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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: Shares drift lower amid lack of fresh catalysts London stocks dipped at the start of trading following a downbeat session overnight in the US and mixed trading in Asia.
As of 0826 BST the FTSE 100 was trading 34.12 points lower than Wednesday's close at 6,801.66, with much focus around the world on Friday's annual conference of central bankers in Jackson Hole, Wyoming.
CMC Markets' Michael Hewson said: "It's quite likely that trading could well be quite light given this week's almost laser-like focus on tomorrow's event in Jackson Hole, and Fed chief Janet Yellen's speech, which is likely to turn out to be one great big anti-climax.
"The performance of the pound in the past few days has been a testament to the recent improvement in UK data with the currency posting its first consecutive run of three day gains since early July. As we look ahead to tomorrow's Jackson Hole symposium attention will inevitably turn to the state of the US economy again this afternoon and in particular the US consumer."
On the macroeconomic front, there are no major UK data releases due but in the US, durable goods orders and initial jobless claims are at 1330 BST. Markit's US services PMI is at 1445 BST.
A reading on German business confidence at 0900 BST, courtesy of the IFO institute, will also be closely watched.
In corporate news, building materials group CRH was top of the leader-board as it winched its half-year dividend a touch higher after making more progress with its deleveraging and reporting the early stages of an economic recovery in Europe.
Having been flat in the first quarter, European sale rose 3% in the six months to 30 June, which coupled with a slight slowing in the Americas and Asia, saw interim group revenue grow 35% to €12.7bn and feed through to reported earnings before interest, tax, depreciation and amortisation (EBITDA) more than double to €1.12bn.
Events and publishing group Ascential has acquired US-based OneClickRetail.com for an intial $44m in cash plus earn-out payments based on future profits that could take the total to $225m.
The addition of One Click, which was founded in 2013 by former Amazon and Walmart executive Spencer Millerberg, is expected to be enhancing to adjusted earnings per share in the first full year of ownership, with the purchase funded from existing cash resources.
Gambling software developer Playtech reported a drop in first-half profit as it took a hit from fluctuations in sterling, but revenue grew and the company declared a special dividend.
Chairman Alan Jackson said: "Playtech has made significant progress in 2016 as we have delivered on our strategic objectives.
"The gaming division continues to deliver strong growth, driven by our industry-leading Casino offering. We have 'locked-in' future growth with important new licensees signed and significant contracts renewed." |
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| Market Movers
FTSE 100 (UKX) 6,799.91 -0.52%
FTSE 250 (MCX) 17,923.59 -0.51%
techMARK (TASX) 3,478.43 -0.63%
FTSE 100 - Risers
CRH (CRH) 2,547.00p 3.16%
WPP (WPP) 1,811.00p 1.74%
Vodafone Group (VOD) 234.40p 0.47%
National Grid (NG.) 1,067.00p 0.33%
HSBC Holdings (HSBA) 542.70p 0.30%
Sage Group (SGE) 726.50p 0.07%
SABMiller (SAB) 4,373.00p 0.07%
SSE (SSE) 1,519.00p 0.07%
ARM Holdings (ARM) 1,689.00p 0.06%
United Utilities Group (UU.) 969.00p 0.00%
FTSE 100 - Fallers
Glencore (GLEN) 177.05p -3.78%
Shire Plc (SHP) 4,890.00p -2.69%
Dixons Carphone (DC.) 376.90p -2.61%
Anglo American (AAL) 826.60p -2.59%
Hammerson (HMSO) 575.50p -2.54%
BHP Billiton (BLT) 1,030.50p -2.04%
Hikma Pharmaceuticals (HIK) 2,188.00p -1.80%
Prudential (PRU) 1,356.50p -1.70%
Travis Perkins (TPK) 1,668.00p -1.59%
AstraZeneca (AZN) 5,003.00p -1.52%
FTSE 250 - Risers
Playtech (PTEC) 937.50p 4.22%
Shawbrook Group (SHAW) 211.90p 3.72%
OneSavings Bank (OSB) 284.20p 2.49%
Genus (GNS) 1,882.00p 2.28%
Millennium & Copthorne Hotels (MLC) 436.60p 2.27%
Caledonia Investments (CLDN) 2,440.00p 2.22%
Allied Minds (ALM) 417.10p 1.98%
John Laing Group (JLG) 240.50p 1.78%
Aldermore Group (ALD) 149.60p 1.77%
Kennedy Wilson Europe Real Estate (KWE) 975.00p 1.51%
FTSE 250 - Fallers
Hochschild Mining (HOC) 269.50p -5.11%
Just Eat (JE.) 551.50p -3.08%
Woodford Patient Capital Trust (WPCT) 91.00p -2.83%
Thomas Cook Group (TCG) 69.05p -2.47%
Carillion (CLLN) 289.10p -2.40%
Countrywide (CWD) 265.00p -2.36%
Wood Group (John) (WG.) 704.50p -2.36%
Indivior (INDV) 312.10p -2.35%
Vedanta Resources (VED) 523.00p -2.06% |
| | UK Event Calendar | | Thursday August 25
INTERIMS
Anglo Pacific Group, Cairn Homes , CRH, Henry Boot, IFG Group, OptiBiotix Health, Playtech, STV Group
INTERIM DIVIDEND PAYMENT DATE
Polar Capital Global Financials Trust, Tritax Big Box Reit
INTERIM EX-DIVIDEND DATE
Apax Global Alpha Limited , Avanti Capital, BlackRock World Mining Trust, British Smaller Companies VCT 2, Devro, Equiniti Group , FDM Group (Holdings), Glanbia, Hammerson, Henderson Group, London Stock Exchange Group, Low & Bonar, LPA Group, Marshall Motor Holdings, Mobeus Income & Growth Vct, North Midland Construction, Polypipe Group , Prudential, Robinson, Rotork, Taylor Wimpey
QUARTERLY EX-DIVIDEND DATE
Carnival, HICL Infrastructure Company Ltd
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
IFO Business Climate (GER) (09:00)
IFO Current Assessment (GER) (09:00)
IFO Expectations (GER) (09:00)
Import Price Index (GER) (07:00)
Initial Jobless Claims (US) (13:30)
Q2
Anglo Pacific Group
SPECIAL DIVIDEND PAYMENT DATE
Aberforth Geared Income Trust
AGMS
Albion Enterprise VCT, Oryx International Growth Fund Ltd., The Fulham Shore
UK ECONOMIC ANNOUNCEMENTS
Nationwide House Price Index (07:00)
FINAL DIVIDEND PAYMENT DATE
Hayward Tyler Group
FINAL EX-DIVIDEND DATE
Bloomsbury Publishing, Carclo, Cohort, Dixons Carphone , Miton UK Microcap Trust, Park Group, Redcentric
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks push lower ahead of Yellen speech European stocks pushed lower early on Thursday as traders took some money off the table ahead of an eagerly-awaited speech by Federal Reserve Chair Janet Yellen at Jackson Hole on Friday.
At 0840 BST, the benchmark Stoxx Europe 600 was down 0.8%, Germany's DAX was 0.7% weaker and France's CAC 40 was off 0.9%.
At the same time, oil prices were steady. West Texas Intermediate was up 0.1% to $46.82 a barrel while Brent crude was flat at $49.03.
Dave Jeal, head of investment products at stockbroker Interactive Investor said: "For investors all eyes are on the Fed's Janet Yellen's presentation tomorrow. With investors hoping for a clearer sense of timing on the next US rate move, the market is likely to be in standby mode today.
"The interest rate move is pretty certain to be up and should already be priced into markets. And to a degree it is - but the market is only pricing in a 28% chance of a rise in September. However some Fed members are signalling that a rise is far more likely than the market thinks. A real disconnect has developed. Will Yellen's remarks remove the uncertainty, or will she hedge her bets? With the US election in November, if rates don't move now, the Fed is unlikely to be able to move much before the year end."
In corporate news, Handelsbanken edged lower after it sold its voting stake in investment-holding company AB Industrivarden.
Offshore drilling company Seadrill was on the back foot after reporting a 31% drop in net profit in the three months to the end of June.
On the upside, German market research firm GFK surged following a media report that its majority owner is considering a merger or sale.
Supermarket chain operator Ahold Delhaize was in the black after better-than-expected second-quarter earnings.
Building materials group CRH was higher as it lifted its half-year dividend a touch after making more progress with its deleveraging and reporting the early stages of an economic recovery in Europe. |
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| | US Market Report | | US close: Dow slips on oil and housing data The Dow Jones on Wednesday dropped to its lowest close since the first week of August as oil prices retreated and housing market data missed estimates.
The Dow closed down 0.4% to 18,479.50 points, the S&P 500 fell 0.5% to 2,175.44 and the Nasdaq gave up two weeks of gains as it slid 0.8% to 5,217.69 by the finish.
Oil prices were also under the cosh after official data from the Energy Information Administration showed US weekly crude increased by 2.5m barrels last week to 523.6m barrels.
This followed a report from the American Petroleum Institute, which showed an increase of 4.5m barrels in US crude stockpiles last week.
West Texas Intermediate crude tanked almost 3% to $46.75 per barrel and Brent fell nearly 2% to $48.98 per barrel.
The dollar strengthened 0.35 against the euro to 1.1265 but moved steadily lower versus sterling, with cable moving 0.3% to $1.3234.
Other economic data, from the US Federal Housing Finance Agency, house price index rose 0.2% in June after the same gain in May, thought this was weaker than the 0.3% expected.
Housing data from the National Association of Realtors missed the mark too, with sales of existing US homes falling 3.2% to a seasonally-adjusted annual rate of 5.39m, missing expectations for a much smaller drop of 0.4%.
Compared to a year ago, sales were down 1.6%. Meanwhile, the median price for an existing home was up 5.3% from July last year to $244,100.
Looking ahead, the market is holding its breath somewhat over the Federal Reserve's annual conference in Jackson Hole on Friday, where central bank chief Janet Yellen's speech will be near-forensically examined for any clues on the timing of the next interest rate hike.
"While the message coming from Fed officials has been quite mixed and left the markets with little idea of what the Fed is planning -it initially intended to raise rates four times this year and so far it hasn't done so once - the message from Stanley Fischer and William Dudley, both permanent voters on the FOMC, last week were quite hawkish," said Craig Erlam, senior market analyst at Oanda.
"Should Yellen deliver an equally hawkish warning on Friday then I expect markets to respond accordingly, with December likely becoming the most likely meeting but September being more priced in that it currently is."
In corporate news, Pfizer stock stiffened by midsession before drooping lower after agreeing a deal to buy AstraZeneca's antibiotics division.
Apple was slightly lower as a report from the US Treasury challenged Brussels about its plans to demand as much as $19bn from Apple for alleged unpaid taxes as a result of so-called sweetheart deals with Ireland.
Express Inc tanked after the fashion retailer reported second quarter results that missed analysts' expectations.
La-Z-Boy slumped after its first-quarter earnings and sales late on Tuesday missed analysts' expectations.
Monsanto was not much moved as news emerged overnight it was getting closer to agreeing a combination with Germany's Bayer, with the two chemical giants making progress on issues including the purchase price and a termination fee, Bloomberg reported, citing people familiar with the matter.
Intuit shares dropped after the software company's revenue forecast left investors disappointed, despite better-than-expected fourth-quarter results.
Dow Jones - Risers
Nike Inc. (NKE) $60.22 1.01%
Chevron Corp. (CVX) $102.24 0.55%
Travelers Company Inc. (TRV) $117.11 0.41%
Wal-Mart Stores Inc. (WMT) $72.23 0.36%
Exxon Mobil Corp. (XOM) $88.02 0.34%
JP Morgan Chase & Co. (JPM) $65.95 0.27%
Cisco Systems Inc. (CSCO) $31.06 0.26%
Microsoft Corp. (MSFT) $57.95 0.10%
General Electric Co. (GE) $31.24 0.03%
Coca-Cola Co. (KO) $43.85 0.00%
Dow Jones - Fallers
Unitedhealth Group Inc. (UNH) $139.92 -1.47%
Merck & Co. Inc. (MRK) $62.73 -1.34%
Caterpillar Inc. (CAT) $83.16 -1.01%
Home Depot Inc. (HD) $135.06 -0.85%
American Express Co. (AXP) $65.16 -0.79%
Pfizer Inc. (PFE) $34.82 -0.77%
Apple Inc. (AAPL) $108.03 -0.75%
International Business Machines Corp. (IBM) $159.06 -0.75%
Intel Corp. (INTC) $35.15 -0.71%
Boeing Co. (BA) $133.29 -0.63%
S&P 500 - Risers
Kroger Co. (KR) $33.01 2.36%
Qorvo, Inc. (QRVO) $57.31 2.28%
FLIR Systems Inc. (FLIR) $31.30 2.22%
eBay Inc. (EBAY) $31.25 1.89%
Whole Foods Market Inc. (WFM) $31.11 1.80%
Chipotle Mexican Grill Inc. (CMG) $403.75 1.70%
Advance Auto Parts (AAP) $160.34 1.52%
Starbucks Corp. (SBUX) $57.10 1.24%
Crown Castle International (CCI) $94.78 1.14%
Occidental Petroleum Corp. (OXY) $77.72 1.08%
S&P 500 - Fallers
Newmont Mining Corp. (NEM) $39.85 -7.65%
Freeport-McMoRan Inc (FCX) $11.08 -7.51%
Endo International Plc (ENDP) $22.09 -6.64%
Wynn Resorts Ltd. (WYNN) $90.79 -5.81%
Garmin Ltd. (GRMN) $50.59 -5.74%
Mylan Inc. (MYL) $43.15 -5.41%
Mallinckrodt Plc Ordinary Shares (MNK) $79.13 -4.73%
Alcoa Inc. (AA) $10.04 -4.38%
Vertex Pharmaceuticals Inc. (VRTX) $96.74 -4.21%
Micron Technology Inc. (MU) $15.51 -4.17%
Nasdaq 100 - Risers
eBay Inc. (EBAY) $31.25 1.89%
Whole Foods Market Inc. (WFM) $31.11 1.80%
Starbucks Corp. (SBUX) $57.10 1.24%
Akamai Technologies Inc. (AKAM) $53.98 0.71%
American Airlines Group (AAL) $36.65 0.69%
Incyte Corp. (INCY) $82.43 0.65%
Sba Communications Corp. (SBAC) $113.27 0.27%
Cisco Systems Inc. (CSCO) $31.06 0.26%
Electronic Arts Inc. (EA) $82.42 0.13%
Costco Wholesale Corp. (COST) $167.57 0.13%
Nasdaq 100 - Fallers
Endo International Plc (ENDP) $22.09 -6.64%
Mylan Inc. (MYL) $43.15 -5.41%
Biomarin Pharmaceutical Inc. (BMRN) $95.07 -4.38%
Vertex Pharmaceuticals Inc. (VRTX) $96.74 -4.21%
Micron Technology Inc. (MU) $15.51 -4.17%
Alexion Pharmaceuticals Inc. (ALXN) $132.14 -3.84%
Regeneron Pharmaceuticals Inc. (REGN) $405.39 -3.62%
Intuit Inc. (INTU) $109.89 -3.47%
Celgene Corp. (CELG) $110.60 -2.99% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Apple tax, Sports Direct, Panama Canal The US has launched a stinging attack on Brussels' tax investigations into Apple and other companies in an escalation of the transatlantic battle over alleged EU targeting of US multinationals. In a last-ditch shot before Brussels announces the results of its lengthy investigation into Apple's Irish tax affairs, the US Treasury accused the European Commission of trying to become a "supranational tax authority". - Telegraph
The chief executive of Vice, the highly valued youth media company, has warned of an imminent "bloodbath" in digital media and signalled he could sell up to a giant such as Disney in a bid for survival and growth. Shane Smith, co-founder and chief executive of Vice Media, said at the Edinburgh International Television Festival that he is now wrestling "every day" with the question of whether to accept a takeover. - Telegraph
The Treasury is proposing new rules to punish offshore tax evaders who fail to come clean about their finances before September 2018, with fines of up to 200% of the amount owed. Published on Wednesday, the measures represent the second government consultation in two weeks on sanctions against tax cheats. - Guardian
Sports Direct will open its doors to the public on the day of the retailer's annual general meeting, giving people an opportunity to speak to board directors following months of criticism over the treatment of workers. A timetable for the event said non-shareholders are welcome to attend the Sports Direct AGM on 7 September, which is being held as usual at the company's headquarters in Shirebrook, Derbyshire. - Guardian
An employment agency that supplies warehouse workers to Sports Direct has put itself on a collision course with MPs after declining to amend evidence it gave at a parliamentary hearing. Transline, which has been accused of deliberately misleading the business, innovations and skills select committee, has given MPs a detailed explanation of why it believes evidence it gave into working practices at Sports Direct's warehouse complex in Shirebrook, Derbyshire, was not misleading. - The Times
Iran has expressed interest in joining forces with a Chinese company that plans to build a $50 billion canal across Nicaragua that links the Atlantic and Pacific and rivals the Panama Canal. Mohammed Javad Zarif, the Iranian foreign minister, said that business leaders who went with him to the Central American state this week had discussed teaming up with HKND, a private Hong Kong company that has broken ground on the project but made little progress in the past two years. - The Times | | |
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