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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 as investors eye jobs data London stocks were flat in early trade as investors awaited the release of some key jobs data.
At the same time, oil prices retreated. West Texas Intermediate was down 0.8% to $46.21 a barrel and Brent crude was off 0.9% to $48.78.
Investors were looking ahead to the release of the UK unemployment rate, average weekly earnings and the claimant count, all due at 0930 BST. In the US, the Federal Open Market Committee minutes will be eyed at 1900 BST.
Naeem Aslam, chief market analyst at Think Markets, said: "The number which is of significant importance today is the employment data. Once again, it is still way too early to paint the Brexit picture, but some clues can be found in the data that may give us a better understanding if where we're headed. The forecast for the ILO unemployment rate is 4.9% and this will not produce any smoke from Brexit's guns.
"Nevertheless, the jobless claim number for July may provide us with an indication of which kind of gunpowder is in the Brexit gun. The average earning is expected to rise and has no bearings on the Brexit result. The forecast is 0.1% higher than the previous number of 2.3%."
In corporate news, aerospace and defence group Cobham rallied after announcing that chief executive officer Bob Murphy will step down from his role by the end of 2016 to pursue other opportunities and will be succeeded by David Lockwood no later than 1 January 2017.
Motor retail and aftersales service company Lookers was in the black after it reported that revenue in the first half increased 33% to £2.34bn.
FTSE 250 construction group Balfour Beatty surged after it reinstated its dividend as it reported a smaller loss for the half year ended 1 July.
Indivior rocketed after saying its new heroin addiction treatment has proved successful in late-stage clinical trials, meaning it could be approved for sale in the US by the end of next year.
On the downside, insurer Admiral was sharply lower amid concerns about the group's Solvency II position, after it lifted its interim dividend by almost a quarter and posted a jump in profits. |
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| Market Movers
FTSE 100 (UKX) 6,908.36 0.21%
FTSE 250 (MCX) 17,864.71 0.32%
techMARK (TASX) 3,533.14 0.50%
FTSE 100 - Risers
Antofagasta (ANTO) 570.00p 2.06%
BHP Billiton (BLT) 1,064.50p 1.43%
BT Group (BT.A) 396.85p 1.08%
DCC (DCC) 7,035.00p 0.64%
CRH (CRH) 2,528.00p 0.64%
Vodafone Group (VOD) 237.95p 0.63%
Dixons Carphone (DC.) 365.30p 0.63%
Standard Life (SL.) 357.50p 0.62%
Barclays (BARC) 162.75p 0.62%
Lloyds Banking Group (LLOY) 54.26p 0.57%
FTSE 100 - Fallers
Schroders (SDR) 2,745.00p -1.44%
Standard Chartered (STAN) 647.10p -0.92%
Old Mutual (OML) 212.20p -0.61%
International Consolidated Airlines Group SA (CDI) (IAG) 391.90p -0.61%
Coca-Cola HBC AG (CDI) (CCH) 1,702.00p -0.58%
Kingfisher (KGF) 357.60p -0.58%
Randgold Resources Ltd. (RRS) 8,540.00p -0.52%
Mediclinic International (MDC) 1,105.00p -0.45%
Marks & Spencer Group (MKS) 336.10p -0.41%
Tesco (TSCO) 157.10p -0.38%
FTSE 250 - Risers
Indivior (INDV) 329.50p 9.47%
Balfour Beatty (BBY) 258.40p 5.73%
Cobham (COB) 168.50p 5.12%
Savills (SVS) 721.50p 3.22%
Dunelm Group (DNLM) 902.00p 2.62%
Genus (GNS) 1,845.00p 2.50%
JRP Group (JRP) 94.10p 2.28%
Keller Group (KLR) 898.50p 2.10%
Pendragon (PDG) 32.70p 2.00%
Daejan Holdings (DJAN) 5,556.00p 1.85%
FTSE 250 - Fallers
Laird (LRD) 321.30p -2.93%
Hochschild Mining (HOC) 307.60p -1.94%
Allied Minds (ALM) 360.30p -1.91%
Pets at Home Group (PETS) 249.40p -1.73%
Countrywide (CWD) 240.40p -1.68%
Man Group (EMG) 113.20p -1.57%
Fidelity European Values (FEV) 176.20p -1.56%
Berendsen (BRSN) 1,232.00p -1.52%
Jupiter Fund Management (JUP) 419.30p -1.50% |
| | UK Event Calendar | | Wednesday 17 August
INTERIMS
Admiral Group, Apax Global Alpha Limited , Capital Drilling Ltd. (DI), Gem Diamonds Ltd. (DI), New World Resources A Shares, O'Key Group GDR (Reg S) (WI)
INTERIM DIVIDEND PAYMENT DATE
Shoe Zone
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
FOMC Interest Rate Minutes (US) (19:00)
MBA Mortgage Applications (US) (12:00)
Q2
New World Resources A Shares
IMSS
Imperial Brands , Imperial Brands
SPECIAL DIVIDEND PAYMENT DATE
M. P. Evans Group
AGMS
Amiad Water Systems Ltd, John Laing Environmental Assets Group Limited
UK ECONOMIC ANNOUNCEMENTS
Claimant Count Rate (09:30)
FINAL DIVIDEND PAYMENT DATE
Halma
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks drift lower as investors await Fed minutes European stocks drifted a little lower in early trade as investors awaited the release of the latest Federal Open Market Committee minutes.
At 0900 BST, the benchmark Stoxx Europe 600 index was down 0.1%, Germany's DAX was 0.4% weaker and France's CAC 40 was off 0.3%.
At the same time, oil prices retreated. West Texas Intermediate was down 0.8% to $46.21 a barrel and Brent crude was off 0.9% to $48.78.
With no major eurozone data releases due, market participants will be turning their attention to the Federal Reserve minutes as they look for clues on the timing of an interest rate hike.
Rebecca O'Keeffe, head of investment at Interactive Investor, said: "European equities are treading water in early trade, as the market awaits the minutes of the last Federal Reserve meeting, released this evening. With the market still ultra-reliant on central bank support, the report is a key indicator for investors, who will be hoping that the doves remain in control.
"With a rate chance in September being priced at just 22%, there remains a significant disconnect in expectations between the market and some Fed members meaning that if the Fed pulls the trigger sooner than expected, market reaction could be sharp and swift."
In corporate news, Carlsberg was under pressure after the brewer's half-year results fell short of expectations, although it maintained its outlook for the year.
Insurer Admiral was sharply lower amid concerns about the group's Solvency II position, after it lifted its interim dividend by almost a quarter and posted a jump in profits for the first half.
On the upside, ABN Amro racked up healthy gains following better-than-expected second-quarter results.
Aerospace and defence group Cobham rallied after announcing that chief executive officer Bob Murphy will step down from his role by the end of 2016 to pursue other opportunities and will be succeeded by David Lockwood no later than 1 January 2017.
FTSE 250 construction group Balfour Beatty surged after it reinstated its dividend as it reported a smaller loss for the half year ended 1 July. |
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| | US Market Report | | US close: Stocks finish lower on inflation data, hawkish Fed US stocks finished lower on Tuesday after inflation data missed forecasts and two Federal Reserve policymakers indicated an interest rate hike in September is a possibility.
The Dow Jones Industrial Average fell 0.45% to 18,552.02 points, the S&P 500 decreased 0.55% to 2,178.15 points and the Nasdaq shed 0.66% to 5,227.11 points.
In contrast, oil prices gained on a weaker dollar, with West Texas Intermediate crude up 1.7% to $46.57 a barrel and Brent 1.7% firmer at $49.20.
The US consumer price index (CPI) rose 0.8% year-on-year in July, down from 1.0% the previous month, according to the Labor Department. Economists had forecast a 0.9% increase. The easing in inflation was driven by a 1.6% drop in the energy index.
Core inflation, which excludes volatile energy and food prices, slowed to 2.2% year-on-year growth in July from 2.3% in June, surprising analysts who had expected no change.
The dollar dropped against major currencies following the report, down 1.24% against the pound, 0.84% versus the euro and 0.97% against the yen.
Barclays Research said: "Domestic price pressures remain strong as slack in the economy has diminished, and we expect core services CPI to continue driving inflation higher.
"In addition, the direct drag from the 2014 decline in energy prices and dollar strength has abated, in our view. As a result we maintain our view that core CPI will continue to firm further this year, although the July report poses some downside risks to our forecast."
While some economists said the worst-than-expected inflation data adds to bets the Federal Reserve will hold off on raising interest rates at its next meeting in September, two policymakers have said they wouldn't write it off given the pick-up in US economic growth.
New York Federal Reserve president William Dudley told Fox Business News an interest rate hike might be on the table at the September meeting.
IG market analyst Joshua Mahony said: "Interestingly, on the day when the Fed's Dudley has sought to raise market expectations of a rate rise in September, we have also seen the dollar lose ground across the board, with markets largely disregarding the notion that a hike will come next month.
"Of particular interest is the near two-month low of USDJPY, which flies in the face of recent highs for US indices, with the correlation between USDJPY and US stocks out of kilter of late."
Separately, Atlanta Federal Reserve Bank President Dennis Lockhart said the US economy is likely strong enough for at least one interest rate increase before the end of the year, with two hikes a possibility. He added that he would "not rule out" a rate increase in September due to ongoing US job gains and "healthy" signs that inflation will move towards the Fed's 2% target.
The Fed releases on Wednesday the minutes of its 26-27 July policy meeting, which may offer more clues on the timing of the next interest rate rise.
Meanwhile, data from the Commerce Department showed US housing starts rose past forecasts in July, climbing 2.1% in July to 1.21m compared to estimates for a 0.8% decline to 1.18m.
Building permits, on the other hand, dipped by 0.1% to 1.152m in July, missing forecasts for a 0.6% gain to1.160m.
Another report from the Federal Reserve showed industrial output rose 0.7% following a 0.4% gain in June, beating expectations of a 0.3% increase.
Manufacturing production climbed 0.5% in July, below estimates for a 0.2% increase and following a 0.3% increase in June.
On the corporate front, Dick's Sporting Goods shares jumped after the company raised its full year forecast and reported better-than-expected second quarter results.
TJX Cos. slumped as it reported an increase in quarterly revenue but its full year guidance on earnings missed analysts' estimates.
Elsewhere, data from the Office for National Statistics showed the UK CPI rose to 0.6% in July compared to the same month last year, up from the 0.5% in June that economists expected to be maintained.
Dow Jones - Risers
Intel Corp. (INTC) $35.21 0.86%
Boeing Co. (BA) $135.00 0.25%
Nike Inc. (NKE) $56.88 0.19%
Caterpillar Inc. (CAT) $84.29 0.17%
Exxon Mobil Corp. (XOM) $87.92 0.13%
Goldman Sachs Group Inc. (GS) $165.65 0.06%
JP Morgan Chase & Co. (JPM) $65.72 -0.02%
Apple Inc. (AAPL) $109.39 -0.08%
Visa Inc. (V) $80.81 -0.12%
Chevron Corp. (CVX) $102.62 -0.15%
Dow Jones - Fallers
Johnson & Johnson (JNJ) $120.33 -1.62%
Verizon Communications Inc. (VZ) $52.76 -1.59%
Microsoft Corp. (MSFT) $57.44 -1.17%
Travelers Company Inc. (TRV) $116.98 -1.16%
Coca-Cola Co. (KO) $43.85 -0.93%
Pfizer Inc. (PFE) $34.79 -0.91%
E.I. du Pont de Nemours and Co. (DD) $68.03 -0.89%
International Business Machines Corp. (IBM) $160.70 -0.73%
3M Co. (MMM) $179.25 -0.73%
Home Depot Inc. (HD) $136.23 -0.61%
S&P 500 - Risers
Chesapeake Energy Corp. (CHK) $5.91 7.45%
Cintas Corp. (CTAS) $112.99 5.19%
Praxair Inc. (PX) $121.27 2.75%
American Airlines Group (AAL) $36.75 2.45%
Marathon Petroleum Corporation (MPC) $42.13 2.23%
Apache Corp. (APA) $50.97 2.19%
Morgan Stanley (MS) $30.25 1.99%
Westrock Company (WRK) $44.86 1.95%
Marathon Oil Corp. (MRO) $15.17 1.81%
ConocoPhillips (COP) $42.86 1.61%
S&P 500 - Fallers
VeriSign Inc. (VRSN) $75.97 -7.14%
TJX Companies Inc. (TJX) $77.97 -5.80%
Activision Blizzard Inc. (ATVI) $39.31 -5.23%
Advance Auto Parts (AAP) $160.40 -4.39%
Lockheed Martin Corp. (LMT) $256.77 -3.65%
United States Steel Corp. (X) $21.61 -3.09%
Transocean Ltd. (RIG) $10.11 -3.07%
Kimco Realty Corp. (KIM) $29.57 -2.95%
Csra Inc. (CSRA) $25.38 -2.91%
Universal Health Services Inc. (UHS) $122.68 -2.87%
Nasdaq 100 - Risers
American Airlines Group (AAL) $36.75 2.45%
Seagate Technology Plc (STX) $32.46 1.44%
Intel Corp. (INTC) $35.21 0.86%
Priceline Group Inc (PCLN) $1,409.10 0.71%
NetApp Inc. (NTAP) $28.95 0.52%
Symantec Corp. (SYMC) $22.98 0.44%
Liberty Global plc Series A (LBTYA) $32.56 0.37%
Starbucks Corp. (SBUX) $55.37 0.22%
Baidu Inc. (BIDU) $173.30 0.20%
Skyworks Solutions Inc. (SWKS) $69.60 0.14%
Nasdaq 100 - Fallers
Activision Blizzard Inc. (ATVI) $39.31 -5.23%
Incyte Corp. (INCY) $77.86 -3.35%
Vertex Pharmaceuticals Inc. (VRTX) $100.00 -2.42%
Regeneron Pharmaceuticals Inc. (REGN) $413.64 -2.18%
Illumina Inc. (ILMN) $169.65 -2.14%
Celgene Corp. (CELG) $112.17 -2.14%
Ross Stores Inc. (ROST) $61.87 -2.14%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $37.63 -1.93%
Electronic Arts Inc. (EA) $78.05 -1.80% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Apple, wind farm, tax avoidance Apple plans to open its first research and development centre in China later this year, the latest in a series of steps to bolster its presence in a vital region as sales slow down. Tim Cook, Apple's chief executive, revealed the plans to increase investment in local R&D during a meeting this week with Zhang Gaoli, China's vice premier. - Financial Times
Ministers have given the go-ahead for the world's largest offshore wind farm to be built off the Yorkshire coast in an area nearly a third of the size of Greater London. The news was welcomed by power companies jolted by the government's abrupt decision to review the £18bn Hinkley Point nuclear plant in Somerset last month. - Financial Times
City firms that help businesses run tax avoidance schemes could face huge financial penalties under fresh Government proposals. Banks, accountancy firms and lawyers could be forced to hand over underpaid tax if they are found to have broken the law. Currently, advisers who facilitate tax avoidance by exploiting loopholes and complex schemes face little risk, while their clients can be hit with heavy fines if they are defeated in court by HM Revenue and Customs. - Telegraph
The UK does not need EDF's proposed Hinkley Point new nuclear plant as it has plenty of alternative options for keeping the lights on, rival energy giant SSE has said. The importance of the £18bn project for the UK's energy needs "has been repeatedly overplayed", Alistair Phillips-Davies, SSE chief executive said, insisting offshore wind and gas plants could fill the gap if Hinkley was scrapped. - Telegraph
The US justice department is reported to have found evidence of Volkswagen acting criminally in connection with the emissions cheating scandal that plunged the German company into crisis. Federal prosecutors are weighing up whether to criminally charge VW and its employees or accept a multibillion-dollar settlement, according to the Wall Street Journal. The justice department and VW declined to comment on the discussions, which are said to have a soft deadline of Christmas 2016. - Guardian
A £3.4 billion bid for William Hill hung by a thread last night amid indications that Rank Group and 888 Holdings may be ready to throw in their cards. The bidding partners have had two offers rejected over the past ten days and are under pressure to up the ante again to persuade the William Hill board to agree to talks by this Sunday's bid deadline. - The Times
Karen Millen has lost a High Court battle with her old company to regain the rights to use her name in business. The fashion designer sold the retail chain she founded with her ex-husband, Kevin Stanford, to Baugur, the Icelandic investor, for £95 million in 2004. The deal barred her from using her name in future ventures. - The Times | | |
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