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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 oil prices continue to rally London stocks rose on Tuesday as oil prices continued to gain on supply disruptions in Nigeria and forecasts for falling US crude inventories.
Brent crude rose 0.25% to $50.68 per barrel and West Texas Intermediate climbed 0.22% to $49.80 per barrel at 0903 BST.
The Bonny Light crude output in Nigeria has dropped an estimated 170,000 barrels per day (bpd) following attacks on pipeline infrastructure, Reuters reported citing a source.
Meanwhile, a report from the American Petroleum Institute at 2130 BST is expected to show US crude inventories fell 3.5 million barrels last week, helping to soothe concerns about the global supply glut.
In UK economic data, the British Retail Consortium said retail spending picked up in May after two flat months. Spending rose 0.5% on a like-for-like basis compared to a year earlier, beating estimates for a 0.3% increase and following a 0.9% decline in April.
Halifax revealed UK house prices rose 0.6% in May compared to a month earlier, compared to forecasts a 0.3% gain and the previous month's 0.8% fall.
German industrial production climbed 1.2% year-on-year in April, surpassing expectations for a 1.0% rise and March's 0.4% increase.
Still to come, the final estimate of first quarter eurozone gross domestic product at 1000 BST and US consumer credit at 2000 BST.
On the corporate front, oil producers were the biggest risers on the back of a rally in crude prices with BHP Billiton, Royal Dutch Shell and Tullow Oil in the black.
Shell said it was increasing the level of cost cuts from its merger with BG Group to $4.5bn from $3.5bn.
Sports Direct advanced as chairman Mike Ashley prepared to give evidence before the Business, Innovation and Skills Select Committee at 1100 BST over allegations of poor treatment of agency workers.
RWS Holdings was higher as the intellectual property support services provider reported a rise in first half profit due to revenue growth, driven by acquisitions. |
| Market Movers
FTSE 100 (UKX) 6,322.02 0.78%
FTSE 250 (MCX) 17,264.02 0.48%
techMARK (TASX) 3,152.95 0.41%
FTSE 100 - Risers
BHP Billiton (BLT) 912.00p 2.96%
Royal Dutch Shell 'B' (RDSB) 1,758.50p 2.72%
Rio Tinto (RIO) 2,070.00p 2.70%
Royal Dutch Shell 'A' (RDSA) 1,746.00p 2.65%
Anglo American (AAL) 703.00p 2.39%
Glencore (GLEN) 147.35p 2.26%
Standard Chartered (STAN) 546.80p 1.58%
Rolls-Royce Holdings (RR.) 622.00p 1.55%
Ashtead Group (AHT) 1,000.00p 1.47%
Lloyds Banking Group (LLOY) 70.62p 1.41%
FTSE 100 - Fallers
Smith & Nephew (SN.) 1,183.00p -0.59%
Kingfisher (KGF) 365.20p -0.49%
Compass Group (CPG) 1,305.00p -0.46%
Direct Line Insurance Group (DLG) 373.90p -0.45%
ITV (ITV) 210.60p -0.38%
Intu Properties (INTU) 300.50p -0.33%
Imperial Brands (IMB) 3,792.00p -0.28%
Mediclinic International (MDC) 913.00p -0.27%
Informa (INF) 682.00p -0.22%
Admiral Group (ADM) 1,972.00p -0.20%
FTSE 250 - Risers
Tullow Oil (TLW) 254.00p 4.92%
Weir Group (WEIR) 1,311.00p 3.56%
Amec Foster Wheeler (AMFW) 457.30p 3.49%
Evraz (EVR) 119.20p 3.20%
Sports Direct International (SPD) 375.10p 3.16%
Paragon Group Of Companies (PAG) 317.20p 2.96%
Aberdeen Asset Management (ADN) 278.60p 2.69%
esure Group (ESUR) 290.00p 2.47%
Vedanta Resources (VED) 414.70p 2.47%
Ophir Energy (OPHR) 74.90p 2.39%
FTSE 250 - Fallers
Allied Minds (ALM) 352.50p -2.49%
Tullett Prebon (TLPR) 318.70p -2.00%
LondonMetric Property (LMP) 159.50p -1.79%
Shawbrook Group (SHAW) 271.50p -1.77%
Softcat (SCT) 372.00p -1.69%
Euromoney Institutional Investor (ERM) 970.00p -1.42%
DFS Furniture (DFS) 296.30p -1.23%
Worldwide Healthcare Trust (WWH) 1,816.00p -1.09%
Diploma (DPLM) 749.50p -1.06% |
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| | UK Event Calendar | | Tuesday 07 June
INTERIMS
Gooch & Housego, IDOX
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Consumer Credit (US) (20:00)
Gross Domestic Product (EU) (10:00)
Industrial Production (GER) (07:00)
FINALS
B.P. Marsh & Partners, Carclo, Fulcrum Utility Services Ltd. (DI), Vianet Group, VP, WYG
EGMS
Greka Engineering & Technology Ltd. (DI)
AGMS
Billington Holdings, Cluff Natural Resources, Cluff Natural Resources, EU Supply, Gem Diamonds Ltd. (DI), HydroDec Group, InterQuest Group, InterQuest Group, Masawara, Oxford Biomedica, Safestay, Somero Enterprises Inc. (DI)
UK ECONOMIC ANNOUNCEMENTS
Halifax House Price Index (08:30)
FINAL DIVIDEND PAYMENT DATE
Merlin Entertainments , North American Income Trust (The)
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Mining and oil stocks pace gains European markets started the day on the front foot, with mining and oil stocks figuring prominently among the morning´s best performing sector after Wall Street´s main stockmarket gauge moved closer to its all-time highs overnight.
As of 08:49 BST the pan-European DJ Stoxx 600 was jumping 0.94% or 3.22 points to 345.63, alongside gains of 1.36% to 10,257.15 for Germany´s Dax and an advance of 1.41% to 17,873.25 for Italy´s FTSE Mibtel.
Overnight, the S&P 500 advanced 0.49% to close at 2,109.41, successfully clambering atop technical resistance at the 2,100 point mark.
The DJ Stoxx 600´s gauge for shares of Basic Resource companies was rising 2.17% to 289.17 and the Oil&gas sector sub-index by 1.68% to 278.50.
On Monday evening, Exxon Mobil reported a pipeline failure and spill at its Torrance refinery near Los Angeles. That came close on the heels of news of fresh attacks against the oil sector´s infrastructure in the Niger Delta.
Fed chair Janet Yellen´s speech on Monday evening was also very much on investors' minds.
Although the US central bank chief sounded an optimistic note on the outlook for America´s economy, her remarks also appreared to preclude an interest rate hike at the Federal Open Market Committee´s next policy meeting on 15 June, and quite plausibly also for July.
"Yellen was much more dovish than in her recent speech, as she did not repeat that a hike 'in the coming months' could be appropriate, which supports our view (and market expectations) that a summer hike is off the table.
"Although Yellen said that she thinks the positive factors are outweighing the negative, she highlighted the downside risks to the economic outlook," analysts at Danske Bank said in a research note sent to clients.
In corporate news, German sportscar-maker Porsche announced first quarter group profits of €661m, mainly as a result of the profits which accruing to it from its stake in Volkswagen AG.
Also in the Automobile sector, Daimler AG announced it would reduce its headcount at three US plants and another in Mexico by 1,240.
German industrial production rose by 0.8% month-on-month in April, according to the country´s Ministry of Economics.
That was better than the 0.7% gain which economists had pencilled in. Both factory and energy output increased by 1.1% month-on-month, with gains in the former led by a 2.2% jump in the production of capital goods. |
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| | US Market Report | | US close: Stocks end higher after Yellen speech as oil gains US stocks ended higher on Monday as oil prices advanced and investors digested a fairly upbeat speech by Federal Reserve chair Janet Yellen.
The Dow Jones Industrial Average closed up 0.6% and the Nasdaq ended up 0.5%, while the S&P 500 rose 0.5% to its highest close this year.
At the same time, oil prices settled higher after Exxon Mobil reported a pipeline failure and spill at its Torrance refinery near Los Angeles. Supply disruptions in Nigeria also propped up prices as it helped to soothe the global output glut.
West Texas Intermediate rose 2.3% to $49.74 per barrel and Brent crude added 1.8% to $50.55.
In her speech at the World Affairs Council of Philadelphia, Yellen did not provide an exact date for the central bank's next move on policy but said further gradual interest rate increases were likely to be appropriate.
"If incoming data are consistent with labour market conditions strengthening and inflation making progress toward our 2% objective, as I expect, further gradual increases in the federal funds rate are likely to be appropriate and most conducive to meeting and maintaining those objectives," she said.
"I see good reasons to expect that the positive forces supporting employment growth and higher inflation will continue to outweigh the negative ones. As a result, I expect the economic expansion to continue, with the labour market improving further and GDP growing moderately."
Expectations about the timing of the next Fed rate hike have been pushed back following last Friday's dismal nonfarm payrolls report, which showed US employers added just 38,000 jobs in May versus estimates of 164,000,
However, Yellen warned in her speech that market participants should not make too much of one jobs report.
"Although this recent labour market report was, on balance, concerning, let me emphasise that one should never attach too much significance to any single monthly report," she said.
Capital Economics said: "Based on her speech today, Fed Chair Janet Yellen might still be in favour of a July rate hike, but it will require a bounce-back in June's employment figures and a vote by the UK to remain in the European Union.
"Coming in the wake of last Friday's news of a sharp slowdown in employment growth in May,Yellen's comments were surprisingly upbeat. That said, she did not repeat her recent comment that a rate hike would be appropriate in the 'coming months'. She noted that 'the news from the labour market over the past year has been generally good' and that there were 'tentative signs of faster wage growth'."
Capital Economics expects the Fed to raise rates twice this year, in July/September and December. Beyond that, it expects rising wage and price inflation to prompt the Fed to change tack next year, with the fed funds rate above 2% by end-2017.
Earlier, Boston Fed President Eric Rosengren said in a speech in Finland that a rate hike was still likely, albeit not this month, despite the weak jobs report.
He said it was important to wait and see whether the payrolls report was a reflection of a broader slowing in labour markets or just an anomaly.
On the corporate front, energy-related shares put in the strongest performance amid rising oil prices, with Transocean, Chesapeake Energy and Baker Hughes all firmly in the black.
S&P 500 - Risers
Transocean Ltd. (RIG) $11.17 +14.68%
Chesapeake Energy Corp. (CHK) $4.57 +11.74%
Helmerich & Payne Inc. (HP) $64.74 +10.12%
CF Industries Holdings Inc. (CF) $31.15 +8.88%
National Oilwell Varco Inc. (NOV) $34.86 +8.63%
Diamond Offshore Drilling Inc. (DO) $25.59 +7.16%
Baker Hughes Inc. (BHI) $49.52 +7.09%
Mosaic Company (MOS) $28.36 +6.22%
Freeport-McMoRan Inc (FCX) $11.65 +4.91%
TripAdvisor Inc. (TRIP) $71.46 +4.84%
S&P 500 - Fallers
Tyson Foods Inc. (TSN) $60.87 -3.70%
AbbVie Inc (ABBV) $62.81 -3.38%
Best Buy Co. Inc. (BBY) $31.33 -3.15%
Apartment Investment & Management Co. (AIV) $39.80 -2.67%
Urban Outfitters Inc. (URBN) $28.55 -2.13%
Welltower Inc (HCN) $69.82 -2.10%
Equity Residential (EQR) $63.62 -2.08%
Monsanto Co. (MON) $108.75 -2.03%
Signet Jewelers Ltd (SIG) $86.41 -2.02%
Home Depot Inc. (HD) $129.18 -1.94%
Dow Jones I.A - Risers
Boeing Co. (BA) $131.90 +3.55%
Caterpillar Inc. (CAT) $76.42 +1.84%
Nike Inc. (NKE) $54.28 +1.55%
Exxon Mobil Corp. (XOM) $89.34 +1.10%
3M Co. (MMM) $170.10 +1.02%
JP Morgan Chase & Co. (JPM) $65.30 +1.02%
Unitedhealth Group Inc. (UNH) $138.16 +0.96%
Merck & Co. Inc. (MRK) $57.18 +0.95%
United Technologies Corp. (UTX) $101.33 +0.90%
Johnson & Johnson (JNJ) $115.74 +0.85%
Dow Jones I.A - Fallers
Home Depot Inc. (HD) $129.18 -1.94%
Verizon Communications Inc. (VZ) $50.71 -0.41%
Travelers Company Inc. (TRV) $114.29 -0.29%
International Business Machines Corp. (IBM) $152.69 -0.13%
Cisco Systems Inc. (CSCO) $29.10 -0.10%
E.I. du Pont de Nemours and Co. (DD) $68.75 -0.04%
Nasdaq 100 - Risers
TripAdvisor Inc. (TRIP) $71.46 +4.84%
Mylan Inc. (MYL) $46.52 +4.49%
Priceline Group Inc (PCLN) $1,349.10 +3.64%
Whole Foods Market Inc. (WFM) $34.91 +2.47%
Vertex Pharmaceuticals Inc. (VRTX) $96.09 +2.27%
Endo International Plc (ENDP) $17.96 +2.10%
Bed Bath & Beyond Inc. (BBBY) $45.33 +1.98%
Ctrip.Com International Ltd. Ads (CTRP) $44.70 +1.96%
Akamai Technologies Inc. (AKAM) $54.53 +1.83%
Starbucks Corp. (SBUX) $55.59 +1.79%
Nasdaq 100 - Fallers
Nxp Semiconductors Nv (NXPI) $90.26 -1.97%
Analog Devices Inc. (ADI) $57.09 -1.76%
Charter Communications Inc. (CHTR) $221.68 -1.45%
Ross Stores Inc. (ROST) $52.34 -1.41%
T-Mobile Us, Inc. (TMUS) $43.07 -1.28%
Skyworks Solutions Inc. (SWKS) $66.11 -1.24%
Xilinx Inc. (XLNX) $46.87 -1.14%
Lam Research Corp. (LRCX) $82.31 -0.95%
Applied Materials Inc. (AMAT) $24.17 -0.90%
Alphabet Inc. Class C (GOOG) $716.55 -0.80% |
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| | Newspaper Round Up | | Tuesday newspaper round-up: EU referendum, Brexit, Mining Bankers, traders and analysts are preparing for a night in the office on 23 June to respond to exit polls on the EU referendum that could spark wild swings in foreign exchange and bond markets. In echoes of the preparations for the Scottish referendum in 2014, major City firms will have teams of experts available through the night to respond to customer queries and demands to move money. - The Guardian
Pro-Europe MPs will fight a rearguard battle to stop Britain leaving the single market even after a Brexit vote, senior Tories have warned. Those negotiating Britain's new relationship with the EU after a Leave vote have been told that they would not be given a "blank cheque" by MPs if they thought the new arrangements were not in the country's interests. - The Times
High levels of debt and an uncertain global economy will continue to dog the big mining companies in 2016, a new report has warned. The end of the boom in China, and the subsequent crash in commodity prices, has left miners in a race to the bottom, PwC said in its annual review of the sector. - The Daily Telegraph
Fresh from lambasting the "lamentable behaviour" of Sir Philip Green in the sale of BHS, the Institute of Directors is pushing for the accountancy watchdog to investigate the transaction. Simon Walker, director-general of the business lobby group, has written to the Financial Reporting Council to "strongly urge" it to investigate whether the board of Sir Philip's Arcadia Group had failed in its duties to promote the success of a company. - The Times
Orders among UK firms have fallen to their lowest level for almost three years as growing worries over this month's EU referendum hit the British economy. Accountancy firm BDO reports that company investment is flatlining, forcing them to rein in their hiring plans. It fears that economic growth could fall sharply unless firms bolster their investment plans later this year. - The Guardian | | |
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