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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 edge higher despite consumer confidence drop London stocks opened higher on Friday morning, as a rally from battered blue chips outweighed a sharp drop in consumer confidence data and the usual caution about the looming US non-farm payroll report later in the day.
Even after the oil price bounce that had boosted the prior session evaporated, the FTSE 100 was up 0.14% to 6,543.15 and the FTSE 250 rose 0.41% to 15,963.41 just before 0900 BST on the last trading day in the week.
A consumer confidence survey, conducted by market researcher Gfk in the wake of the Brexit vote between 30 June and 5 July, has found British morale sliding at the fastest pace in 21 years, with shoppers worried about the economic outlook and inflation.
Gfk's headline index dropped eight points to -9, primarily driven by concerns about the economic situation over the next 12 months, which fell to -29 from -14, its lowest level since December 2012, as well as a 12-point decline in consumers' intent to make major purchases over the next 12 months.
Reflecting on these results, Barclays said it now expects households to materially slow their spending in this and coming years, forecasting a significant deceleration in private consumption growth to 2.0% in 2016 and to 0.1% in 2017, from 2.5% in 2015.
Later on Friday morning, UK trade data is due, with a £10.7bn deficit for May expected, of which only £2.8bn is non-EU.
There was an unstable mood among investors in Europe and US futures trading, said analyst Naeem Aslam at Think Markets, exacerbated by gloomy Japanese trade data and ahead of "the mother of all data" the US Non-Farm Payroll report, which is due at 1330 BST.
"Traders are cautious and we are not seeing much volume for now," Aslam said. "The chief question among traders is what does the word data dependent mean for the Fed and if they are really data dependent? This is what investors will gauge from today's economic data.
The US non-farm payroll number is expected to come in at 175,000 and anything off this number could spark turmoil in the market, Aslam said.
Ana Thaker, market economist at PhillipCapital, argued that while labour market data is an important release, "Brexit most definitely dominates sentiment and a strong NFP figure is unlikely to change the likelihood of a US rate hike for July".
In UK company news, FTSE 100 group Hammerson and joint venture partner Allianz Real Estate have secured the ownership of Dundrum Town Centre in Ireland, a shopping and leisure destination as part of a portfolio of market-leading retail assets in Dublin, for €1.23bn (£1.01bn). The two partners acquired loans secured against a portfolio of retail assets in September 2015 from the National Asset Management Agency for €1.85bn (£1.53bn), a discount to the face value of the loans.
Aveva Group has announced the stepping down of chief executive Richard Longdon after three decades at the data and IT group, which also said it could benefit from a potentially sizeable currency gain for the full year due to weakness of sterling since the EU referendum. The FTSE 250 engineering data and IT provider, which said Longdon would be replaced by chief financial officer James Kidd at the end of 2016, added that trading had remained satisfactory in recent weeks.
Fellow mid-cap outfit IG announced that it has appointed Paul Mainwaring as chief financial officer designate. The online trading company said Mainwaring will start on Monday, replacing Mark Ward who will leave the company after a short handover, as previously announced. |
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| Market Movers
FTSE 100 (UKX) 6,543.68 0.15%
FTSE 250 (MCX) 15,951.34 0.33%
techMARK (TASX) 3,242.89 0.17%
FTSE 100 - Risers
Taylor Wimpey (TW.) 126.30p 3.44%
Rio Tinto (RIO) 2,396.50p 2.41%
Marks & Spencer Group (MKS) 305.20p 2.11%
Anglo American (AAL) 761.10p 1.96%
Barratt Developments (BDEV) 355.40p 1.80%
Tesco (TSCO) 162.90p 1.69%
Persimmon (PSN) 1,358.00p 1.57%
Prudential (PRU) 1,196.50p 1.44%
GKN (GKN) 270.20p 1.43%
British Land Company (BLND) 571.00p 1.42%
FTSE 100 - Fallers
Royal Dutch Shell 'B' (RDSB) 2,108.50p -0.89%
Coca-Cola HBC AG (CDI) (CCH) 1,541.00p -0.84%
Royal Dutch Shell 'A' (RDSA) 2,080.50p -0.79%
RSA Insurance Group (RSA) 476.10p -0.75%
Pearson (PSON) 941.00p -0.74%
British American Tobacco (BATS) 4,911.00p -0.74%
Intu Properties (INTU) 260.70p -0.72%
Travis Perkins (TPK) 1,308.00p -0.68%
BP (BP.) 450.40p -0.64%
Diageo (DGE) 2,149.50p -0.53%
FTSE 250 - Risers
Inchcape (INCH) 681.50p 6.15%
Vedanta Resources (VED) 481.40p 5.39%
Drax Group (DRX) 338.40p 4.54%
CYBG (CYBG) 222.80p 4.11%
Essentra (ESNT) 579.00p 3.86%
Bovis Homes Group (BVS) 685.00p 3.79%
Kaz Minerals (KAZ) 125.80p 3.28%
Redrow (RDW) 299.80p 3.09%
Hochschild Mining (HOC) 210.50p 2.83%
Circassia Pharmaceuticals (CIR) 100.40p 2.45%
FTSE 250 - Fallers
Sports Direct International (SPD) 266.20p -4.62%
Daejan Holdings (DJAN) 5,050.00p -4.54%
Card Factory (CARD) 300.40p -3.66%
AO World (AO.) 137.10p -3.45%
CMC Markets (CMCX) 276.00p -2.13%
Moneysupermarket.com Group (MONY) 237.50p -2.06%
Aldermore Group (ALD) 111.00p -1.68%
Serco Group (SRP) 110.20p -1.61%
Clarkson (CKN) 1,750.00p -1.41% |
| | UK Event Calendar | | Friday 08 July
INTERIM DIVIDEND PAYMENT DATE
Alternative Networks, Britvic, Connect Group, Hargreave Hale AIM VCT 1
QUARTERLY PAYMENT DATE
Real Estate Credit Investments PCC Ltd Pref Shs , Regional REIT Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Consumer Credit (US) (20:00)
Non-Farm Payrolls (US) (13:30)
Unemployment Rate (US) (13:30)
GMS
Cogenpower
SPECIAL DIVIDEND PAYMENT DATE
B&M European Value Retail S.A. (DI), Marshalls
AGMS
Amedeo Air Four Plus Limited, Aveva Group, Bonmarche Holdings, daVictus, Oxford Technology 2 VCT, Oxford Technology 3 VCT, Oxford Technology 4 Venture Capital Trust, Oxford Technology VCT, Value and Income Trust
UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
FINAL DIVIDEND PAYMENT DATE
Aberdeen Japan Investment Trust , Booker Group, Brammer, Christie Group, Good Energy Group, Harvey Nash Group, Inspired Energy, Judges Scientific, London Security, M&C Saatchi, Marshalls, Restore, S&U, Sainsbury (J), Stobart Group Ltd., TLA Worldwide , Triple Point Income VCT C |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks rise ahead of US non-farm payrolls European stocks gained on Friday as investors awaited the US non-farm payrolls report.
Germany's DAX rose 0.38%, France's CAC 40 climbed 0.06%, Italy's FTSE MIB increased 0.55% and Spain's IBEX 35 edged up 0.40% at 0850 BST.
At the same time oil prices recovered from the previous day's dip with Brent crude up 0.91% to $46.83 per barrel and West Texas Intermediate up 0.90% to $45.55 per barrel.
Friday's focus will be on the non-farm payrolls report at 1330 BST as the Federal Reserve keeps watch on the health of the labour market in determining its policy measures. The Labor Department is expected to reveal US employers added 180,000 jobs in June, compared to just 38,000 in May.
The Fed has said weak May jobs data played a part in its decision to keep interest rates unchanged in June.
"Last month's US payroll data changed the landscape for the markets and for the Fed," said Naeen Aslam, chief market analyst at Think Market UK.
"As a result, investors scaled back on their bullish dollar bets because they could not see the Fed increasing the interest rate anytime soon."
In eurozone data, Germany's trade surplus shrank in May as exports declined unexpectedly. The seasonally-adjusted trade surplus contracted to €22.2bn in May from €24.1bn in April, in line with expectations according to Destatis. Exports fell 1.8% while imports increased 0.2%.
In the UK, the GfK's post-Brexit consumer confidence index contracted further to -9 from -1 in June, marking the sharpest drop since December 1994 and the lowest level since December 2013.
"The post Brexit vote plunge in consumer confidence reported by GfK reinforces concern that consumers are likely to markedly rein in their spending over the coming months," said Howard Archer, chief UK and European economist at IHS Global Insight.
"This would be especially damaging to growth UK prospects given the key role that the consumer has played."
On the corporate front, Air France-KLM Group shares fell after saying passenger traffic for June fell and its chief financial officer is stepping down to become CFO at Danish facilities manager ISS A/S. |
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| | US Market Report | | US close: Markets end mixed as oil plummets Stocks in the US finished mixed on Thursday as sharp drops in crude prices weighed on markets, and investors kept their wallets shut ahead of Friday's crucial nonfarm payrolls.
The Dow Jones Industrial Average lost 0.13% to 17,895.88, the S&P 500 slipped 0.09% to 2,097.90 and the Nasdaq gained 0.36% to 4,876.81.
Verizon led the decliners on the Dow, with Goldman Sachs gaining the most.
Oil prices settled significantly down, with Brent crude off 4.88% to $46.53 per barrel and West Texas Intermediate losing 4.84% at $45.24.
The drops came after the EIA reported weekly crude inventories as down 2.2 million barrels, far below the American Petroleum Institute's 6.7 million barrel figure on Wednesday, which helped lift US stocks on the day.
On the data front, private sector jobs beat expectations for a 159,000 rise in June, with the official reading coming in at 172,000 according to the private ADP gauge.
Official initial jobless claims came in at 254,000 for the week to 2 July.
"That gives people a little more confidence. I don't have to stay in the safe-haven stuff. Maybe that trade will back off a little bit," CNBC quoted Boston Private Wealth chief market strategist Robert Pavlik as saying.
Treasury yields finished off session highs, with the two year yield around 0.59% and the 10 year yield at 1.39%.
Nonfarm payrolls for June are due on Friday, with investors watching for indications that May's surprise figure was a one-off.
In earnings, PepsiCo reported better-than-expected numbers.
Barracuda Networks and Helen of Troy were due to report after the bell.
S&P 500 - Risers
Costco Wholesale Corp. (COST) $163.70 +4.93%
Western Digital Corp. (WDC) $47.66 +4.84%
Viacom Inc. Class B (VIAB) $43.04 +4.01%
Micron Technology Inc. (MU) $12.20 +4.01%
AutoNation Inc. (AN) $48.72 +3.97%
American Airlines Group (AAL) $29.40 +3.70%
Qorvo, Inc. (QRVO) $54.37 +3.42%
Skyworks Solutions Inc. (SWKS) $60.89 +2.92%
Navient Corporation (NAVI) $12.15 +2.88%
Synchrony Financial (SYF) $26.02 +2.81%
S&P 500 - Fallers
First Solar Inc. (FSLR) $44.34 -9.75%
Humana Inc. (HUM) $162.74 -9.58%
Aetna Inc. (AET) $115.47 -3.97%
Valero Energy Corp. (VLO) $47.24 -2.92%
Realty Income Corp. (O) $69.14 -2.91%
Marathon Petroleum Corporation (MPC) $35.48 -2.79%
Chesapeake Energy Corp. (CHK) $4.23 -2.76%
Phillips 66 Common Stock (PSX) $74.27 -2.75%
Public Service Enterprise Group Inc. (PEG) $45.55 -2.57%
Chipotle Mexican Grill Inc. (CMG) $390.78 -2.56%
Dow Jones I.A - Risers
Goldman Sachs Group Inc. (GS) $147.00 +0.98%
Intel Corp. (INTC) $33.20 +0.70%
JP Morgan Chase & Co. (JPM) $60.58 +0.65%
Visa Inc. (V) $74.51 +0.61%
United Technologies Corp. (UTX) $101.97 +0.58%
American Express Co. (AXP) $59.81 +0.55%
Apple Inc. (AAPL) $95.94 +0.43%
Caterpillar Inc. (CAT) $75.05 +0.29%
General Electric Co. (GE) $31.82 +0.25%
McDonald's Corp. (MCD) $120.92 +0.24%
Dow Jones I.A - Fallers
Verizon Communications Inc. (VZ) $55.38 -1.56%
Chevron Corp. (CVX) $103.05 -1.46%
Exxon Mobil Corp. (XOM) $92.96 -1.20%
Unitedhealth Group Inc. (UNH) $140.80 -1.11%
Travelers Company Inc. (TRV) $117.51 -1.05%
Merck & Co. Inc. (MRK) $58.78 -0.64%
Coca-Cola Co. (KO) $45.09 -0.40%
Wal-Mart Stores Inc. (WMT) $73.53 -0.39%
Home Depot Inc. (HD) $131.16 -0.31%
Pfizer Inc. (PFE) $35.77 -0.25%
Nasdaq 100 - Risers
Biomarin Pharmaceutical Inc. (BMRN) $88.16 +9.10%
Costco Wholesale Corp. (COST) $163.70 +4.93%
Western Digital Corp. (WDC) $47.66 +4.84%
Viacom Inc. Class B (VIAB) $43.04 +4.01%
Micron Technology Inc. (MU) $12.20 +4.01%
American Airlines Group (AAL) $29.40 +3.70%
Skyworks Solutions Inc. (SWKS) $60.89 +2.92%
Nvidia Corp. (NVDA) $48.89 +2.60%
Liberty Global plc Series A (LBTYA) $28.23 +2.06%
Alexion Pharmaceuticals Inc. (ALXN) $123.34 +1.83%
Nasdaq 100 - Fallers
Walgreens Boots Alliance, Inc. (WBA) $80.50 -1.29%
O'Reilly Automotive Inc. (ORLY) $275.28 -0.76%
Stericycle Inc. (SRCL) $102.06 -0.74%
Facebook Inc. (FB) $115.85 -0.73%
Vodafone Group Plc ADS (VOD) $29.61 -0.54%
Illumina Inc. (ILMN) $140.06 -0.52%
Kraft Heinz Co. (KHC) $89.31 -0.48%
T-Mobile Us, Inc. (TMUS) $42.96 -0.44%
Paychex Inc. (PAYX) $60.59 -0.41% |
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| | Newspaper Round Up | | Friday newspaper round-up: Trade deals, job cuts, protectionism warning The Business Secretary begins a round the world tour of Britain's key trading partners, as he flies to India with a view to forging new links across the globe after the EU referendum. Sajid Javid will land in Delhi to begin preliminary trade talks with the world's second most populous market, meeting with finance and industry ministers to outline what a future trading relationship between the two markets might look like. - Telegraph
A quarter of German companies with UK subsidiaries are planning to cut British jobs in the wake of the referendum, while a third say they will reduce capital investment. The souring view of Britain in the boardrooms of Germany, the UK's second biggest trading partner after the US, comes in a survey by the German Chambers of Industry and Commerce (DIHK). - The Times
Jamie Dimon, the chief executive of JP Morgan, has repeated his warning that he could move thousands of jobs out of the UK in spite of a pledge yesterday by his deputy to help London retain its position as the world's leading financial centre. Viswas Raghavan, the bank's deputy chief executive and head of investment banking in Europe, was one of five senior London bankers who met the chancellor yesterday and promised to support the capital. - The Times
The antitrade policies championed by Republican presidential candidate Donald Trump risk sparking a dangerous protectionist movement that could severely damage the global economy, Christine Lagarde has warned. Britain's vote to leave the EU is already casting a shadow over international growth, the International Monetary Fund chief said in an interview, adding that the imposition of new trade barriers in another large economy could have ruinous effects. - Financial Times
Britain's vote to leave the EU has opened a political "black hole" in Westminster and Europe's leaders will not bend to help it out, Belgium's prime minister has warned. Charles Michel's caustic views on the unreal "dreams" of Brexiters, outlined in an hour-long interview, speak to the difficulties Britain faces in reaching an exit trade deal that satisfies all 27 EU leaders and their parliaments. - Financial Times
China has abandoned a solemn pledge to keep its exchange rate stable and is carrying out a systematic devaluation of the yuan, sending a powerful deflationary impulse through a global economy already caught in a 1930s trap. The country's currency basket has been sliding at an annual pace of 12pc since the start of the year. This has picked up sharply since the Brexit vote, suggesting that the People's Bank (PBOC) may be taking advantage of the distraction to push through a sharper devaluation. - Telegraph
Consumer confidence has fallen at the fastest pace in 22 years after Britain voted to leave the EU, a survey has found, highlighting worries about the economic outlook and fears over inflation. Measures of confidence about the economic outlook, people's personal finances and big purchases, had all fallen, according to the post-referendum poll of 2,002 people run between 30 June and 5 July by market researcher GfK. - Guardian/Telegraph/FT
Council leaders across England and Wales say they are bracing themselves for years of financial hardship following Britain's vote to leave the EU. Many fear that the billions of euros from EU development funds channelled into some of the most deprived areas of the country will not be replaced by Westminster, just as the slowing UK economy is set to hit council budgets that are already stretched. - Financial Times
Shopping centres, office blocks and warehouses worth up to £5bn could be put up for sale as the turmoil in the UK commercial property sector prompted by the Brexit vote forces fund managers to revalue their portfolios or temporarily prevent investors withdrawing their savings. With the pound under pressure on the foreign exchange markets, fund managers Legal & General, Foreign & Colonial and Dutch-owned Kames cut the value of their property funds on Thursday. - Guardian
Britain's farmers face a shortage of fruit and vegetable pickers as the fallout from the EU referendum, particularly the sharp fall in the value of the pound, prompts some seasonal migrant workers to depart for better prospects elsewhere in Europe. The UK's farms, warehouses and building sites are thus at risk of losing a stream of labour that keeps them running. - Financial Times
The total lifetime cost of the planned Hinkley Point C nuclear power plant could be as high as £37bn, according to an assessment published by the UK government. The figure was described as shocking by critics of the scheme, who said it showed just how volatile and uncertain the project had become, given that the same energy department's estimate 12 months earlier had been £14bn. - Guardian
Four former Barclays bankers convicted of conspiring to rig Libor interest rates have been jailed for between 33 months and six and a half years. They were told yesterday that their crime triggered losses that potentially ran to "millions of pounds". Libor, the London inter-bank offered rate, is used to set the cost of financial deals. - The Times | | |
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