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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 in the red following weak US, Asian sessions London stocks fell in early trade, taking their cue from downbeat sessions in the US and Asia.
At 0825 GMT, the FTSE 100 was down 0.6% to 7,335.47. In the US on Tuesday, the Dow and the Nasdaq suffered their worst day since September last year, with financials - which have benefitted from hopes that President Trump will scale back bank regulation - taking the biggest hit.
Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor, said: "European markets are down for a second day, as investors start to question current equity valuations. Financials and commodities have been the winners since the US election and these are the sectors under most pressure now as concerns rise that the Trump trade has gone too far, too fast, without seeing the relevant policy changes to support market expectations."
"It is a measure of how calm markets have been that the 1%+ fall seen in the US yesterday was the biggest sell-off since Trump was elected. High expectations and low volatility has seen money pouring into markets, providing the foundations for valuations. However, the key questions are: how sticky this money is, whether the market has become overly complacent, what happens if investor confidence falls, or is this simply a buying opportunity?"
In corporate news, Kingfisher declined after its annual results beat the City's profit forecasts thanks to strong growth from its Screwfix chain, but the company sounded a cautious note on its outlook.
International real estate advisor Savills was also in the red after it announced record results, with group revenue up 13% to £1.45bn, but said it was cautious on Brexit.
Acacia Mining was on the back foot after it said it has ended merger talks with Canada's Endeavour.
Ferrexpo was weaker despite saying it will start paying dividends again and posting a 20% jump in its 2016 earnings.
Schroders was it by a downgrade from RBC Capital Markets, while Wood Group retreated after Jefferies downgraded it to 'underperform'.
Commercial laundry group Berendsen was in the red after a double downgrade by Credit Suisse, while Clarkson shares dropped after a number of former shareholders of RS Platou agreed to sell an aggregate of 1.23m shares in the company at 2,750p each.
Housebuilder Redrow advanced as it said its trading performance continues to be robust and it expects pre-tax profit for the year to the end of June 2017 to rise 22% from the prior year to at least £306m.
IT infrastructure provider Softcat gained ground as it reported that interim pre-tax profits rose to £20.9m from £15.4m on the back of a 28.9% jump in revenues to £378.5m thanks to double-digit growth in software, hardware and services. |
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| Market Movers
FTSE 100 (UKX) 7,335.47 -0.58%
FTSE 250 (MCX) 18,898.70 -0.47%
techMARK (TASX) 3,446.06 -0.31%
FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 7,275.00p 1.11%
National Grid (NG.) 1,008.50p 0.80%
SSE (SSE) 1,509.00p 0.53%
Unilever (ULVR) 4,047.50p 0.47%
Severn Trent (SVT) 2,415.00p 0.46%
United Utilities Group (UU.) 1,012.00p 0.40%
Relx plc (REL) 1,541.00p 0.20%
Experian (EXPN) 1,628.00p 0.12%
Centrica (CNA) 215.30p 0.09%
Imperial Brands (IMB) 3,879.00p 0.08%
FTSE 100 - Fallers
Kingfisher (KGF) 335.20p -3.01%
Anglo American (AAL) 1,212.00p -2.81%
BHP Billiton (BLT) 1,250.00p -2.61%
Rio Tinto (RIO) 3,252.50p -2.24%
Antofagasta (ANTO) 811.00p -2.23%
Standard Chartered (STAN) 716.40p -2.06%
Ashtead Group (AHT) 1,617.00p -1.94%
Glencore (GLEN) 324.05p -1.83%
Prudential (PRU) 1,729.00p -1.71%
Worldpay Group (WPG) 288.60p -1.50%
FTSE 250 - Risers
Safestore Holdings (SAFE) 379.40p 1.85%
Hunting (HTG) 547.50p 1.30%
HICL Infrastructure Company Ltd (HICL) 164.10p 1.17%
Hochschild Mining (HOC) 277.50p 0.91%
UK Commercial Property Trust (UKCM) 85.00p 0.77%
Euromoney Institutional Investor (ERM) 1,067.00p 0.66%
Pennon Group (PNN) 887.50p 0.57%
Redrow (RDW) 496.00p 0.55%
Crest Nicholson Holdings (CRST) 552.50p 0.55%
Fidelity European Values (FEV) 195.00p 0.52%
FTSE 250 - Fallers
Clarkson (CKN) 2,829.00p -4.13%
Kaz Minerals (KAZ) 473.80p -3.66%
Vedanta Resources (VED) 818.00p -3.31%
Riverstone Energy Limited (RSE) 1,280.00p -2.44%
Berendsen (BRSN) 793.00p -2.40%
Jardine Lloyd Thompson Group (JLT) 1,109.00p -2.12%
Wood Group (John) (WG.) 714.00p -1.92%
Ferrexpo (FXPO) 159.90p -1.90%
Serco Group (SRP) 112.10p -1.67% |
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| | UK Event Calendar | | Wednesday March 22
INTERIMS
Haydale Graphene Industries, Softcat
QUARTERLY PAYMENT DATE
UIL Limited (DI)
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (14:30)
Current Account (EU) (10:00)
House Price Index (US) (13:00)
FINALS
Cello Group, EG Solutions, Ferrexpo, Kingfisher, Quixant, Savills, Xaar
ANNUAL REPORT
Barclays
AGMS
Blackrock Throgmorton Trust, CC Japan Income & Growth Trust, RM, Safestore Holdings
FINAL DIVIDEND PAYMENT DATE
Lancashire Holdings Limited
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| | US Market Report | | US close: Stocks end sharply lower as financials drop US stocks closed sharply lower on Tuesday, with financials under the cosh amid concerns that President Donald Trump will fail to deliver the promised tax cuts that have been propping up markets recently.
The Dow Jones Industrial Average fell 1.1% to 20,668.01, the S&P 500 ended down 1.2% to 2,344.02 and the Nasdaq declined 1.8% to 5,793.83. The Dow and the Nasdaq suffered their worst day since September, with losses coming two days ahead of a congressional vote on healthcare policy.
Banking stocks, which have benefitted from hopes that Trump will scale back bank regulation, took the biggest beating.
Chris Beauchamp, chief market analyst at IG, said: "The crowded trades are the ones that are seeing the heaviest selling in the US, with banks and consumer discretionary firms down heavily; with excellent timing, it is these that have been highlighted as some of the most popular investments by fund managers in the most recent Merrill Lynch survey. Like the recent unwind in oil, it is never wise to hang around in a jam-packed trade since the unravelling can be ugly."
Elsewhere, technology giant Apple reversed earlier gains to end lower, after it announced expanded iPad and iPhone offerings and a new app similar to Snapchat.
General Mills lost ground after the Lucky Charms maker reported that sales fell for the seventh straight quarter.
Housebuilder Lennar fell despite its first-quarter earnings coming in slightly ahead of analysts' expectations.
FedEx shares slumped after the company's quarterly results failed to meet expectations.
In currency markets, the dollar was down 1% versus the pound, as sterling shot higher after data showed UK inflation overshot the Bank of England's 2% target in February for the first time in more than three years.
The greenback was 0.6% weaker versus the euro, which jumped to a six-week high after independent centrist Emmanuel Macro performed well in the first televised French presidential debate on Monday.
On the data front, the current account deficit shrank to $112.4bn in the fourth quarter from $116bn in the third, which was well below the consensus forecast of $129bn.
The deficit represents 2.4% of the country's GDP, slightly below the 2.5% in the previous quarter.
As far as Fed speak is concerned, Kansas City Fed President Esther George gave a speech on the economy at an event in Washington while New York Fed President William Dudley spoke earlier on Tuesday in London. |
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