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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 flat ahead of Bank of England announcement London stocks opened in muted fashion on Thursday as investors kept their powder dry ahead of the Bank of England's monthly policy decision and quarterly Inflation Report.
The FTSE 100 was up less than three points at 6,636.69 after half an hour's trading, while the FTSE 250 was down 30 points at 16,966.57.
This followed a positive session in Asia and a guarded by positive close from Wall Street overnight, boosted by an oil price rebound that has since lost some of its momentum.
Financial stocks were leading the way as investors looked to the BoE's Super Thursday for some sort of stimulus, even if the market's keen expectation of an interest rate cut fails to materialise.
CMC Markets' Michael Hewson said: "While it is widely expected today that the Bank of England will lower its growth forecasts it is also expected to make a move on interest rates for the first time since 2009, and cut rates by at least 25 basis points to a new record low of 0.25%. It could also go on to announce the intention to implement further asset buying programs, however there is a school of thought that suggests the Bank should hold firm and wait and see.
"This is because there is a widespread acknowledgement that any such action today will probably not make a blind bit of difference and could well make things much worse, not only for banks, who are already struggling with wafer thin margins, but also for pension funds who are struggling with spiralling deficits, while savers continue to struggle with meagre returns."
Later on in the day, market participants will turn their attention to the US, where initial jobless claims are at 1330 BST and durable goods orders and industrial new orders at 1500 BST.
In corporate news, insurance giant Aviva was top of the blue chip leaderboard, ahead of a slew of insurers and banks. Aviva's interim results for the six months to 30 June showed operating profit rising 13% to £1.325bn and operating earnings per share improving 1% to 22.4p.
During the period, general insurance net written premiums were up 7% to £3.991bn, the life insurance value of new business increased 7% to £583m, its fund management operating profit grew 48% to £49m, and its UK Life assets under management were up 23% to £10.3bn.
Inmarsat posted a respectable set of interim results on Thursday after the satellite services group returned to growth in the second quarter thanks to growth from the aviation sector, government contracts and its deal to supply mobile network Ligado Networks.
Full-year guidance was maintained, as revenues in the six months to 30 June rose 2.1% on the previous period to $629.0m, earnings before interest, tax, depreciation and amortisation (EBITDA) 7.5% at $368.4m.
Traffic at low-cost carrier EasyJet was up 6.7% in July to 7.5m passengers, while the load factor - which gauges how full the flights were - nudged up to 95.8% from 94.3%.
On a rolling 12-month basis, traffic was up 6.8% to 72.3m and the load factor ticked just a touch higher to 91.7% from 91.4%. |
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| Market Movers
FTSE 100 (UKX) 6,640.53 0.09%
FTSE 250 (MCX) 16,994.23 -0.02%
techMARK (TASX) 3,423.71 -0.49%
FTSE 100 - Risers
Aviva (AV.) 400.00p 3.90%
RSA Insurance Group (RSA) 511.00p 2.57%
HSBC Holdings (HSBA) 514.20p 1.94%
Standard Chartered (STAN) 626.10p 1.92%
Royal Dutch Shell 'B' (RDSB) 1,939.50p 1.81%
Royal Dutch Shell 'A' (RDSA) 1,868.00p 1.72%
Legal & General Group (LGEN) 208.50p 1.51%
International Consolidated Airlines Group SA (CDI) (IAG) 393.40p 1.34%
Kingfisher (KGF) 341.70p 1.12%
Barclays (BARC) 149.95p 1.11%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 2,302.00p -13.72%
Randgold Resources Ltd. (RRS) 8,175.00p -8.96%
Fresnillo (FRES) 1,891.00p -2.58%
SABMiller (SAB) 4,335.00p -1.60%
Rio Tinto (RIO) 2,386.00p -1.53%
Relx plc (REL) 1,388.00p -1.28%
Unilever (ULVR) 3,442.00p -1.04%
InterContinental Hotels Group (IHG) 3,057.00p -0.97%
Intertek Group (ITRK) 3,421.00p -0.75%
Next (NXT) 5,300.00p -0.75%
FTSE 250 - Risers
Serco Group (SRP) 136.00p 14.57%
Inmarsat (ISAT) 811.00p 3.91%
Ladbrokes (LAD) 143.40p 3.61%
AA (AA.) 249.40p 3.06%
Shawbrook Group (SHAW) 189.30p 3.05%
Aldermore Group (ALD) 138.50p 2.97%
Tullow Oil (TLW) 191.00p 2.96%
Amec Foster Wheeler (AMFW) 446.50p 2.38%
Darty (DRTY) 174.00p 2.05%
Wood Group (John) (WG.) 673.50p 1.97%
FTSE 250 - Fallers
Cobham (COB) 158.40p -5.71%
Aggreko (AGK) 1,040.00p -2.89%
Halfords Group (HFD) 343.90p -2.58%
DFS Furniture (DFS) 206.10p -2.55%
Rank Group (RNK) 213.30p -2.51%
Centamin (DI) (CEY) 165.00p -2.31%
Acacia Mining (ACA) 570.00p -2.15%
Ibstock (IBST) 139.20p -2.04%
AO World (AO.) 142.10p -2.00% |
| | UK Event Calendar | | Thursday 4 August
INTERIMS
Brammer, Inmarsat, Johnston Press, Ladbrokes, Mondi, RPS Group, RSA Insurance Group, Vitec Group
INTERIM DIVIDEND PAYMENT DATE
WH Smith
INTERIM EX-DIVIDEND DATE
Avon Rubber, Beazley, Blue Capital Global Reinsurance Fund Ltd (DI), Domino's Pizza Group, Hiscox Limited (DI), Inchcape, Jupiter Fund Management , Lancashire Holdings Limited, Maven Income & Growth 3 VCT, Melrose Industries, Microgen, Polar Capital Global Financials Trust, Relx plc, Tyman
QUARTERLY EX-DIVIDEND DATE
BP, Custodian Reit , Fair Oaks Income Fund Limited , GLI Alternative Finance , JPMorgan Claverhouse Inv Trust, SQN Asset Finance Income Fund Limited C SHS NPV, Unilever
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Factory Orders (US) (13:30)
Initial Jobless Claims (US) (13:30)
Q2
Inmarsat, Nokia OYJ
SPECIAL EX-DIVIDEND PAYMENT DATE
Aberforth Geared Income Trust, M. P. Evans Group
AGMS
Hayward Tyler Group, Investec, NB Private Equity Partners Ltd., Shield Therapeutics, Zamano
TRADING ANNOUNCEMENTS
UDG Healthcare Public Limited Company
UK ECONOMIC ANNOUNCEMENTS
BoE Inflation Report (12:00)
BoE Interest Rate Decision (12:00)
BoE Interest Rate Minutes (12:00)
FINAL DIVIDEND PAYMENT DATE
Mitie Group
FINAL EX-DIVIDEND DATE
Aberdeen New Dawn Investment Trust, Creston, General Industries, Halfords Group, Latham (James), Northern Bear, Plastics Capital, QinetiQ Group, SABMiller |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks edge higher as investors eye BoE European stocks edged higher in early trade as investors looked to the latest rate announcement from the Bank of England, which is widely expected to cut interest rates to a record low of 0.25%.
At 0850 BST, the benchmark Stoxx Europe 600 and France's CAC 40 were up 0.4%, while Germany's DAX was 0.7% higher.
At the same time, oil prices were mixed. West Texas Intermediate was flat at $40.83 a barrel and Brent crude was down 0.4% at $42.94.
Markus Huber, a trader at City of London Markets, said: "European shares are trading moderately higher this morning receiving a bit of a boost from firmer markets in Asia and the US overnight."
Investors will be turning their attention to the UK, where the Bank of England rate announcement is due at 1200 BST.
Huber said: "As almost everybody expects a rate cut in light of the recent weakness seen in UK economic data this should therefore also pretty much completely be priced into share prices. Instead traders are keeping a close eye on what the BOE's next steps might be should the economic picture continue to decline and not just in regard to rate cuts but also possibly QE and other measures which would boost the domestic economy going forward."
The next big focus this week will be Friday's non-farm payrolls report in the US.
In corporate news, Nokia was under the cosh after its second-quarter earnings missed analysts' expectations.
German healthcare and chemicals company Merck was also in the red despite reporting better-than-expected quarterly profit and lifting its full-year forecasts.
On the upside, Siemens racked up healthy gains as the German industrial conglomerate posted forecast-beating third quarter earnings and raised its guidance for fiscal 2016.
In London, insurers were on the front foot, with Aviva and RSA Insurance both firmly higher after well-received half-year reports. Aviva reported a 13% jump in operating profit to £1.33bn, while RSA Insurance posted a drop in pre-tax profit but a rise in operating profit and lifted its dividend. |
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| | US Market Report | | US close: Dow bounces after oil rally helps break seven-day fall The Dow Jones snapped a seven-day losing streak on Wednesday as private sector jobs data raised expectations for the non-farm payroll report at the end of the week, abetted by a rebound in oil prices.
The Dow Jones Industrial Average ended up 0.14% at 18,339.11 after the previous day saw its lowest close since 11 July, while the S&P 500 recovered around half its losses since Friday as it finished 0.31% higher at 2,163.79, with the Nasdaq nudging back up 0.43% to 5,159.74 as it hovers near its all-time high.
After the stock market closed, West Texas Intermediate futures continued rising and were up 4.3% to $41.19 per barrel, while Brent Crude was up 3.9% at $43.43 after a report on revealed a large drop in stockpiles.
Commercial crude oil stocks in the US rose by 1.4m barrels over the week ending on 29 July, to reach 522.5m barrels, the US Department of Energy's Energy Information Administration arm said in a report, but motor gasoline inventories were depleted by 3.3m barrels.
US macroeconomic data on the day was mixed, with improvements in the jobs market overshadowing weakening services sector growth.
Private employers added 179,000 jobs last month, beating expectations for a 170,000 jump, the ADP revealed, thanks to an increase in jobs at mid-sized business.
The June figure was revised up to show that 176,000 jobs had been added versus 172,000 previously, and as usual were examined closely for their inconsistent ability to foreshadow Friday's all-important NFPs.
David Morrison, senior market strategist at SpreadCo, said: "This was good news as far as investors were concerned, but it doesn't necessarily mean that we're set for a strong non-farm payroll number on Friday.
"Analysts are generally wary of taking the ADP data as a heads-up for non-farm payrolls as the latter tends to be much more volatile than the ADP release. This has certainly been the case over the last few months. But the other issue is that the next Fed meeting isn't until 20/21st September. Not only will July's employment data be old news by then, but the market already doubts that the Fed will tighten monetary policy this year, let alone ahead of November's presidential election."
Another report showed the US services sector expanded at a sluggish pace last month, albeit faster than expected.
Markit's final US business services purchasing managers' index was unchanged at 51.4 in July, but up from the flash estimate of 50.9, indicating only a very modest expansion. A reading above 50 indicates expansion. Economists had been expecting a reading of 51.0.
Separately, the Institute for Supply Management's index of non-manufacturing activity fell to 55.5 in July from 56.5 in June, missing expectations for a reading of 56.0.
On the corporate front, Time Warner shares rose on news it is buying a 10% stake in web TV service Hulu.
Kate Spade plunged after reporting quarterly profit that trailed analysts' estimates and cutting its full year earnings forecast.
Office Depot rallied as the company swung to a quarterly profit and said it would close 300 stores in the next three years to cut costs.
FitBit surged after it released better-than-expected second-quarter earnings late on Tuesday.
Etsy was also on the front foot after the online marketplace posted a wider loss for the second quarter on Tuesday but a rise in revenue and users.
Dow Jones - Risers
JP Morgan Chase & Co. (JPM) $64.66 1.59%
Goldman Sachs Group Inc. (GS) $158.34 1.46%
Apple Inc. (AAPL) $105.79 1.25%
Walt Disney Co. (DIS) $96.09 1.14%
Chevron Corp. (CVX) $100.58 1.02%
Caterpillar Inc. (CAT) $82.03 0.97%
Travelers Company Inc. (TRV) $117.94 0.81%
Microsoft Corp. (MSFT) $56.96 0.67%
American Express Co. (AXP) $63.83 0.57%
Visa Inc. (V) $78.71 0.55%
Dow Jones - Fallers
Pfizer Inc. (PFE) $35.29 -3.02%
Merck & Co. Inc. (MRK) $57.65 -1.17%
Procter & Gamble Co. (PG) $85.97 -0.91%
Intel Corp. (INTC) $34.25 -0.90%
Johnson & Johnson (JNJ) $123.90 -0.76%
Nike Inc. (NKE) $54.75 -0.31%
Wal-Mart Stores Inc. (WMT) $72.94 -0.26%
Unitedhealth Group Inc. (UNH) $142.80 -0.20%
Verizon Communications Inc. (VZ) $53.90 -0.19%
McDonald's Corp. (MCD) $117.52 -0.15%
S&P 500 - Risers
Chesapeake Energy Corp. (CHK) $5.29 7.96%
Newfield Exploration Co (NFX) $44.66 7.48%
American International Group Inc. (AIG) $58.10 7.31%
Williams Companies Inc. (WMB) $25.67 7.14%
Cerner Corp. (CERN) $66.30 7.02%
Endo International Plc (ENDP) $18.21 6.43%
Marathon Petroleum Corporation (MPC) $41.22 6.26%
Intercontinental Exchange Inc (ICE) $278.02 5.34%
Southwestern Energy Co. (SWN) $14.50 5.30%
Devon Energy Corp. (DVN) $38.00 5.20%
S&P 500 - Fallers
Qorvo, Inc. (QRVO) $55.12 -10.30%
Verisk Analytics Inc. (VRSK) $79.43 -5.12%
Fiserv Inc. (FISV) $104.45 -4.53%
Pfizer Inc. (PFE) $35.29 -3.02%
Biogen Inc (BIIB) $321.34 -2.66%
Hanesbrands Inc. (HBI) $25.01 -2.50%
Extra Space Storage (EXR) $83.04 -2.49%
NiSource Inc. (NI) $25.34 -2.31%
Hormel Foods Corp. (HRL) $36.13 -2.11%
CMS Energy Corp. (CMS) $44.13 -2.00%
Nasdaq 100 - Risers
Cerner Corp. (CERN) $66.30 7.02%
Endo International Plc (ENDP) $18.21 6.43%
Dish Network Corp. (DISH) $51.32 4.33%
Mylan Inc. (MYL) $48.41 4.04%
Liberty Global plc Series A (LBTYA) $32.48 3.34%
Alexion Pharmaceuticals Inc. (ALXN) $137.66 3.03%
Liberty Global plc Series C (LBTYK) $31.44 2.81%
Biomarin Pharmaceutical Inc. (BMRN) $101.46 2.41%
Electronic Arts Inc. (EA) $78.63 2.41%
Incyte Corp. (INCY) $90.81 2.09%
Nasdaq 100 - Fallers
Verisk Analytics Inc. (VRSK) $79.43 -5.12%
Fiserv Inc. (FISV) $104.45 -4.53%
Biogen Inc (BIIB) $321.34 -2.66%
Starbucks Corp. (SBUX) $55.94 -1.39%
Illumina Inc. (ILMN) $165.05 -1.12%
Akamai Technologies Inc. (AKAM) $49.44 -1.04%
Skyworks Solutions Inc. (SWKS) $64.39 -1.00%
Monster Beverage Corp (MNST) $157.77 -0.96%
Intel Corp. (INTC) $34.25 -0.90%
Amazon.Com Inc. (AMZN) $754.64 -0.78% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Brexit, corporation tax, UK supermarkets The French are blasé about Brexit while Swedes are more saddened than others in Europe by the UK's vote to exit the EU, according to a survey. A 16-country poll by Ipsos Mori showed that almost half - 48 per cent - of respondents from Sweden said they were dismayed by the UK's decision. It was a different story in France, where only a quarter of respondents said they were sad about Brexit. - Financial Times
An unprecedented international effort to stop some of the world's largest multinational corporations - including Google, Amazon and Starbucks - avoid tax has offered only a "sticking plaster" solution that will not hold, according to a report published by a cross-party parliamentary group. After taking evidence from a range of experts, the all-party tax responsibility group, made up of British MPs and peers, found that G20 nations and others were still falling short in the battle against aggressive tax planning by big businesses. - Guardian
UK supermarkets are being urged by a consumer group to play their part in fighting obesity as research reveals more than half their recent promotions were for junk food, sweets and fizzy drinks rather than healthy options. Which? analysed data from price comparison website mySupermarket on special offers from Asda, Morrisons, Ocado, Sainsbury's, Tesco and Waitrose between April and June. Its researchers found that of the 77,165 promotions, 53% involved less healthy foods - those high in fat, saturates, sugar or salt - compared with healthier products (47%). - Guardian
Britain's energy industry is dying. While the US is striving for self-sufficiency in fuel and power as a primary goal of strategic security in a dangerous world, this country has acted with strange insouciance. We have let matters drift for so long that half of our nuclear reactors will be phased out over the next nine years with nothing ready to replace them. North Sea oil and gas is a spent reserve. Britain's dependency on imported fuels and electricity has jumped from 17pc to 46pc since 2000. - Telegraph
Fewer worries about the prospect of losing their jobs means that the amount of holiday British workers are taking has returned to pre-recession levels. New data from the Office for National Statistics shows that in the final quarter of 2015 and first quarter of 2016 a trend established itself with the amount of leave taken equal to or above the level last seen in 2007. - Telegraph
The number of jobs advertised last month was higher than at the same time last year, suggesting that Britain's booming jobs market was not affected by the EU referendum result, according to Reed.co.uk, the recruitment website. There were 8.2 per cent more vacancies on offer last month compared with a year before, it said, as employers continued to take on new staff. - The Times
Seven and a half years since interest rates were last cut and four years after the last slug of quantitative easing, the Bank of England is expected to step back into policymaking today as it prepares to tackle the fallout from Brexit. A quarter-point reduction to 0.25 per cent is expected and may be combined with an extension of the cheap funding scheme for lenders. More quantitative easing may be on the cards but most economists believe the Bank will want to hold something in reserve, just in case. - The Times |
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