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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 little changed as investors mull Brexit London stocks were little changed early on Thursday as investors assessed the implications of Prime Minister Theresa May's triggering of Article 50 a day before, kicking off divorce proceedings with the European Union.
At 0830 BST, the FTSE 100 was up 0.1% to 7,379.19, while the pound was down 0.1% to $1.2424.
Spreadex's Connor Campbell said: "After a bit of a wobble last week the FTSE now finds itself once again eyeing 7400, needing to add just 25 points to re-cross that level for the first time in nine days. If it is going to do so, however, it needs to scrounge around for some momentum, with the economic and earnings calendars looking unlikely to provide the requisite boost."
"That energy could come from the pound or, more accurately, if the pound falls any further as the day progresses. Sterling couldn't make up its mind for much of Wednesday, flitting from green to red as Theresa May triggered Article 50; it eventually ended up at a mild loss, a trend that has continued into this morning."
In corporate news, tobacco company Imperial Brands edged higher after saying it remained on target to hit first-half targets, with both revenues and earnings set to be up strongly at the reported level thanks to the weak pound.
Diploma ticked up just a touch as it said it expected group first half revenues to be around 20% ahead of the comparable period, boosted by the impact of the "substantial depreciation" in UK sterling.
Medical technology company ConvaTec was little changed after saying it has expanded its insulin pump manufacturing partnership with Medtronic to meet growing demand.
Betting and gaming company William Hill was also trading flat after it announced that Ruth Prior will be appointed chief financial officer, effective later in the year.
Booker nudged up despite revealing that total fourth quarter sales were hit hard by the new tobacco display ban and plain packaging restrictions.
Energy supplier SSE was in the red after it said it expects dividend cover for its 2017/18 financial year to be at the lower range of its target.
Online electrical goods retailer AO World was under the cosh after saying it raised £50m in a share placing and that it expects full-year revenue to be up 17%.
Morrisons was a high riser after a double upgrade to 'buy' by Bank of America Merrill Lynch.
Petra Diamonds advanced as it announced the launch of a $600m notes issue and restructuring of its debt facilities.
Hikma and Vectura were weaker on negative readacross after the US Food and Drug Administration rejected Mylan's generic version of GlaxoSmithKline's Advair.
Old Mutual, Prudential, Smith & Nephew, British Land, Phoenix Group, Ferrexpo, Go-Ahead and Kier all weighed on London equity markets as their stock went ex-dividend. |
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| Market Movers
FTSE 100 (UKX) 7,379.19 0.07%
FTSE 250 (MCX) 18,992.07 0.07%
techMARK (TASX) 3,473.45 0.03%
FTSE 100 - Risers
Morrison (Wm) Supermarkets (MRW) 244.20p 2.95%
London Stock Exchange Group (LSE) 3,151.00p 1.45%
Ashtead Group (AHT) 1,657.00p 1.16%
WPP (WPP) 1,731.00p 0.93%
Coca-Cola HBC AG (CDI) (CCH) 2,051.00p 0.89%
Wolseley (WOS) 5,120.00p 0.59%
Shire Plc (SHP) 4,810.00p 0.56%
Mondi (MNDI) 1,960.00p 0.56%
Admiral Group (ADM) 1,988.00p 0.56%
BP (BP.) 463.60p 0.52%
FTSE 100 - Fallers
SSE (SSE) 1,454.00p -2.28%
Hikma Pharmaceuticals (HIK) 1,954.00p -2.15%
Schroders (SDR) 3,043.00p -1.65%
Old Mutual (OML) 216.20p -1.55%
Prudential (PRU) 1,686.50p -1.26%
Smith & Nephew (SN.) 1,225.00p -1.05%
British Land Company (BLND) 596.50p -0.91%
Marks & Spencer Group (MKS) 332.50p -0.89%
Unilever (ULVR) 4,003.00p -0.69%
Centrica (CNA) 217.80p -0.68%
FTSE 250 - Risers
Nostrum Oil & Gas (NOG) 474.70p 2.77%
Dixons Carphone (DC.) 318.60p 2.41%
Morgan Advanced Materials (MGAM) 322.90p 2.41%
Rank Group (RNK) 218.00p 2.35%
Dunelm Group (DNLM) 644.50p 2.30%
Petra Diamonds Ltd.(DI) (PDL) 126.30p 2.02%
Henderson Group (HGG) 234.40p 1.78%
Polymetal International (POLY) 996.50p 1.37%
Cairn Energy (CNE) 205.20p 1.28%
Man Group (EMG) 146.50p 1.24%
FTSE 250 - Fallers
AO World (AO.) 132.80p -3.70%
Vectura Group (VEC) 150.90p -3.15%
Phoenix Group Holdings (DI) (PHNX) 752.00p -3.03%
Clarkson (CKN) 2,792.00p -2.89%
Safestore Holdings (SAFE) 365.60p -2.22%
Workspace Group (WKP) 749.50p -2.22%
Redefine International (RDI) 36.00p -1.93%
Ferrexpo (FXPO) 163.30p -1.69%
Go-Ahead Group (GOG) 1,708.00p -1.67% |
| | UK Event Calendar | | Thursday 30 March
INTERIMS
DFS Furniture, Genedrive
INTERIM DIVIDEND PAYMENT DATE
Hansard Global, Hargreaves Lansdown, Redde
INTERIM EX-DIVIDEND DATE
Abbey, Craneware, Finsbury Food Group, Go-Ahead Group, Kier Group, Origin Enterprises, Softcat, Volution Group (WI)
QUARTERLY PAYMENT DATE
Volta Finance Limited
QUARTERLY EX-DIVIDEND DATE
British Land Company, Real Estate Investors, Value and Income Trust
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (09:00)
Consumer Confidence (EU) (09:00)
Continuing Claims (US) (12:30)
Economic Sentiment Indicator (EU) (09:00)
Gross Domestic Product (US) (12:30)
Import Price Index (GER) (06:00)
Industrial Confidence (EU) (09:00)
Initial Jobless Claims (US) (12:30)
Personal Consumption Expenditures (US) (12:30)
Services Confidence (EU) (09:00)
FINALS
Alpha Bank GDR (Reg S) USD, Anglo Pacific Group, Cathay International Holdings Ltd., Genel Energy, Hilton Food Group, International Public Partnerships Ltd., Scisys, Seplat Petroleum Development Company (DI), Tribal Group
ANNUAL REPORT
Alpha Bank GDR (Reg S) USD, Cathay International Holdings Ltd., International Public Partnerships Ltd., Sterling Energy
SPECIAL EX-DIVIDEND DATE
Asian Growth Properties Ltd Com Shs (DI), Ferrexpo, Headlam Group, M. P. Evans Group, Prudential
EGMS
Air China Ltd.
AGMS
Aberdeen Diversified Income and Growth Trust , Intelligent Energy Holdings, Milestone Group, Starvest, Sula Iron & Gold, SVG Capital, SVG Capital, W H Ireland Group
TRADING ANNOUNCEMENTS
Booker Group
FINAL DIVIDEND PAYMENT DATE
Jersey Electricity 'A' Shares
FINAL EX-DIVIDEND DATE
British Smaller Companies VCT 2, Devro, EMIS Group, Foreign and Colonial Inv Trust, IDOX, Jardine Lloyd Thompson Group, Kingspan Group, LSL Property Services, Maintel Holdings, Maven Income & Growth 3 VCT, Maven Income and Growth VCT 5, Miton Group, Old Mutual, OneSavings Bank, Phoenix Group Holdings (DI), PPHE Hotel Group Ltd, Prudential, Schroders, Schroders (Non-Voting), Smith & Nephew, Somero Enterprises Inc. (DI), Synectics, Wynnstay Group
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks creep higher amid inflation drop, investors more confident European equities started the morning on the front foot, amid data showing larger than expected falls in German and Spanish consumer prices in March and despite hawkish remarks overnight from two top US central bank officials.
As of 08:21 GMT the benchmark Stoxx 600 was 0.03% higher to 378.64, as the German Dax edged up 0.07% to 12,211.25 and the Cac-40 added 0.05% to 5,071.78.
Despite the slow start to trading with just two days to go to the end of the month, strategists at Morgan Stanley reportedly said March's rise in both the Euro Stoxx 50 and the euro - the first in a year - was a sign of greater conviction on the part of investors.
Against that backdrop, Spanish consumer prices advanced at a 2.1% year-on-year pace in March, down from the 3.0% pace observed in the prior month (consensus: 2.3%).
Similarly, data released before the start of trading showed CPI in the German state of Saxony falling back to a 1.8% pace, versus 2.4% in February.
The data appeared to justify the cautious approach adopted by the European Central Bank thus far.
Indeed, a report from Reuters on Wednesday indicated that rate-setters at the ECB were wary of modifying the language of their policy statement when they next met in April.
As an aside, in a research note sent to clients Fabrice Montagne at Barclays Research told clients he would not be surprised if the UK and the European Union inked a transition agreement in order to avoid a 'cliff edge' when the legally-mandated limit to conclude negotiations ran out in two years' time.
On the calendar for Thursday were euro area industrial confidence figures for March at 09:00 GMT and preliminary German consumer price data for the same month which were due at noon.
Later in the day, traders will be watching out for the latest weekly US initial unemployment claims data and revised fourth quarter GDP figures, alongside a speech from Cleveland Fed president Loretta Mester.
Speaking overnight, John Williams and Eric Rosengren at the Federal Reserve both alluded to the possibility of three more interest rate hikes from the Fed in 2017, Craig Erlam, senior market analyst at Oanda explained.
"With two more officials due to speak today, it will be interesting to see whether we're seeing another coordinated response from the Fed to lift rate expectations, with markets having recently pared them back a fair bit," Erlam said.
Meantime, in the corporate space, worker representatives at German industrial gas manufacturer Linde were increasingly against plans for a merger with US rival Praxair, Handelsblatt reported.
Oil services group Saipem said on Wednesday it had launched a €500.0m fixed-rate non-convertible bond. |
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| | US Market Report | | US close: Markets mixed as investors look to Fed speeches US equity markets were mixed on Wednesday as investors looked to speeches from Federal Reserve officials and kept abreast of events in Europe as Britain started divorce proceedings with the EU.
The Dow Jones Industrial Average was down 0.2% at 20,659.32, while the S&P 500 rose 0.11% to 2,361.13, and the Nasdaq 100 was 0.43% higher at 5,430.27.
Investors were eyeing speeches by Federal Reserve presidents to look for hints on another possible interest rate hike in June after dovish comments from central bank officials recently.
Chicago Fed president Charles Evans told a conference in Germany that he supported "another one or two increases this year" due to progress in full employment and stable inflation in the US.
Across the pond, British Prime Minister Theresa May signed a letter on Tuesday evening to trigger Article 50 of the Lisbon treaty which will start a two-year clock on negotiations to leave the trading bloc.
The country's EU ambassador, Sir Tim Barrow hand delivered the letter to Donald Tusk, the president of the European Council on Wednesday.
Immediately after the clause was triggered, the pound rose against the dollar to a daily high.
Analysts at Monex Europe said: "After taking a pummelling last week on the failure of 'Trumpcare' legislation, dollar is attempting a rally this week, and made progress against most of the G10 overnight after yesterday's advances versus sterling and the euro.
"Yesterday's fundamental data was positive, including a smaller than expected goods trade deficit, which, somewhat humorously given recent rhetoric from President Trump, may well be due to the timing of the Chinese New Year holiday in the nation that is the key source of US imports."
On the data front, US pending home sales rose a lot more than expected in February, according to data from the National Association of Realtors.
The NAR's monthly index rose 5.5% to 112.3 from 106.4 in January and now sits 2.6% above a year ago, marking the highest level since last April. Economists had expected a 2.1% jump on the month.
On the corporate front, Vertex Pharmaceuticals soared 20.45% following news late on Tuesday that its drug for cystic fibrosis met endpoints in two late-stage clinical studies.
Restoration Hardware parent RH climbed 14.95% following better-than-expected earnings late on Tuesday.
Restaurant chain Dave & Buster's Entertainment fell 3.38% after disappointing updates, while rival Sonic Corp surged 5.43% after quarterly earnings beat expectations.
Amazon extended gains, rising 2.14% to a record high after launching a new grocery service, Amazonfresh Pickup, on Tuesday.
Dow Jones - Risers
Chevron Corp. (CVX) $108.07 0.84%
Wal-Mart Stores Inc. (WMT) $70.74 0.60%
Pfizer Inc. (PFE) $34.33 0.50%
Merck & Co. Inc. (MRK) $63.64 0.47%
Microsoft Corp. (MSFT) $65.47 0.28%
Apple Inc. (AAPL) $144.12 0.22%
Exxon Mobil Corp. (XOM) $82.02 0.22%
General Electric Co. (GE) $29.68 0.20%
Boeing Co. (BA) $177.63 0.15%
Nike Inc. (NKE) $56.68 0.11%
Dow Jones - Fallers
Unitedhealth Group Inc. (UNH) $163.44 -1.16%
Travelers Company Inc. (TRV) $120.56 -1.04%
Cisco Systems Inc. (CSCO) $33.74 -0.82%
United Technologies Corp. (UTX) $112.06 -0.60%
Johnson & Johnson (JNJ) $124.92 -0.59%
American Express Co. (AXP) $78.25 -0.50%
McDonald's Corp. (MCD) $128.84 -0.47%
Walt Disney Co. (DIS) $112.53 -0.46%
Goldman Sachs Group Inc. (GS) $228.46 -0.38%
JP Morgan Chase & Co. (JPM) $88.27 -0.37%
S&P 500 - Risers
Vertex Pharmaceuticals Inc. (VRTX) $108.01 20.45%
Chesapeake Energy Corp. (CHK) $5.81 7.79%
Endo International Plc (ENDP) $11.46 6.70%
Nordstrom Inc. (JWN) $45.92 5.37%
Hess Corp. (HES) $49.76 4.87%
Urban Outfitters Inc. (URBN) $24.41 4.54%
Kohls Corp. (KSS) $40.19 4.53%
Range Resources Corp. (RRC) $28.95 4.17%
Marathon Oil Corp. (MRO) $15.84 4.07%
Devon Energy Corp. (DVN) $41.22 4.04%
S&P 500 - Fallers
F5 Networks Inc. (FFIV) $142.10 -3.42%
Mylan Inc. (MYL) $40.35 -3.28%
Paychex Inc. (PAYX) $59.06 -2.51%
Tenet Healthcare Corp. (THC) $17.92 -2.29%
Biogen Inc (BIIB) $268.53 -2.04%
US Bancorp (USB) $51.75 -1.82%
Westrock Company (WRK) $52.04 -1.57%
Citizens Financial Group, Inc. (CFG) $34.49 -1.54%
American Airlines Group (AAL) $41.96 -1.50%
Royal Caribbean Cr (RCL) $98.92 -1.40%
Nasdaq 100 - Risers
Vertex Pharmaceuticals Inc. (VRTX) $108.01 20.45%
Liberty Global Plc Lilac Class C (LILAK) $23.63 3.59%
Liberty Global Plc Lilac Class A (LILA) $22.80 3.54%
Regeneron Pharmaceuticals Inc. (REGN) $394.14 3.03%
Dollar Tree Inc (DLTR) $78.51 2.56%
Amazon.Com Inc. (AMZN) $874.32 2.14%
O'Reilly Automotive Inc. (ORLY) $274.78 1.88%
Alexion Pharmaceuticals Inc. (ALXN) $120.72 1.85%
Symantec Corp. (SYMC) $30.83 1.55%
Discovery Communications Inc. Class A (DISCA) $28.06 1.37%
Nasdaq 100 - Fallers
Mylan Inc. (MYL) $40.35 -3.28%
Paychex Inc. (PAYX) $59.06 -2.51%
NetEase Inc. Ads (NTES) $283.32 -2.08%
Biogen Inc (BIIB) $268.53 -2.04%
American Airlines Group (AAL) $41.96 -1.50%
J.B. Hunt Transport Services Inc. (JBHT) $91.16 -1.28%
Automatic Data Processing Inc. (ADP) $102.13 -1.11%
Twenty-First Century Fox Inc Class A (FOXA) $32.11 -1.02%
Amgen Inc. (AMGN) $163.06 -1.00% |
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| | Newspaper Round Up | | Thursday newspaper round-up: Lloyd's of London, Heathrow, gig economy Lloyd's of London will announce on Thursday that it has picked Brussels as the base for its new EU subsidiary to secure a European foothold after the UK's departure from the EU. The announcement by the world's biggest insurance market will be made alongside its annual results, a day after Theresa May triggered article 50 to kickstart the process of leaving the EU. - Guardian
British businesses have cautiously welcomed the prime minister's pledge to work for a "bold and ambitious free trade agreement" with the EU as part of the Brexit negotiations, but reiterated warnings that it would be disastrous for the UK to leave without a deal. Concerns have been rising among businesses in recent weeks that the UK could be heading towards a hard Brexit that would mean paying World Trade Organisation tariffs of about 5% on imports and exports with Europe. - Guardian
Heathrow's overseas backers have flown in the face of any fears surrounding Britain's triggering of its two-year divorce from the EU by pledging £650m in investments for major projects. The London airport, which deals with more than 75m passengers every year, said its consortium of investors would spend the cash in 2019 on projects likely to include the expansion of Terminal 2 and a new southern access tunnel for road traffic to the airport. - Telegraph
A controversial design contract for the £55bn High Speed 2 rail project has been abandoned by the US engineer which won the work following cronyism allegations. In February American engineering consultancy CH2M Hill was awarded the £170m Phase 2B deal to design parts of the high speed line running from Birmingham to Manchester and Leeds. - Telegraph
Housebuilders have been accused of showing a "worrying" focus on quantity over quality after a survey showed a growing number of complaints from customers. The Home Builders Federation revealed that 98 per cent of customers have reported snags or defects to their home since moving in a year ago, up from 93 per cent a year ago. - The Times
Gig economy companies such as Uber are deliberately misleading their workers in an attempt to strengthen the case against reform of employment rights, according to the head of a government review. Matthew Taylor, a former adviser to Tony Blair and chief executive of the Royal Society of Arts, said that Uber drivers and others were being led to believe there was a trade-off between flexibility and job protection. - The Times | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
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