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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 nudge lower as investors mull corporate news London equities nudged lower in early trade as several big income stocks went ex-dividend and investors sifted through corporate news, awaiting fresh catalysts.
At 0837 GMT, the FTSE 100 was down 0.1%. Meanwhile, oil prices were fairly steady, with West Texas Intermediate and Brent crude up 0.2% to $53.20 a barrel and $55.88, respectively.
Spreadex's Connor Campbell said: "After the UK data drama of the past two days things look a bit duller this Thursday morning, with the markets reversing some of yesterday's movement.
"The FTSE fell around 20 points after the bell, taking the index back under the 7300 it has been flirting with for much of the week. A splash of red across the oil and mining sectors has been the main catalyst for the drop, though the pound's early gains haven't helped either.
In currencies, sterling rose 0.4% against the dollar, pushing it back towards 1.25, though was only flat against the euro close to the 1.175 mark.
"The UK doesn't really have anything new to process this Thursday, so investors will likely to continue to trade in the light of those inflation and wage growth readings from Tuesday and Wednesday respectively," Campbell added.
On the corporate front, electricity generation company Drax Group was in the red after it posted its preliminary results for the 2016 calendar year, with core down to £140m from £169m, and underlying earnings less than half what they were in 2015.
Aerospace and defence group Cobham tanked after it issued a profit warning for 2016 and said it will be hard to meet expectations for this year.
AstraZeneca, BP, Shell and Imperial Brands went ex-dividend.
International Consolidated Airlines and easyJet flew higher as peer Air France KLM reported strong results for 2016.
Drinks bottler Coca-Cola HBC nudged up as it upped its dividend 10% after a calendar year that saw flat volumes and a dip in sales due to currency but much improved profits thanks to improved costs and efficiencies.
Vectura Group edged up after saying hit its royalty cap on sales of GlaxoSmithKline´s Ellipta range of products in 2016, one year ahead of forecasts. The cap was equivalent to £9.0m.
Eastern European budget airline Wizz Air was in focus after announcing it will open its first UK airport with base operations at London Luton Airport in June, creating over 30 direct jobs.
Electra Private Equity was on the front foot after the buyout fund's portfolio manager Epiris said its portfolio company AXIO Group has sold aviation intelligence group OAG, to funds managed by Vitruvian Partners for around $215m. Electra has received proceeds from AXIO of £104m, an uplift of £28m or 37%.
Lancashire Holdings was higher after its final results came in ahead of analysts' expectations, while drug maker Shire gained ground ahead of its full-year numbers later in the day.
There are no major UK data releases due, but in the US, housing starts and jobless claims are at 1330 GMT, along with the Philadelphia Fed manufacturing survey. |
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| Market Movers
FTSE 100 (UKX) 7,293.81 -0.12%
FTSE 250 (MCX) 18,817.95 -0.05%
techMARK (TASX) 3,330.54 -0.81%
FTSE 100 - Risers
International Consolidated Airlines Group SA (CDI) (IAG) 517.50p 2.78%
easyJet (EZJ) 969.50p 1.57%
Shire Plc (SHP) 4,656.50p 1.47%
Next (NXT) 3,898.00p 1.33%
Dixons Carphone (DC.) 308.50p 1.21%
Burberry Group (BRBY) 1,659.00p 1.04%
GlaxoSmithKline (GSK) 1,610.50p 1.00%
Experian (EXPN) 1,592.00p 0.95%
Reckitt Benckiser Group (RB.) 6,955.00p 0.88%
ITV (ITV) 211.10p 0.86%
FTSE 100 - Fallers
AstraZeneca (AZN) 4,558.00p -2.69%
Johnson Matthey (JMAT) 3,054.00p -1.93%
Anglo American (AAL) 1,370.00p -1.79%
Rolls-Royce Holdings (RR.) 693.50p -1.56%
Standard Chartered (STAN) 807.00p -1.33%
Antofagasta (ANTO) 854.50p -1.33%
Royal Dutch Shell 'B' (RDSB) 2,248.00p -1.17%
Royal Dutch Shell 'A' (RDSA) 2,145.50p -1.15%
Imperial Brands (IMB) 3,661.50p -1.04%
BAE Systems (BA.) 602.50p -0.99%
FTSE 250 - Risers
Lancashire Holdings Limited (LRE) 727.50p 6.91%
Aldermore Group (ALD) 236.80p 3.77%
Shawbrook Group (SHAW) 269.60p 3.69%
Wizz Air Holdings (WIZZ) 1,673.00p 1.70%
OneSavings Bank (OSB) 373.50p 1.69%
Inmarsat (ISAT) 653.50p 1.55%
AO World (AO.) 157.30p 1.55%
JPMorgan Indian Investment Trust (JII) 668.00p 1.52%
Mitchells & Butlers (MAB) 257.50p 1.38%
Hochschild Mining (HOC) 273.30p 1.37%
FTSE 250 - Fallers
Cobham (COB) 106.00p -21.71%
Drax Group (DRX) 364.20p -3.91%
Brewin Dolphin Holdings (BRW) 309.90p -2.09%
QinetiQ Group (QQ.) 271.60p -1.91%
Elementis (ELM) 305.50p -1.39%
Senior (SNR) 194.90p -1.32%
Vedanta Resources (VED) 1,086.00p -1.27%
Meggitt (MGGT) 429.70p -1.22%
UK Commercial Property Trust (UKCM) 82.00p -1.15% |
| | UK Event Calendar | | Thursday 16 February
INTERIMS
Avation
INTERIM DIVIDEND PAYMENT DATE
OPG Power Ventures
INTERIM EX-DIVIDEND DATE
Henderson Smaller Companies Inv Trust, Mattioli Woods, Motorpoint Group, Mountview Estates, Puma VCT 10 , Puma Vct 8, Puma VCT 9, PZ Cussons
QUARTERLY EX-DIVIDEND DATE
BP, M Winkworth, MedicX Fund Ltd., Raven Russia Ltd. Cum Red Pref Shares, Royal Dutch Shell 'A', Royal Dutch Shell 'B'
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Building Permits (US) (13:30)
Continuing Claims (US) (13:30)
Housing Starts (US) (13:30)
Initial Jobless Claims (US) (13:30)
Wholesale Price Index (GER) (07:00)
Q4
Lancashire Holdings Limited, OMV Petrom S.A. GDR (REG S)
FINALS
Coca-Cola HBC AG (CDI), Drax Group, Lancashire Holdings Limited, Primary Health Properties, Shire Plc, Societatea Nationala De Gaze Naturale Romgaz S.A. GDR (Reg S)
SPECIAL EX-DIVIDEND DATE
EIH Plc
AGMS
Watkin Jones, Zytronic, Zytronic
FINAL DIVIDEND PAYMENT DATE
Baring Emerging Europe, Cardiff Property, easyHotel
FINAL EX-DIVIDEND DATE
Avon Rubber, Blackrock Income And Growth Investment Trust, Blackrock Throgmorton Trust, Brewin Dolphin Holdings, CC Japan Income & Growth Trust, Henderson Opportunities Trust, Impax Asset Management Group, Imperial Brands , Mobeus Income & Growth 4 Vct, Treatt, Zytronic
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks start day off on a mixed note European stocks began the day on a mixed note despite a seventh straight session of gains overnight on Wall Street.
As of 0827 GMT the Stoxx 600 was off by 0.04% or 0.16 points to 371.31, the German Dax was edging higher by 0.05% or 5.31 points at 11,803.23 and France's Cac-40 was lower by 0.07% or 3.54 points to 4,921.32.
Wall Street extended its streak of gains to seven days overnight, with the benchmark S&P 500 closing at 2,349 - a fresh record high.
"Whatever political problems President Trump maybe having on the staffing front with resignations and the like financial markets remain largely ambivalent, choosing to focus on last week's promise to deliver something 'phenomenal' in a couple of weeks' time, as US markets hit new record highs for the fifth day in a row, driven by banks and financials," said Michael Hewson, chief market analyst at CMC UK.
After the close of trading in Europe the previous day, US Boston Federal Reserve president Eric Rosengren told an audience in New York the central bank might need to hike interest rates more than three times over the course of 2017.
"It is my view that it will likely be appropriate to raise short-term interest rates at least as quickly as suggested by the Fed's current...median forecast, and possibly even a bit more rapidly than that forecast," Rosengren said.
In Thursday's data, French unemployment dropped from 10.1% in the third quarter of 2016 to 10.0% in the fourth quarter, but worse than the consensus forecast of 9.8%, according to INSEE.
Elsewhere, car registrations in the European Union jumped 10.2% to reach 1,170,220 units in January, according to ACEA.
"Persistently high unemployment remains a key story in the French economy. Worryingly, unemployment also rose over the quarter for the prime working age group, people aged 25-to-49, which are likely to be the most productive workers in the worker. The rise in joblessness was strongest among male workers. The upshot is that unemployment for younger workers fell sharply. Overall, we think the unemployment in France will fall further this year, but it remains stubbornly high," said Claus Vistesen, chief eurozone economist at Pantheon Macroeconomics.
Company-wise, airlines and banks were in focus.
French carrier Air France-KLM SA saw net profits rocket as a sharp drop in its fuel costs straight through to the bottom line. Full-year 2016 net profit jumped from €118.0m the year before to €792.0m - despite a negative impact from FX. Operating income on the other hand was ahead by 34.5% to €1.05bn. Without currency headwinds operating profits would have been €558.0m higher. IAG and EasyJet were also lifted in its wake.
In other news, Unicredit said its adjusted 2016 cost/income ratio was 61.1%, higher than the 58.8% it had mistakenly included in an English-language full-year pre-close statement. |
| | Banking Sector Outlook for 2017 | | In the first of a two-part series, this report covers the sector and its main players ahead of a barrage of full year results releases. We take an in-depth look at how US & UK Banks fared during 2016, reporting dates and forecasts for 2017, and what early US results have shown us. Get your copy of the Banking Sector Outlook for 2017 today! Losses can exceed deposits |
| | US Market Report | | US close: Trump tax pledge sends shares soaring US shares ended higher again on Wednesday as investors reacted positively to President Donald Trump's pledge to take an axe to business and personal taxes along with a set of positive economic data.
The S&P 500 made it seven gains in a row with the Down Jones notching a fifth successive positive session. The Nasdaq 100 also closed the day in the black.
Shares were boosted immediately after Trump's remarks on his "massive tax plan", made in a meeting with retail executives.
"We're going to provide tax relief for families, we're going to simplify very greatly the tax code, it's too complicated. We're going to bring down the number of alternatives. It's going to be a much much simpler tax code," he said.
US airline shares soared as billionaire investor Warren Buffett's Berkshire Hathaway increased its investment in the sector.
American Airlines, Delta Air Lines, United Continental Holdings and Southwest Airlines were all gainers on the back of the news.
Shares in Fortress Investment Group were up 28% after Japan's SoftBank agreed to buy the asset manager for $3.3bn.
Procter & Gamble rose on news that activist investor Trian Fund Management revealed a new stake in the consumer-products company worth more than $3bn.
On the economic front, U.S. retail sales rose more than expected in January as households bought electronics and a range of other goods, in an indicator of strong domestic demand.
Retail sales rose 0.4% in January and December's figures revised upwards to 1% from the previous figure of 0.6%, the Commerce Department said.
US consumer prices also sped past forecasts in January, with a key measure of 'core' inflation coming in significantly ahead of market forecasts.
Headline consumer prices rose by 0.6% over the month, according to the Bureau of Labor Statistics. Economists had pencilled in a gain of 0.3% on the month.
Dow Jones - Risers
Procter & Gamble Co. (PG) $91.11 3.70%
Pfizer Inc. (PFE) $33.47 2.18%
Cisco Systems Inc. (CSCO) $32.74 1.32%
JP Morgan Chase & Co. (JPM) $90.60 1.16%
Caterpillar Inc. (CAT) $98.95 0.88%
International Business Machines Corp. (IBM) $181.64 0.84%
Visa Inc. (V) $87.50 0.74%
Unitedhealth Group Inc. (UNH) $164.29 0.71%
Johnson & Johnson (JNJ) $117.16 0.69%
Home Depot Inc. (HD) $142.21 0.60%
Dow Jones - Fallers
Merck & Co. Inc. (MRK) $65.20 -0.70%
Verizon Communications Inc. (VZ) $48.07 -0.41%
E.I. du Pont de Nemours and Co. (DD) $77.90 -0.19%
Microsoft Corp. (MSFT) $64.49 -0.13%
Walt Disney Co. (DIS) $110.21 -0.11%
Wal-Mart Stores Inc. (WMT) $68.63 -0.04%
Chevron Corp. (CVX) $112.50 -0.02%
3M Co. (MMM) $181.60 -0.00%
Coca-Cola Co. (KO) $40.53 0.00%
American Express Co. (AXP) $79.52 0.14%
S&P 500 - Risers
FLIR Systems Inc. (FLIR) $36.97 8.05%
Endo International Plc (ENDP) $13.65 7.91%
Analog Devices Inc. (ADI) $81.60 4.83%
Wyndham Worldwide Corp. (WYN) $85.69 4.76%
NRG Energy Inc. (NRG) $17.50 4.23%
Mylan Inc. (MYL) $42.44 4.15%
Procter & Gamble Co. (PG) $91.12 3.71%
Southwest Airlines Co. (LUV) $57.29 3.47%
Perrigo Company plc (PRGO) $84.90 3.37%
Gilead Sciences Inc. (GILD) $69.81 3.35%
S&P 500 - Fallers
American International Group Inc. (AIG) $60.90 -9.03%
CF Industries Holdings Inc. (CF) $34.47 -5.09%
Devon Energy Corp. (DVN) $44.23 -3.52%
Diamond Offshore Drilling Inc. (DO) $17.63 -3.37%
Freeport-McMoRan Inc (FCX) $15.36 -3.36%
Helmerich & Payne Inc. (HP) $68.72 -2.73%
Kimco Realty Corp. (KIM) $24.15 -2.07%
Martin Marietta Mtrl (MLM) $221.79 -2.04%
Chesapeake Energy Corp. (CHK) $6.32 -1.94%
Hess Corp. (HES) $51.03 -1.82%
Nasdaq 100 - Risers
Analog Devices Inc. (ADI) $81.60 4.83%
Mylan Inc. (MYL) $42.44 4.15%
Gilead Sciences Inc. (GILD) $69.81 3.35%
Sirius XM Holdings Inc (SIRI) $4.89 3.06%
Celgene Corp. (CELG) $120.48 2.96%
Biogen Inc (BIIB) $292.63 2.63%
JD.com, Inc. (JD) $30.15 2.45%
NetEase Inc. Ads (NTES) $261.85 2.24%
Amgen Inc. (AMGN) $171.79 2.23%
Electronic Arts Inc. (EA) $87.95 2.20%
Nasdaq 100 - Fallers
Incyte Corp. (INCY) $120.94 -1.93%
Verisk Analytics Inc. (VRSK) $83.77 -1.55%
CSX Corp. (CSX) $47.34 -1.38%
Dollar Tree Inc (DLTR) $78.74 -1.33%
Tractor Supply Company (TSCO) $72.74 -0.90%
Illumina Inc. (ILMN) $163.28 -0.72%
Liberty Global Plc Lilac Class A (LILA) $22.32 -0.71%
Symantec Corp. (SYMC) $28.51 -0.59%
Western Digital Corp. (WDC) $76.01 -0.52% |
| | Newspaper Round Up | | Thursday newspaper round-up: Debenhams, Amazon, Tata Steel High street retailer Debenhams has been "named and shamed" as the worst offender in the Government's biggest ever list of companies that have paid their staff below the national minimum and living wage. The department store chain has been found to have failed to pay £134,894.83 to some 11,858 workers in a move that will heighten tensions around retailers and the rising costs of the living wage. - Telegraph
Amazon is close to launching its own fashion label in the UK as part of the online giant's efforts to corner the $3 trillion global fashion market. The foray into fashion has been highly anticipated by analysts ever since Amazon launched a photography studio in Shoreditch, east London, in order to lure shoppers away from online retailers Asos, Zalando and Yoox. - Telegraph
Tata Steel UK workers have voted in favour of proposals to turn around the struggling business, potentially saving 8,000 jobs but also leading to cuts to their pension benefits. Workers from the Community, Unite, and GMB unions all backed the plan in separate ballots. Approximately three-quarters of votes supported the proposals, which involve saving the Port Talbot steelworks in south Wales. - Guardian
Lingerie brand Agent Provocateur could be headed for administration after the appointment of restructuring firm AlixPartners to lead a sale process. Private equity firm 3i has been exploring options for the future of the company - founded by the son of designer Vivienne Westwood, Joe Corré, and his ex wife Serena Rees in 1994 - since late last year. - Guardian
Theresa May is facing her first big Brexit industrial crisis after workers' leaders demanded the government save 3,500 British jobs in danger of being lost in PSA Peugeot Citroën's proposed takeover of the European division of General Motors. Union leaders said that the prime minister must offer the French group incentives to keep the Ellesmere Port and Luton plants open, replicating the deal that she made with Nissan behind closed doors that prompted the Japanese car group to increase investment at its Sunderland works. - The Times | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
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