTSE 100 - Risers
Prudential (PRU) 1,255.00p 5.42%
Aviva (AV.) 380.70p 4.02%
Anglo American (AAL) 668.40p 3.64%
Old Mutual (OML) 190.90p 3.64%
Barclays (BARC) 136.25p 3.61%
Burberry Group (BRBY) 1,138.00p 3.45%
Persimmon (PSN) 1,385.00p 3.05%
Royal Bank of Scotland Group (RBS) 179.00p 2.99%
Merlin Entertainments (MERL) 426.90p 2.87%
Legal & General Group (LGEN) 183.10p 2.87%
FTSE 100 - Fallers
TUI AG Reg Shs (DI) (TUI) 842.00p -4.10%
International Consolidated Airlines Group SA (CDI) (IAG) 345.50p -3.28%
Dixons Carphone (DC.) 331.30p -3.13%
Sage Group (SGE) 609.50p -0.33%
GKN (GKN) 258.20p -0.19%
Randgold Resources Ltd. (RRS) 7,955.00p -0.13%
Reckitt Benckiser Group (RB.) 7,054.00p -0.11%
Kingfisher (KGF) 315.50p -0.06%
easyJet (EZJ) 1,070.00p 0.09%
Paddy Power Betfair (PPB) 8,000.00p 0.13%
FTSE 250 - Risers
Shawbrook Group (SHAW) 172.00p 22.86%
Ted Baker (TED) 2,363.00p 7.85%
Sophos Group (SOPH) 195.60p 7.47%
Marshalls (MSLH) 239.10p 6.13%
Virgin Money Holdings (UK) (VM.) 236.50p 6.05%
Amec Foster Wheeler (AMFW) 450.20p 5.51%
OneSavings Bank (OSB) 189.00p 5.12%
Ascential (ASCL) 251.40p 4.75%
esure Group (ESUR) 265.10p 4.29%
Circassia Pharmaceuticals (CIR) 96.45p 4.27%
FTSE 250 - Fallers
Electrocomponents (ECM) 243.50p -6.78%
Crest Nicholson Holdings (CRST) 327.40p -4.63%
QinetiQ Group (QQ.) 217.40p -2.55%
Ocado Group (OCDO) 220.30p -2.52%
Thomas Cook Group (TCG) 59.45p -1.82%
McCarthy & Stone (MCS) 164.40p -1.73%
Paragon Group Of Companies (PAG) 243.00p -1.62%
Senior (SNR) 190.90p -1.19%
Domino's Pizza Group (DOM) 319.70p -1.14% |
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| | UK Event Calendar | | Wednesday 29 June
INTERIMS
AFH Financial Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (10:00)
Consumer Confidence (EU) (10:00)
Crude Oil Inventories (US) (15:30)
Economic Sentiment Indicator (EU) (10:00)
GFK Consumer Confidence (GER) (07:00)
MBA Mortgage Applications (US) (12:00)
Pending Homes Sales (US) (15:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
FINALS
Dixons Carphone , International Greetings, Stagecoach Group, Torotrak
AGMS
365 Agile Group , Air Partner, Aseana Properties Ltd., Beowulf Mining, Blackstone/GSO Loan Financing Limited, Cogenpower, Crawshaw Group, DDD Group, Federal Grid Company Of Unified Energy System, Public Joint-Stock Company GDR (Reg S), Herencia Resources, Home Retail Group, Independent Oil & Gas , Industrial Mlulti Propety Trust , Mountfield Group, Nature Group, OJSC Surgutneftegas ADR, Pacific Assets Trust, Puma VCT 10 , Rare Earth Minerals Limited, Roxi Petroleum, W Resources
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
Mortgage Approvals (09:30)
Nationwide House Price Index (07:00)
FINAL DIVIDEND PAYMENT DATE
BBGI SICAV S.A. (DI)
FINAL EX-DIVIDEND DATE
International Consolidated Airlines Group SA (CDI)
|
| | Brexit: Where will the markets go from here? | | Brexit has wiped £100 billion off UK stock prices. But where are the markets headed next? Download your FREE report now |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks in the black as Brexit woes set aside for now European stocks rose in early trade as investors put their concerns about Brexit aside - at least for now - and bet that central banks would implement further stimulus measures.
At 0900 BST, the benchmark Stoxx Europe 600 index was up 1.2%, Germany's DAX was 0.8% higher and France's CAC 40 was 1.1% firmer.
In London, the FTSE 100 was 1.6% higher while the more domestically-focused FTSE 250 was 1.1% stronger.
At the same time, oil prices were in the black. West Texas Intermediate was up 1.2% at $48.41 a barrel and Brent crude was 1% higher at $49.08.
In currency markets, the pound was trading at $1.3391 compared to $1.3341 late on Tuesday.
Rebecca O'Keeffe, head of investment at Interactive Investor, said: "Investors, who are still trying to work out whether current market levels pose and opportunity or a threat, are coming down firmly on the side of opportunity with equities across the UK and Europe up strongly for a second day.
"With global central banks all trying to reassure markets, prices are stabilising and volatility is falling. However, it is still very early in the process and significant political and market risks remain, so we may start to see some investors start to sell the rally, which could see markets pare back some of the gains."
Prime Minister David Cameron was in Brussels on Tuesday meeting with his European counterparts to discuss the issue of Brexit. The leaders of the other 27 EU members will meet again on Wednesday without Cameron.
Analysts attributed the positive tone to the fact that Article 50 was not likely to be invoked any time soon, meaning that financial markets have some breathing space.
CMC Markets' Michael Hewson said: "With no likelihood of Article 50 of the Lisbon Treaty getting triggered any time soon it seems that the status quo isn't likely to change in the short - term, with an emergency EU Summit scheduled in September being pencilled in for a new UK Prime Minister to submit plans for next steps.
"Whilst that doesn't remove the uncertainty with respect to the eventual outcome it also means that markets are going to have plenty of time to settle into their new found reality and equilibrium."
In corporate news, travel and leisure stocks such as TUI and Thomas Cook were under the cosh following a terror attack on Tuesday at Istanbul's Ataturk airport that left 36 people dead and more than 140 wounded.
Elsewhere, Bunzl was on the front foot after the distribution company said group revenue for the half year was expected to increase by 9% at actual exchange rates and 6% at constant rate, largely due to the impact of acquisitions.
Dixons Carphone was in the red despite reporting a 17% jump in profit for the year to April.
On the macroeconomic calendar, data out earlier from market research firm GfK showed German consumer sentiment is set to improve next month, although uncertainty following the UK's decision to leave the European Union could take its toll.
Its forward-looking consumer sentiment indicator rose to 10.1 going into July from 9.8, beating expectations for it to remain unchanged.
Meanwhile, the economic expectations sub-index rose 9.7 points to 18, marking the third increase in a row and the highest level since June 2015.
Income expectations were at their highest level since German reunification, with the indicator up 7.8 points to 59.6.
Still to come, eurozone consumer confidence is at 1000 BST while Germany CPI is at 1300 BST. In the US, personal income and spending is at 1330 BST and pending home sales are at 1500 BST. |
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| | US Market Report | | US close: Stocks end higher as US GDP revised higher US equities closed higher on Tuesday as oil prices jumped and first quarter economic growth data came in better than expected.
The Dow Jones Industrial Average gained 1.57%, the S&P 500 edged up 1.78% and the Nasdaq grew 2.12%.
Oil prices rose on bargain hunting after a two-day slide triggered by Britain's vote to leave the European Union last Friday. The threat of strikes by Norwegian oil and gas workers also helped to ease the global supply glut. West Texas Intermediate crude increased 3.2% to $47.89 per barrel and Brent climbed 3.2% to $47.89 per barrel.
In economic data, the Commerce Department said first quarter US gross domestic product increased 1.1%, beating consensus expectations of 1% growth and higher than the previously-estimated 0.8% increase. In the final quarter of 2015, real GDP rose 1.4%.
"Fed Chair Janet Yellen will be largely content with the GDP figures released today that reveal a US economy in decent health amid swirling global uncertainty," said Dennis de Jong, managing director at UFX.com.
"The UK's decision to vote to leave the EU last week has triggered market turmoil not seen since the dark days of 2008 and, while the US is likely to avoid bearing too much of the global burden, a strengthening dollar against the pound will have some knock-on effects."
At 2106 BST the dollar was down 0.97% against the pound, down 0.56% against the euro but up 0.62% versus the yen.
US house price growth slowed just a touch in April, according to the S&P/Case-Shiller National Home Price Index, and the outlook is uncertain following Brexit and ahead of the US elections. The 20-City Composite Index was up 5.4%, down from 5.5% in March but in line with economists' estimates.
US consumer confidence improved in June with the Conference Board's sentiment index rising to 98.0 from 92.4 the previous month, exceeding analysts' estimates for a reading of 93.5.
In corporate news, ReachLocal shares surged 174.70% after Gannett announced that it was buying the digital marketing company for $4.60 a share.
Shares of Tesla Motors rose after the electric car maker said on Monday that it will form a two-person committee of independent board members to evaluate its buyout offer for SolarCity.
Regulus Therapeutics plunged after the biopharmaceutical company late Monday said the Food and Drug Administration has placed its investigational new drug for the treatment of chronic hepatitis C virus infection on clinical hold.
LendingClub Corp. edged higher after fintech company said it was cutting almost 200 jobs.
S&P 500 - Risers
Endo International Plc (ENDP) $16.34 +19.36%
Southwestern Energy Co. (SWN) $13.87 +11.67%
Marathon Oil Corp. (MRO) $14.80 +8.35%
Marathon Petroleum Corporation (MPC) $35.65 +8.26%
Cabot Oil & Gas Corp. (COG) $26.01 +8.13%
Seagate Technology Plc (STX) $22.44 +7.52%
Devon Energy Corp. (DVN) $35.96 +6.55%
Murphy Oil Corp. (MUR) $30.03 +6.53%
NRG Energy Inc. (NRG) $14.19 +6.49%
Micron Technology Inc. (MU) $12.98 +6.13%
S&P 500 - Fallers
Dow Chemical Co. (DOW) $48.49 -2.95%
E.I. du Pont de Nemours and Co. (DD) $62.39 -2.64%
Hormel Foods Corp. (HRL) $35.00 -2.26%
Tyson Foods Inc. (TSN) $64.10 -1.75%
Kroger Co. (KR) $36.05 -1.56%
Newmont Mining Corp. (NEM) $37.14 -1.46%
Raytheon Co. (RTN) $132.87 -1.43%
Campbell Soup Co. (CPB) $62.67 -1.41%
PG&E Corp. (PCG) $62.35 -1.30%
Dr Pepper Snapple Group Inc. (DPS) $94.67 -1.23%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $59.51 +3.30%
Travelers Company Inc. (TRV) $113.93 +3.24%
Visa Inc. (V) $75.10 +2.40%
Nike Inc. (NKE) $53.13 +2.39%
General Electric Co. (GE) $29.98 +2.25%
Home Depot Inc. (HD) $127.42 +2.21%
Exxon Mobil Corp. (XOM) $90.77 +2.15%
Goldman Sachs Group Inc. (GS) $142.43 +2.09%
Microsoft Corp. (MSFT) $49.43 +2.06%
Pfizer Inc. (PFE) $34.47 +1.98%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $62.39 -2.64%
Wal-Mart Stores Inc. (WMT) $71.45 -0.07%
Nasdaq 100 - Risers
Endo International Plc (ENDP) $16.34 +19.36%
Liberty Global plc Series A (LBTYA) $29.46 +9.15%
Liberty Global plc Series C (LBTYK) $29.05 +8.74%
Seagate Technology Plc (STX) $22.44 +7.52%
Biomarin Pharmaceutical Inc. (BMRN) $79.56 +6.63%
Micron Technology Inc. (MU) $12.98 +6.13%
Incyte Corp. (INCY) $76.75 +5.95%
American Airlines Group (AAL) $26.76 +5.90%
Gilead Sciences Inc. (GILD) $82.35 +5.23%
Ctrip.Com International Ltd. Ads (CTRP) $39.82 +5.07%
Nasdaq 100 - Fallers
Illumina Inc. (ILMN) $135.01 -0.35%
Dollar Tree Inc (DLTR) $92.26 -0.32%
Monster Beverage Corp (MNST) $154.42 -0.25%
S&P 500 - Risers
Endo International Plc (ENDP) $16.29 +18.99%
Southwestern Energy Co. (SWN) $13.85 +11.47%
Marathon Oil Corp. (MRO) $14.80 +8.35%
Marathon Petroleum Corporation (MPC) $35.62 +8.17%
Cabot Oil & Gas Corp. (COG) $26.01 +8.13%
Seagate Technology Plc (STX) $22.44 +7.52%
Devon Energy Corp. (DVN) $35.96 +6.55%
Murphy Oil Corp. (MUR) $30.03 +6.53%
NRG Energy Inc. (NRG) $14.19 +6.49%
Micron Technology Inc. (MU) $12.98 +6.13%
S&P 500 - Fallers
Dow Chemical Co. (DOW) $48.49 -2.95%
E.I. du Pont de Nemours and Co. (DD) $62.39 -2.64%
Hormel Foods Corp. (HRL) $35.00 -2.26%
Tyson Foods Inc. (TSN) $64.10 -1.75%
Kroger Co. (KR) $36.05 -1.56%
Newmont Mining Corp. (NEM) $37.14 -1.46%
Raytheon Co. (RTN) $132.87 -1.43%
Campbell Soup Co. (CPB) $62.67 -1.41%
PG&E Corp. (PCG) $62.32 -1.35%
Dr Pepper Snapple Group Inc. (DPS) $94.67 -1.23%
Dow Jones I.A - Risers
JP Morgan Chase & Co. (JPM) $59.51 +3.30%
Travelers Company Inc. (TRV) $113.93 +3.24%
Nike Inc. (NKE) $53.13 +2.39%
Visa Inc. (V) $75.08 +2.37%
General Electric Co. (GE) $29.98 +2.25%
Home Depot Inc. (HD) $127.42 +2.21%
Exxon Mobil Corp. (XOM) $90.77 +2.15%
Goldman Sachs Group Inc. (GS) $142.43 +2.09%
Microsoft Corp. (MSFT) $49.43 +2.06%
Pfizer Inc. (PFE) $34.47 +1.98%
Dow Jones I.A - Fallers
E.I. du Pont de Nemours and Co. (DD) $62.39 -2.64%
Wal-Mart Stores Inc. (WMT) $71.45 -0.07%
Nasdaq 100 - Risers
Endo International Plc (ENDP) $16.29 +18.99%
Liberty Global plc Series A (LBTYA) $29.39 +8.87%
Liberty Global plc Series C (LBTYK) $28.90 +8.20%
Seagate Technology Plc (STX) $22.44 +7.52%
Biomarin Pharmaceutical Inc. (BMRN) $79.48 +6.53%
Micron Technology Inc. (MU) $12.98 +6.13%
American Airlines Group (AAL) $26.76 +5.90%
Incyte Corp. (INCY) $76.64 +5.80%
Gilead Sciences Inc. (GILD) $82.34 +5.23%
Ctrip.Com International Ltd. Ads (CTRP) $39.82 +5.07%
Nasdaq 100 - Fallers
Illumina Inc. (ILMN) $135.01 -0.35%
Dollar Tree Inc (DLTR) $92.26 -0.32% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Pensions, Vodafone, BHS, Port Talbot There was something different about David Cameron's last EU supper. The mood was good-tempered, the jibes few and far between, the atmosphere sober but for the occasional laugh. Emerging from the British prime minister's three-hour summit farewell on Tuesday, one northern European leader remarked that given the circumstances it could have been far worse - "but only nice things can be said about the dead". - Financial Times
Six months ago, most City of London bankers had a long list of regulations they wanted to scrap. But the Brexit vote has changed all that. As the banks recover from the shock of the referendum, they are drawing up plans to lobby politicians to keep financial regulation intact and to ensure the sector suffers as little disruption as possible from leaving the EU. - Financial Times
The travails of Britain's private pensions industry may seem like a sideshow amid the turmoil of the last week, but in case you missed it, they just got a whole lot worse. And as it happens, these difficulties are an almost perfect example of what's going wrong more widely in financial markets. It's all about falling interest rates. Having been in slow decline for twenty years or more, they took a dramatic lurch down during the financial crisis, when the unconventional monetary policy of zero rates and quantitative easing became the order of the day. - Telegraph
Vodafone, one of Britain's biggest companies, has warned that it could relocate its head office outside the UK if the negotiations for a post-Brexit Britain do not give it freedom of movement across the EU for people, capital and goods. The telecoms company, which employs nearly 110,000 people around the world and some 13,000 in the UK, said it would take "whatever decisions are appropriate" once the outcome of the negotiations was known. - Guardian
The man who introduced Dominic Chappell to Sir Philip Green, thereby facilitating the controversial takeover of BHS for £1, has said he "never thought in a million years" that Chappell would end up running the department store chain. Paul Sutton, who has a spent conviction for fraud in France, revealed to MPs in a committee session on Tuesday that Chappell had initially been his driver when he was working on his own deal to buy BHS. - Guardian
Lord Blunkett has been appointed Heathrow's new "employment tsar" as the airport pledges to create thousands of "British jobs for British workers". The former cabinet minister will lead an 18-month taskforce established by Heathrow to make sure that most of the 77,000 jobs directly created by an expanded airport go to "home-grown" talent, The Times has learnt. - The Times
Edmund Truell, the pension scheme rescuer and private equity investor, has emerged as the latest potential saviour of the British steel industry. The outspoken City figure has opened talks with Tata Steel, the Pensions Regulator and the Treasury over a plan aimed at saving the Port Talbot steelworks in south Wales and a dozen other steel processing facilities around the UK. - The Times | | |
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