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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 ahead of retail sales data London stocks nudged a little lower in early trade as investors eyed the release of UK retail sales data, amid ongoing worries about Donald Trump's economic plans.
At 0830 GMT, the FTSE 100 was down 0.2% to 7,310.65, while the FTSE 250 was marginally up at just over 18,835.
Investors may be sitting on their hands, suggested Spreadex analyst Connor Campbell, due to a sobering mood stemming from the Westminster attack on Wednesday added to caution over a big vote in US later on Thursday.
"Investors are waiting for the House of Representatives vote on 'Trumpcare' later in the day; if the President can't get the bill passed it would suggest he faces an uphill battle push through his tax and infrastructure reforms. And considering it was those promises that sent the Dow Jones et al sky high, investors will likely not react well to that eventuality."
Also the US, Federal Reserve Chair Janet Yellen is due to give a speech in Washington at 1245 GMT in Washington, while Minneapolis Fed President Neel Kashkari is scheduled to make a speech at 1800 GMT.
On the data front, UK retail sales are due at 0930 GMT, while the CBI distributive trades survey is at 1100 GMT.
In corporate news, clothes retailer Next rallied after it reported underlying pre-tax profits fell 3.8% to £790.2m last year and warned 2017 will be "another tough year" due to a shift away from spending on clothing and a squeeze on UK wages.
Tesco was the standout gainer after being upgraded to 'buy' at Deutsche Bank, but rival Sainsbury fell after DB cut the stock to 'hold'.
Cranswick got a boost as Berenberg initiated coverage of the stock at 'buy'.
Housebuilder Bovis Homes retreated as its stock went ex-dividend.
Medical technology firm ConvaTec slipped after saying it has launched its skin protectant incontinence wipes in the US.
LondonMetric Property nudged lower as it unveiled a £97m placing to fund the acquisition of "last mile assets".
Property, residential, construction and services company Kier Group rose after reporting a 12% jump in half-year pre-tax profit to £46.3m and lifting its interim dividend.
Housebuilder Crest Nicholson ticked down despite saying that the trading environment has remained robust, with good sales across its areas of operation.
Online gambling company GVC Holdings rose after it reported a surge in full-year earnings and said it will pay a second special dividend for 2016.
Halma gained ground as it said it expects full-year profit to be in line with market consensus, but IG Group slumped after it posted a 3.8% drop in third-quarter revenue in what it referred to as a "quiet period" in global financial markets.
Ted Baker shares fell despite the company reporting an increase in full-year revenue and profit. |
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| Market Movers
FTSE 100 (UKX) 7,311.27 -0.18%
FTSE 250 (MCX) 18,810.47 -0.12%
techMARK (TASX) 3,424.87 -0.15%
FTSE 100 - Risers
Next (NXT) 3,977.00p 2.37%
Persimmon (PSN) 2,130.00p 1.48%
Tesco (TSCO) 187.95p 1.13%
Ashtead Group (AHT) 1,624.00p 1.00%
Antofagasta (ANTO) 851.00p 0.89%
Barratt Developments (BDEV) 550.00p 0.73%
Glencore (GLEN) 331.95p 0.73%
CRH (CRH) 2,813.00p 0.68%
Taylor Wimpey (TW.) 195.20p 0.67%
Marks & Spencer Group (MKS) 326.50p 0.49%
FTSE 100 - Fallers
Kingfisher (KGF) 320.20p -2.38%
Hikma Pharmaceuticals (HIK) 2,044.00p -1.35%
Paddy Power Betfair (PPB) 8,495.00p -1.34%
Unilever (ULVR) 3,976.00p -1.23%
Convatec Group (CTEC) 261.50p -1.06%
Rolls-Royce Holdings (RR.) 750.00p -1.06%
Reckitt Benckiser Group (RB.) 7,353.00p -1.04%
Randgold Resources Ltd. (RRS) 7,225.00p -0.96%
BT Group (BT.A) 327.45p -0.94%
Worldpay Group (WPG) 286.30p -0.93%
FTSE 250 - Risers
Halma (HLMA) 1,003.00p 4.53%
Wetherspoon (J.D.) (JDW) 959.50p 3.23%
Countryside Properties (CSP) 239.60p 2.61%
Telecom Plus (TEP) 1,216.00p 2.27%
GVC Holdings (GVC) 723.00p 2.12%
NMC Health (NMC) 1,830.00p 1.67%
CYBG (CYBG) 265.40p 1.65%
Computacenter (CCC) 725.50p 1.47%
Ascential (ASCL) 313.40p 1.39%
Renishaw (RSW) 3,143.00p 1.29%
FTSE 250 - Fallers
IG Group Holdings (IGG) 502.50p -4.10%
Sanne Group (SNN) 633.00p -2.91%
SEGRO (SGRO) 450.10p -2.77%
Galliford Try (GFRD) 1,535.00p -2.66%
Redefine International (RDI) 36.09p -2.46%
Ted Baker (TED) 2,771.00p -2.43%
John Laing Infrastructure Fund Ltd (JLIF) 134.80p -2.03%
Just Eat (JE.) 557.50p -1.93%
Meggitt (MGGT) 432.90p -1.88% |
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| | UK Event Calendar | | Thursday March 23
INTERIMS
Kier Group, Tracsis
INTERIM DIVIDEND PAYMENT DATE
Murgitroyd Group, Ruffer Investment Company Ltd Red PTG Pref Shares
INTERIM EX-DIVIDEND DATE
Brooks Macdonald Group, Clinigen Group, Close Brothers Group, Dunelm Group, Foresight Solar & Infrastructure VCT, Galliford Try, NWF Group, Redrow, Thorpe (F.W.), Tristel
QUARTERLY EX-DIVIDEND DATE
Funding Circle SME Income Fund
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (12:30)
Initial Jobless Claims (US) (12:30)
New Homes Sales (US) (14:00)
GMS
Conygar Investment Company
FINALS
Akers Biosciences, Inc. , Arbuthnot Banking Group, Curtis Banks Group, Frutarom Industries Ltd GDR (Reg S), Futura Medical, GVC Holdings, IFG Group, Mission Marketing Group, Next, PV Crystalox Solar, Regional REIT Limited, Safestyle UK , Science In Sport, Secure Trust Bank, Soco International, Sopheon , Ted Baker, Venture Life Group
AGMS
Crest Nicholson Holdings, Electra Private Equity, Octopus Titan VCT
TRADING ANNOUNCEMENTS
Halma
UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
Retail Sales (09:30)
FINAL DIVIDEND PAYMENT DATE
32Red, Treatt
FINAL EX-DIVIDEND DATE
BlackRock Latin American Inv Trust, Bovis Homes Group, Fidelity European Values, Heavitree Brewery, Heavitree Brewery 'A' Shares, Meggitt, Midwich Group, Octopus AIM VCT 2, Private & Commercial Finance Group, SEGRO
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| | US Market Report | | US close: Dow ends lower as scepticism over tax cuts grows US stocks finished mixed on Thursday following downbeat trading in the previous session, as investors grew increasingly sceptical that President Donald Trump will be able to deliver on his promised tax cuts to boost business.
The Dow Jones Industrial Average ended 0.03% lower at 20,661.30, while the S&P 500 closed up 0.19% to 2,348.45 and the Nasdaq 100 rose 0.66% to 5,367.56
The downturn in stocks came after the yield on the 10-year US Treasury note dropped to a three-week low on Tuesday as investors grew concerned whether Trump will be successful in repealing Obamacare given his intention to divert the programme's funding to his governmental spending agenda, ahead of a congressional vote this week on healthcare policy.
He had also promised to spend $1trn on infrastructure, lax financial regulation and to cut taxes.
However, Jasper Lawler - senior market analyst at London Capital Group - said it was simplistic to lay the blame for the market decline at Trump's door as the first US rate hike 2017, a slump in oil prices, the future of quantitative easing under higher inflation and end of quarter portfolio manoeuvring have also played their part.
"Still the Trump presidency, which has played such a large role in the rise in markets since November, is not to be ignored as a factor.
"Probably the two biggest contributors to the idea that the world is reflating; a Trump-led fiscal boost and rising oil prices have come unstuck in the past fortnight."
Meanwhile, oil prices retreated after data from the Energy Information Administration revealed that US crude inventories rose by 5m barrels last week, compared with the 2.8m increase expected, while crude imports increased by 1.069m barrels per day.
West Texas Intermediate was down 0.23% to $48.13 per barrel and Brent crude fell 0.43% to $50.74.
On the data front, existing home sales fell 3.7% in February to a seasonally-adjusted annual rate of 5.48m from 5.69m in January.
Analysts had been expecting a more modest decline of 2%.
Despite last month's decline, February's sales pace was still 5.4% above a year ago.
The median price for an existing home was $228,400, up 7.7% from February 2016 and marking the fastest price increase since last January.
It also marked the 60th consecutive month of year-over-year gains.
In corporate news, Sears slumped 12.31% after the retailer said it doubted that it would be able to "continue as a going concern" if the turnaround plan failed.
Nike dropped 7.05% after it issued a downbeat outlook for sales growth late on Tuesday.
Chemicals maker PPG Industries was 0.22% lower after Dutch rival AkzoNobel rejected a second takeover offer from the company.
American Airlines was down 0.17% after a downgrade to 'equalweight' from 'overweight' by Morgan Stanley.
Dow Jones - Risers
Microsoft Corp. (MSFT) $65.03 1.28%
Apple Inc. (AAPL) $141.42 1.13%
Intel Corp. (INTC) $35.37 0.94%
Cisco Systems Inc. (CSCO) $34.10 0.65%
Pfizer Inc. (PFE) $34.47 0.64%
Boeing Co. (BA) $176.99 0.58%
Visa Inc. (V) $88.51 0.52%
International Business Machines Corp. (IBM) $174.78 0.52%
Home Depot Inc. (HD) $147.36 0.51%
Wal-Mart Stores Inc. (WMT) $70.26 0.50%
Dow Jones - Fallers
Nike Inc. (NKE) $53.92 -7.05%
Verizon Communications Inc. (VZ) $49.72 -0.90%
Goldman Sachs Group Inc. (GS) $231.07 -0.83%
Johnson & Johnson (JNJ) $126.26 -0.78%
E.I. du Pont de Nemours and Co. (DD) $79.18 -0.73%
Merck & Co. Inc. (MRK) $63.50 -0.64%
Unitedhealth Group Inc. (UNH) $167.03 -0.40%
Coca-Cola Co. (KO) $42.38 -0.28%
Procter & Gamble Co. (PG) $90.97 -0.22%
United Technologies Corp. (UTX) $111.93 -0.21%
S&P 500 - Risers
Marriott International - Class A (MAR) $92.14 3.41%
Ventas Inc. (VTR) $62.45 2.76%
FMC Corp. (FMC) $61.22 2.72%
Illumina Inc. (ILMN) $167.79 2.62%
United Continental Holdings Inc. (UAL) $66.95 2.56%
United States Steel Corp. (X) $34.56 2.37%
Western Digital Corp. (WDC) $74.93 2.34%
Freeport-McMoRan Inc (FCX) $12.86 2.31%
Symantec Corp. (SYMC) $30.66 2.20%
Best Buy Co. Inc. (BBY) $45.02 2.18%
S&P 500 - Fallers
Frontier Communications Co. (FTR) $2.11 -10.59%
Nike Inc. (NKE) $53.92 -7.05%
Mallinckrodt Plc Ordinary Shares (MNK) $42.54 -3.43%
Endo International Plc (ENDP) $9.87 -2.85%
L Brands Inc (LB) $47.86 -2.68%
GGP Inc (GGP) $22.66 -2.37%
CenturyLink Inc. (CTL) $22.81 -2.35%
Range Resources Corp. (RRC) $26.80 -2.26%
Macerich Co (MAC) $62.84 -2.26%
Simon Property Group Inc. (SPG) $165.40 -2.11%
Nasdaq 100 - Risers
Marriott International - Class A (MAR) $92.14 3.41%
Illumina Inc. (ILMN) $167.79 2.62%
Western Digital Corp. (WDC) $74.93 2.34%
Symantec Corp. (SYMC) $30.66 2.20%
Micron Technology Inc. (MU) $26.06 2.12%
Nvidia Corp. (NVDA) $108.07 2.04%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $50.97 1.94%
CSX Corp. (CSX) $46.45 1.82%
Tesla Inc (TSLA) $255.01 1.73%
Check Point Software Technologies Ltd. (CHKP) $102.84 1.71%
Nasdaq 100 - Fallers
Sirius XM Holdings Inc (SIRI) $5.10 -1.73%
Liberty Global Plc Lilac Class A (LILA) $21.64 -1.64%
Liberty Global plc Series C (LBTYK) $34.33 -1.18%
Liberty Global Plc Lilac Class C (LILAK) $22.49 -1.10%
Baidu Inc. (BIDU) $169.56 -1.07%
Liberty Global plc Series A (LBTYA) $35.17 -1.07%
TripAdvisor Inc. (TRIP) $41.40 -0.74%
Cerner Corp. (CERN) $56.40 -0.72%
Regeneron Pharmaceuticals Inc. (REGN) $369.14 -0.50% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Retirement, Centrica boss, energy prices Millions of people in their late 30s and early 40s look set to have to work for an extra year after an official review recommended pushing up the state pension age (SPA) more quickly than previously planned. The independent report said the SPA should rise to 68 by 2039 instead of 2046. It also recommended that the state pension "triple lock" is withdrawn in the next parliament. - Guardian
The boss of British Gas's parent company was handed a pay increase of nearly 40% last year, a raise Labour attacked as "astronomical" and a "kick in the teeth" for millions of families living in fuel poverty. Centrica chief executive Iain Conn's remuneration jumped from £3.02m in 2015 to £4.15m in 2016, enough to pay the heating and lighting bills for nearly 4,000 customers on the company's standard tariff. - Guardian
The Government's pledge to curb household energy prices risks sabotaging the retail market leaving consumers worse off in the long run, a group of former regulators has warned. The UK's largest energy suppliers are braced for what could be the industry's most significant political hit yet following a decade of heated debate over rising energy bills and low levels of consumer switching. - Telegraph
The largest independent challenger to the UK's 'Big Six' energy suppliers has set its sights on the broadband sector in an attempt to widen its consumer appeal as retail competition heats up. First Utility, which supplies gas and electricity to about 900,000 households, plans to undercut the broadband rates offered by the four largest telecoms giants to target the 15m broadband customers who pay a higher monthly rate for "out-of-contract" rates. - Telegraph
Japanese exporters are bouncing back, but at the risk of exciting the protectionist instincts of President Trump. The country enjoyed its biggest trade surplus for seven years in February thanks to increased demand in China. After shrinking for three months, the trade surplus with the United States also rose for the first time since Mr Trump entered the White House. - The Times
The City watchdog has won a crucial legal victory after the Supreme Court ruled that it had not wrongfully identified a former senior banker at JP Morgan blamed for the American bank's "London Whale" trading scandal. In a majority ruling, Britain's highest court said that the Financial Conduct Authority had not identified Achilles Macris as part of a £138 million settlement in 2013 that criticised managers of the bank's chief investment office. - The Times | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
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