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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 on front foot ahead of unemployment data The FTSE 100 opened higher on Wednesday with financials stocks leading the way as expectations of monetary stimulus continues to grow.
The blue chip index was up 0.31% to 6,718.34 by 0835 BST, while the FTSE 250 was up 0.18% at 16,935.97 with news-driven risers to the fore.
CMC Markets' Jasper Lawler said: "One of the catalysts for the rally in share prices since the Brexit vote has been the expectation of monetary stimulus. Those expectations were significantly dampened after the Bank of England caught markets by surprise by failing to cut rates last week. Since that decision, the FTSE 100 has been directionless.
"Nonetheless, further easing is still expected, but not just from the Bank of England and the Bank of Japan. The Reserve Banks of Australia and New Zealand signalled more stimulus could be in the pipeline in minutes released on Tuesday. And on Thursday Mario Draghi is likely to indicate the ECB is willing to "do what it takes" if Brexit interrupts the fragile European economic recovery."
On the data front, the UK unemployment rate, claimant count and average earnings are all at 0930 BST. In the US, MBA mortgage applications are at 1200 BST.
In corporate news, BHP Billiton was among the group of commodities stocks falling in early trade. BHP posted its operational review for the year to end-June, confirming it exceeded full-year production guidance for petroleum, copper and metallurgical coal, and achieved record full-year production at Western Australia Iron Ore.
The miner said it expects to achieve full-year cost guidance at its major assets, with unit costs forecast to decline further next year. Underlying attributable profit in the June 2016 half-year is expected to include additional charges of up to $175m, the company warned.
Fresnillo was another faller, caught up in a minor sector-wide selloff despite strong first-quarter production leading to full year gold guidance being raised to 850-870 koz from 775-790 koz, while full year silver production remains on track to meet 49-51 moz targets.
Elsewhere, speciality chemicals Johnson Matthey was climbing slowly as it reported that first quarter sales rose 6% thanks to strong sales growth in Emission Control Technologies and further progress in new businesses, and news that profits could be boosted substantially by weakness of the pound. Underlying profit before tax for the full year was said to be "broadly in line" with last year at constant currency rates, after the cost-cutting last year, but will increase by up to £40m at the reported level if rates if they remain as they currently are.
Water and wastewater company Severn Trent posted a trading update for the period from 1 April to 19 July on Wednesday, as it continued to focus on enhancing its customer service, operational and financial performance. The FTSE 100 firm said it is making good progress with its plans to deliver "targeted efficiency savings" in the second year of the AMP6 regulatory period. |
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| Market Movers
FTSE 100 (UKX) 6,715.52 0.27%
FTSE 250 (MCX) 16,935.45 0.17%
techMARK (TASX) 3,403.84 0.35%
FTSE 100 - Risers
Admiral Group (ADM) 2,081.00p 1.76%
GKN (GKN) 284.40p 1.43%
HSBC Holdings (HSBA) 493.70p 1.35%
WPP (WPP) 1,675.00p 1.27%
Royal Bank of Scotland Group (RBS) 192.50p 1.26%
Worldpay Group (WI) (WPG) 292.90p 1.03%
Smith & Nephew (SN.) 1,305.00p 1.01%
St James's Place (STJ) 867.50p 0.99%
Old Mutual (OML) 204.20p 0.94%
Johnson Matthey (JMAT) 3,175.00p 0.89%
FTSE 100 - Fallers
Anglo American (AAL) 771.30p -5.20%
Glencore (GLEN) 175.35p -2.53%
BHP Billiton (BLT) 925.00p -2.48%
Rio Tinto (RIO) 2,325.00p -2.19%
Antofagasta (ANTO) 482.40p -1.59%
Fresnillo (FRES) 1,852.00p -1.33%
Berkeley Group Holdings (The) (BKG) 2,665.00p -1.15%
Randgold Resources Ltd. (RRS) 8,855.00p -0.95%
easyJet (EZJ) 1,110.00p -0.54%
Coca-Cola HBC AG (CDI) (CCH) 1,563.00p -0.32%
FTSE 250 - Risers
TalkTalk Telecom Group (TALK) 232.00p 4.18%
Wizz Air Holdings (WIZZ) 1,604.00p 3.95%
AO World (AO.) 139.40p 3.03%
Sophos Group (SOPH) 236.90p 2.60%
CYBG (CYBG) 248.90p 2.51%
TR Property Inv Trust (TRY) 291.30p 2.21%
Brown (N.) Group (BWNG) 182.80p 2.01%
Perpetual Income & Growth Inv Trust (PLI) 382.00p 1.60%
OneSavings Bank (OSB) 212.30p 1.58%
Kennedy Wilson Europe Real Estate (KWE) 983.50p 1.39%
FTSE 250 - Fallers
Man Group (EMG) 118.20p -3.35%
Hochschild Mining (HOC) 215.00p -3.20%
CMC Markets (CMCX) 280.00p -2.44%
Kaz Minerals (KAZ) 134.20p -2.12%
Evraz (EVR) 154.70p -2.09%
Countryside Properties (CSP) 230.40p -2.00%
Home Retail Group (HOME) 147.20p -1.74%
Polymetal International (POLY) 1,091.00p -1.62%
P2P Global Investments (P2P) 824.50p -1.61% |
| | UK Event Calendar | | Wednesday 20 July
INTERIM DIVIDEND PAYMENT DATE
Scottish Inv Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
Current Account (EU) (09:00)
MBA Mortgage Applications (US) (12:00)
Producer Price Index (GER) (07:00)
IMSS
Wizz Air Holdings
DRILLING REPORT
BHP Billiton, Fresnillo
AGMS
Ambrian , Ashmore Global Opportunities Limited GBP , Aurasian Minerals , B.P. Marsh & Partners, Electrocomponents, Experian, Highbridge Multi-Strategy Fund GBP Shares, IBIS Media VCT 1, IS Solutions, Lansdowne Oil & Gas, QinetiQ Group, Renold, Severn Trent
TRADING ANNOUNCEMENTS
Clinigen Group, Electrocomponents, Revolution Bars Group, Severn Trent
UK ECONOMIC ANNOUNCEMENTS
Claimant Count Rate (09:30)
FINAL DIVIDEND PAYMENT DATE
Hargreave Hale AIM VCT 2, Oxford Technology VCT
|
| | Brexit has already had a huge impact on the markets. | | But where are the markets headed next? Download your FREE report now |
| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge higher as investors sift through corporate news European stocks edged higher in early trade as investors sifted through some corporate releases and looked ahead to the European Central Bank rate announcement on Thursday.
At 0930 BST, the benchmark Stoxx Europe 600 index was up 0.5%, Germany's DAX was up 0.6% and France's CAC 40 was 0.7% firmer.
At the same time, oil prices were little changed, with West Texas Intermediate down 0.1% to $44.59 a barrel and Brent crude flat at $46.67.
Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor said: "European markets are tracking slightly higher as the focus of attention turns to company earnings. With equity markets having rallied so far, so fast there have been signs of recent profit taking, so positive earnings news could provide much needed momentum for the wider market.
"However, with such high expectations already being built into current market levels, any miss on corporate earnings could prove very costly."
In corporate news, software company SAP rallied after its second-quarter results beat analysts' expectations.
Burberry was a touch higher after the luxury retailer announced a share buyback programme up to a maximum of £100m.
Severn Trent nudged up after the water company said trading in the first half was line, while precious metals miner Fresnillo eked out small gains after upping its full-year gold production forecast.
On the downside, miner BHP Billiton was under the cosh after releasing a mixed production update.
Eurotunnel was also in the red as it cut its outlook on the back of a weak pound following the UK's decision to leave the European Union. |
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| | US Market Report | | US close: Stocks mixed after raft of corporate earnings US stocks finished mixed on Tuesday as investors waded through a batch of corporate earnings from the likes of Johnson & Johnson and Lockheed Martin.
The Dow Jones Industrial rose 0.14% but US stocks wavered on Tuesday as investors weighed corporate earnings from the likes to Goldman Sachs, Netflix and Yahoo.
At 1435 BST, the Dow Jones Industrial rose 0.02% but the S&P 500 and the Nasdaq dropped 0.14% and 0.38%, respectively.
At the same time oil prices were under pressure with Brent crude down 0.53% to $46.71 per barrel but West Texas Intermediate down 1.2% to $44.66 per barrel.
Johnson & Johnson advanced as the healthcare company raised its guidance for the year after reporting quarterly earnings that topped expectations.
Lockheed Martin edged higher after the government contractor reported sales and earnings for the second quarter that was stronger than expected.
International Business Machines Corp. snapped an earlier rally after the tech giant reported better-than-expected quarterly earnings and revenue.
Goldman Sachs shares reversed an earlier increase after reporting second quarter earnings and revenue that beat expectations.
Netflix was under the cosh after the video streaming service added fewer subscribers than expected in the three months to June.
Shares of Yahoo Inc. rebounded after the internet company's adjusted second quarter earnings trailed estimates. The internet company gave no update on attempts to sell its core internet business.
Microsoft shares were up as it reported its fourth quarter results after the close with earnings and revenues exceeding expectations.
In economic data, US housing starts rose 4.8% year-on-year to 1.189m in June, smashing forecasts for a 0.2% increase to 1.65m. Building permits climbed 1.5% to 1.153m, compared to estimates for a 1.2% gain to 1.150m. |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Uber, Brexit, boardroom pay, ARM It is like Uber, but for parcels: Amazon is signing up amateur drivers to make deliveries in their spare time, the latest company to turn to the "gig economy" of informal employment. Under a scheme Amazon began testing in its home town of Seattle last year, the US ecommerce group will offer British car owners cash to ferry parcels between a local distribution centre and customers' homes. - Financial Times
Where will the road to Brexit end? Theresa May, Britain's new prime minister, travels to Berlin on Wednesday to meet Angela Merkel, Germany's chancellor, in the first leg of a political journey whose final destination remains uncertain. There are plenty of package solutions, ranging from Norway to Canada and even tiny Albania. The problem is that senior Whitehall and Brussels officials are unconvinced any will work. Brexit is likely to end with a one-of-a-kind result. - Financial Times
Company bosses should be getting out beyond their boardrooms to ensure their firms are behaving properly, according to the authors of a new study from several business groups. After a series of scandals including Volkswagen's emissions riggingand the Libor investigation damaged public trust, directors and other stakeholders should make greater efforts to tune into the early warning signs within their company's culture, said Sir Win Bischoff, the chairman of the Financial Reporting Council. - Telegraph
Politicians should use Brexit as a chance to "reboot Britain", scrapping corporation tax and reforming swathes of government in an effort to reignite the economy, a think tank has recommended. Madsen Pirie, president of the Adam Smith Institute, said that leaving the European Union provided "a unique chance of the sort that occurs perhaps once in a generation". - Telegraph
Plunging levels of home ownership and an increased reliance on state benefits to top up salaries have meant that Britain's middle-income families increasingly look like the poor households of the past, according to one of the UK's leading thinktanks. A report from the Institute for Fiscal Studies showed that the old link between worklessness and child poverty had been broken, with record levels of employment leading to a drop in the number of poor children living in homes where no adult works. - Guardian
Excessive boardroom pay risks undermining public trust in big business, the accountancy regulator has said in a report calling for a concerted effort to increase trust in the way that companies are run. The report by the Financial Reporting Council, published on Wednesday, comes after the prime minister, Theresa May, called for businesses to be more responsible with employee representatives on boards. It said: "Pay is a sensitive issue in the UK and affects the standing of business in society. - Guardian
Workers at Arm Holdings could share a payday worth more than £300 million if a takeover attempt by SoftBank is successful. The Japanese group's £24 billion offer will reach the pockets of workers at Britain's biggest technology company because it boasts one of the most generous employee share awards schemes in Europe. - The Times
Britain should shelve plans for a nuclear revival and fast-track proposals for new gas-fired power stations, a leading energy industry boss has warned. Keith Anderson, chief corporate officer of ScottishPower, of the six big energy providers, said that government policy was failing to deliver urgently needed investment in new conventional power stations, putting the country at risk of price rises and power cuts. - The Times | | |
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