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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 fall after disappointing China trade data London stocks fell on Tuesday after China trade data missed expectations and the World Bank cut global growth forecasts.
China's global trade surplus widened to $49.98bn in May from April's $45.6bn, missing estimates of $55.70bn. Exports fell 4.1%, compared to analysts' forecast for a 4% drop and the previous month's 1.8% slide. Imports dipped 0.4% in May but it was an improvement on April's 10.9% plunge and better than expectations for a 6.8% decrease.
"China data is continuing to follow a downside trajectory and this noticeable decline in exports has reinforced the concerns over the slowing pace of economic growth," said FXTM Research Analyst Lukman Otunuga.
At the same time China's central bank slashed its forecast for exports to a drop of 1% this year compared to a previous estimate of 3.1% growth. However, the People's Bank of China said the economy will still grow 6.8% this year as it sees domestic recovery remaining on track.
The World Bank cut its 2016 global growth forecasts to 2.4% from its January estimate of 2.9% amid persistently low commodity prices, weak trade and sluggish demand in advanced economies.
In its latest Global Economic Prospects report, the World Bank said emerging economies accounted for half of the downward revision as these markets have struggled to adapt to lower prices for commodities.
Meanwhile, oil prices were mixed following a two-day rally as supply disruptions in Nigeria and Canada helped ease the global glut of crude output.
Brent crude fell 0.09% to $51.39 per barrel while West Texas Intermediate rose 0.04% to $50.38 per barrel at 0834 BST.
The American Petroleum Institute said late on Tuesday that commercial crude inventories fell by 3.6 million barrels last week, compared with expectations for a 2.7 million barrel draw.
The Energy Information Administration will release data on US weekly crude inventories at 1530 BST.
UK industrial and manufacturing output data is also on the agenda at 0930 BST along with the latest gross domestic product estimate from NIESER.
On the corporate front, Sainsbury's jumped after reporting a better-than-expected 0.8% like-for-like drop in first quarter sales.
Royal Dutch Shell edged higher as RBC Capital raised its target on the stock to 2,000p from 1,900p and reiterated an 'outperform' rating.
Mining stocks were also on the rise as metal prices gained. Fresnillo, Antofagasta, Randgold Resources and Anglo American rallied.
AO World was in the red after saying its full year loss widened on the back of trading losses incurred in Germany and start-up costs in other European territories.
WH Smith dipped after it said like-for-like sales in the 14 weeks to 4 June 2016 as High Street sales fell, offset slightly by an increase in sales at the travel business. |
| Market Movers
FTSE 100 (UKX) 6,276.30 -0.13%
FTSE 250 (MCX) 17,172.73 -0.13%
techMARK (TASX) 3,129.42 -0.27%
FTSE 100 - Risers
Sainsbury (J) (SBRY) 253.20p 2.63%
Coca-Cola HBC AG (CDI) (CCH) 1,435.00p 1.77%
Fresnillo (FRES) 1,168.00p 1.65%
Antofagasta (ANTO) 446.10p 1.36%
Tesco (TSCO) 158.90p 1.34%
Anglo American (AAL) 674.30p 1.32%
Glencore (GLEN) 141.65p 1.18%
Randgold Resources Ltd. (RRS) 6,340.00p 1.04%
Burberry Group (BRBY) 1,112.00p 0.91%
Rolls-Royce Holdings (RR.) 611.00p 0.74%
FTSE 100 - Fallers
Worldpay Group (WI) (WPG) 276.30p -1.46%
Royal Bank of Scotland Group (RBS) 226.80p -1.26%
Sky (SKY) 930.00p -1.17%
Lloyds Banking Group (LLOY) 69.57p -0.97%
Mondi (MNDI) 1,347.00p -0.96%
Legal & General Group (LGEN) 231.10p -0.94%
easyJet (EZJ) 1,507.00p -0.92%
Barclays (BARC) 178.60p -0.92%
Prudential (PRU) 1,310.50p -0.87%
London Stock Exchange Group (LSE) 2,630.00p -0.87%
FTSE 250 - Risers
Workspace Group (WKP) 869.50p 4.44%
Vedanta Resources (VED) 401.90p 2.63%
3i Infrastructure (3IN) 171.00p 2.40%
Millennium & Copthorne Hotels (MLC) 426.10p 2.30%
Centamin (DI) (CEY) 112.40p 1.90%
Drax Group (DRX) 323.90p 1.86%
Euromoney Institutional Investor (ERM) 972.00p 1.73%
Greencore Group (GNC) 329.50p 1.67%
CLS Holdings (CLI) 1,598.00p 1.65%
Paragon Group Of Companies (PAG) 313.90p 1.52%
FTSE 250 - Fallers
Intermediate Capital Group (ICP) 638.50p -4.20%
Paysafe Group (PAYS) 387.00p -2.89%
Aberdeen Asset Management (ADN) 269.70p -2.78%
Evraz (EVR) 123.90p -2.67%
Smith (DS) (SMDS) 385.60p -2.36%
Hastings Group Holdings (HSTG) 185.00p -1.54%
Tullow Oil (TLW) 249.50p -1.38%
Auto Trader Group (AUTO) 397.30p -1.37%
PayPoint (PAY) 985.50p -1.25% |
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| | UK Event Calendar | | Wednesday 08 June
INTERIMS
Alternative Networks, Redhall Group, Sanderson Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
MBA Mortgage Applications (US) (12:00)
FINALS
Best of the Best, CMC Markets , Creston, GB Group, Grafenia , Tricorn Group, Workspace Group
ANNUAL REPORT
CMC Markets
AGMS
Central Asia Metals, Hurricane Energy, M&C Saatchi, Share plc, Witan Pacific Inv Trust
UK ECONOMIC ANNOUNCEMENTS
Industrial Production (09:30)
Manufacturing Production (09:30)
FINAL DIVIDEND PAYMENT DATE
Compagnie de St-Gobain SA
|
| | Brexit: Protect Your Portfolio | | Get all the details now in this FREE Report In just a few weeks the UK will face its biggest decision in decades. Download your FREE report now |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | China central bank reiterates economic forecasts China's central bank reiterated its forecast for economic growth of 6.8% this year on Wednesday but cut its estimate on exports.
In its mid-year work report, the People's Bank of China slashed its forecast for exports to a 1% drop from a previous expectation for 3.1% growth.
China's trade shrank 8% last year, compared with the government's target for 6%, the worst performance since the global financial crisis.
However, the central bank sees domestic recovery remaining on track.
The PBoC upgraded its forecast for fixed-asset investment growth to 11%, up 0.2 percentage points from estimates made late last year.
It also expects consumer price inflation to rise 2.4% this year, 0.7 percentage points higher than its earlier forecast.
Meanwhile, the PBOC warned the government's goal to reduce debt levels and overcapacity could lift bond default risks and make it trickier for companies to raise funds.
The central bank added that the pace of US interest rate rises would affect global capital flows and emerging market currencies. The Federal Reserve meets next week to decide on interest rates but is expected to keep policy unchanged following a dovish speech by chair Janet Yellen on Monday and a weak non-farm payrolls report on Friday.
"Since the beginning of this year, the global and domestic economic environment has experienced a number of changes," the PBOC said in the report.
"Reflecting these recent developments, we revised our China macroeconomic forecasts for 2016. Compared with our published forecasts in December last year, we maintain our baseline projection of 2016 real GDP growth at 6.8%."
The report was released just after data showed China's global trade surplus widened to $49.98bn in May from April's $45.6bn, missing estimates of $55.70bn.
Exports fell 4.1%, compared to analysts' forecast for a 4% drop and the previous month's 1.8% slide. Imports dipped 0.4% in May but it was an improvement on April's 10.9% plunge and better than expectations for a 6.8% decrease. |
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| | US Market Report | | US close: Stocks end mostly higher as oil prices jump US stocks closed mostly higher on Tuesday following a surge in oil prices and a dovish speech by Federal Reserve chair Janet Yellen.
The Dow Jones Industrial Average climbed 0.10%, the S&P 500 gained 0.13% while the Nasdaq fell 0.13%.
US oil prices reached above $50 a barrel for the first time since July as disruptions to output in Nigeria and Canada helped reduce the global oversupply of crude.
The Energy Information Administration said in its short-term energy outlook on Tuesday that US crude production fell by 250,000 barrels a day in May from April.
West Texas Intermediate crude jumped 1.5% to $50.46 per barrel and Brent increased 1.8% to $51.52 per barrel at 2129 BST.
Meanwhile, investors continued to digest a speech by Yellen in Philadelphia on Monday. She said the US economy was making progress and interest rates would probably need to rise "gradually over time to ensure price stability and maximum sustainable employment in the longer run".
However she did not touch on the timing of the next interest rate hike, which was seen by economists to suggest that an increase was unlikely at the policy next week - particularly after a much worse-than-expected US non-farm payrolls report on Friday.
"After last Friday's employment report and yesterday's speech by Yellen we have changed our call for the Fed's first rate hike this year to September," said Rabobank.
"The slowdown in the services sector, apparent not only in the employment report, but in the ISM Non-Manufacturing Survey as well, and Yellen's very cautious tone make a delay to September more likely than July. Our call for two hikes this year remains unchanged, and we still expect the second in December."
In economic data, the Federal Reserve said US consumer borrowing slowed in April.
Outstanding consumer credit rose by a seasonally adjusted $13.42bn in April from the prior month The 4.49% seasonally adjusted annual growth rate compared to March's downwardly revised 9.57% pace. Economists had expected a $20bn gain in April.
Among corporate stocks, Valeant Pharmaceuticals slumped after saying it swung to a first quarter net loss of $1.08 and slash its estimate for 2016 earnings.
Shares in Ralph Lauren plunged after the company revealed a restructuring plan in an effort to lift profitability.
DryShips tumbled after the ocean transportation company disclosed in a filing that it defaulted on three bank loans.
FedEx gained after saying it has raised its quarterly dividend 60% to 40 cents a share.
Verizon Communications advanced as it said it would submit a second-round bid of around $3 billion for Yahoo's core internet business. Yahoo's shares fell.
S&P 500 - Risers
F5 Networks Inc. (FFIV) $123.94 +12.63%
Eog Resources Inc. (EOG) $85.42 +5.11%
Marathon Oil Corp. (MRO) $14.62 +4.73%
Newfield Exploration Co (NFX) $41.81 +4.68%
Apache Corp. (APA) $58.21 +4.66%
ConocoPhillips (COP) $47.54 +4.44%
Murphy Oil Corp. (MUR) $32.79 +4.33%
Noble Energy Inc. (NBL) $37.49 +4.28%
Helmerich & Payne Inc. (HP) $67.35 +4.03%
National Oilwell Varco Inc. (NOV) $36.25 +3.96%
S&P 500 - Fallers
Biogen Inc (BIIB) $252.86 -12.76%
Alexion Pharmaceuticals Inc. (ALXN) $138.13 -10.88%
TripAdvisor Inc. (TRIP) $68.63 -3.96%
Discovery Communications Inc. Class A (DISCA) $27.85 -3.57%
Freeport-McMoRan Inc (FCX) $11.24 -3.52%
Chipotle Mexican Grill Inc. (CMG) $433.39 -2.67%
Discovery Communications Inc. Class C (DISCK) $26.83 -2.58%
Constellation Brands Inc. Class A (STZ) $151.11 -2.57%
Invesco Ltd. (IVZ) $29.85 -2.48%
Public Service Enterprise Group Inc. (PEG) $44.18 -2.47%
Dow Jones I.A - Risers
Chevron Corp. (CVX) $103.32 +2.13%
Verizon Communications Inc. (VZ) $51.75 +2.05%
Exxon Mobil Corp. (XOM) $90.71 +1.53%
Intel Corp. (INTC) $31.88 +0.63%
Home Depot Inc. (HD) $129.92 +0.57%
Caterpillar Inc. (CAT) $76.81 +0.51%
3M Co. (MMM) $170.91 +0.49%
Apple Inc. (AAPL) $99.03 +0.41%
International Business Machines Corp. (IBM) $153.33 +0.39%
Travelers Company Inc. (TRV) $114.58 +0.22%
Dow Jones I.A - Fallers
Nike Inc. (NKE) $53.55 -1.38%
Goldman Sachs Group Inc. (GS) $155.17 -1.20%
Unitedhealth Group Inc. (UNH) $136.94 -0.88%
Procter & Gamble Co. (PG) $82.32 -0.54%
Walt Disney Co. (DIS) $98.35 -0.44%
JP Morgan Chase & Co. (JPM) $65.06 -0.34%
Merck & Co. Inc. (MRK) $57.00 -0.30%
Pfizer Inc. (PFE) $34.84 -0.26%
Coca-Cola Co. (KO) $45.32 -0.11%
Cisco Systems Inc. (CSCO) $29.07 -0.10%
Nasdaq 100 - Risers
Tesla Motors Inc (TSLA) $232.34 +5.28%
Skyworks Solutions Inc. (SWKS) $68.67 +3.87%
Western Digital Corp. (WDC) $49.74 +3.58%
American Airlines Group (AAL) $32.36 +3.52%
Cerner Corp. (CERN) $56.97 +3.21%
Seagate Technology Plc (STX) $24.65 +3.18%
Stericycle Inc. (SRCL) $102.00 +2.66%
Dish Network Corp. (DISH) $56.06 +2.26%
Sba Communications Corp. (SBAC) $104.42 +2.22%
Mattel Inc. (MAT) $32.16 +1.87%
Nasdaq 100 - Fallers
Biogen Inc (BIIB) $252.86 -12.76%
Alexion Pharmaceuticals Inc. (ALXN) $138.13 -10.88%
JD.com, Inc. (JD) $22.01 -5.62%
Biomarin Pharmaceutical Inc. (BMRN) $85.50 -4.49%
TripAdvisor Inc. (TRIP) $68.63 -3.96%
Incyte Corp. (INCY) $82.44 -3.57%
Discovery Communications Inc. Class A (DISCA) $27.85 -3.57%
Discovery Communications Inc. Class C (DISCK) $26.83 -2.58%
Regeneron Pharmaceuticals Inc. (REGN) $394.47 -2.33%
Baidu Inc. (BIDU) $170.86 -2.15% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Tiger, Citigroup, Societe Generale The chairman of one of Britain's fastest-growing high street chains is one of the 79 per cent of retailers who favour staying in the European Union, according to a poll. Vagn Sorenson, chairman of Tiger, the cut-price general merchandise chain, said that Brexit would lead to uncertainty, reduce inward investment and make it more difficult to hire foreign workers. - The Times
Mistakes by energy suppliers led to nearly four million customers being overcharged by a total £270m last year. The blunders cost energy consumers £72 each, according to new research from independent price comparison and switching service uSwitch.com. - City AM
The private equity tycoon Guy Hands reopened old wounds from the financial crisis at the High Court today, beginning a new claim against Citigroup for more than £1.5bn over his calamitous buyout of the record label EMI. In opening arguments of a trial expected to last six weeks, Terra Firma, Mr Hands' firm, alleged that senior Citi investment bankers told a string of lies that duped it into pressing ahead and overpaying for EMI as the global financial system tipped toward catastrophe in mid-2007. - The Telegraph
A French tribunal has ordered Société Générale to pay €450,000 in damages for unfairly firing the rogue trader Jérôme Kerviel, whose unauthorised trades spiralled into massive losses in 2007 and 2008 and almost bankrupted one of Europe's biggest banks. Kerviel, 39, whose deals lost the bank €4.9bn (£3.82bn), sued for wrongful dismissal and the tribunal agreed. It ruled he was fired "without real or serious cause" and that the bank had full knowledge of his shady dealings long before he was fired in 2008. - The Guardian
Crude oil closed at fresh highs for 2016 on Tuesday as traders zeroed in on prospects of a fall in bloated inventories and strong fuel demand. Brent crude settled at $51.44 a barrel, up 1.8 per cent on the day and the highest close since last October. The US oil benchmark, West Texas Intermediate, climbed 1.4 per cent to settle at $50.36 a barrel, its first close above $50 since July 2015. - The Financial Times
Britons will have more choice in the biscuit tin if Turkey's Yildiz, owner of McVitie's biscuits and Godiva chocolates, succeeds in an ambition to serve up new cake and cookie varieties by consolidating its confectionery operations into a new UK-based company. Pladis, as the company will be known, is to be based in London with a view to a flotation on the London Stock Exchange in four years' time, said Ali Ulker, vice-chairman and nephew of Murat Ulker, the confectionery mogul ranked by Forbes magazine as Turkey's richest man. - The Financial Times
Drivers of diesel cars could face major tax rises to help tackle air pollution, it emerged on Tuesday. Transport Secretary Patrick McLoughlin said Gordon Brown had made a mistake when as Labour Chancellor he slashed tax on diesel in 2001 to encourage motorists to switch from petrol cars. The aim was to reduce the risk of climate change because diesels produce much lower carbon dioxide emissions than petrol cars. - The Daily Mail
Royal Dutch Shell announced plans yesterday to leave up to ten countries and cut billions of dollars in spending as it presses ahead with its £35 billion takeover of BG Group in the face of sharply lower oil prices. The Anglo-Dutch oil giant, which is battling to maintain its dividend payout, said it aims to cut overall spending by a third to $25bn to $30bn - The Times | | |
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