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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 flat as investors pause for breath London stocks were little changed in early trade as investors paused for breath following strong gains in the previous session, when sentiment was underpinned by hopes that centrist Emmanuel Macron will win France's presidential elections.
At 0825 BST, the FTSE 100 was flat at 7,265.66, while the pound was up 0.2% against the dollar at 1.2808.
Spreadex's Connor Campbell said: "After Monday's Gallic surge the markets seem in need of a break, explaining the morning's rather snail-like start.
"The UK is responsible for the one major piece of data this morning: the public sector net borrowing reading. The figure is forecast to remain in the red, rising from £1.1bn to £2.6bn month-on-month, news that likely won't help out the pound."
The figures are due at 0930 BST.
In corporate news, wealth manager St James's Place racked up solid gains after saying first-quarter gross inflows rose 32% to £3.23bn with net inflows up to £1.99bn from £1.36bn. Group funds under management rose to £79.84bn from £62.02bn.
Specialty chemicals group Elementis advanced after saying it was on track to grow full year operating profit across its three segments after a positive first quarter of 2017.
Premier Oil gushed higher after it secured lock-in arrangements with more than 75% of the holders of its $245m convertible bonds, meaning it has the majority required to proceed with its refinancing.
Whitbread shares slumped after the Premier Inn and Costa owner missed profit forecasts for the year and, although it reported a good start to 2017, warned of a tougher consumer environment than last year.
Retail bank Virgin Money slipped despite reaffirming its full-year guidance and reporting a solid first quarter.
Tullow Oil fell after saying it has received acceptances for around 95.3% of the new shares offered in its $750m rights issue, which was announced back on 17 March.
Amec Foster Wheeler was also on the back foot as it posted a bigger-than-expected full-year pre-tax loss, while Carpetright tumbled after saying it expects underlying pre-tax profit for the year to be towards the lower end of the current range of market expectations of £13.9m to £16.2m.
Weir Group and Carillion were boosted by upgrades to 'overweight' at JP Morgan Cazenove, while Ascential got a lift after Berenberg started the stock at 'buy'.
Vectura was hit by a downgrade to 'underperform' at RBC Capital Markets. Anglo American and Antofagasta were lower after a downgrade by Goldman Sachs, while Vedanta Resources slipped after GS removed it from its Conviction List. |
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| Market Movers
FTSE 100 (UKX) 7,265.55 0.01%
FTSE 250 (MCX) 19,622.59 0.10%
techMARK (TASX) 3,464.57 0.04%
FTSE 100 - Risers
St James's Place (STJ) 1,126.00p 0.99%
Aviva (AV.) 532.00p 0.85%
Ashtead Group (AHT) 1,634.00p 0.55%
Unilever (ULVR) 4,042.00p 0.52%
Royal Bank of Scotland Group (RBS) 250.50p 0.48%
Centrica (CNA) 201.30p 0.45%
Admiral Group (ADM) 2,052.00p 0.44%
Royal Dutch Shell 'B' (RDSB) 2,108.50p 0.40%
Micro Focus International (MCRO) 2,547.00p 0.39%
Standard Life (SL.) 367.60p 0.38%
FTSE 100 - Fallers
Whitbread (WTB) 4,081.00p -5.25%
Antofagasta (ANTO) 821.00p -2.32%
Anglo American (AAL) 1,105.50p -2.08%
BHP Billiton (BLT) 1,191.50p -1.89%
Fresnillo (FRES) 1,492.00p -1.58%
Randgold Resources Ltd. (RRS) 6,870.00p -1.43%
Rio Tinto (RIO) 3,074.00p -1.24%
Associated British Foods (ABF) 2,854.00p -0.87%
Kingfisher (KGF) 334.80p -0.71%
Hargreaves Lansdown (HL.) 1,379.00p -0.65%
FTSE 250 - Risers
Elementis (ELM) 310.30p 3.99%
Allied Minds (ALM) 167.00p 3.34%
Weir Group (WEIR) 2,064.00p 3.05%
Carillion (CLLN) 222.80p 3.01%
Ascential (ASCL) 339.90p 2.75%
AO World (AO.) 139.00p 2.43%
Rank Group (RNK) 214.90p 2.43%
Sanne Group (SNN) 686.50p 2.39%
IP Group (IPO) 139.50p 2.20%
St. Modwen Properties (SMP) 355.00p 1.95%
FTSE 250 - Fallers
Diploma (DPLM) 0.00p -100.00%
Vectura Group (VEC) 134.30p -5.82%
ZPG Plc (ZPG) 361.30p -2.35%
Ferrexpo (FXPO) 151.30p -2.26%
Hochschild Mining (HOC) 257.00p -2.17%
Vedanta Resources (VED) 693.50p -2.12%
Petra Diamonds Ltd.(DI) (PDL) 126.60p -1.86%
Tullow Oil (TLW) 208.90p -1.42%
Great Portland Estates (GPOR) 682.00p -1.37% |
| | UK Event Calendar | | Tuesday 25 April
INTERIMS
AB Dynamics, Connect Group
QUARTERLY PAYMENT DATE
General Electric Co
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
House Price Index (US) (13:00)
New Homes Sales (US) (14:00)
Public Sector Net Borrowing (08:30)
Q4
Axis Bank Ltd GDR (Reg S)
GMS
OMV Petrom S.A. GDR (REG S)
FINALS
Axis Bank Ltd GDR (Reg S), Circassia Pharmaceuticals, Havelock Europa, Minds + Machines Group Limited (DI), OptiBiotix Health, Redstoneconnect, Whitbread
ANNUAL REPORT
OMV Petrom S.A. GDR (REG S)
AGMS
AFC Energy, Electric Word, Elementis, Entu (UK) , Equiniti Group , Foreign and Colonial Inv Trust, Globaldata, Hammerson, Horizonte Minerals, Maven Income and Growth VCT 5, Metro Bank, Premier Energy & Water Trust, Proteome Sciences, Shire Plc, Societatea Nationala De Gaze Naturale Romgaz S.A. GDR (Reg S), SpaceandPeople, Sterling Energy, STV Group
TRADING ANNOUNCEMENTS
Elementis
FINAL DIVIDEND PAYMENT DATE
Domino's Pizza Group
Q1
Apax Global Alpha Limited
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Slights gains as investors monitor political developments in France European stocks started the trading session on the front foot with the previous day's intense buying pressure carrying through into Tuesday, as investors monitor political developments in France and ahead of the European Central Bank's policy meeting later in the week.
As of 08:09 GMT the benchmark Stoxx 600 is up by 0.10% to 386.53, alongside gains of 0.12% for Germany's Dax to 12,470.88 and a rise of 0.07% for the Cac-40 to reach 5,272.91.
Acting as a backdrop, in the previous session the White House announced it would publish the outlines of its tax cut plans on Wednesday. The Trump administration wants to slash the corporate tax rate from 35% at present to 15%, the Wall Street Journal reports, prioritising economic growth over deficit concerns.
At the weekend, French centrist presidential candidate Emmmanuel Macron made off with the most votes, 24%, in the first round of voting, with all polls indicating that he will win the run-off vote on 7 May by a wide margin.
Nevertheless, some analysts are cautioning that nothing must be taken for granted - even if he wins.
Commenting on the situation in the euro area's second largest economy and one of its two key founding partners, Michael Hewson, chief market analyst at CMC Markets said: "in the absence of any political party backing of his own, [he will] have to create some form of consensus on both sides of the political divide that he has done so much to disrupt, in order to forge ahead with his own brand of reform.
"That will be no mean task in a country that has a labour code that is a bigger read than the bible, and whose vested interests are notoriously resistant to any type of reform."
Overnight, Macron's rival, far-right leader Marine Le Pen stepped down as head of the National Front party, claiming that it would "free" her to unite the French people ahead of the run-off vote.
Business confidence in France was steady in April amid improved conditions in the factory sector, offset by a slip in service sector confidence.
INSEE's headline business confidence index was unchanged in April from the month before at 104.0 and in-line with economists' forecasts.
Still on the economic calendar for Tuesday, at 0900 GMT the ECB will release the results of its quarterly Bank Lending Survey.
That will be followed by US data on home price growth and new home sales at 14:00 GMT and 15:00 GMT, respectively.
German software designer SAP is moving lower after reporting that core profits were slightly lower-than-expected over the first three months of the year. |
| | Newspaper Round Up | | Tuesday newspaper round-up: Customs bill, banks, WS Atkins, business rates Britain will have to settle a demand for €2 billion over its failure to tackle customs fraud before it can agree a post-Brexit trade deal with the EU, senior Brussels sources have said. European officials believe that HM Revenue & Customs is failing to curb Chinese crime gangs that systematically undervalue goods imported into the EU through Dover and Felixstowe, avoiding billions of pounds in customs duty and VAT. - The Times
Wall Street banks are considering setting up "pop-up" branches in European countries to deal with trading after Brexit while keeping the bulk of their work for continental clients in London. The plan, which is being kept confidential as lawyers and regulatory experts refine the details, could put banks on a collision course with European regulators, which fear a "brass plate" syndrome of lenders not having a proper presence in their countries. - The Times
The government appears to have performed a weekend U-turn on business rates and says a £300m relief fund to help small businesses worst hit by the shakeup is now available for councils to share out. Having on Friday said distribution of the money would require the approval of the new government after the 8 June general election, communities secretary Sajid Javid insisted: "Councils are free to start using the scheme and helping local businesses." - Guardian
An activist American hedge fund has built up a 6.8 per cent share in WS Atkins, the British engineering design consultant that is to be bought by a Canadian rival. Elliott Advisors declined to comment on its intentions when it disclosed its position in Atkins yesterday. - The Times
Marine Le Pen announced on Monday night that she was temporarily stepping down as head of France's Front National party in a bid to widen her appeal ahead of next month's presidential election run-off. The far-Right candidate will face Emmanuel Macron, the centrist, on May 7 with the country divided as never before over Europe. - Telegraph
Labour has said it would scrap the Brexit white paper and replace it with new negotiating priorities with the emphasis on keeping the benefits of the single market and customs union. Keir Starmer, the shadow Brexit secretary, will set out the plans alongside a pledge to unilaterally guarantee existing rights for all EU nationals as part of the party's election manifesto, hastily being put together following the snap election announcement last week. - Guardian
Theresa May is preparing a tax sweetener to appeal to working-class voters as part of her attempt to win seats in traditional Labour areas, Government sources have said. Sir Michael Fallon, the Defence Secretary, suggested that the Conservatives will use their manifesto to take lower paid workers "out of tax" entirely. - Telegraph
New opinion polls put the Conservatives on course for a historic Commons majority of up to 150 seats. The Tories have surged so far ahead that they could win 65 seats from Labour in England and Wales, as well as up to 12 seats in Scotland, according to a new series of polls. - Telegraph
Passengers flying from Britain to the US face a ban on carrying laptops in aircraft cabins. Whitehall is braced for Washington to extend its security restrictions to flights from Europe after President Trump's administration changed the rules last month for some US-bound aircraft from Middle Eastern countries. - The Times
Vodafone's UK arm has wasted millions of pounds on pay-TV channel contracts that it is now seeking to escape, in the latest sign of the telecoms giant's challenges in its home market. Sources at multiple broadcasters said Vodafone is seeking to exit deals it entered into as it prepared to launch its own internet-based TV service last year. - Telegraph
A formal investigation has been launched into allegations the maker of Peugeot and Citroen cars, PSA Group, cheated diesel emissions tests. French prosecutors opened the inquiry into alleged consumer fraud offences on April 7, according to a court official. - Telegraph
University students should not feel compelled to get a job until six months after graduating, the outgoing head of UCAS has said as she warned against the "obsession" with careers. Middle class parents and universities have become "too fixated" with using their degrees to get a job, Mary Curnock Cook suggested. - Telegraph
Conservative opposition to windfarms risks the UK missing out on one of the cheapest sources of electricity, according to the head of a Shell-funded industry group. Adair Turner, chair of the Energy Transitions Commission, said wind and solar power costs had fallen dramatically globally and urged the government to rethink its ban on subsidised onshore windfarms. - Guardian
PPG has turned up the heat on the Dulux paint maker Akzo Nobel with a third takeover offer and an apparent threat that this would be the last friendly approach. The American company yesterday raised its offer to €24.6 billion - more than 17 per cent higher than its first sighting shot in early March. - The Times
A leading law firm reaped nearly £10 million in fees from claims of torture and killing against British troops while suppressing evidence that eventually destroyed its case, a tribunal was told. Leigh Day paid more than £2 million to an Iraqi fixer and his intermediaries to generate the claims in breach of professional rules, it is alleged. - The Times
In another positive result for regional airports wooing international airlines away from the congested London market, Cardiff has signed a deal with Qatar Airways to fly to south Wales. The deal could lead to daily flights between the Welsh capital and Doha, the gateway to the Far East, the Indian subcontinent and Australasia. - The Times
A British marine engineer has been awarded $1m out of a $40m fine imposed by the US courts for blowing the whistle on one of the world's biggest cruise operators for illegally pumping thousands of gallons of oily waste into the sea. Christopher Keays was 27 and working as the third assistant engineer on Carnival's Caribbean Princess in 2013 when he discovered that a "magic pipe" was being used to discharge thousands of gallons of the waste into British waters. - The Times
Grant Thornton has been fined £2.3 million and severely reprimanded for failing to challenge bogus revenues at fire engine business AssetCo, which nearly collapsed. The Financial Reporting Council said that the accountancy firm and its former partner Robert Napper, who is retired, "fell significantly short of the standards reasonably to be expected".
A property developer who painted the exterior of her Kensington townhouse in red and white stripes has won a High Court battle against her local council, which demanded that she return it to its original colour. Zipporah Lisle-Mainwaring, 68, who painted the property in South End, Kensington, in March 2015, denied that her intention had been to spite neighbours who had objected to her plans to demolish the house and replace it with a new one. | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
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