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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 reverse gains as Brexit worries resume The FTSE 100 lost steam on Thursday after a two-day rally as worries over Brexit resumed.
London's top tier index opened higher but soon reversed gains amid political instability and concerns over the UK economy after Britain voted to leave the European Union last Friday.
With a question mark hanging over the next prime minister and division within the Labour Party, Brexit has already caused a headache before the government has even invoked Article 50, which formally begins the process of Britain's divorce from the EU.
US President Barack Obama on Wednesday warned that Brexit raises "longer-term concerns about global growth" as it would freeze the possibilities of investment in Great Britain or Europe as a whole.
Bank of England governor Mark Carney is due to speak at 1600 BST with the focus on any remarks on his plans to cushion to blow of Brexit.
Away from Brexit, the final estimate of first quarter UK gross domestic product from the Office for National Statistics is due at 0930 BST. Analysts expect quarter-on-quarter growth of 0.4% and year-on-year growth of 2.0%. Fourth quarter GDP rose 0.6% on the quarter and 2.1% on the year.
UK consumer confidence remained in negative territory in June, GfK said, with the index unchanged at -1. Analysts expected a reading of -2. Confidence was hit by concerns that economic growth could be affected following a Brexit vote.
In the eurozone, the consumer price index from Eurostat at 1000 BST is expected to have improved to an annualised 0% in June from a fall of 0.1% the previous month.
Elsewhere, initial jobless claims are due at 1330 BST.
Meanwhile, oil prices reversed the previous day's rally with Brent crude down 1.13% to $50.04 per barrel and West Texas Intermediate down 1.01% to $49.38 per barrel at 0902 BST.
Engineering company Weir Group gained after it announced that following discussions with chief operating officer Dean Jenkins, it has been agreed that he will step down from the board on 30 September.
Rio Tinto edged higher as it said it was ending its involvement with Papua New Guinea by giving up ownership of the Panguna copper mine on Bougainville island.
Banks and housebuilders were back in the red on renewed Brexit worries. Barclays and Royal Bank of Scotland were the biggest fallers among banks while Taylor Wimpey, Berkeley Group and Barratt Developments led the declines in housebuilders. |
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| Market Movers
FTSE 100 (UKX) 6,323.33 -0.58%
FTSE 250 (MCX) 15,949.34 -0.33%
techMARK (TASX) 3,135.07 -0.36%
FTSE 100 - Risers
3i Group (III) 535.00p 6.05%
International Consolidated Airlines Group SA (CDI) (IAG) 364.90p 1.56%
Bunzl (BNZL) 2,259.00p 1.30%
Mondi (MNDI) 1,355.00p 1.04%
BAE Systems (BA.) 509.00p 0.69%
Informa (INF) 696.50p 0.65%
ARM Holdings (ARM) 1,095.00p 0.64%
Schroders (SDR) 2,262.00p 0.35%
Unilever (ULVR) 3,461.00p 0.33%
Experian (EXPN) 1,363.00p 0.29%
FTSE 100 - Fallers
Royal Bank of Scotland Group (RBS) 170.90p -5.16%
Royal Mail (RMG) 484.20p -4.50%
Travis Perkins (TPK) 1,448.00p -3.27%
Taylor Wimpey (TW.) 129.40p -2.63%
ITV (ITV) 173.60p -2.31%
Barclays (BARC) 135.10p -2.07%
Whitbread (WTB) 3,494.00p -2.05%
Berkeley Group Holdings (The) (BKG) 2,500.00p -1.96%
Barratt Developments (BDEV) 400.80p -1.93%
Sainsbury (J) (SBRY) 226.00p -1.65%
FTSE 250 - Risers
CLS Holdings (CLI) 1,405.00p 6.04%
Softcat (SCT) 314.00p 4.67%
Go-Ahead Group (GOG) 1,983.00p 4.42%
Acacia Mining (ACA) 449.90p 3.38%
Sophos Group (SOPH) 203.50p 3.19%
OneSavings Bank (OSB) 203.00p 2.89%
Genus (GNS) 1,544.00p 2.66%
Redefine International (RDI) 44.64p 2.39%
Mitie Group (MTO) 249.30p 2.30%
Weir Group (WEIR) 1,430.00p 2.14%
FTSE 250 - Fallers
Zoopla Property Group (WI) (ZPLA) 250.10p -6.61%
CYBG (CYBG) 220.70p -6.20%
PayPoint (PAY) 914.50p -5.62%
Paragon Group Of Companies (PAG) 237.90p -4.84%
Brown (N.) Group (BWNG) 174.30p -3.91%
Jupiter Fund Management (JUP) 347.90p -3.82%
Tate & Lyle (TATE) 646.00p -3.65%
ICAP (IAP) 399.20p -3.60%
Ocado Group (OCDO) 216.10p -2.66% |
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| | UK Event Calendar | | Thursday 30 June
INTERIM DIVIDEND PAYMENT DATE
Aviva 8 3/4% Cumulative Irrd Preference 1, British Empire Trust, Brunner Investment 5% Prf, Ecclesiastical Insurance 8.625% Non-Cum Irr Pref Shares, Jersey Electricity 'A' Shares, Northern Venture Trust, Schroder UK Mid Cap Fund, Stride Gaming, The Renewables Infrastructure Group Limited, Watkin Jones
INTERIM EX-DIVIDEND DATE
CC Japan Income & Growth Trust, Chrysalis VCT, Electronic Data Processing, Game Digital, Paragon Group Of Companies
QUARTERLY PAYMENT DATE
Albion Technology & General VCT, Brunner Inv Trust, Custodian Reit , Ediston Property Investment Company, HICL Infrastructure Company Ltd, MedicX Fund Ltd., Premier Energy & Water Trust, Raven Russia Ltd. Cum Red Pref Shares, TwentyFour Select Monthly Income Fund Limited
QUARTERLY EX-DIVIDEND DATE
Alpha Real Trust Ltd., British Land Company, Real Estate Credit Investments PCC Ltd, Real Estate Investors, Torchmark Corp.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Initial Jobless Claims (US) (13:30)
Retail Sales (GER) (07:00)
Unemployment Rate (GER) (08:55)
FINALS
Outsourcery
ANNUAL REPORT
PetroNeft Resources
DRILLING REPORT
Tullow Oil
SPECIAL DIVIDEND PAYMENT DATE
Northern Venture Trust, Perpetual Income & Growth Inv Trust
SPECIAL EX-DIVIDEND PAYMENT DATE
Arbuthnot Banking Group, Chrysalis VCT, Mobeus Income & Growth 2 Vct, Real Estate Credit Investments PCC Ltd, Secure Trust Bank
AGMS
21st Century Technology, Advanced Oncotherapy, Alecto Minerals, Alexander Mining, Atlantis Resources Limited (DI), Auctus Growth, Bond International Software, Braemar Shipping Services, Cellcast, Cyan Holdings, Datang International Power Generation Co Ltd., DCD Media, Energiser Investments, GameAccount Network, Harvey Nash Group, KEFI Minerals, London Capital Group Holdings, Mariana Resources Ltd., New Trend Lifestyle Group, Nostra Terra Oil & Gas Co, Onzima Ventures, PJSC Gazprom Level 1 ADS, PJSC Megafon GDR (Reg S), Plaza Centers NV, Public Joint Stock Company Rosseti GDR (Each REPR 200 ORD) Reg S, Public Power GDR SA (Reg S), Regal Petroleum, Scottish Mortgage Inv Trust, Sprue Aegis, Stobart Group Ltd., Strat Aero, Trinity Exploration & Production, Venn Life Sciences Holdings, Vianet Group, Westminster Group, Yolo Leisure And Technology
TRADING ANNOUNCEMENTS
Serco Group, Tullow Oil, Wood Group (John)
UK ECONOMIC ANNOUNCEMENTS
Current Account (09:30)
GDP (quarterly national accounts) (09:30)
GFK Consumer Confidence (00:05)
FINAL DIVIDEND PAYMENT DATE
Air China Ltd., Elderstreet VCT, Kakuzi Ltd., Michelmersh Brick Holdings, Saga , Tongaat-Hulett Ltd.
FINAL EX-DIVIDEND DATE
Aveva Group, B.P. Marsh & Partners, Babcock International Group, Braemar Shipping Services, British Smaller Companies VCT, Brown (N.) Group, Caffyns, Coca-Cola HBC AG (CDI), Cranswick, Dee Valley Group, Dee Valley Group (Non-Voting), Gabelli Value Plus Trust , Gama Aviation , Helical Bar, Hogg Robinson Group, ICAP, Montanaro UK Smaller Companies Inv Trust, NetDimensions (Holdings) Limited (DI), Next Fifteen Communications, Northern Investors Co, Oxford Technology VCT, PayPoint, Premier Technical Services Group , Record, Royal Mail, Shanks Group, Tate & Lyle
|
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| | US Market Report | | US close: Stocks rise for second day, bank stress tests mixed US stocks strode higher for the second successive day on Wednesday as the initial panic of Brexit eased and investors sought bargains, while there was mostly top grades for banks in the Federal Reserve's stress-test results after the market closed.
Recouping around half the losses from the two session immediately after the UK's decision to split from the European Union, the Dow Jones Industrial Average gained 284.96 points or 1.64% higher to 17,694.68 by the closing bell, while the S&P 500 rose 1.7% and the Nasdaq Composite climbed 1.86%.
Helping fuel the rise, oil prices continued to claw their way back towards $50 as US weekly crude oil inventories fell more than expected and as strikes by Norwegian oil and gas workers loomed.
The Energy Information Administration said US crude inventories fell 4.1m barrels last week to 526.6m barrels. Analysts had pencilled in a 2.4m drop in barrels. However, the EIA said crude oil inventories are at "historically high levels for this time of year".
West Texas Intermediate crude accrued more than 3% to $49.35 per barrel and Brent barrelled 2.8% higher to $49.94 as Wall Street headed out the door.
The dollar was also retreating from its closest convergence with sterling in 31 years, down 0.88% to $1.3462, while it also came off for the third successive day versus the euro, down 0.5% to $1.1123.
Meanwhile, US personal income and spending grew as expected in May, pointing to solid growth in household consumption during the second quarter, according to some economists.
Personal incomes increased by 0.2% month-on-month in May following a rise of 0.5% in the month before, alongside a 0.4% jump in consumption, according to the Department of Commerce. Economists had been expecting a rise of 0.3% and 0.4%, respectively.
"US core PCE inflation stayed steady at 1.6% with most eyes now on next week's US employment report in the hope that last month's weak jobs report was a one-off," said CMC Markets analyst Michael Hewson.
He added: "The main gains in US markets appear to be being driven by energy stocks as oil prices remain resilient."
The personal income and spending data means second-quarter consumption will now rise at a hefty 4.2% annualised rate even if spending is unchanged in June, said Ian Sheperdson, chief US economist at Pantheon Macroeconomics.
"With a modest 0.2% gain, consumption will be up 4.5%, contributing 3.2% to headline GDP growth. Expect all the tracking models to be revised higher," he said.
Pantheon expects the US Federal Reserve's focus to move away from Brexit back to domestic wages, as the net tightening of financial conditions in the US since the referendum is "just not big enough - indeed, it's nothing like big enough - to justify moving our economic forecasts".
Wednesday's US housing data would be a disappointment for the Fed, however. US pending home sales fell more than expected in May, according to data from the National Association of Realtors (NAR). The NAR's monthly index declined 3.7% to 110.8 from a downwardly-revised 115.0 in April. This was steeper than the 1.1% drop expected by economists, with all four regions experiencing a cutback in contract activity last month.
Moreover, US mortgage applications fell 2.6% in the week to 24 June compared to a 2.9% increase a week earlier, according to the Mortgage Bankers' Association.
In company news, big banks including Bank of America, JPMorgan Chase, Citigroup, Goldman Sachs and HSBC North America, were among the 30 that passed stress tests with good grades, winning permission from the Fed to pay investors dividends. Morgan Stanley was ordered to address certain weaknesses and resubmit its capital plan by the end of the year.
Notable failures however were the American units of Deutsche Bank and Banco Santander, which were held back for the second year running, as the pair were part of a group of only three out of 33 banks to fail the tests.
Nike was under the cosh after reporting a 2% drop in quarterly profit overnight.
Elsewhere, Monsanto shares climbed as EU antitrust regulators indicated they could open a review of its deal with Bayer.
PrivateBanCorp's jumped after Canadian Imperial Bank of Commerce agreed to buy the company for about $3.8bn.
S&P 500 - Risers
Mallinckrodt Plc Ordinary Shares (MNK) $59.90 +6.53%
Murphy Oil Corp. (MUR) $32.01 +6.42%
Seagate Technology Plc (STX) $23.95 +6.30%
Under Armour Inc. Class A (UA) $39.75 +5.94%
Host Hotels & Resorts Inc. (HST) $16.05 +5.94%
NetApp Inc. (NTAP) $24.47 +5.57%
Transocean Ltd. (RIG) $11.62 +5.25%
Perrigo Company plc (PRGO) $91.55 +4.90%
Weyerhaeuser Co. (WY) $29.23 +4.84%
Hess Corp. (HES) $57.77 +4.77%
S&P 500 - Fallers
Southwestern Energy Co. (SWN) $13.03 -6.19%
EQT Corp. (EQT) $76.96 -2.84%
Alcoa Inc. (AA) $9.10 -2.47%
Cabot Oil & Gas Corp. (COG) $25.39 -2.31%
Endo International Plc (ENDP) $15.93 -1.61%
Range Resources Corp. (RRC) $43.99 -1.19%
Clorox Co. (CLX) $135.21 -1.06%
Dr Pepper Snapple Group Inc. (DPS) $94.08 -0.69%
Alexion Pharmaceuticals Inc. (ALXN) $114.17 -0.67%
NextEra Energy Inc. (NEE) $127.75 -0.55%
Dow Jones I.A - Risers
Nike Inc. (NKE) $55.13 +3.84%
American Express Co. (AXP) $59.63 +2.99%
JP Morgan Chase & Co. (JPM) $61.20 +2.82%
Merck & Co. Inc. (MRK) $57.05 +2.64%
Boeing Co. (BA) $126.99 +2.50%
Intel Corp. (INTC) $31.93 +2.37%
Caterpillar Inc. (CAT) $74.23 +2.36%
Travelers Company Inc. (TRV) $116.81 +2.35%
Microsoft Corp. (MSFT) $50.54 +2.22%
Goldman Sachs Group Inc. (GS) $145.50 +2.17%
Dow Jones I.A - Fallers
Home Depot Inc. (HD) $127.37 -0.13%
Nasdaq 100 - Risers
Seagate Technology Plc (STX) $23.95 +6.30%
NetApp Inc. (NTAP) $24.47 +5.57%
Biogen Inc (BIIB) $238.91 +4.55%
TripAdvisor Inc. (TRIP) $63.89 +4.48%
Cerner Corp. (CERN) $57.48 +4.36%
Tesla Motors Inc (TSLA) $210.19 +4.16%
Walgreens Boots Alliance, Inc. (WBA) $83.19 +4.14%
Charter Communications Inc. (CHTR) $227.37 +4.12%
Mattel Inc. (MAT) $31.00 +3.85%
Sba Communications Corp. (SBAC) $107.44 +3.77%
Nasdaq 100 - Fallers
Endo International Plc (ENDP) $15.93 -1.61%
Biomarin Pharmaceutical Inc. (BMRN) $78.37 -1.41%
Alexion Pharmaceuticals Inc. (ALXN) $114.17 -0.67% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Theresa May, City hiring, BT, MyLocal Theresa May will on Thursday launch her bid to become prime minister with a promise to restore business confidence and stability to a country reeling from last week's Brexit vote. The home secretary is running as the "safe pair of hands" candidate for the Tory leadership, with allies confident that in uncertain times Tory MPs and activists will prefer her to Boris Johnson, her principal rival. - Financial Times
The City's hiring market is in for a prolonged slowdown as uncertainty triggered by the Brexit vote compounds already difficult conditions for financial services. "It's been a tough hiring environment anyway and it just got tougher," says Dee Symons, a managing director at executive search group Russell Reynolds. "We're in June so the next two months over the summer would typically be quiet for City hiring, Brexit or no Brexit." - Financial Times
Let us separate matters. We face a political upheaval of the first order, but this is a necessary catharsis. Governments come and go. So do political parties. We face a much more serious constitutional crisis. It is why some of us want a national unity government, keenly alert to the interests of Scotland and Northern Ireland. - Telegraph
New Zealand has offered its top trade negotiators to the United Kingdom, relieving the British civil service as it prepares for the strain of seeking new deals with countries across the globe. The Telegraph understands that the Commonwealth country has made an offer to loan staff to the UK in a diplomatic cable sent to the British civil service, which has few trade negotiators of its own. - Telegraph
The telecoms industry plans to use the Brexit vote as a new weapon in the fight to break up BT by telling the chief executive of Ofcom that she can now act without fear of an intervention from Brussels if she chooses to split up the former monopoly. The regulator completed a lengthy review of the structure of the UK telecoms market this year that put the issue of BT's ownership of Openreach - the engineering company that controls the national broadband network - at the centre of the debate over the future of Britain's broadband. - The Times
Thousands more shop workers are facing the threat of possible redundancy as the contagion on the high street spreads. My Local, the convenience chain, was on the verge last night of formally appointing KPMG as its administrator, with more than 1,200 jobs at risk. - The Times
Thousands more shop workers are facing the threat of possible redundancy as the contagion on the high street spreads. My Local, the convenience chain, was on the verge last night of formally appointing KPMG as its administrator, with more than 1,200 jobs at risk. - Guardian
Almost 90 former call centre workers for BetFred have won an average £5,300 each in redundancy pay six months after being laid off by the high street bookies. The 88 workers, mainly women, reached out of court settlements totalling £469,000 after the trade union Unite launched a Facebook campaign and issued legal proceedings calling on BetFred to honour redundancy terms in their contracts. - Guardian | | |
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