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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 Brent reaches $50 per barrel London stocks rose on Friday as oil prices jumped and traders looked ahead to the US non-farm payrolls report.
Oil prices gained even as OPEC failed to agree on output levels at Thursday's meeting in Vienna, after government data showed a drop in US weekly crude inventories.
The Energy Information Agency on Thursday said US crude inventories fell by 1.4m barrels in the week ended May 27 to 535.7m barrels.
At 0852 BST Brent crude advanced 0.49% to $50.29 per barrel and West Texas Intermediate rose 0.38% to $49.36 per barrel.
The US non-farm payrolls report at 1330 BST is expected to show US employers added 160,000 jobs in May, the same as the previous month, while the unemployment rate is forecast to fall to 4.9% from 5.0%.
Average hourly earnings are forecast to have risen 2.5% year-on-year in May, in line with April's growth. On the month earnings are projected to increase 0.2% in May, slowing from a 0.3% in April.
The Fed is monitoring the health of the labour market as it determines the timing of its next interest rate hike.
"Current market pricing suggests a 24% chance of a move in June, a drop from yesterday, but with non-farm payrolls looming on Friday we could easily see the declining trend reversed if the figures look robust on most measures," said Chris Beauchamp, senior market analyst at IG.
A batch of services activity data is also on the agenda with Markit publishing its purchasing managers' index on the UK at 0930 BST followed by its US PMI at 1445 BST and ISM's non-manufacturing composite at 1500 BST.
The Eurozone services PMI for May was unexpectedly revised higher to 53.3 from 53.1. A reading above 50 signals an expansion in the sector while a level below that suggests a contraction.
Eurozone retail sales figures at 1000 BST are also due along with US factory orders at 1500 BST.
On the company front, oil producers rallied on the surge in crude prices with BHP Billiton, BP, Royal Dutch Shell and Tullow Oil in the black.
BP has settled a lawsuit arising from the 2010 Deepwater Horizon oil spill by agreeing to pay investors who bought American Depository Shares $175m.
ICAP gained after the markets operator and provider of post-trade risk mitigation and information services announced that China Foreign Exchange Trade System has chosen it to deliver the underlying technology for fixed income and foreign exchange electronic execution services in mainland China.
Wolseley was still under pressure a day after Canaccord Genuity downgraded the stock to 'hold' from 'buy' and slashed its target to 4,200p from 4,400p.
Marks & Spencer dropped after UBS on Thursday cut its price target to 440p from 490p and reduced its guidance on pre-tax profit for fiscal year 2017 by 12% to £625m due to the company's plans to lower prices at its clothing business. The retailer also went ex-dividend on Thursday. |
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| Market Movers
FTSE 100 (UKX) 6,247.00 0.99%
FTSE 250 (MCX) 17,136.28 0.35%
techMARK (TASX) 3,142.56 0.56%
FTSE 100 - Risers
Anglo American (AAL) 603.00p 2.64%
Glencore (GLEN) 131.90p 2.61%
BP (BP.) 361.35p 2.34%
BHP Billiton (BLT) 822.80p 2.14%
Royal Dutch Shell 'B' (RDSB) 1,698.00p 1.95%
Antofagasta (ANTO) 425.40p 1.92%
Fresnillo (FRES) 1,064.00p 1.92%
Royal Dutch Shell 'A' (RDSA) 1,692.50p 1.90%
Rio Tinto (RIO) 1,898.50p 1.77%
InterContinental Hotels Group (IHG) 2,681.00p 1.63%
FTSE 100 - Fallers
Marks & Spencer Group (MKS) 351.20p -1.51%
Barratt Developments (BDEV) 582.50p -0.43%
Sky (SKY) 936.00p -0.32%
RSA Insurance Group (RSA) 483.60p -0.23%
Wolseley (WOS) 3,781.00p -0.13%
ITV (ITV) 212.30p -0.09%
Sainsbury (J) (SBRY) 256.70p -0.08%
WPP (WPP) 1,596.00p -0.06%
Taylor Wimpey (TW.) 192.30p -0.05%
Intertek Group (ITRK) 3,157.00p 0.03%
FTSE 250 - Risers
Tullow Oil (TLW) 237.00p 2.73%
Evraz (EVR) 112.30p 2.18%
Acacia Mining (ACA) 313.00p 1.92%
Serco Group (SRP) 108.90p 1.87%
ICAP (IAP) 422.80p 1.73%
Ophir Energy (OPHR) 72.05p 1.69%
Vedanta Resources (VED) 379.10p 1.69%
Wood Group (John) (WG.) 625.50p 1.54%
Centamin (DI) (CEY) 101.00p 1.41%
Bankers Inv Trust (BNKR) 588.50p 1.38%
FTSE 250 - Fallers
Dechra Pharmaceuticals (DPH) 1,140.00p -3.23%
John Laing Group (JLG) 216.94p -2.72%
PZ Cussons (PZC) 331.40p -2.67%
Genesis Emerging Markets Fund Ltd Ptg NPV (GSS) 483.30p -1.37%
Circassia Pharmaceuticals (CIR) 266.10p -1.08%
Genus (GNS) 1,522.00p -0.85%
Auto Trader Group (AUTO) 396.10p -0.83%
Zoopla Property Group (WI) (ZPLA) 313.50p -0.73%
Melrose Industries (MRO) 389.30p -0.64% |
| | UK Event Calendar | | Friday 03 June
INTERIM DIVIDEND PAYMENT DATE
Baronsmead Second Venture Trust, Baronsmead VCT 5, DX (Group), Focusrite, Games Workshop Group, James Halstead, Sage Group
INTERIM EX-DIVIDEND DATE
DFS Furniture
QUARTERLY PAYMENT DATE
Boeing Co, Toro Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Factory Orders (US) (15:00)
ISM Non-Manufacturing (US) (15:00)
Non-Farm Payrolls (US) (13:30)
Retail Sales (EU) (10:00)
Unemployment Rate (US) (13:30)
SPECIAL DIVIDEND PAYMENT DATE
Admiral Group, Bodycote, FDM Group (Holdings)
AGMS
Africa Opportunity Fund Limited, CityFibre Infrastructure Holdings , Edenville Energy , ICG-Longbow Senior Secured UK Property Debt Investments Ltd, MoneySwap, NMC Health, North American Income Trust (The), Novolipetsk Steel GDS (Reg S), TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S)
FINAL DIVIDEND PAYMENT DATE
Acencia Debt Strategies Ltd., Admiral Group, Bodycote, Clarkson, FDM Group (Holdings), Globaldata, H&T Group, Highcroft Investment, Ibstock , Intertek Group, Invesco Perpetual UK Small Companies Inv Trust, Konami Holdings Corporation, Lookers, Microgen, Ocean Wilsons Holdings Ltd., Playtech, Porvair, Rightmove, SDL, SThree, William Hill |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge higher ahead of payrolls European stocks edged higher on Friday, taking their cue from positive sessions in the US and Asia as investors looked to the release of the latest non-farm payrolls report.
At 0840 BST, the benchmark Stoxx Europe 600 index was up 0.5%, while Germany's DAX and France's CAC were 0.3% firmer.
At the same time, oil prices were holding fairly steady after Thursday's meeting of the Organisation of the Petroleum Exporting Countries in Vienna failed to yield an agreement on an oil production ceiling. West Texas Intermediate was up 0.2% to $49.26 a barrel and Brent crude was 0.3% higher at $50.18.
Overall gains in equity markets were muted, however, as market participants awaited the non-farms for any further clues on the timing of the next rate hike by the Federal Reserve.
"In focus today will be - surprise, surprise - this afternoon's US employment report given its significance within the wide spectrum of data that the US central bank - the Federal Reserve - monitors whilst debating the path for US monetary policy that ultimately has global market-moving ramifications," said Mike van Dulken, head of research at Accendo Markets.
"And with rhetoric of late increasingly suggesting that a summer rate rise was a real possibility, any suggestion that the US jobs market is picking up steam more quickly than expected could well heighten expectations of the trigger being pulled again mid-month."
Societe Generale said: "The recently settled strike at Verizon combined with a sharp cooling in the 'management, technical consulting' sector will likely put a dent in the headline payrolls gain in May.
"We expect an increase of 140k which, excluding the effect of the strike, would be a solid, if unspectacular, result. Meanwhile, earnings should post a decent 0.2% gain and the unemployment rate may have inched down from 5.0% to 4.9%."
Consensus forecasts are for an increase of 164,000.
Investors will also eye Eurozone services PMI at 0900 BST and retail sales for the bloc at 1000 BST.
Corporate news was thin on the ground. AstraZeneca was in the black after announcing the completion of its licensing agreement with Ironwood Pharmaceuticals for the exclusive US rights to the drug.
French hotels group Accor was a high riser after Le Monde reported that China's Jin Jiang was considering upping its stake to 29%. |
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| | US Market Report | | US close: Stocks end slightly higher as oil recovers, healthcare lends support US stocks ended in the black, reversing earlier losses as oil prices recovered, although gains were limited as investors looked to the non-farm payrolls report on Friday.
The Dow Jones Industrial Average and the S&P 500 closed up 0.3%, while the Nasdaq rose 0.4%.
At the same time, oil prices recovered from declines earlier in the session after the meeting of the Organisation of the Petroleum Exporting Countries in Vienna failed to yield any new agreement on oil production. Expectations had been low going into the meeting.
West Texas Intermediate was down just 0.1% at $48.97 per barrel and Brent crude was up 0.3% at $48.95.
Jobs data was in focus, with initial claims and the ADP report out ahead of Friday's all-important non-farms.
Figures released by consultancy ADP showed the US private sector added 173,000 jobs in May, a touch lighter than the 175,000 that was forecast by economists.
The April figure was revised up to show a 166,000 increase from 156,000.
Mark Zandi, chief economist of Moody's Analytics, said: "Job growth has moderated this spring as energy companies and manufacturers shed jobs. Retailers are also more circumspect in their hiring. Despite the recent slowdown, job growth remains strong enough to reduce underemployment."
Meanwhile, data from the Labor Department revealed the number of Americans filing for unemployment benefits unexpectedly fell last week. US initial jobless claims fell by 1,000 to 267,000, versus expectations for an increase to 270,000. This marked 65 consecutive weeks of initial claims below 300,000 - the longest streak since 1973.
Friday's non-farm payrolls report is expected to show US employers added 160,000 jobs in May, the same as the previous month. The unemployment rate is forecast to have fallen to 4.9% from 5.0%.
The Fed is monitoring the health of the labour market as it determines the timing of its next interest rate hike ahead of its 14-15 June policy meeting.
"Current market pricing suggests a 24% chance of a move in June, a drop from yesterday, but with non-farm payrolls looming on Friday we could easily see the declining trend reversed if the figures look robust on most measures," said Chris Beauchamp, senior market analyst at IG.
A strong showing in healthcare stocks lent support, led higher by Johnson & Johnson, which racked up healthy gains after announcing the acquisition of haircare company Vogue International.
Mining equipment maker Joy Global surged after posting a surprise adjusted quarterly profit.
Shares in cloud storage company Box Inc tumbled after its billings for the quarter fell short of expectations late on Wednesday.
Homebuilder Hovnanian Enterprises slumped after reporting second quarter earnings that fell short of analysts' expectations.
S&P 500 - Risers
United States Steel Corp. (X) $14.87 +5.69%
Humana Inc. (HUM) $187.36 +5.61%
Endo International Plc (ENDP) $17.44 +4.93%
L Brands Inc (LB) $71.33 +4.27%
Aetna Inc. (AET) $120.03 +4.11%
Macy's Inc. (M) $34.35 +4.00%
AbbVie Inc (ABBV) $65.09 +3.60%
Kohls Corp. (KSS) $37.38 +3.35%
Seagate Technology Plc (STX) $23.75 +3.22%
Medtronic Plc (MDT) $82.99 +3.07%
S&P 500 - Fallers
Signet Jewelers Ltd (SIG) $92.23 -6.58%
Diamond Offshore Drilling Inc. (DO) $24.30 -3.99%
Oracle Corp. (ORCL) $38.66 -3.97%
Franklin Resources Inc. (BEN) $35.78 -2.82%
Chesapeake Energy Corp. (CHK) $4.25 -2.75%
Tyson Foods Inc. (TSN) $62.60 -2.66%
Delta Airlines Inc. (DAL) $42.45 -2.44%
LyondellBasell Industries (LYB) $80.58 -2.33%
Helmerich & Payne Inc. (HP) $58.87 -1.57%
Invesco Ltd. (IVZ) $30.83 -1.53%
Dow Jones I.A - Risers
E.I. du Pont de Nemours and Co. (DD) $68.10 +2.56%
Caterpillar Inc. (CAT) $73.62 +1.87%
Johnson & Johnson (JNJ) $114.49 +1.52%
Unitedhealth Group Inc. (UNH) $136.04 +1.12%
Visa Inc. (V) $79.95 +0.92%
Merck & Co. Inc. (MRK) $56.82 +0.87%
American Express Co. (AXP) $66.41 +0.76%
Verizon Communications Inc. (VZ) $50.77 +0.67%
International Business Machines Corp. (IBM) $153.50 +0.65%
Wal-Mart Stores Inc. (WMT) $70.95 +0.64%
Dow Jones I.A - Fallers
Exxon Mobil Corp. (XOM) $88.53 -0.80%
Apple Inc. (AAPL) $97.72 -0.75%
Nike Inc. (NKE) $54.53 -0.73%
Microsoft Corp. (MSFT) $52.48 -0.70%
McDonald's Corp. (MCD) $121.17 -0.66%
Chevron Corp. (CVX) $100.53 -0.59%
Goldman Sachs Group Inc. (GS) $159.28 -0.43%
3M Co. (MMM) $168.04 -0.39%
General Electric Co. (GE) $30.05 -0.20%
Nasdaq 100 - Risers
Dish Network Corp. (DISH) $53.68 +5.82%
Endo International Plc (ENDP) $17.44 +4.93%
Biomarin Pharmaceutical Inc. (BMRN) $91.52 +4.71%
Sba Communications Corp. (SBAC) $101.75 +3.45%
Seagate Technology Plc (STX) $23.75 +3.22%
Incyte Corp. (INCY) $87.71 +2.97%
Liberty Global plc Series A (LBTYA) $38.43 +2.78%
Alexion Pharmaceuticals Inc. (ALXN) $156.77 +2.67%
Liberty Global plc Series C (LBTYK) $37.17 +2.59%
Liberty Media Corporation - Series C (LMCK) $19.57 +2.41%
Nasdaq 100 - Fallers
Skyworks Solutions Inc. (SWKS) $66.58 -1.03%
Nxp Semiconductors Nv (NXPI) $93.50 -0.89%
American Airlines Group (AAL) $31.67 -0.88%
Apple Inc. (AAPL) $97.72 -0.75%
Microsoft Corp. (MSFT) $52.48 -0.70%
Costco Wholesale Corp. (COST) $151.51 -0.66%
Analog Devices Inc. (ADI) $58.28 -0.63%
JD.com, Inc. (JD) $23.66 -0.57%
Alphabet Inc. Class A (GOOGL) $744.27 -0.56%
Xilinx Inc. (XLNX) $47.12 -0.53% |
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| | Newspaper Round Up | | Friday newspaper round-up: Facebook, sharing economy, BHS Media companies publishing to Facebook are reaching 42 per cent fewer people with each story since January, a new report claims, putting pressure on the social network to explain how it has changed its algorithm. Stories posted to Facebook reached an average of 68,000 users in May, down from about 117,000 in January, according to SocialFlow, a platform used by publishers to post half a million stories to Facebook and other social media sites each month. - Financial Times
A gender pay gap is emerging in the amount of pocket money UK parents give their children. Even at the tender age of under 15, it seems boys receive significantly more than girls - and, like their dads at work, are more insistent in asking for more. Parents are forking out an average £6.55 per week to children, according to the annual Halifax pocket money survey, the highest level recorded since the onset of the financial crisis in 2007. - Financial Times
The European commission has thrown its weight behind the so-called sharing economy typified by firms such as Uber and Airbnb, saying countries should only ban them as a last resort. The growth of the sharing economy - defined as businesses that help ordinary people offer services to the public - has caused tension in several European countries over claims that existing industries are being damaged. - Guardian
Economists campaigning for Britain to leave the European Union have accused the Treasury and international institutions of "groupthink" in a report that says growth would be boosted if all trade barriers were removed after a leave vote in this month's referendum. The group Economists for Brexit (EfB) said consumers and businesses would benefit from lower prices once EU-imposed tariffs were removed and dismissed predictions that the UK would be plunged into immediate recession if the remain campaign lost on 23 June. - Guardian
As a boy, British Home Stores was one of those shops I was dragged into with little willingness on my part. If I had to be shopping, I would rather have been across the road in the Early Learning Centre, or up the street sitting on the floor in Waterstones surrounded by stacks of books. Instead I was, on a Saturday afternoon, more often than not to be found wandering around the shelves of the Preston branch of British Home Stores, following my mum as she assessed the quality of the towels or questioned the style of the lampshades. - Telegraph
Tata Steel is close to reaching a deal to keep its Port Talbot plant open after being offered a sweetener by the government. The Indian company was last night discussing the offer of a huge loan after an apparent change of heart by ministers anxious to avoid thousands of British job losses. - The Times
Hundreds of former City Link employees will share an award totalling more than £1 million after winning an employment tribunal claim against the collapsed courier company. In a stinging indictment of Better Capital, the former owner of City Link, and the former management team, the employment tribunal in Leeds has ruled that the company made a "deliberate and calculated decision" not to inform staff properly about potential redundancies. - The Times | | |
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