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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 lower ahead of data slew; BHP, Antofagasta in focus Stocks in London edged lower in early trade despite strong cues from the US as investors braced for a slew of key data releases.
At 0820 BST, the FTSE 100 index was down 0.4% to 6,912.15.
Spreadex analyst Connor Campbell said: "Finally this Tuesday the UK is going to get a better sense of the Brexit impact with the first fully post-referendum inflation reading.
"The consensus seems to be that inflation will remain unchanged at 0.5%; however, given the state of the pound some analysts have floated that it could creep up to 0.6% for July, which would be the highest figure since the end of 2014. In anticipation of the CPI reading the pound is having a rather mixed morning, jumping by 0.2% against the dollar to re-cross the 1.29 mark it fell below yesterday, while plunging another 0.3% against the euro to sink under 1.15. Even the FTSE is looking fairly jittery, the UK index slipping half a percent to fall away from yesterday's fresh 14 month highs."
The UK consumer price index, the retail price index and the producer price index are all due at 0930 BST.
In corporate news, miner BHP Billiton edged higher despite reporting a record loss in the year to the end of June and slashing its dividend as weaker commodity prices, writedowns and the dam disaster in Brazil took their toll.
Chilean copper mining colossus Antofagasta rallied after it reported lower first-half revenue but said it had improved earnings and kept its dividend flat thanks to some heavy cost cutting.
International infrastructure group Balfour Beatty was a bit firmer after being awarded a $697m contract to undertake electrification of the 52-mile Caltrain rail corridor between San Francisco and San Jose, in preparation for the future operation of high speed trains.
On the downside, oil services firm Wood Group was weaker as it posted a drop in profit and revenue for the first half amid "challenging" conditions in the oil and gas market but reaffirmed its outlook for the full year.
AstraZeneca nudged lower after saying it has completed a licensing agreement with LEO Pharma, a specialist in dermatology care, for the global licence to monoclonal antibody tralokinumab in skin diseases.
Oil prices retreated on Tuesday following strong gains in the previous session, with West Texas Intermediate down 0.7% to $45.51 a barrel and Brent crude off 0.8% at $47.98. |
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| Market Movers
FTSE 100 (UKX) 6,941.19 0.00%
FTSE 250 (MCX) 17,929.27 0.00%
techMARK (TASX) 3,552.35 0.00%
FTSE 100 - Risers
Antofagasta (ANTO) 529.00p 2.92%
Rio Tinto (RIO) 2,449.50p 0.57%
Fresnillo (FRES) 1,988.00p 0.25%
Pearson (PSON) 898.00p 0.17%
Randgold Resources Ltd. (RRS) 8,565.00p 0.06%
Severn Trent (SVT) 2,457.00p 0.00%
Babcock International Group (BAB) 1,021.00p 0.00%
RSA Insurance Group (RSA) 516.50p 0.00%
Hargreaves Lansdown (HL.) 1,346.00p 0.00%
Sage Group (SGE) 740.50p 0.00%
FTSE 100 - Fallers
Marks & Spencer Group (MKS) 343.80p -1.43%
Persimmon (PSN) 1,713.00p -1.15%
Barratt Developments (BDEV) 432.70p -0.94%
Morrison (Wm) Supermarkets (MRW) 189.20p -0.89%
Relx plc (REL) 1,458.00p -0.88%
Royal Bank of Scotland Group (RBS) 191.40p -0.88%
Old Mutual (OML) 215.10p -0.88%
Sainsbury (J) (SBRY) 233.00p -0.85%
BHP Billiton (BLT) 1,034.00p -0.82%
Shire Plc (SHP) 5,115.00p -0.78%
FTSE 250 - Risers
Polypipe Group (PLP) 300.00p 3.84%
Circassia Pharmaceuticals (CIR) 99.00p 2.64%
Millennium & Copthorne Hotels (MLC) 449.30p 2.25%
Zoopla Property Group (WI) (ZPLA) 310.90p 2.14%
Riverstone Energy Limited (RSE) 976.00p 1.61%
PZ Cussons (PZC) 354.20p 1.14%
William Hill (WMH) 316.00p 1.12%
International Personal Finance (IPF) 270.40p 1.08%
Synthomer (SYNT) 379.10p 1.01%
PayPoint (PAY) 992.50p 0.81%
FTSE 250 - Fallers
Rotork (ROR) 199.60p -2.68%
John Laing Group (JLG) 233.00p -2.31%
OneSavings Bank (OSB) 227.40p -2.07%
Halma (HLMA) 1,073.00p -1.92%
DFS Furniture (DFS) 255.40p -1.81%
Wood Group (John) (WG.) 717.00p -1.71%
Serco Group (SRP) 128.90p -1.60%
Ibstock (IBST) 179.00p -1.43%
Petrofac Ltd. (PFC) 828.50p -1.43% |
| | UK Event Calendar | | Tuesday 16 August
INTERIMS
BGEO Group, Cairn Energy, H&T Group, Marshall Motor Holdings, Societatea Energetica Electrica SA GDR (Reg S)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (EU) (10:00)
Building Permits (US) (13:30)
Capacity Utilisation (US) (14:15)
Consumer Price Index (US) (13:30)
Housing Starts (US) (13:30)
Industrial Production (US) (14:15)
ZEW Survey (EU) (10:00)
ZEW Survey (GER) (10:00)
Q2
Afarak Group (DI), BGEO Group, Societatea Energetica Electrica SA GDR (Reg S)
FINALS
BHP Billiton, Orosur Mining Inc
ANNUAL REPORT
Abbey
EGMS
Ovoca Gold
AGMS
Castings, Lazard World Trust Fund, Ovoca Gold
UK ECONOMIC ANNOUNCEMENTS
Consumer Price Index (09:30)
Producer Price Index (09:30)
Retail Price Index (09:30)
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks push lower in early trade; miners in focus European stocks pushed lower in early trade, with miners in focus following earnings from BHP Billiton and Antofagasta.
At 0900 BST, the benchmark Stoxx Europe 600 index and France's CAC 40 were off 0.6%, while Germany's DAX was 0.8% weaker.
At the same time, oil prices reversed earlier losses to trade a little higher, with West Texas Intermediate and Brent crude up 0.2% at $45.82 and $48.44 a barrel, respectively.
In corporate news, miner BHP Billiton edged higher despite reporting a record loss in the year to the end of June and slashing its dividend as weaker commodity prices, writedowns and the dam disaster in Brazil took their toll.
Chilean copper mining colossus Antofagasta rallied after it reported lower first-half revenue but said it had improved earnings and kept its dividend flat thanks to some heavy cost cutting.
Linde was on the front foot following a Reuters report that US industrial gases maker Praxair is in talks to buy the German company.
International infrastructure group Balfour Beatty was a bit firmer after being awarded a $697m contract to undertake electrification of the 52-mile Caltrain rail corridor between San Francisco and San Jose, in preparation for the future operation of high speed trains.
On the downside, Swiss lift maker Schindler was lower after it cut the top end of its revenue growth outlook for the year.
Oil services firm Wood Group was weaker as it posted a drop in profit and revenue for the first half amid "challenging" conditions in the oil and gas market but reaffirmed its outlook for the full year.
AstraZeneca nudged lower after saying it has completed a licensing agreement with LEO Pharma, a specialist in dermatology care, for the global licence to monoclonal antibody tralokinumab in skin diseases.
On the data front, eurozone trade balance figures are due at 1000 BST, along with the German ZEW survey. In the US, housing starts and the consumer price index are at 1330 BST while industrial production is at 1415 BST. |
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| | US Market Report | | US close: Stocks surge as oil prices soar US stocks gained on Monday as oil prices edged higher and investors shrugged off weaker-than-expected manufacturing data.
The S&P 500 added 0.28% to 2,190.15, the Dow Jones Industrial Average gained 0.32% to 18,636.05, and the Nasdaq 100 climbed 0.42% to 4,827.12.
Oil prices also rallied on hopes of action by OPEC to stabilise the market ahead of a meeting next month.
West Texas Intermediate was last up 1.98% at $45.29 per barrel and Brent crude increased 2.25% to $48.05.
In economic data, the Empire State manufacturing index for August fell to negative 4.2 from 0.55 in July. Economists had expected a reading of 2.
"Overall, we think manufacturing is now expanding slowly, but no boom is in prospect," said Pantheon Macroeconomics.
Meanwhile, the National Association of Home Builders said builder confidence rose in August as positive job growth in July offset weak GDP reports. The index for builder sentiment increased two points to 60 from a downwardly-revised reading of 58 in July, as expected by analysts.
Earlier, Japanese data showed the nation'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.
"The BoJ has found few things to cheer about in recent years, and with today's poor growth data coupled with yen fuelled disinflation, the BoJ look likely to ease once more as a result," said IG market analyst Joshua Mahony.
In corporate news, Apple shares rose 1.2% following a press report over the weekend that it isn't likely to repatriate overseas assets.
Honeywell International gained 0.14%, paring earlier gains after reports it is nearing a deal to buy JDA Software Group.
Mid-America Apartment Communities slumped 3.89% after confirming it plans to buy Post Properties. |
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| | Newspaper Round Up | | Newspaper round-up: More Brexit worries, pension schemes, BT, sugar tax The pound dropped close to its lowest levels since the Brexit vote as markets braced themselves for hard evidence this week that the UK economy has been knocked off course by the decision to leave the EU. Sterling dropped half a per cent to $1.2874 against the dollar, dipping to its July 11 low and close to the $1.2798 it reached on July 6, which was the lowest since 1985. Bearish sentiment intensified as markets prepared for a blizzard of official UK economic news on inflation, employment, retail sales and the health of the public finances, offering the first indication of the state of the economy since the referendum vote. - The Times
Damage to the economy caused by Brexit will more than offset the modest wage gains for British-born workers in low-paid jobs caused by cutting net migration to the tens of thousands a year, a study has found. A report by the Resolution Foundation thinktank said there would be a small pay increase to native-born employees in sectors such as security and cleaning if there was a big cut in the number of workers arriving in Britain from overseas. - Guardian
British ministers are stepping up efforts to reassure Scotland that its interests will be defended during Brexit negotiations and to damp calls for Scottish independence. Andrew Dunlop, Scotland minister, arrived in Inverness on Monday to discuss Brexit with sectors including tourism, energy and food and drink, while David Mundell, Scotland secretary, met local governments last week and will visit Borders farmers on Wednesday. - Financial Times
Britain's blue-chip companies handed their shareholders five times more cash than they paid into their own pension schemes last year despite the fund deficits ballooning on the back of falling interest rates. FTSE 100 businesses paid dividends worth £71.8bn for 2015, sharply higher than the previous year and close to £30bn more than the collective shortfall in their pension schemes of £42.3bn, according to actuary Lane Clark & Peacock. At the same time, the UK's biggest listed businesses made contributions to their defined-benefit pension schemes of £13.3bn, less than a fifth of what their shareholders received. - The Times
Thousands of Sports Direct warehouse workers are set to receive back pay totalling about £1m after the retailer admitted breaking the law by not paying the national minimum wage. The sportswear chain and its employment agencies are also facing fines of up to £2m imposed by the Department for Business, Energy and Industrial Strategy (BEIS) after they were found to have been underpaying some of the country's lowest-paid workers for four years. - Guardian
Gavin Patterson, chief executive of BT, has written to his counterparts at rival broadband providers Sky, Vodafone and TalkTalk to complain that their 'Fix Britain's Internet' campaign is misleading consumers and "talking down" Britain. Mr Patterson's personal intervention comes amid a fractious debate about the state of Britain's broadband that has seen BT's rivals and MPs call for the break-up of BT and its Openreach division. - Financial Times
The FTSE 100 conglomerate behind fashion chain Primark has joined forces with a host of business groups to fight the mooted sugar tax on soft drinks, amid growing fears the controversial levy will lead to job losses. British Sugar, a subsidiary of Primark owner Associated British Foods, has teamed up with a number of industry associations, including the British Soft Drinks Association, the British Beer & Pub Association, and the Federation of Wholesale Distributors, to call on the Government to scrap the tax. - Telegraph
A controversial proposal to water down final salary pensions could save large British firms £30bn from their retirement bills, according to new research. Eroding the amount paid to pension savers by tying them to a lower rate of inflation could act as a "safety valve" for companies struggling to meet their commitments, said consultancy LCP. - Telegraph
The activist hedge fund ValueAct has disclosed a $1.1bn investment in Morgan Stanley, giving it a powerful voice at a bank still trying to come to terms with the radically changed regulatory landscape. Disclosure of the stake, which amounts to almost 2 per cent of the company, comes as Morgan Stanley's chief executive, James Gorman, cuts costs and lays off staff in the company's shrinking debt-trading business. - Financial Times
Google is set to launch its answer to Apple's FaceTime video calling app on Tuesday as it tries to make up lost ground in the critical market for mobile communications apps. The release of Duo, a simple app for placing video calls between smartphones, comes ahead of the promised release this summer of Allo, a separate mobile messaging app that is set to play an even more important role in Google's efforts to catch up with users' rapidly changing smartphone habits. - Financial Times
Warren Buffett's Berkshire Hathaway has increased its stake in Apple by 55pc, despite other prominent investors including George Soros and Carl Icahn slashing their investments. Berkshire Hathaway, which has typically avoided technology companies, increased its position in the iPhone maker from 9.8m shares to just over 15.3m shares, according to a securities filing. - Telegraph
Historical links between ministers and former businesses will be hidden from the public if the government goes ahead with changes to Companies House, Labour has said. Proposals to reduce the amount of time records of dissolved companies are retained could mean that the former directorships of 24 current Conservative ministers would no longer be accessible, research from the party suggests. - Guardian
US gas company Praxair is in talks to acquire Linde, a German rival, according to people briefed on the matter. A deal - which would create the world's largest supplier of industrial gas with a combined market capitalisation of more than $60bn - is still being negotiated and the two sides are at least a few weeks away from reaching an agreement, said those briefed. - Financial Times
Rival opticians might have seen it coming but high street glasses chain Specsavers has applied to trademark the words "should've" and "shouldve" in an attempt to protect its slogan. The company's advertising features topical events or people finding themselves in embarrassing situations because they have forgotten their glasses accompanied by the words "Should've gone to Specsavers". - Telegraph | | |
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