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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; Bovis slumps but G4S gains Stocks in London were flat in early trade as investors digested weaker-than-expected Japanese economic growth figures and sifted through corporate news.
At 0830 BST, the FTSE 100 was steady at 6,915.71.
Dave Jeal, head of investment at Interactive Investor, said there was "little in the air to drive momentum".
"Our investors have turned back to the small cap resources sector for short-term opportunities after Friday's falls for the large cap players," he added.
Data released earlier showed Japan's economy hardly grew in the April to June quarter, weighed by exports and business investment.
The economy grew 0.2% on an annualised basis, down from 1.9% in the first three months of the year. Meanwhile, private consumption nudged up just 0.2%, down from 0.6% growth the quarter before.
In corporate news, William Hill was a little weaker after rejecting an improved cash-and-shares offer from Rank Group and 888 Holdings received over the weekend.
Bovis Homes was sharply lower despite posting growth in profit and revenue for the first half, as it said it was too early to gauge the impact of Brexit.
FTSE 250 security firm G4S rallied after saying that Tim Weller will succeed Himanshu Raja as chief financial officer of G4S after Raja retires from the board and steps down from the role on 1 October. Weller will join the company from oilfield services group Petrofac, where he held the same role.
Entertainment One surged amid reports private equity firm KKR is considering a bid for the company after it rejected an offer from ITV.
Software firm Sage was under pressure after saying an internal login had been used to gain unauthorised access to some of its British customers' data.
Genus was in the black despite losing US legal dispute and being ordered to pay its opponents $1.5m upfront in damages plus an ongoing royalty for the patent its Genus Sexed Semen (GSS) processing technology was said to have infringed.
On the data front, there are no major UK releases due. In the US, Empire manufacturing is at 1330 BST, while the NAHB housing market index is at 1500 BST. |
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| Market Movers
FTSE 100 (UKX) 6,918.09 0.03%
FTSE 250 (MCX) 17,911.65 -0.05%
techMARK (TASX) 3,525.87 -0.23%
FTSE 100 - Risers
Anglo American (AAL) 865.50p 1.00%
Provident Financial (PFG) 2,860.00p 0.81%
AstraZeneca (AZN) 5,146.00p 0.80%
Mediclinic International (MDC) 1,106.00p 0.73%
Barclays (BARC) 164.50p 0.67%
Persimmon (PSN) 1,723.00p 0.64%
Royal Dutch Shell 'A' (RDSA) 1,929.00p 0.52%
Royal Dutch Shell 'B' (RDSB) 2,012.00p 0.50%
Hikma Pharmaceuticals (HIK) 2,285.00p 0.44%
Legal & General Group (LGEN) 213.90p 0.42%
FTSE 100 - Fallers
Sage Group (SGE) 708.00p -4.32%
Glencore (GLEN) 193.20p -1.50%
Marks & Spencer Group (MKS) 351.10p -0.96%
Rolls-Royce Holdings (RR.) 792.00p -0.94%
BAE Systems (BA.) 527.00p -0.85%
Berkeley Group Holdings (The) (BKG) 2,518.00p -0.83%
Barratt Developments (BDEV) 436.90p -0.77%
Randgold Resources Ltd. (RRS) 8,505.00p -0.64%
Coca-Cola HBC AG (CDI) (CCH) 1,710.00p -0.58%
Vodafone Group (VOD) 237.50p -0.57%
FTSE 250 - Risers
Entertainment One Limited (ETO) 257.40p 7.79%
Clarkson (CKN) 2,117.00p 4.03%
Rank Group (RNK) 213.90p 2.79%
IP Group (IPO) 182.70p 2.47%
DFS Furniture (DFS) 266.20p 2.38%
International Personal Finance (IPF) 274.50p 2.31%
Cairn Energy (CNE) 195.60p 2.30%
G4S (GFS) 231.40p 2.12%
PayPoint (PAY) 1,010.00p 1.92%
Renishaw (RSW) 2,739.00p 1.90%
FTSE 250 - Fallers
Cobham (COB) 155.90p -3.65%
Hastings Group Holdings (HSTG) 206.60p -2.36%
Allied Minds (ALM) 364.10p -1.83%
Synthomer (SYNT) 374.50p -1.68%
JD Sports Fashion (JD.) 1,293.00p -1.67%
Crest Nicholson Holdings (CRST) 430.50p -1.51%
Kaz Minerals (KAZ) 161.70p -1.40%
Petrofac Ltd. (PFC) 844.50p -1.40%
Intermediate Capital Group (ICP) 590.50p -1.34% |
| | UK Event Calendar | | Monday 15 August
INTERIMS
Bovis Homes Group, Clarkson, Georgia Healthcare Group, Plaza Centers NV
QUARTERLY PAYMENT DATE
Abbott Laboratories
Q2
Frutarom Industries Ltd GDR (Reg S), Georgia Healthcare Group, Plaza Centers NV
FINALS
Nakama Group
FINAL DIVIDEND PAYMENT DATE
Mountview Estates |
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks little changed as investors digest Japan data European stocks were little changed in early trade as investors digested some disappointing Japanese growth figures.
At 0845 BST, the benchmark Stoxx Europe 600 index and France's CAC 40 were up 0.1%, while Germany's DAX was up 0.2%.
At the same time, oil prices were firmer. West Texas Intermediate was up 1.4% at $45.09 a barrel and Brent crude was 1.3% higher at $47.57.
Spreadex analyst Connor Campbell said: "As Europe tries to get the sleep out of its eyes Asian investors have already been very busy. A woeful second quarter GDP figure from Japan, with the country not seeing any growth at all between April and June (compared to the 0.2% forecast and the 0.5% in Q1), was the biggest news of the overnight session, that stagnation suggesting the ongoing Abenomics programme is failing to have the desired effect.
"Monday is somewhat of an anomaly this week; between Tuesday and Friday there is a wealth of data from around the globe, most importantly including a few post-Brexit figures for the FTSE to handle. Today, however, the markets will have to contend with the same sloth-like, if high-hitting, trading that defined last week."
Data released earlier showed Japan's economy hardly grew in the April to June quarter, weighed by exports and business investment.
The economy grew 0.2% on an annualised basis, down from 1.9% in the first three months of the year. Meanwhile, private consumption nudged up just 0.2%, down from 0.6% growth the quarter before.
In corporate news, Swedish retailer H&M rose after it said sales in July increased 10%.
William Hill was a little weaker after rejecting an improved cash-and-shares offer from Rank Group and 888 Holdings received over the weekend.
Bovis Homes was sharply lower despite posting growth in profit and revenue for the first half, as it said it was too early to gauge the impact of Brexit.
FTSE 250 security firm G4S rallied after saying that Tim Weller will succeed Himanshu Raja as chief financial officer of G4S after Raja retires from the board and steps down from the role on 1 October. Weller will join the company from oilfield services group Petrofac, where he held the same role.
Entertainment One surged amid reports private equity firm KKR is considering a bid for the company after it rejected an offer from ITV.
Software firm Sage was under pressure after saying an internal login had been used to gain unauthorised access to some of its British customers' data. |
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| | US Market Report | | US close: S&P 500 edges higher for the week despite slide in earnings forecasts US stocks finished on a mixed note on Friday - amid the lowest trading volumes in four months - as key retail sales figures for July came in unexpectedly flat, triggering a sharp drop in 10-year Treasury yields.
The Dow Jones Industrial Average fell 0.20% to 18,576.47 points, the S&P 500 dropped 0.08% to 2,184.05 points and the Nasdaq edged higher by 0.09% to 5,232.89 points.
As the earnings season neared its end, Bloomberg reported that 78% of S&P 500 firms had beat profit forecasts and 56% estimates for sales, with analysts now estimating that earnings dropped 2.5% in the second quarter.
To take note of, estimates for the third quarter were now pointing to a 0.8% drop in S&P 500 profits, versus projections for a rise of 1.8% when the earnings season kicked off four week before.
Wall Street´s benchmark S&P 500 finished the week with a gain of less than 0.1%.
Retail sales in the US were unchanged from the previous month, down from a 0.6% increase in June and missing expectations for a 0.4% gain, the Commerce Department revealed.
Core retail sales - which exclude auto sales - declined 0.3% following a 0.7% increase in June, marking the worst reading since January and falling short of expectations for a 0.2% advance.
Friday's news on the economic front saw yields on benchmark 10-year US Treasuries drop by five basis points to 1.512% and odds of a Fed rate increase in December fall back to 40.6%, versus 44.9% in the previous session.
Peter Read, co-founder of app-only trading network Pelican, said: "Fed Chair Janet Yellen will be disappointed to not be able to add today's retail sales data to the body of evidence she is building that supports raising interest rates later in the year.
"The possible intervention on rates received a notable backer in San Francisco Fed chief John Williams this week, which comes off the back of a second successive better than expected non-farm payroll result last week."
In a separate report, the Labor Department said its producer price index for final demand declined 0.4% in July compared to a 0.5% increase in June and analysts' expectations for a 0.1% rise. It marked the first decline since March and the largest since September 2015.
The University of Michigan's consumer confidence index also missed forecasts. The preliminary reading for August came in at 90.4, up from 90 the previous month but below estimates for 91.5.
Nonetheless, a gauge of consumers´ expectations picked up from a reading of 77.8 at the end of July to 80.3.
Oil prices reversed course to end the sesión on the up. West Texas Intermediate crude increased $1.03 per barrel to $44.49.
In corporate news, Nvidia Corp rallied after the graphics chip maker reported better-than-expected results late on Thursday.
J.C. Penney Co. gained after the retailer reported a second-quarter losses that was narrower than expected.
Nordstrom was another high riser after posting quarterly sales that beat forecasts and raised its profit guidance for the year.
From a sector stand-point, the largest losses among stocks were seen in the following industrial groups: Paper (-3.19%), Iron & Steel (-3.03%) and Coal (-2.98%). |
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| | Newspaper Round Up | | Monday newspaper round-up: DS Smith, Sage, ITV, Lifetime Isa, house prices One of Britain's leading captains of industry is to warn the new Brexit minister that he may be forced to relocate his £4 billion UK-based manufacturing group to the Continent if the government does not keep the country within the European single market. In one of the first explicit examples of what Brexit means for British manufacturers, DS Smith, the provider of specialist packaging for Amazon and fast-moving consumer goods groups such as Unilever, Nestlé, Procter & Gamble and the Cadbury group Mondelez, has already diverted tens of millions of pounds of investment out of the UK to a new plant near Frankfurt. - The Times
The data of about 280 customers of Sage Group could have been compromised by a security breach at the maker of accountancy software. The FTSE 100 company said yesterday that it was investigating "unauthorised access to customer information using an internal login". - The Times
Thousands of gas consumers have been overcharged because energy suppliers have made basic mistakes reading their meters, industry executives have said. Companies have been confusing old imperial gas meters, which measure usage in cubic feet, with newer metric ones, which measure it in cubic meters. - Financial Times
Retail vacancy rates have risen above 10% for the first time since April 2015, according to a quarterly research report published on Monday by the British Retail Consortium and research group Springboard. The rise to 10.1%, from 9.6% in April 2016, is being partly blamed on start-up retail businesses taking short - term leases, but then failing to convert them into longer agreements. - The Guardian
The average price of a home in England and Wales has fallen by £3,600 in August so far, as Brexit uncertainty combines with the summer holiday slowdown. The £3,602 month-on-month fall in the price of property coming to market took the average asking price across England and Wales to £304,222, the property website Rightmove said. Despite the decrease, the average asking price is still 4.1% higher than it was a year ago. - The Guardian
ITV's £1bn bid for Peppa Pig-maker Entertainment One (eOne) and a potential counter approach by the private equity giant KKR face challenges over the company's use of tax credits, according to City sources. Investment bankers said eOne, which is domiciled in Canada and listed in London, relies on tax incentives designed to boost the Canadian film and television industries. - Telegraph
The planned launch of a new savings account for under-40s in April is in doubt after providers warned that the government's failure to provide key details means they will not have enough time to hit the deadline. Banks and asset managers are pushing for the Lifetime Isa, or Lisa, to be shelved for a year as wrangling continues between the government and industry over the accounts and their impact on pensions. - Financial Times
The Financial Ombudsman faces the threat of a judicial review over its handling of complaints for payment protection insurance on credit cards after claims that it has refused compensation to thousands of victims of unfair sales. A claims management company is preparing a High Court action that it believes could result in about £85 million of redress for 50,000 people who have been rejected by the ombudsman. The total bill for future claims and for those who have failed to win compensation directly from companies could run to about £1 billion. - The Times
The bosses of European and American corporate giants will be called to Westminster to give evidence about how the UK can beef up it defences against foreign takeovers and potentially bring employee representative on boards. Theresa May's pledge to create a "proper industrial strategy" that would be "capable of stepping in to defend" important sectors to Britain has raised questions about how changes to laws and British boards could be made. - Telegraph
Supermarket sales have dipped below £100bn for the first time since 2010 as a vicious price war with discounters Aldi and Lidl continues to eat away at the money they make from shoppers' baskets. The major grocers' revenues dropped by 3.1pc to £99bn in the last quarter, according to the latest figures from the Share Centre. Sales across the whole of the FTSE 350 also fell by 2.2pc to £341.7bn in the last three months. - Telegraph
The Serious Fraud Office's criminal investigation into bribery and corruption allegations at Airbus is certain to broaden into an international inquiry by the US Department of Justice, a senior lawyer has warned. Airbus, the Franco-German aircraft manufacturer that employs 11,000 in the UK and provides work for many thousands more in its British supply chain, has admitted failing to provide full disclosure on its use of middlemen - third-party agents who smooth sales in emerging markets. - The Times
British workers reaching retirement have proved to be more prudent than many believed they would be after receiving new pensions freedoms a year ago. The pensions minister at the time, Steve Webb, said pensioners could buy Lamborghinis should they wish to do so after the rules forcing people to buy annuities were swept away in April 2015. This fanned fears that pensioners might blow their cash on cruises or pour it all into buy-to-let properties. - Guardian
Short-sellers have increased their bets on a collapse in the value of several household-name companies, including Ocado and Intu Properties, despite a post-Brexit rally in stock markets as moneymen continue to bet on big falls in everything from supermarkets to property. Simon Colvin, of Markit, which compiled the figures, said the data showed that instead of Brexit acting as a break on shorters, with the market rally forcing them to close out their positions, many appeared to have doubled down. - The Times
The Brexit vote has made businesses more pessimistic about their chances of success in the next 12 months and bosses have become less confident about hiring staff, two surveys show. The proportion of employers expecting to increase staffing levels over the next three months has fallen from 40% before the referendum to 36%, according to a study of more than 600 businesses published on Monday by the Chartered Institute of Personnel and Development (CIPD) and employment agency Adecco. Meanwhile, a separate survey of 170 chief executives by accountants Grant Thornton found that 49% of respondents were less confident about the year ahead, while only 8% felt more confident. - Guardian | | |
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