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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 drift as RBS posts its ninth consecutive loss Stocks in London drifted lower in early trade as investors waded through a deluge of earnings, with RBS in the spotlight.
AT 0825 GMT, the FTSE 100 was down 0.1% to 7,262.62.
Mike van Dulken at Accendo Markets said: "FTSE sentiment may be impacted by RBS chalking up its ninth straight annual loss and outlook suggesting more to come (legacy clean-up, US legal settlements) before a return to profitability. This is rather at odds with peer Lloyds which continues to recover, able to offer special dividends and the government's bailout stake sale almost complete."
RBS fell after saying its losses widened in the year to 31 December as the bank was hit by legacy issues. It reported a loss of £6.96bn for 2016, bigger than the £1.98bn loss it posted the year before.
The bank was faced with litigation and conduct costs of £5.9bn, which includes a £3.1bn provision in relation to the mis-selling of mortgage-backed securities in the US in the run-up to the financial crisis. Meanwhile, the bank also booked £2.1bn in restructuring costs, compared to £2.9bn the year before.
Micro Focus retreated after reconfirming that it did not expect to grow revenue in its current financial year, while also noting overnight results showed HPE Software saw revenues fall but profit margins improve ahead of their agreed merger.
Property website Rightmove edged down despite reporting a rise in full-year 2016 pre-tax profit to £161.5m from £137.1m a year ago.
Engineer IMI was also on the back foot after it said pre-tax profit in 2016 slipped to £208m from £219m the previous year.
Workspace nudged lower after announcing the acquisition of the freehold of a west London office building for £98.5m.
Jupiter Fund Management was weaker after it posted a jump in profit for 2016 but said inflows for the year nearly halved.
Going the other way, Standard Life pushed up as it said revenue for 2016 grew "against a backdrop of volatile investment markets" as the insurer aims to increase its exposure to the Indian market through the acquisition of Max Life.
British Airways and Iberia parent International Consolidated Airlines Group flew higher after it announced a new share buyback and reported improved profits in the fourth quarter of last year and guidance for continued improvement in 2017.
Education publisher Pearson, which issued a profit warning in January, advanced after it held its dividend steady as full year pre-tax losses widened to £2.5bn from £433m in 2015.
Bookmaker William Hill racked up healthy gains as it said group net revenue was up 1% to £1.6bn in the year to 27 December.
On the data front BBA mortgage approvals are at 0930 GMT. In the US, the University of Michigan consumer sentiment index is at 1500 GMT. |
| | 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 |
| Market Movers
FTSE 100 (UKX) 7,262.62 -0.12%
FTSE 250 (MCX) 18,629.86 -0.07%
techMARK (TASX) 3,363.91 -0.13%
FTSE 100 - Risers
International Consolidated Airlines Group SA (CDI) (IAG) 515.50p 2.18%
Pearson (PSON) 660.00p 2.17%
Convatec Group (CTEC) 237.90p 1.36%
Fresnillo (FRES) 1,551.00p 0.98%
BAE Systems (BA.) 614.00p 0.74%
easyJet (EZJ) 920.50p 0.66%
Lloyds Banking Group (LLOY) 70.00p 0.65%
Standard Life (SL.) 377.30p 0.59%
Compass Group (CPG) 1,471.00p 0.55%
Barclays (BARC) 230.05p 0.44%
FTSE 100 - Fallers
Micro Focus International (MCRO) 2,163.00p -3.39%
Ashtead Group (AHT) 1,658.00p -1.49%
Royal Bank of Scotland Group (RBS) 245.70p -1.48%
BHP Billiton (BLT) 1,332.00p -1.15%
Rio Tinto (RIO) 3,379.00p -1.14%
Capita (CPI) 551.00p -0.99%
Intertek Group (ITRK) 3,454.00p -0.80%
Standard Chartered (STAN) 746.00p -0.67%
Unilever (ULVR) 3,747.50p -0.56%
British American Tobacco (BATS) 5,034.00p -0.51%
FTSE 250 - Risers
William Hill (WMH) 273.70p 4.51%
Hochschild Mining (HOC) 280.00p 2.75%
Shawbrook Group (SHAW) 269.50p 2.67%
Ted Baker (TED) 2,891.00p 1.98%
AO World (AO.) 152.60p 1.73%
Sophos Group (SOPH) 287.80p 1.70%
Beazley (BEZ) 441.00p 1.47%
National Express Group (NEX) 355.00p 1.43%
International Personal Finance (IPF) 194.70p 1.41%
Telecom Plus (TEP) 1,210.24p 1.02%
FTSE 250 - Fallers
Jupiter Fund Management (JUP) 412.20p -4.32%
Card Factory (CARD) 253.50p -2.65%
Hastings Group Holdings (HSTG) 222.40p -2.58%
Homeserve (HSV) 571.50p -2.39%
Nostrum Oil & Gas (NOG) 479.20p -2.20%
Fidessa Group (FDSA) 2,510.00p -2.14%
Rightmove (RMV) 4,174.00p -1.67%
Drax Group (DRX) 341.60p -1.58%
Entertainment One Limited (ETO) 235.60p -1.42% |
| | UK Event Calendar | | Friday 24 February
INTERIM DIVIDEND PAYMENT DATE
CVC Credit Partners European Opportunities Ltd EURO, CVC Credit Partners European Opportunities Ltd GBP, Downing One VCT , NCC Group
QUARTERLY PAYMENT DATE
APQ Global Limited, Primary Health Properties, The SME Loan Fund
Q4
Royal Bank of Scotland Group
FINALS
Jupiter Fund Management , Kennedy Wilson Europe Real Estate , Pearson, Rightmove, Royal Bank of Scotland Group, Standard Life, TBC Bank Group, William Hill
ANNUAL REPORT
Fusionex International
SPECIAL DIVIDEND PAYMENT DATE
Calculus VCT 'C' Shares, EIH Plc
EGMS
Bagir Group Ltd. (DI)
AGMS
APC Technology Group, IDOX
FINAL DIVIDEND PAYMENT DATE
Blue Capital Global Reinsurance Fund Ltd (DI), Hadrian's Wall Secured Investments, RWS Holdings, Urban&Civic |
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Banks under pressure at the start of the day, Trump in focus Stocks began the session with slight losses, tracking a mixed close overnight on Wall Street and with stock in RBS and StanChart leading the way lower on the back of their latest full-year numbers. As of 0921 GMT the benchmark Stoxx 600 was down by 0.33% to 371.63, as the Dax lost 0.38% to 11,902.49 and the Cac-40 another 0.54% to 4,864.46. Meanwhile, the Stoxx 600's gauge of lenders' shares was lower by 0.87% to 170.55. Investors were also increasingly cautious ahead of what was thought to be an imminent announcement over the next few sessions of the new US administration's proposed tax cut plans. Commenting on the situation in markets, Michael Hewson, chief market analyst at CMC UK, said: "While US markets finished the day slightly higher, and the Dow made another record close on rather vague comments from new US Treasury Secretary Steve Mnuchin, about wanting to have significant tax reform in place by the end of the summer, it would appear that once again the rally is starting to look a little tired. "Next week it will be three weeks since US President Trump promised something "phenomenal" with respect to tax reform and it is becoming clear that investors are starting to become a little restless." There was little on Friday´s economic calendar in terms of potentially market-moving data. Consumer borrowing rose at annual rate of 6.7% in January, according to the BBA, with mortgage approvals running at 44,657 (consensus: 41,900), up from 43,230 in the month before. Total industrial orders in Italy slipped by 0.9% year-on-year in December, according to ISTAT, as sales expanded by 9.4%, up from 3.4% in the month before. Later in the day, investors were awaiting the University of Michigan´s consumer confidence index for the month of February and the latest monthly new home sales figures, both of which were due out at 1500 GMT. Shares in RBS fell back after the company clocked in with its ninth-straight annual loss, although management said it hoped 2017 would mark the end of its decade-long restructuring. In parallel, StanChart posted 2016 pre-tax profits of $409m, down from $1.52bn one year ago. Excluding extraordinary items operating profits were running at $1.09bn (consensus: $1.42bn). Italian lenders were also under the spotlight after UniCredit reported in the previous session that its record €13.0bn share issue had been nearly fully subscribed. Up to €15.0bn in other bank share issues were expected in Italy, Il Sole 24 Ore reported. |
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| | US Market Report | | US close: Stocks finish session mixed; Dow complete 10th straight record finish US shares ended the session on Thursday in mixed fashion with the Dow Jones Industrial Average delivering its 10th straight record close while the Nasdaq declined again.
The S&P 500 finished up 0.99 points at 2,363.81. The Dow Jones rose 34.7 points, to 20,810.3, and the Nasdaq composite fell 25.1 to 5,835.5.
Nvidia Corp and Tesla both weighed heavily on the Nasdaq, falling 9% and 6.4% respectively.
Electric car maker Tesla sank after it posted a bigger-than-expected quarterly loss late on Wednesday but beat analysts' expectations on sales.
Victoria's Secret parent L Brands tumbled 15% after it issued weak guidance for 2017 late on Wednesday.
Hormel Foods fell %% after it reported first-quarter net earnings per share of 44 cents versus 43 cents a year ago and revenue of $2.28bn compared to $2.29bn.
Oil prices rose after data from the American Petroleum Institute showed an 884,000 barrel drop in US crude supplies last week. This pushed up oil stocks, with giants Chevron and ExxonMobil higher.
HP Inc rose after quarterly results came in above expectations.
Traders were also digesting Wednesday's publication of minutes from the Federal Reserve's December meeting.
Investors were hoping that the minutes "would provide additional clarity on its interest rate expectations," said Craig Erlam, senior market analyst at Oanda, but instead the minutes displayed the central bank's uncertainty about how to proceed, "largely due to the unknown effects of what Donald Trump's stimulus plans will have on the economy and inflation. In effect, the Fed is as much in limbo as investors are because markets have rallied strongly at the prospect of 'phenomenal' tax cuts and major spending but as of yet, nothing has been delivered."
Dow Jones - Risers
Johnson & Johnson (JNJ) $121.68 1.82%
Pfizer Inc. (PFE) $34.06 1.40%
Verizon Communications Inc. (VZ) $50.32 1.29%
Unitedhealth Group Inc. (UNH) $162.60 1.26%
Exxon Mobil Corp. (XOM) $81.78 1.05%
Merck & Co. Inc. (MRK) $65.85 0.86%
Boeing Co. (BA) $176.86 0.86%
3M Co. (MMM) $187.19 0.62%
Chevron Corp. (CVX) $111.02 0.58%
Visa Inc. (V) $88.18 0.43%
Dow Jones - Fallers
Caterpillar Inc. (CAT) $95.55 -2.70%
Nike Inc. (NKE) $57.39 -1.46%
General Electric Co. (GE) $30.02 -1.02%
Wal-Mart Stores Inc. (WMT) $71.31 -0.56%
United Technologies Corp. (UTX) $112.12 -0.51%
Apple Inc. (AAPL) $136.53 -0.42%
Home Depot Inc. (HD) $144.71 -0.37%
Walt Disney Co. (DIS) $109.73 -0.35%
Procter & Gamble Co. (PG) $91.13 -0.34%
E.I. du Pont de Nemours and Co. (DD) $79.59 -0.26%
S&P 500 - Risers
First Solar Inc. (FSLR) $37.19 10.78%
HP Inc (HPQ) $17.60 8.64%
Transocean Ltd. (RIG) $14.31 7.76%
Diamond Offshore Drilling Inc. (DO) $17.49 4.23%
Endo International Plc (ENDP) $13.39 3.88%
Edwards Lifesciences Corp. (EW) $95.70 3.78%
Realty Income Corp. (O) $62.86 2.81%
NiSource Inc. (NI) $23.77 2.59%
Murphy Oil Corp. (MUR) $28.41 2.34%
Owens-Illinois Inc. (OI) $19.99 2.30%
S&P 500 - Fallers
L Brands Inc (LB) $48.94 -15.81%
Nvidia Corp. (NVDA) $100.49 -9.27%
United States Steel Corp. (X) $37.31 -7.85%
Alcoa Corporation (AA) $34.32 -6.23%
United Rentals Inc. (URI) $120.90 -5.59%
Hormel Foods Corp. (HRL) $35.29 -5.39%
Urban Outfitters Inc. (URBN) $26.30 -5.16%
Martin Marietta Mtrl (MLM) $208.68 -4.69%
TripAdvisor Inc. (TRIP) $43.46 -4.59%
Staples Inc. (SPLS) $9.08 -4.22%
Nasdaq 100 - Risers
Shire Plc Ads (SHPG) $185.44 2.45%
Ctrip.Com International Ltd. Ads (CTRP) $48.28 1.45%
Paychex Inc. (PAYX) $60.41 1.36%
Automatic Data Processing Inc. (ADP) $101.64 1.21%
Intuit Inc. (INTU) $120.70 1.06%
Vodafone Group Plc ADS (VOD) $25.77 1.06%
Fiserv Inc. (FISV) $114.90 0.95%
Autodesk Inc. (ADSK) $87.10 0.83%
Walgreens Boots Alliance, Inc. (WBA) $86.99 0.81%
Amgen Inc. (AMGN) $174.01 0.81%
Nasdaq 100 - Fallers
Nvidia Corp. (NVDA) $100.49 -9.27%
Tesla Inc (TSLA) $255.99 -6.41%
TripAdvisor Inc. (TRIP) $43.46 -4.59%
Regeneron Pharmaceuticals Inc. (REGN) $360.96 -2.50%
Liberty Interactive Corporation QVC Group (QVCA) $20.06 -2.34%
Fastenal Co. (FAST) $49.79 -2.12%
Ross Stores Inc. (ROST) $67.64 -2.03%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $50.68 -1.86%
Tractor Supply Company (TSCO) $71.00 -1.80% |
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| | Newspaper Round Up | | Friday newspaper round-up: Boeing, Ryanair, business rates, John Lewis Boeing plans to open its first manufacturing plant in Britain, picking Sheffield to make critical parts for its best-selling 737 and 777 airliners. The company has earmarked the Northern city for a £20m investment where it will produce complex parts for "actuators" which move flaps on the jets' wings. The decision is notable as the US aerospace giant is bringing work in-house, rather than subcontracting it out to the supply chain as is common. - Telegraph
Budget airline Ryanair has urged the Government to secure agreements which mimic those allowing barrier-free travel between the UK and EU. The Irish carrier said it transports roughly 40pc of the approximately 25.3 million European tourists who come to the UK from the Continent and it would be crucial for the Government to ensure agreements in place now, which allow carriers to freely fly between the UK and mainland Europe, were replicated entirely by the time the country exits the bloc. - Telegraph
The government is under growing pressure to overhaul the business rates system rather than just offer help for small firms affected by the revaluation of properties. Theresa May, the prime minister, and Sajid Javid, the communities secretary, told parliament on Wednesday that small businesses facing a sharp increase in their business rates bill from April could receive support in the budget next month. However, business leaders and MPs are now pushing the chancellor for a wider review of the controversial tax. - Guardian
John Lewis is to axe nearly 800 jobs in its customer restaurants and store administration in its biggest ever round of redundancies. The department store chain said it was consulting 773 people about redundancy as it attempts to cut costs and become more efficient. The cuts are the first sign of change since the department store's managing director, Paula Nickolds, took the helm in late January. - Guardian
A Eurosceptic coalition of City grandees is calling on Theresa May and Mark Carney to put the planned £24 billion merger of the London Stock Exchange and Deutsche Börse on hold for two years. They claim it would be destabilising for the deal to take place while Britain negotiates its departure from the EU. - The Times
President Trump's promise to quickly introduce a "phenomenal" package of tax cuts is likely to face delays, the new US Treasury secretary suggested yesterday. Steven Mnuchin said that the White House was working with Republican leaders in the House and Senate to push through "very significant" tax legislation before August. - The Times | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
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