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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 show confidence ahead of Bank rate cut London stocks started in confident fashion on Thursday ahead of an expected interest rate cut from the Bank of England later and following a positive Asia session.
The BoE rate announcement is at midday, with traders also eying US initial jobless claims at 1330 BST.
Markets are pricing in a 25 basis points cut to take the headline Bank Rate down to 0.25% from 0.50%.
There is also some hope for further quantitative easing or other stimulus measures to cushion what is expected to be a negative shock to the economy from the Brexit vote.
If the Bank leaves rates unchanged it would lead to a strong recovery in sterling, said FXTM strategist Hussein Sayed, pushing the pound up towards 1.34 dollars.
"However, a rally could be seen as a good opportunity for traders who missed shorting the currency when it dropped by more than 2000 pips post the Brexit vote, as more turmoil is expected to come," Sayed said.
"Although unlikely at this meeting, restarting the quantitative easing program, which currently stands at £375bn, could be on the table and a combination of a rate cut along with new QE program has the potential to pull back GBPUSD below 1.3."
In other macroeconomic news on Thursday, the Royal Institution of Chartered Surveyors indicated that the UK housing market was sent somewhat reeling by the Brexit vote, with expectations of falling prices and a sharp drop in enquiries about house purchases and a fall in sales agreed.
In its latest survey of estate agents and surveyors, conducted after the June 23 vote to leave the EU, the found a "marked drop in activity in the housing market".
In corporate news, information services firm Experian issued a first quarter trading update on Thursday, with total revenue growth of 5% at constant exchange rates in the three months to 30 June and 1% at actual exchange rates. Of that, North America contributed 5% of the total revenue growth at constant exchange rates, Latin America 8%, UK and Ireland 1% and EMEA Asia Pacific 9%. Latin America and UK and Ireland both declined at actual exchange rates, however, by 6% and 5% respectively.
Like-for-like sales skidded lower at Halfords in the first quarter as the timing of Easter and dreary weather exacerbated the recent cycling decline. Group revenue in the 13-week period to 1 July increased 2.1%, as retail rose 1.5% and Autocentres climbed 5.9%. But group like-for-like sales dipped 0.6%, with a 1.2% fall from retail outweiging a 3.1% gain from Autocentres.
Opening 12 new UK stores and five in Germany, B&M European Value Retail drove strong first-quarter revenue and said it was "on course" to hit market forecasts.
Moneysupermarket.com said it expects solid half-year results, with revenues seen growing by 10% to £158 million. The company said it is making some additional marketing investment and so adjusted operating profit is expected to grow by 6% to around £54m. |
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| Market Movers
FTSE 100 (UKX) 6,742.21 1.08%
FTSE 250 (MCX) 16,871.96 0.72%
techMARK (TASX) 3,333.38 0.84%
FTSE 100 - Risers
Anglo American (AAL) 845.00p 4.04%
Rio Tinto (RIO) 2,532.50p 2.93%
Sage Group (SGE) 664.50p 2.78%
Barratt Developments (BDEV) 415.70p 2.69%
Morrison (Wm) Supermarkets (MRW) 188.20p 2.51%
BHP Billiton (BLT) 1,022.50p 2.49%
Antofagasta (ANTO) 515.00p 2.18%
Glencore (GLEN) 190.85p 2.06%
Kingfisher (KGF) 335.00p 2.01%
GKN (GKN) 280.60p 1.93%
FTSE 100 - Fallers
CRH (CRH) 2,203.00p -1.12%
Rolls-Royce Holdings (RR.) 744.00p -0.33%
Randgold Resources Ltd. (RRS) 9,050.00p -0.06%
ITV (ITV) 184.80p -0.05%
BAE Systems (BA.) 542.00p -0.00%
Mediclinic International (MDC) 1,073.00p 0.00%
Coca-Cola HBC AG (CDI) (CCH) 1,545.00p 0.13%
Shire Plc (SHP) 4,898.00p 0.27%
Compass Group (CPG) 1,466.00p 0.27%
Intertek Group (ITRK) 3,553.00p 0.28%
FTSE 250 - Risers
Hays (HAS) 115.90p 7.31%
Micro Focus International (MCRO) 1,778.00p 6.34%
Supergroup (SGP) 1,416.00p 5.59%
Centamin (DI) (CEY) 169.00p 4.58%
Shawbrook Group (SHAW) 174.40p 3.75%
Aldermore Group (ALD) 140.70p 3.61%
Grafton Group Units (GFTU) 550.50p 3.57%
JRP Group (JRP) 110.80p 3.36%
Moneysupermarket.com Group (MONY) 279.40p 3.21%
Vedanta Resources (VED) 542.50p 2.55%
FTSE 250 - Fallers
AA (AA.) 236.10p -5.64%
Cairn Energy (CNE) 195.40p -5.28%
Zoopla Property Group (WI) (ZPLA) 272.40p -2.96%
Allied Minds (ALM) 350.54p -2.63%
Synthomer (SYNT) 345.60p -2.43%
NCC Group (NCC) 291.50p -2.15%
Hansteen Holdings (HSTN) 101.00p -1.75%
Card Factory (CARD) 308.00p -1.22%
BTG (BTG) 715.50p -1.17% |
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| | Thursday 07 July
INTERIM DIVIDEND PAYMENT DATE
Cardiff Property, Income & Growth VCT
INTERIM EX-DIVIDEND DATE
Character Group, Dewhurst, Dunedin Smaller Companies Inv Trust, One Media IP Group, Safestore Holdings, Sherborne Investors (Guernsey) 'B' Limited, Zytronic
QUARTERLY EX-DIVIDEND DATE
Fair Oaks Income Fund Limited , GLI Alternative Finance , Investors Capital Trust 'A' Shares, Schroder Income Growth Fund, SQN Asset Finance Income Fund Limited C SHS NPV
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Industrial Production (GER) (07:00)
FINALS
NCC Group, ReNeuron Group
IMSS
Dunelm Group
SPECIAL EX-DIVIDEND PAYMENT DATE
Establishment Inv Trust, Stock Spirits Group
AGMS
3i Infrastructure, Adgorithms Limited (DI), Atalaya Mining, C&C Group, China Africa Resources, Great Portland Estates, Maven Income & Growth VCT, Octopus AIM VCT, TwentyFour Select Monthly Income Fund Limited
TRADING ANNOUNCEMENTS
Associated British Foods, Dunelm Group, Great Portland Estates, Marks & Spencer Group, Premier Oil, Robert Walters
UK ECONOMIC ANNOUNCEMENTS
Halifax House Price Index (08:30)
Industrial Production (09:30)
Manufacturing Production (09:30)
FINAL DIVIDEND PAYMENT DATE
Arrow Global Group, Cineworld Group, Huntsworth, JPMorgan Euro Small Co. Trust, Mears Group, Tarsus Group, Young & Co's Brewery 'A' Shares
FINAL EX-DIVIDEND DATE
Amati VCT , Atkins (WS), Bisichi Mining, Burberry Group, Calculus VCT 'C' Shares, Crawshaw Group, Dairy Crest Group, E2V Technologies, Entertainment One Limited, Establishment Inv Trust, Homeserve, IG Design Group, Impellam Group, Mission Marketing Group, Monks Inv Trust, Next, Palace Capital , Pennon Group, Speedy Hire, Sprue Aegis, TalkTalk Telecom Group , Telecom Plus, ULS Technology , Vedanta Resources, VP, Wincanton, Workspace Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise ahead of BoE rate announcement European stocks rose in early trade amid expectations that the Bank of England will announce a rate cut later on Thursday.
At 0900 BST, the benchmark Stoxx Europe 600 index was up 0.9%, Germany's DAX was 1.4% higher and France's CAC 40 was up 1.2%.
Meanwhile, the FTSE 100 was up 0.7% as investors awaited the latest rate announcement from the Bank of England amid consensus expectations of a 25 basis points cut.
Lee Wild, heady of equity strategy at stockbroker Interactive Investor said the first interest rate cut since 2009 is not the cast-iron certainty it was a few days ago.
"One can understand why Mark Carney is so keen to give confidence a boost, but he's done that already with his own Big Bazooka story and both markets and the economy show no sign of imminent collapse. Using up our last ammunition shooting at shadows is not consistent with a Bank of England governor urging us to be prudent.
"With a new Prime Minister and Chancellor of the Exchequer only hours into the job, and a lack of quality data, Carney might be forgiven for holding off this time. Next month he'll be armed with the numbers that make up the Bank's quarterly Inflation Report.
"Equity markets are having none of it though, and are busily pricing in a 25 basis-point cut in rates to a record low 0.25%, extending the blue chip rally since 24 June to an incredible 950 points."
New UK Prime Minister Theresa May has appointed former London Mayor Boris Johnson as Foreign Secretary, with Philip Hammond the new Chancellor and Amber Rudd Home Secretary.
In corporate news, information services firm Experian was in the black after it said revenue grew 5% at constant exchange rates in the first quarter.
Recruitment firm Hays surged after saying it expects full-year operating profit to be ahead of current market estimates at around £180m.
Food retailers Delhaize and Ahold were trading higher after agreeing to sell 86 US stores as they look to win approval from the US Federal Trade commission for their merger. |
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| | Newspaper Round Up | | Thursday newspaper round-up: House prices, Co-op, BoE rates Britain's housing market has taken a post-referendum nosedive with a sharp drop in purchase enquiries at estate agents, a reduction in sales agreed and expectations of falling prices. In its latest survey of estate agents and surveyors, conducted after the June 23 vote to leave the EU, the Royal Institution of Chartered Surveyors found a "marked drop in activity in the housing market". - Financial Times
The Co-op Group has sold 298 of its smaller food stores in a £117m deal to convenience retailer McColls as part of the mutual's turnaround strategy. Earlier this year the Co-op hired advisers at investment boutique Rothschild to find prospective buyers for the shops, which equate to nearly 10pc of its estate, to raise funds for investment in the rest of its stores. - Telegraph
The complexities of executive pay packets could move up the agenda following the EU referendum vote, as investors capitalise on Theresa May's calls for companies to be more responsible citizens, a leading remuneration firm has said. The new Prime Minister said in a speech this week that she wanted to see binding votes on corporate pay, not just on future pay targets, and full disclosure of how much more a chief executive earns than his employees. - Telegraph
Theresa May's new government should reject concerns that leaving the European single market will damage Britain's economic prospects and embrace unilateral free trade to boost exports, according to a group of economic analysts. The Economists for Brexit group, which campaigned for Britain to leave the European Union, said a unilateral free trade deal would allow the UK to import cheaper goods and gain access to new markets, delivering greater prosperity. - Guardian
Half a billion people in 25 of the west's richest countries suffered from flat or falling pay packets in the decade covering the financial and economic crisis of 2008-09, according to a report highlighting the impact of the Great Recession on household incomes. Research by the McKinsey Global Institute found that between 65% and 70% of people in 25 advanced countries saw no increase in their earnings between 2005 and 2014. - Guardian
The Bank of England is tipped today to slash interest rates to a record low in a pre-emptive strike to head off a Brexit-related slowdown and encourage investment. In a Reuters poll of 60 leading economists, 39 predicted that the nine-strong monetary policy committee would shave at least 0.25 of a percentage point from the present 0.5 per cent base rate that was set in March 2009. In the same survey a week ago a big majority expected no change from policymakers. - The Times
Up to eight North Sea oil platforms owned by Royal Dutch Shell were facing the threat of strike action last night after rig workers rejected plans for further steep pay cuts. More than 200 employees of Wood Group, one of the North Sea's biggest engineering contractor groups, voted overwhelmingly in favour of the strike, with 99.1 per cent of members of the Unite union and more than 98.5 per cent of RMT members coming out in support. - The Times | | |
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