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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 safe havens rally on geopolitical tensions London stocks nudged just a touch lower in early trade, with investors reluctant to make any bold moves as geopolitical tensions intensified after the US destroyed a Syrian airfield and ahead of the non-farm payrolls report.
At 0825 BST, the FTSE 100 was down 0.1% to 7,297.76, faring a little better than its European counterparts, with the Stoxx Europe 600 index down 0.4%.
Meanwhile, oil prices gained ground on the back of the US missile strike amid concerns about disruption to supply in the region, with West Texas Intermediate up 1.2% to $52.31 a barrel and Brent crude 0.9% higher at $55.44.
Gold and silver prices were up more than 1% while the yen rallied as investors opted for safe haven assets. The yellow metal rose to a fresh five-month high of $1,269 an ounce on news of the air strike.
US President Donald Trump said he ordered the missile strikes following the deadly chemical attack that took place earlier in the week.
US Secretary of State Rex Tillerson said late on Thursday that there was "no doubt" Syrian President Bashar Assad was behind the poison gas attack that killed dozens of Syrian civilians.
Accendo Markets analyst Mike van Dulken said: "This is the first major event of a Trump presidency that is still very much in its infancy. The timing may also prove pivotal as he spends a second day with Chinese President Xi. So far so cordial, but markets are eager for something tangible. Trump already joked he has got nothing so far but friendship; Syrian intervention may make relationships even more strained than they already were. And not just with China; Russia and Iran too."
"Data-wise, it's all about this afternoon's monthly US jobs report, and the widely watched non-farm payrolls print, which gives us the latest lay of the land in terms of stateside employment and whether that half of the Fed's dual mandate continues to improve at a pace that justifies further rate rises."
The non-farm payrolls report and the unemployment rate are due at 1330 BST. The US ADP employment report on Wednesday came in ahead of analysts' expectations, leading to upgrades to estimates for the payrolls number, putting the consensus forecast at around 174,000.
Ahead of the payrolls, market participants will eye UK manufacturing and industrial production figures at 0930 BST, along with the trade balance.
In corporate news, oilfield services provider Hunting was on the front foot after saying its chief executive Dennis Proctor will step down from the role in 2017 once a replacement has been appointed.
Model train maker Hornby surged as it said it has completed the first phase of its turnaround plan.
Aberdeen Asset Management got a boost after RBC Capital Markets upgraded the stock to 'outperform', while Ocado slumped as UBS cut the stock to 'sell' from 'buy'. |
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| Market Movers
FTSE 100 (UKX) 7,297.76 -0.07%
FTSE 250 (MCX) 19,090.49 -0.19%
techMARK (TASX) 3,415.75 -0.20%
FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 7,275.00p 2.39%
Standard Life (SL.) 364.10p 2.33%
Sainsbury (J) (SBRY) 258.10p 1.45%
Tesco (TSCO) 187.75p 1.38%
BAE Systems (BA.) 642.00p 1.26%
Fresnillo (FRES) 1,613.00p 1.19%
Royal Dutch Shell 'A' (RDSA) 2,137.50p 1.04%
Royal Dutch Shell 'B' (RDSB) 2,228.00p 0.93%
Morrison (Wm) Supermarkets (MRW) 232.40p 0.74%
BP (BP.) 466.95p 0.54%
FTSE 100 - Fallers
Anglo American (AAL) 1,214.50p -2.45%
Antofagasta (ANTO) 844.50p -1.92%
ITV (ITV) 212.70p -1.85%
Rio Tinto (RIO) 3,199.00p -1.80%
Next (NXT) 3,978.00p -1.58%
Wolseley (WOS) 4,885.00p -1.41%
Glencore (GLEN) 315.15p -1.32%
BHP Billiton (BLT) 1,258.50p -1.22%
Royal Bank of Scotland Group (RBS) 235.60p -0.88%
Lloyds Banking Group (LLOY) 63.03p -0.88%
FTSE 250 - Risers
Aberdeen Asset Management (ADN) 273.60p 2.36%
Polymetal International (POLY) 1,051.00p 1.55%
Hunting (HTG) 596.00p 1.36%
P2P Global Investments (P2P) 845.00p 1.20%
G4S (GFS) 310.30p 1.07%
Big Yellow Group (BYG) 748.00p 1.01%
Syncona Limited NPV (SYNC) 145.50p 0.83%
Amec Foster Wheeler (AMFW) 562.00p 0.81%
Synthomer (SYNT) 480.80p 0.73%
Aldermore Group (ALD) 231.60p 0.70%
FTSE 250 - Fallers
Ocado Group (OCDO) 235.00p -6.75%
Kaz Minerals (KAZ) 469.20p -2.64%
Marshalls (MSLH) 357.50p -2.40%
Ferrexpo (FXPO) 167.60p -1.82%
Vedanta Resources (VED) 813.50p -1.75%
Evraz (EVR) 234.60p -1.68%
Hastings Group Holdings (HSTG) 269.80p -1.42%
Petra Diamonds Ltd.(DI) (PDL) 131.10p -1.35%
Petrofac Ltd. (PFC) 884.50p -1.34% |
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| | UK Event Calendar | | Friday April 07
INTERIM DIVIDEND PAYMENT DATE
AdEPT Telecom, Alumasc Group, Ashmore Group, Croma Security Solutions Group, Dechra Pharmaceuticals, ECO Animal Health Group, Edge Performance VCT G Shares, Foresight Solar & Infrastructure VCT, Hargreaves Services, Hays, London Finance & Investment Group, Mid Wynd International Inv Trust, MJ Gleeson , Oxford Instruments, PZ Cussons, Renishaw, Standard Life UK Smaller Companies Trust, Wilmington
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Crest Nicholson Holdings, Jupiter Fund Management , Safestore Holdings, XLMedia
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| | US Market Report | | US close: Markets higher as investors pore over Fed minutes US stocks finished higher on Thursday after better-than-expected employment data, while investors were also digesting news that the Federal Reserve will start unwinding its $4.5trn balance sheet this year.
The Dow Jones Industrial Average closed up 0.07% to 20,662.95, the S&P 500 rose 0.19% to 2,357.49, and the Nasdaq added 0.04% to 5,420.88.
Stocks were buoyed as data showed that number of Americans filing for unemployment fell more than expected last week, ahead of Friday's non-farm payrolls.
US initial jobless claims were down 25,000 to 234,000 from the previous week's level, which was revised up by 1,000 to 259,000.
The four-week moving average came in at 250,000, down 4,500 from the previous week's average, which was revised up to 254,500 from 254,250.
Michael Hewson, chief market analyst at CMC Markets said that the sharp drop in initial jobless claims "appear to suggest a tightening labour market, but does contrast with yesterday's bumper ADP numbers, which suggested that there still remains a significant amount of slack in the US labour market".
Investors were also still mulling Wednesday's Federal Reserve minutes, which revealed that the central bank was ready to start cutting its balance sheet before the end of the year.
The minutes from the March meeting, during which officials approved a quarter-point interest rate hike, revealed that the Fed plans to start shedding the $4.5trn in bonds it is holding on its balance sheet.
They stated that the reductions should be "gradual and predictable" through the "phasing out" of reinvestments, meaning the Fed won't just stop repurchasing all debt instruments when they mature.
Russ Mould, investment director at AJ Bell, said that any such move to reduce the size of the balance sheet and 'sterilise' quantitative easing will be seen by some as the ultimate sign of the bond-buying scheme's success - namely that the US economy is back on track a decade after the first signs of sub-prime mortgage distress became clear and is capable of functioning without emergency support.
"The FOMC minutes offer no promises of sterilisation and stress that any move to withdraw this stimulus would be made gradually, mirroring the baby steps made under Janet Yellen to tighten monetary policy via three interest rate increases so far (since December 2015) and the decision to stop adding to quantitative easing in 2014.
"The battle lines are now drawn between bulls, looking forward to a healed US economy and one fired up by the proposed Trump reform programme, and bears pointing toward historically very high valuations on a market-cap-to-GDP and cyclically-adjusted price earnings (CAPE or Shiller PE) basis, moderate corporate profit momentum and the withdrawal of quantitative easing as key obstacles toward fresh advances in US stocks."
Elsewhere, European Central Bank president Mario Draghi was moved to dispel rumours that there will be and to negative interest rates and that it will be raised this autumn.
The minutes of the ECB's March were meeting were also released on Thursday and showed that the central bank was facing pressures from the heads of the French, German, Spanish and Dutch central banks over its assessment of the Eurozone economy.
Back in the US, investors were also eyeing the meeting of President Donald Trump and his Chinese counterpart at Trump's Mar-a-Lago resort in Florida.
At the two-day summit the world leaders are expected to discuss trade and reigning North Korea's nuclear ambitions.
In corporate news, retailers rallied after recent sell-offs with L Brands climbing 11.02%, Bed Bath & Beyond rising 3.39%, Staples up 0.61%, and Kohl's Corp 5.55% higher.
Sunoco surged 20.24% after 7-Eleven owner Seven & I Holdings said it would buy over 1,000 stores and petrol stations from the oil company for $3.3bn.
Constellation Brands gained 6.43% after the drinks company reported strong fourth quarter earnings due to whiskey sales.
Dow Jones - Risers
Caterpillar Inc. (CAT) $95.82 1.68%
Chevron Corp. (CVX) $109.29 0.60%
Exxon Mobil Corp. (XOM) $83.01 0.58%
Goldman Sachs Group Inc. (GS) $228.64 0.43%
Home Depot Inc. (HD) $147.24 0.41%
JP Morgan Chase & Co. (JPM) $86.48 0.34%
Nike Inc. (NKE) $55.14 0.29%
Microsoft Corp. (MSFT) $65.73 0.26%
Cisco Systems Inc. (CSCO) $33.08 0.24%
Coca-Cola Co. (KO) $42.67 0.23%
Dow Jones - Fallers
Verizon Communications Inc. (VZ) $48.43 -1.20%
Procter & Gamble Co. (PG) $89.40 -0.63%
Intel Corp. (INTC) $36.03 -0.52%
Merck & Co. Inc. (MRK) $63.24 -0.52%
Wal-Mart Stores Inc. (WMT) $71.43 -0.31%
Travelers Company Inc. (TRV) $120.54 -0.31%
Apple Inc. (AAPL) $143.66 -0.25%
International Business Machines Corp. (IBM) $172.45 -0.25%
Pfizer Inc. (PFE) $34.11 -0.23%
McDonald's Corp. (MCD) $130.15 -0.20%
S&P 500 - Risers
L Brands Inc (LB) $47.85 11.02%
Constellation Brands Inc. Class A (STZ) $171.77 6.43%
Kohls Corp. (KSS) $39.59 5.55%
Gap Inc. (GPS) $24.05 5.02%
Bed Bath & Beyond Inc. (BBBY) $39.08 3.39%
Under Armour Inc. Class A (UAA) $20.27 3.31%
Devon Energy Corp. (DVN) $42.88 3.28%
Endo International Plc (ENDP) $11.27 3.02%
CF Industries Holdings Inc. (CF) $29.66 2.99%
Nordstrom Inc. (JWN) $44.72 2.95%
S&P 500 - Fallers
AT&T Inc. (T) $40.60 -2.19%
Fastenal Co. (FAST) $50.95 -1.47%
Amazon.Com Inc. (AMZN) $898.28 -1.21%
Verizon Communications Inc. (VZ) $48.43 -1.20%
Coca-Cola European Partners Limited (CCE) $37.10 -1.04%
Estee Lauder Co. Inc. (EL) $84.37 -1.02%
Clorox Co. (CLX) $132.95 -0.98%
General Mills Inc. (GIS) $57.69 -0.96%
Frontier Communications Co. (FTR) $2.10 -0.94%
Twenty-First Century Fox Inc Class B (FOX) $30.55 -0.91%
Nasdaq 100 - Risers
JD.com, Inc. (JD) $32.23 2.22%
Comcast Corp. (CMCSA) $38.13 2.12%
Tractor Supply Company (TSCO) $69.53 1.88%
Costco Wholesale Corp. (COST) $170.02 1.81%
Illumina Inc. (ILMN) $170.44 1.77%
Dentsply International Inc. (XRAY) $63.04 1.69%
Western Digital Corp. (WDC) $84.09 1.68%
Ross Stores Inc. (ROST) $63.45 1.47%
Charter Communications Inc. (CHTR) $336.80 1.45%
Dollar Tree Inc (DLTR) $78.05 1.30%
Nasdaq 100 - Fallers
Incyte Corp. (INCY) $135.50 -2.12%
Shire Plc Ads (SHPG) $171.55 -2.01%
Fastenal Co. (FAST) $50.95 -1.47%
Amazon.Com Inc. (AMZN) $898.28 -1.21%
Vodafone Group Plc ADS (VOD) $25.81 -1.04%
Twenty-First Century Fox Inc Class B (FOX) $30.55 -0.91%
Twenty-First Century Fox Inc Class A (FOXA) $31.12 -0.83%
Alexion Pharmaceuticals Inc. (ALXN) $115.49 -0.62%
Xilinx Inc. (XLNX) $56.34 -0.55% |
| | Newspaper Round Up | | Friday newspaper round-up: Housebuilders, BHS, Feelunique The Competition and Markets Authority is examining payments between housebuilders and the providers of warranties for new homes as part of a review of NHBC, the largest warranty provider. The CMA announced last month it was reviewing undertakings made by NHBC, the standard-setting body for new-build properties in the UK and the main warranty provider. These 22-year-old undertakings were designed to improve competition in the warranty market. - Guardian
Norway plans to build the world's first tunnel for ships, a 1,700-metre (5,610-ft) passageway burrowed through a piece of rocky peninsula that will allow vessels to avoid a treacherous part of sea. The Stad Ship Tunnel, which would be able to accommodate cruise and freight ships weighing up to 16,000 tonnes, is expected to open in 2023. - Guardian
Dominic Chappell, the former owner of BHS, is being hauled to court by the Insolvency Service for failing to co-operate with its inquiry into the retail chain's collapse. It is understood that Mr Chappell has been given a court date of April 27 in Manchester to respond to the Insolvency Service's requests for information. - Telegraph
The French have always been better-known for beauty than the British. Dior, L'Oral, Chanel - they're all French brands. Even the word 'beauty' comes from the Old French 'beaute'. And now British firms are making the most of the French 'savoir-faire'. British beauty retailer Feelunique has bought The Beautyst, a French company which has one of the largest social media followings in the French beauty sector and which sells beauty products online. - Telegraph
A former Barclays trader acquitted over playing a part in the Libor-rigging scandal has claimed Bank of England officials were told the rate was being inflated years before regulators began their investigations. Ryan Reich, 35, was acquitted yesterday of conspiracy to defraud following a six-week trial with Stylianos Contogoulas, 45, another former Barclays banker, after a jury rejected the Serious Fraud Office's case that they were involved in an attempt to rig benchmark borrowing rates. - The Times
One of the biggest operators in the hire purchase market has said the financial regulator has given it about a year to get its house in order amid concerns about eye-watering costs and a lack of transparency for consumers. Brighthouse, which has about 300 stores selling televisions, fridges and washing machines through repayment plans with interest rates of up to 99 per cent, said the Financial Conduct Authority notified it that it is "minded to authorise" the business if it complies with a series of conditions by May 2018. - The Times | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
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