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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: Chinese data weigh at the start of trading London stocks started the session slightly lower on the heels of weaker-than-expected data out of China, albeit amid firmer oil prices.
As of 0924 BST, the FTSE 100 was off by 3.47 points to 6,911.24.
Front month Brent crude oil futures were up by 0.282% to $46.17 per barrel on the ICE a day after Saudi Arabia signalled talks on output curbs would be on the table when OPEC members meet in Algeria in September.
Overnight, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all set fresh record highs on the same day, the first time that had occurred since 1999.
On the data front, UK construction output is scheduled for release at 0930 BST. In the US, eyes will be on retail sales at 1330 BST and University of Michigan consumer sentiment and business inventories at 1500 BST.
CMC Markets' Michael Hewson said: "With the pound continuing to come under pressure today's construction output numbers for June aren't likely to rip up any trees or assuage concerns about a slowdown in the construction sector at the end of Q2. Having seen a decline of 2.1% in May, the June numbers aren't expected to be that much better with a decline of 1.9% expected."
Data out earlier on Chinese industrial output and retail sales for July came in below expectations, although Asian markets seemed to shrug off the figures.
The Shanghai Stock Exchange's composite index gained 1.51% to 3,048.118.
More ominously, the rate of growth in fixed asset investment year-to-date slowed to a 8.0% year-on-year clip versus expectations of 8.9%.
That might be indicative of investment slowing in July by the most in over 20 years, Julian Evans-Pritchard, China economist at Capital Economics said in a research note.
"A further sharp slowdown in investment growth means that unless the government steps up policy support, it is only a matter of time before the economy begins to slow again," Evans-Pritchard said.
Industrial production in China slowed to a 6.0% year-on-year pace in July, compared to expectations of 6.2% and down from 6.2% in the month before.
Light corporate calendar
In corporate news, pub and restaurant chain operator The Restaurant Group announced on Friday that after 15 years with the company, and two years as CEO, Danny Breithaupt will step down from the board and leave the company with immediate effect.
The FTSE 250 firm's board said it has completed the initial phase of its operating strategy review, and has decided that a new leader is needed to implement the initial actions and then prioritise the next phase of the review. It also announced the appointment of Andy McCue as CEO, who will start with the company and join the board on 19 September.
McCue was most recently CEO at Paddy Power, where he embedded a new growth strategy which delivered record revenues and profits, as well as playing a central role in the merger with Betfair.
Movie theatre operator Cineworld Group confirmed on Friday that it has completed the acquisition of five cinemas from Cinema Holdings Limited, the holding company of Empire Cinema.
The FTSE 250 company had initially flagged the acquisition on 28 July, with the deal being worth a total of £94m.
Cineworld said the acquisitions included the Empire Leicester Square in London's West End, an 18-screen multiplex in Basildon, a 17 screen multiplex in Hemel Hempstead, a 16 screen multiplex in Poole, and a smaller four screen cinema in the London borough of Bromley.
The four larger cinemas feature IMAX screens, Cineworld reported.
Genus suffered a legal setback Stateside as a US judge handed down a series of verdicts against the animal genetics specialist. |
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| | UK Event Calendar | | Friday 5 August
INTERIMS
Ibstock , Kennedy Wilson Europe Real Estate , Royal Bank of Scotland Group, William Hill
INTERIM DIVIDEND PAYMENT DATE
British Smaller Companies VCT, CVC Credit Partners European Opportunities Ltd EURO, CVC Credit Partners European Opportunities Ltd GBP, Frenkel Topping Group, Game Digital, Heavitree Brewery, Heavitree Brewery 'A' Shares, ITE Group
QUARTERLY PAYMENT DATE
British Land Company, Investors Capital Trust 'A' Shares
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Consumer Credit (US) (08:00)
Factory Orders (GER) (07:00)
Unemployment Rate (US) (13:30)
SPECIAL DIVIDEND PAYMENT DATE
Tristel
UK ECONOMIC ANNOUNCEMENTS
Halifax House Price Index (08:30)
Non-Farm Payrolls (US) (13:30)
FINAL DIVIDEND PAYMENT DATE
Anglo Pacific Group, Aveva Group, B&M European Value Retail S.A. (DI), Bonmarche Holdings, British Smaller Companies VCT, Burberry Group, Calculus VCT 'C' Shares, Charles Stanley Group, Crawshaw Group, Intermediate Capital Group, Monks Inv Trust, Next Fifteen Communications, ULS Technology , Walker Greenbank, Wincanton, Workspace Group |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks waver as investors weigh Chinese data in quiet trade European equities wavered in early trade as investors weighed disappointing Chinese data against record highs in US stock markets.
At 0855 BST, the benchmark Stoxx Europe 600 index and France's CAC 40 were up 0.1%, while Germany's DAX was off 0.2%.
Dave Jeal, head of investment products at Interactive Investor, said: "With little by way of financial indicators to drive the market at present, expect more of the same, overall steady, outlook over the short-term whilst bursts of opportunity to be found below the surface: keeping a close eye on the detail could make it your perfect summer."
At the same time, oil prices were a touch firmer. West Texas Intermediate up was up 0.4% at $43.66 a barrel and Brent crude was 0.2% higher at $46.11.
On Thursday, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq all set fresh records.
Meanwhile, data released earlier showed industrial output and retail sales in China missed expectations in July.
Retail sales were up 10.2% on the year, down from 10.6% growth the month before and below expectations of 10.5%. Industrial production in the world's second-largest economy grew 6% on the year, down from 6.2% the month before and falling short of estimates of 6.1% growth.
Elsewhere, fixed asset investment growth came in at 8.1% on the year for January to July, missing expectations of 8.8%.
Corporate news was thin on the ground on Friday.
Moller-Maersk rallied after the Danish shipping and oil company's second-quarter earnings topped analysts' expectations.
Drax got a boost after HSBC upgraded the stock, while Zalando benefited from a target lift from Exane BNP Paribas. |
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| | US Market Report | | US close: Markets in the green as oil soars US stocks finished Thursday in the green, following gains in Europe as investors kept an eye on oil prices and processed weekly jobs data.
The Dow Jones Industrial Average was last up 0.64% to 18,613.52, while the S&P 500 added 0.47% to 2,185.79 and the Nasdaq 100 gained 0.42% to 4,803.31.
Oil prices were flying after the International Energy Agency forecast crude markets would rebalance in the next few months following several years of overproduction.
West Texas Intermediate was last ahead 4.01% at $43.45 per barrel, and Brent crude gained 4.22% to $45.99.
The IEA forecast came with a caveat, however, as the Paris-based agency lowered its forecast for global oil demand in 2017.
Earlier, oil prices fell after data from the US Energy Information Administration on Wednesday showed an unexpected build in weekly crude inventories and following record Saudi Arabian production.
"At a time of relatively little news flow, traders are again focused on the movements in oil and whether we're going to see another move back to the levels seen earlier this year," said Craig Erlam, senior market analyst at Oanda.
"The meeting between OPEC members next month on the sidelines of the International Energy Forum in Algeria will be key for prices now, although I remain sceptical about whether anything meaningful will come out of it, especially as reports emerge that Saudi Arabia is pumping at record levels and Iran is increasing production at a faster rate than expected."
In economic data, the Labor Department revealed the number of Americans filing for unemployment benefits fell pretty much in line with expectations last week.
US initial jobless claims dropped by 1,000 from the previous week's revised level of 267,000.
Economists had been expecting a decline to 265,000.
The four-week moving average of new claims was 262,750, up 3,000 from the previous week's average, which was revised down by 500 to 259,750.
Analysts consider the four-week average more reliable as it smooths out sharp fluctuations in the volatile weekly figures, giving a more accurate picture of the health of the labour market.
In company news, Macy's shares jumped 17.09% after it reported second-quarter sales and earnings that topped analysts' expectations.
Kohl's also surged, by 16.17%, after posting a surprise increase in quarterly profits as gross margins grew at the retailer.
Alibaba Group Holdings rallied 5.08% as it revealed a better-than-expected rise in quarterly revenue despite a slowdown in its main market of China.
Shake Shack slumped 6.53% after the burger chain late on Wednesday reported weak sales growth in the second quarter.
Valeant Pharmaceuticals tumbled 10.36% on news of a federal investigation into whether the company defrauded insurers.
Dow Jones - Risers
Nike Inc. (NKE) $56.73 2.90%
Merck & Co. Inc. (MRK) $63.63 1.58%
Chevron Corp. (CVX) $101.40 1.26%
3M Co. (MMM) $180.99 1.22%
American Express Co. (AXP) $65.48 1.14%
Home Depot Inc. (HD) $137.04 1.06%
Goldman Sachs Group Inc. (GS) $163.86 1.03%
United Technologies Corp. (UTX) $109.18 0.98%
International Business Machines Corp. (IBM) $163.53 0.89%
Caterpillar Inc. (CAT) $83.23 0.71%
Dow Jones - Fallers
Wal-Mart Stores Inc. (WMT) $73.80 -0.20%
E.I. du Pont de Nemours and Co. (DD) $68.98 -0.13%
Walt Disney Co. (DIS) $97.76 -0.09%
Apple Inc. (AAPL) $107.93 -0.06%
Pfizer Inc. (PFE) $35.16 0.06%
General Electric Co. (GE) $31.29 0.06%
Verizon Communications Inc. (VZ) $53.86 0.09%
JP Morgan Chase & Co. (JPM) $65.46 0.28%
Unitedhealth Group Inc. (UNH) $142.62 0.31%
Travelers Company Inc. (TRV) $118.57 0.31%
S&P 500 - Risers
Macy's Inc. (M) $39.81 17.09%
Kohls Corp. (KSS) $44.19 16.17%
Nordstrom Inc. (JWN) $47.56 7.53%
Ralph Lauren Corp (RL) $108.71 5.39%
Goodyear Tire & Rubber Co. (GT) $29.53 5.28%
PVH Corp. (PVH) $103.04 5.00%
Chesapeake Energy Corp. (CHK) $5.03 4.79%
Under Armour Inc. Class A (UA) $40.94 4.73%
Devon Energy Corp. (DVN) $41.31 4.40%
W.W. Grainger Inc. (GWW) $229.37 4.36%
S&P 500 - Fallers
General Growth Properties Inc. (GGP) $29.66 -3.45%
Tenet Healthcare Corp. (THC) $25.61 -2.88%
KLA-Tencor Corp. (KLAC) $67.51 -2.82%
HCP Inc. (HCP) $38.56 -2.38%
United States Steel Corp. (X) $22.68 -2.20%
Kimco Realty Corp. (KIM) $30.42 -2.09%
Exelon Corp. (EXC) $34.81 -2.03%
Simon Property Group Inc. (SPG) $214.55 -2.02%
Essex Prty Trust Inc. (ESS) $228.76 -1.73%
Macerich Co (MAC) $84.27 -1.58%
Nasdaq 100 - Risers
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $38.78 3.97%
Bed Bath & Beyond Inc. (BBBY) $45.73 3.60%
Yahoo! Inc. (YHOO) $41.27 3.36%
Endo International Plc (ENDP) $23.01 3.23%
Autodesk Inc. (ADSK) $61.71 2.34%
Fastenal Co. (FAST) $43.44 2.28%
American Airlines Group (AAL) $34.96 2.28%
Twenty-First Century Fox Inc Class A (FOXA) $26.16 2.27%
Netflix Inc. (NFLX) $95.89 2.09%
Viacom Inc. Class B (VIAB) $42.61 2.08%
Nasdaq 100 - Fallers
KLA-Tencor Corp. (KLAC) $67.51 -2.82%
Incyte Corp. (INCY) $81.21 -2.73%
Akamai Technologies Inc. (AKAM) $51.41 -1.17%
Stericycle Inc. (SRCL) $86.96 -1.01%
Electronic Arts Inc. (EA) $77.85 -0.92%
T-Mobile Us, Inc. (TMUS) $46.83 -0.78%
Fiserv Inc. (FISV) $103.39 -0.77%
Dollar Tree Inc (DLTR) $97.37 -0.76%
Mondelez International Inc. (MDLZ) $43.14 -0.76% |
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| | Newspaper Round Up | | Friday newspaper round-up: Tata Steel, Hinckley Point C, Gatwick The business secretary flew to India for a secret meeting with the head of Tata Steel amid growing concern over the future of the Port Talbot steelworks. Greg Clark met Cyrus Mistry, the chairman of Tata Steel and of its parent company, Tata Sons, in New Delhi on Wednesday. The new minister was understood to be keen to hold a face-to-face meeting after a number of phone calls with Mr Mistry and ordered officials to set up the one-day trip. - The Times
A network of agents, payments from a Beijing-backed slush fund and a series of illicit transfers of highly sensitive nuclear knowhow: the case against Britain's Chinese partner in the controversial Hinckley Point C project could have leapt from the pages of a modern spy thriller. According to the US Department of Justice, the FBI has discovered evidence that China General Nuclear Power (CGN) has been engaged in a conspiracy to steal US nuclear secrets stretching back almost two decades. - The Guardian
July was the busiest month in Gatwick's 80-year history as growth in long-haul traffic helped to push up overall passenger numbers up by 6.8 per cent over a year earlier. Gatwick said that 4.6 million passengers travelled through London's second airport last month. Long-haul passenger numbers were up 23 per cent on a year earlier with traffic to Canada and Mexico much higher. - The Times
The Duke of Westminster's death has led to calls from tax campaigners to reform the system of trusts which has allowed Britain's wealthiest families to preserve fortunes through generations by avoiding death duties. The 7th Duke of Westminster, 25-year-old Hugh Grosvenor, is now the heir to a legacy worth more than £9bn. Thanks to a series of trusts, which are thought to date to the death of the 2nd Duke in 1953, Hugh and his three sisters will avoid having to pay the 40% levy ordinary families are faced with when parents die. - The Guardian | | |
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