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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: Equities rise on rally in mining and oil stocks UK equities rose on Monday, lifted by a rally in mining and oil stocks as crude and copper prices jumped.
Anglo American, Rio Tinto and BHP Billiton were the top risers on the FTSE 100 in morning trade as copper prices increased 1.18% to $213.80 per pound on the Comex.
Oil producers BP, Royal Dutch Shell and Tullow Oil were also in the black as Brent crude climbed 1.15% to $50.22 per barrel and West Texas Intermediate moved up 1.17% to $49.20 per barrel.
A weaker dollar gave oil prices a boost as it may support demand in the rest of the world since it makes crude imports traded in the currency cheaper.
Going the other way, housebuilders were the biggest fallers after new Brexit polls showed more people want to leave the European Union ahead of Britain's referendum on 23 June. Berkeley Group, Persimmon, Barratt Developments and Taylor Wimpey slumped.
A YouGov poll found 45% in the UK wanted to leave the EU, while 41% were in favour of staying. An Observer/Opinium poll also found the Leave campaign ahead by 43% to 40%.
Sterling dropped more than 1.5 cents to $1.4358, a three-year low against the dollar.
Craig Erlam, senior market analyst at Oanda, said "the polls are likely to make people rather uneasy and we can see that quite clearly today in the pound, currently down almost 1% against the dollar, having hit three week lows earlier in the session.
"With both sides likely to step up their game over the next couple of weeks, I imagine we'll see a lot more volatility in the pound and the closer the polls get, or if 'Vote Leave' continues to push ahead, the pound may find itself back towards April's lows before too long."
In company news, Wolseley shares fell after JPMorgan Cazenove downgraded the stock to 'neutral' from 'overweight' and cut the price target to 4,100p from 4,300p on valuation grounds.
EasyJet dipped after saying its load factor fell 0.1 percentage points to 91.5% in May after cancellations due to French air traffic control strikes and weather conditions.
PZ Cussons gained after the Imperial Leather maker appointed Caroline Silver as non-executive chair effective from 1 January 2017 following the retirement of Richard Harvey.
Vodafone edged higher after the company and Africa's 4G telecommunications operator Afrimax Group formed a non-equity partnership in Zambia. |
| Market Movers
FTSE 100 (UKX) 6,258.88 0.79%
FTSE 250 (MCX) 17,059.03 -0.05%
techMARK (TASX) 3,135.97 0.29%
FTSE 100 - Risers
Anglo American (AAL) 653.40p 5.75%
Rio Tinto (RIO) 1,993.50p 5.20%
BHP Billiton (BLT) 872.30p 4.64%
Antofagasta (ANTO) 445.00p 3.90%
Glencore (GLEN) 140.55p 3.61%
Standard Chartered (STAN) 539.80p 2.39%
Fresnillo (FRES) 1,146.00p 2.05%
Old Mutual (OML) 181.50p 1.85%
3i Group (III) 554.50p 1.74%
Royal Dutch Shell 'A' (RDSA) 1,704.00p 1.67%
FTSE 100 - Fallers
Berkeley Group Holdings (The) (BKG) 3,181.00p -1.79%
Persimmon (PSN) 2,024.00p -1.60%
Barratt Developments (BDEV) 570.00p -1.38%
Taylor Wimpey (TW.) 188.00p -1.31%
ITV (ITV) 211.40p -0.98%
Land Securities Group (LAND) 1,157.00p -0.52%
easyJet (EZJ) 1,517.00p -0.46%
Smith & Nephew (SN.) 1,183.00p -0.42%
International Consolidated Airlines Group SA (CDI) (IAG) 528.00p -0.38%
Wolseley (WOS) 3,732.00p -0.37%
FTSE 250 - Risers
Vedanta Resources (VED) 393.00p 4.80%
Kaz Minerals (KAZ) 152.60p 3.25%
Jimmy Choo (CHOO) 117.60p 2.89%
Fidelity European Values (FEV) 169.70p 2.41%
Weir Group (WEIR) 1,207.00p 2.29%
Riverstone Energy Limited (RSE) 884.50p 2.14%
Fidelity China Special Situations (FCSS) 140.00p 2.12%
Polypipe Group (PLP) 318.60p 2.02%
Polymetal International (POLY) 864.50p 1.83%
Acacia Mining (ACA) 335.80p 1.82%
FTSE 250 - Fallers
Indivior (INDV) 213.90p -9.02%
Just Eat (JE.) 433.80p -3.49%
DFS Furniture (DFS) 288.80p -2.47%
Crest Nicholson Holdings (CRST) 570.00p -2.40%
Millennium & Copthorne Hotels (MLC) 408.20p -2.30%
Bellway (BWY) 2,616.00p -2.28%
Countrywide (CWD) 362.00p -2.16%
Cairn Energy (CNE) 191.90p -2.09%
Allied Minds (ALM) 345.50p -2.01% |
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| | UK Event Calendar | | Monday 06 June
INTERIM EX-DIVIDEND DATE
Aeci 5 1/2% Prf, Barloworld Ltd.
QUARTERLY EX-DIVIDEND DATE
Total SA
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Factory Orders (GER) (07:00)
GMS
Forbidden Technologies
FINALS
Palace Capital
ANNUAL REPORT
Alexander Mining
EGMS
GLI Finance Limited, UK Commercial Property Trust
AGMS
Bagir Group Ltd. (DI), Cambian Group, Forbidden Technologies, Global Energy Development, Hansteen Holdings, REA Holdings, React Group
TRADING ANNOUNCEMENTS
Range Resources Ltd. (DI)
UK ECONOMIC ANNOUNCEMENTS
BRC Sales Monitor (00:01)
FINAL DIVIDEND PAYMENT DATE
Epwin Group, Hydro International, Weir Group
FINAL EX-DIVIDEND DATE
Compagnie de St-Gobain SA
Q1
TCS Group Holding GDR (Each Repr 1 A Shr) (Reg S)
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed as investors eye Yellen European stocks were little changed in early trade as investors awaited a speech by Federal Reserve chair Janet Yellen as they look for further clues on US monetary policy after Friday's dire payrolls report.
At 0845 BST, the benchmark Stoxx Europe 600 index was flat, Germany's DAX was up 0.2% and France's CAC 40 was 0.1% higher.
At the same time, oil prices rose as the dollar weakened after Friday's dismal non-farm payrolls report pushed back expectations of the next Federal Reserve rate hike. Prices were also supported by attacks on Nigerian oil infrastructure.
West Texas Intermediate was up 0.8% to $49.03 a barrel and Brent crude was up 0.7% at $50.00.
"Commodity prices continue to rise after the weakest payrolls number for over five years on Friday caused the chances of an imminent US interest rate rise to collapse," said Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor.
"Janet Yellen's speech in Philadelphia this afternoon will yet again be a key focus for investors, but with the risk of a rate rise in June falling from 22% to 4% after Friday's employment figure, the major question is how the Federal Reserve positions the headline jobs number. With the US unemployment rate just 4.7%, one could argue that the US is close to full employment, but whether this is enough to allow the Fed to continue to maintain its more hawkish stance remains to be seen."
Yellen is due to give a speech on the economic outlook and monetary policy at the World Affairs Council of Philadelphia's luncheon at 1730 BST.
Societe Generale said: "Coming off last Friday's employment report, Chair Yellen probably had some tweaking to do to Monday's speech. The positive momentum seemed to quickly evaporate after a lowly 38K nonfarm payrolls print and a slowdown to the 3-mo average of payrolls to 116K from the 212K pace seen as recently as February.
"Given the Fed's rhetoric about being data dependent, it seems that plans for a summer hike could be delayed. We will closely monitor Chair Yellen's comments about the May employment report, as well as any comments regarding how she views global and financial risks now as compared to her dovish speech in late March."
Other than that, there are no major events of note to look to on Monday.
In terms of sectors, basic resources racked up healthy gains thanks to a weaker greenback, with the Stoxx 600 sub-index for the sector up 1.8%.
Among individual stocks, Vodafone edged up after announcing the formation of a non-equity partnership in Zambia with Afrimax Group.
Low-cost airline EasyJet was a little weaker, however, after reporting a 5.7% jump in passenger numbers in May despite 173 cancellations due to French air traffic control strikes and weather conditions.
Earlier, data released by Destatis showed manufacturing orders in Germany fell much more than expected in April.
Factory orders slumped 2% in April from the previous month, which was a much steeper drop than the 0.6% economists had been expecting
However, the figures for March were revised to show a 2.6% increase, up from the 1.9% initial reported.
On the year, manufacturing orders were down 0.5%. |
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| | US Market Report | | US close: S&P 500 ends the week flat as jobs report weighs Wall Street finished the week on a slightly down note following the release of a much weaker than expected monthly US Jobs report that some economists said put paid to any hopes that the central bank might hike rates in June or July.
The Dow Jones Industrial Average dipped 0.18% or 31.50 points to 17,807.06, the S&P 500 declined 0.29% or 6.13 points to 2.099.13 - to end the week essentially flat - and the Nasdaq lost 0.58% or 28.85 points to finish the day at 4,942.52.
Life insurers and banks were the worst performing industry groups, with the Philadelphia/KBW gauge of lenders´ shares dropping 2.25% to 69.79, alongside an outsized ten basis point drop in the yield on the benchmark 10-year US Treasury note to 1.70%.
The best performing industry groups were: Gold (9.41%), Platinum&precious metals (8.01%) and Mining (7.84%) as the US dollar spot index slumped 1.61% to 94.03 and gold futures jumped 3%.
Utilities were also strong performers, gaining 1.64%.
The US added 38,000 jobs in May, well below the 160,000 that economists had expected, the Labor Department revealed. It marked the weakest non-farm payrolls report since September 2010 and compared to a downwardly revised 123,000 jobs in April.
The unemployment rate fell to 4.7% in May from 5.0% in April, beating estimates of 4.9%, but only due to a jump in part-time hiring and a shrinking labour force.
"We see this report as taking a June rate hike off the table and likely does the same for July since, in our view, FOMC members will likely want to see at least two months of evidence that hiring has rebounded before moving to another rate hike," Barclays´s Michael Gapen said in a research report sent to clients.
Adding to the downbeat mood on Wall Street, the Institute for Supply Management´s non-manufacturin purchasing managers´ index fell from 55.7 in April to 52.9 for May (consensus: 55.3), pointing to a notable slowdown in service sector activity and hiring.
Front month West Texas Intermediate crude oil futures retreated by 42 cents to $48.62 per barrel on NYMEX following the release of the weekly Baker Hughes US oil rig count, which at 325 revealed nine more rigs than a week before - for their second increase over the last three weeks.
Earlier on Friday, Federal Reserve Bank of Chicago President Charles Evans said the US economy continues to be affected by downside risks.
"I see the value in making small and gradual adjustments to the fed-funds rate as the data improve and confirm my positive baseline outlook for the US," he said.
The Fed was due to next meet to decide on policy on 16-17 June.
More positively, US factory orders rose the most in six months in April, according to the Commerce Department. New orders for manufactured goods jumped 1.9% year-on-year in April, ahead of forecasts for a 1.8% increase and following a 1.5% gain in March.
In company news, shares in retailer GAP advanced despite the company saying late on Thursday that sales in May fell 5%, while same-store sales dropped 6%.
Talen Energy Corp. gained following news the independent power producer has agreed to be bought by private investment company Riverstone Holdings.
Twitter Inc. and Yahoo were under the cosh following reports that executives from the companies met to discuss a possible merger several weeks ago.
As of Friday´s close, markets were assigning odds of 31.3% to the possibility of a 25 basis point interest rate hike by the time of the Federal Reserve´s 27 July policy meeting, according to the Chicago Mercantile Exchange´s Fed Watch tool.
S&P 500 - Risers
Newmont Mining Corp. (NEM) $35.40 +9.43%
Broadcom Limited (AVGO) $162.56 +4.94%
Freeport-McMoRan Inc (FCX) $11.11 +4.22%
Gap Inc. (GPS) $19.09 +4.15%
Mosaic Company (MOS) $26.70 +4.09%
Textron Inc. (TXT) $39.96 +3.77%
AES Corp. (AES) $11.22 +3.51%
United States Steel Corp. (X) $15.28 +2.76%
Welltower Inc (HCN) $71.32 +2.66%
Sempra Energy (SRE) $109.46 +2.56%
S&P 500 - Fallers
Baxalta Incorporated (BXLT) $0.00 -100.00%
Charles Schwab Corp. (SCHW) $29.22 -5.25%
E*TRADE Financial Corp. (ETFC) $26.69 -5.12%
Signet Jewelers Ltd (SIG) $88.19 -4.38%
Chesapeake Energy Corp. (CHK) $4.09 -3.76%
Lincoln National Corp. (LNC) $44.43 -3.52%
Robert Half International Inc. (RHI) $40.45 -3.48%
Bank of America Corp. (BAC) $14.42 -3.48%
Citigroup Inc. (C) $45.39 -3.36%
Marathon Petroleum Corporation (MPC) $35.46 -3.33%
Dow Jones I.A - Risers
Caterpillar Inc. (CAT) $75.04 +1.93%
E.I. du Pont de Nemours and Co. (DD) $68.78 +1.00%
Coca-Cola Co. (KO) $45.04 +0.72%
Procter & Gamble Co. (PG) $82.47 +0.63%
Unitedhealth Group Inc. (UNH) $136.84 +0.59%
Boeing Co. (BA) $127.38 +0.42%
Verizon Communications Inc. (VZ) $50.92 +0.30%
Johnson & Johnson (JNJ) $114.76 +0.24%
Apple Inc. (AAPL) $97.92 +0.20%
3M Co. (MMM) $168.38 +0.20%
Dow Jones I.A - Fallers
Goldman Sachs Group Inc. (GS) $155.67 -2.27%
Nike Inc. (NKE) $53.45 -1.98%
JP Morgan Chase & Co. (JPM) $64.64 -1.78%
American Express Co. (AXP) $65.49 -1.39%
Microsoft Corp. (MSFT) $51.79 -1.31%
Pfizer Inc. (PFE) $34.69 -0.52%
Home Depot Inc. (HD) $131.74 -0.51%
Intel Corp. (INTC) $31.62 -0.44%
International Business Machines Corp. (IBM) $152.89 -0.40%
General Electric Co. (GE) $29.94 -0.37%
Nasdaq 100 - Risers
Broadcom Limited (AVGO) $162.56 +4.94%
Liberty Global plc Series A (LBTYA) $38.92 +1.28%
Dish Network Corp. (DISH) $54.30 +1.15%
T-Mobile Us, Inc. (TMUS) $43.63 +1.02%
Liberty Global plc Series C (LBTYK) $37.51 +0.91%
Priceline Group Inc (PCLN) $1,301.71 +0.91%
Endo International Plc (ENDP) $17.59 +0.86%
Xilinx Inc. (XLNX) $47.41 +0.62%
Kraft Heinz Co. (KHC) $85.30 +0.61%
Skyworks Solutions Inc. (SWKS) $66.94 +0.54%
Nasdaq 100 - Fallers
Incyte Corp. (INCY) $84.96 -3.14%
JD.com, Inc. (JD) $22.98 -2.87%
American Airlines Group (AAL) $30.81 -2.72%
Akamai Technologies Inc. (AKAM) $53.55 -2.46%
PACCAR Inc. (PCAR) $54.90 -2.40%
Activision Blizzard Inc. (ATVI) $37.81 -2.27%
Cognizant Technology Solutions Corp. (CTSH) $60.12 -1.99%
Vertex Pharmaceuticals Inc. (VRTX) $93.96 -1.94% |
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| | Newspaper Round Up | | Monday newspaper round-up: Brexit, BHS, WPP, Radley Nigel Farage, leader of the UK Independence party, has said a British vote to leave the EU would be the first step in what he hoped would be the disintegration of the bloc. In an interview with the Financial Times, the Eurosceptic MEP's comments onEurope's future are some of his most hostile to date and emphasise the high stakes in the referendum on June 23. - Financial Times
Jobs growth in Yorkshire and the Humber last year was the highest in the country, making the region the third-fastest growing since 2008. Employment in Yorkshire grew 3.7 per cent, or an extra 91,700 jobs, last year according to research by NatWest. Growth reached 2 per cent Nationwide but in Scotland it was only 0.7 per cent with the oil and gas slowdown taking its toll. - Financial Times
Sir Philip Green has made no new approach to pensions authorities about restructuring the BHS pension scheme, it has emerged, despite claims he was trying to broker a last-minute deal. The retail tycoon, who is due to face a grilling from MPs next week, was said to be "desperately trying" to draw up a restructuring plan that would secure a better deal for pension scheme members than if the scheme was bailed out by the Pension Protection Fund (PPF). - Telegraph
Last week, we heard yet more from the economic establishment about the supposedly "incontrovertible fact" that Brexit would harm the UK economy. And yet again the Remain camp tried to suggest that if the overwhelming majority of economists were in favour of staying in the EU, then it was an open and shut case that we should stay in. - Telegraph
Labour is considering backing the idea of a universal basic income - a radical transformation of the welfare state that would ditch means-tested benefits in favour of a flat-rate payment. John McDonnell, the shadow chancellor, who is keen to find policies to match his slogan of a "new economics," will appear at the launch of a report on the proposal from the leftwing campaign group Compass in the House of Commons on Monday evening. - Guardian
Mike Ashley will go before MPs to "defend the good name" of Sports Direct on Tuesday in a change of plan just days after he said he would defy a parliamentary summons. The billionaire founder of the retail chain has written to the Business, Innovation and Skills (BIS) committee to say that he had a change of heart after careful consideration over the weekend. - Guardian
Sir Martin Sorrell is facing a shareholder rebellion over his £70 million pay package as chief executive of WPP, with a significant minority of investors expected to vote against the advertising group's remuneration report on Wednesday. Two proxy advisory firms, Pirc and ShareSoc, are advising investors in the company to oppose the remuneration report, while another, ISS, is recommending only "qualified support" for the report. - The Times
A company backed by the billionaire Dutch family behind C&A has taken over Radley and secured Don McCarthy, a veteran retailer, as chairman of the fashion brand. In a deal tipped by The Times, Bregal Freshstream will confirm today that it has bought Radley, which is best known for its handbags and scotch terrier motifs, from Exponent Private Equity. - The Times | | |
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