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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 eye Trump announcement London stocks were little changed in early trade on Wednesday as investors sifted through corporate news and awaited a big announcement on tax reform from US President Donald Trump.
At 0825 BST, the FTSE 100 was flat at 7,272.45, while the pound was down 0.1% versus the dollar at 1.2820.
Accendo Markets analyst Mike van Dulken said: "In focus today is a long awaited Trump Tax announcement, although with suggestions of a 10% repatriation tax for overseas cash (to fuel share buybacks, higher dividends?) and a 15% corporation tax (vs. 35%) already out in the open, the risk is markets are left wanting, yet again, with merely aims and priorities rather than any valuable progress on actual implementation."
In corporate news, London Stock Exchange Group was on the front foot after saying it made a strong start to the year, with sales growth across the group apart from capital markets, which was hit by lower trading levels than last year.
Croda International rallied as it reported a 19% rise in first-quarter sales and kept its outlook for 2017 unchanged.
Jupiter Fund Management racked up solid gains after the asset manager reported an increase in first-quarter inflows and assets under management as its diversification strategy bore fruit.
Engineer GKN retreated after saying it had a good first quarter with organic sales growth, but warning that its growth rate may not be sustained for the full year due to tough comparators.
Building materials group CRH nudged lower as it said it had a "satisfactory" start to the year, with a 4% increase in first-quarter sales as European growth offset a flat US performance.
Metro Bank was weaker despite the challenger bank reporting record deposit growth and a rise in lending for the first quarter.
Antofagasta was just a touch lower after the Chilean miner reasserted its guidance for 2017 as it posted a 9.4% jump in first-quarter copper production. Fresnillo was also on the back foot after a production report, but BHP Billiton gained ground, while Tullow Oil gushed lower after backing its oil production guidance.
Retailer Next fell after being cut to 'underperform' at Jefferies, while Severn Trent was in the red after HSBC downgraded the stock 'reduce'.
Savills was weaker following a downgrade by Peel Hunt, but housebuilder Bellway edged higher after an upgrade to 'buy' by the same outfit.
There are no major UK data releases due. |
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| Market Movers
FTSE 100 (UKX) 7,272.45 -0.04%
FTSE 250 (MCX) 19,552.02 -0.15%
techMARK (TASX) 3,467.09 -0.28%
FTSE 100 - Risers
Croda International (CRDA) 3,827.00p 4.59%
Taylor Wimpey (TW.) 202.20p 1.20%
CRH (CRH) 2,863.00p 0.85%
Kingfisher (KGF) 328.70p 0.70%
Rio Tinto (RIO) 3,119.00p 0.63%
International Consolidated Airlines Group SA (CDI) (IAG) 565.50p 0.62%
BHP Billiton (BLT) 1,214.00p 0.62%
Persimmon (PSN) 2,279.00p 0.53%
London Stock Exchange Group (LSE) 3,322.00p 0.45%
3i Group (III) 797.50p 0.44%
FTSE 100 - Fallers
Fresnillo (FRES) 1,481.00p -1.46%
Severn Trent (SVT) 2,298.00p -1.29%
Centrica (CNA) 197.80p -1.05%
Shire Plc (SHP) 4,581.50p -0.97%
Next (NXT) 4,233.00p -0.91%
British Land Company (BLND) 654.50p -0.53%
Diageo (DGE) 2,247.50p -0.51%
Hammerson (HMSO) 599.50p -0.50%
National Grid (NG.) 1,005.50p -0.49%
Royal Bank of Scotland Group (RBS) 252.20p -0.47%
FTSE 250 - Risers
Jupiter Fund Management (JUP) 482.30p 3.77%
Redefine International (RDI) 38.80p 1.73%
Greencore Group (GNC) 231.50p 1.62%
Euromoney Institutional Investor (ERM) 1,101.00p 1.38%
Ferrexpo (FXPO) 156.00p 1.04%
Berendsen (BRSN) 805.00p 1.00%
Syncona Limited NPV (SYNC) 146.50p 0.96%
Aberdeen Asset Management (ADN) 285.90p 0.95%
Vedanta Resources (VED) 713.50p 0.92%
Caledonia Investments (CLDN) 2,792.00p 0.83%
FTSE 250 - Fallers
Hochschild Mining (HOC) 248.60p -4.42%
Allied Minds (ALM) 160.10p -2.97%
PayPoint (PAY) 986.00p -2.95%
Metro Bank (MTRO) 3,501.00p -2.37%
Ibstock (IBST) 221.40p -1.99%
Nostrum Oil & Gas (NOG) 439.40p -1.99%
Rank Group (RNK) 209.40p -1.87%
Savills (SVS) 911.00p -1.78%
Fisher (James) & Sons (FSJ) 1,620.00p -1.70% |
| | Wednesday 26 April
INTERIMS
Proactis Holdings, Redefine International, Redefine International
INTERIM DIVIDEND PAYMENT DATE
Close Brothers Group
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
FINALS
Boohoo.com, GAN, Walker Greenbank
ANNUAL REPORT
HSS Hire Group
AGMS
Admiral Group, Bank of America Corp., Bioquell, British American Tobacco, CLS Holdings, Croda International, Devro, Fidessa Group, Glanbia, Global Invacom Group Limited (DI), Greencoat UK Wind, Henderson Diversified Income Ltd., Henderson Group, JPMorgan US Smaller Co. Inv Tst, Kennedy Wilson Europe Real Estate , Mithras Inv Trust, Nichols, Personal Group Holdings, Petards Group, Primary Health Properties, Schroder Asian Total Return Investment Company , Schroder Asian Total Return Investment Company , Telit Communications, Tullow Oil, Venn Life Sciences Holdings
TRADING ANNOUNCEMENTS
Plus500 Ltd (DI), Tullow Oil
FINAL DIVIDEND PAYMENT DATE
Shore Capital Group Ltd.
Q1
Croda International, Metro Bank, Ooredoo Q.S.C. GDR (Reg S) |
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| | US Market Report | | US close: Stocks end up on earnings, Nasdaq breaches 6,000 for first time US stocks ended in the black on Tuesday thanks to some well-received corporate news and as investors awaited a big tax reform announcement from President Donald Trump, with the tech-heavy Nasdaq breaching the 6,000 level for the first time.
The Dow Jones Industrial Average closed up 1.1% to 20,996.12, the S&P 500 rose 0.6% to 2,388.62, and the Nasdaq gained 0.7% to close at a record 6,025.49.
Investors were looking ahead to a possible announcement by Trump on Wednesday, after he tweeted over the weekend that his tax reform plans - which could include a reduction in corporate tax to 15% - would be revealed mid-week.
Neil Wilson, senior market analyst at ETX Capital, pointed out that tech stocks such as Amazon, Apple, Facebook, Google, and Microsoft, would be big beneficiaries of the proposed tax reforms.
"With the Nasdaq hitting all-time highs thoughts instantly return to the dotcom bubble. But we are a long way off the kind of multiples seen back then. That should offer some comfort," he said.
"Meanwhile the Shiller PE Ratio for the S&P 500 is still well short of the level it hit at that time. Approaching 30, it's very high historically but has a lot further to run to breach the 44 level it scaled before it all fell apart at the start of the noughties. For now it's time to party like it's 1999."
Corporate news provided some cheer, with McDonald's rallying after the fast food giant's first-quarter earnings beat forecasts, while Caterpillar advanced after the construction equipment manufacturer raised its full-year revenue guidance and reported better-than-expected results.
DuPont was on the front foot after its quarterly earnings beat expectations, while Straight Path Communications surged after announcing that AT&T has five days to match a higher buyout bid it received.
AdvancePierre Foods Holdings climbed after Tyson Foods said that it will buy the company for $4.2bn.
Biogen gained after it reported a 7% rise in earnings, and Rite Aid pushed higher after topping earnings expectations.
On the downside, Coca-Cola edged lower after it posted a drop in first quarter earnings and revenue.
Lockheed Martin slipped as the US contractor trimmed its outlook after it missed revenue forecasts, while Eli Lilly & Co was also weaker after the drug maker swung to a first-quarter loss.
On the data front, the Conference Board's consumer confidence index fell to 120.3 in April from 124.9 the month earlier and slightly below the consensus forecast of 122.5.
The headline index was depressed by a 5.7 point drop in the expectations index and a 3.3 point dip in the current conditions number. Inflation expectations were unchanged at 4.7% over the next year.
Separately, new US home sales rose to 621,000 in March from 587,000 in February, coming in above the 584,000 consensus forecast. |
| | Newspaper Round Up | | Wednesday newspaper round-up: McDonald's, Heathrow, Trump, RBS The 26-year-old Duke of Westminster, who is believed to be the world's richest person under 30 with a £9bn fortune, has been hit by a steep drop in returns on his family's British property empire, which includes many of the most famous addresses in London's Mayfair and Belgravia. The Grosvenor Group, which Hugh Grosvenor inherited last year following the death of his father Gerald Grosvenor, reported on Tuesday that returns on its British & Irish property portfolio had collapsed to just 0.3% last year compared with 10.7% in 2015. It is the company's worst UK performance since the 2008 financial crisis and follows six successive years of returns above 10%. - Guardian
McDonald's is to offer 115,000 UK workers on controversial zero-hours contracts the option of moving to fixed contracts with a minimum number of guaranteed hours every week. The move is a significant development in the debate about employee rights because McDonald's is one of the biggest users of zero-hours contracts in the country. Sports Direct has also used workers on zero-hour contracts in its shops. - Guardian
Four UK construction hubs are being sought by Heathrow to allow components of its £16bn expansion project to be built away from the airport. The logistics hubs will pre-assemble components linked to projects related to the proposed third runway before transporting them to the airport. Heathrow's chief executive John Holland-Kaye said this method would make the project more affordable and mean jobs linked to the investment would be spread more broadly across the country. - Telegraph
Compliance is under-valued by chief executives of some of the world's biggest companies, leaving the businesses open to hacking attacks, legal risks and huge financial penalties. Research by risk consultancy Control Risks has found that a quarter of large companies spend less than $25 a year per staff member on compliance, and a similar proportion have five or fewer people in their compliance teams. - Telegraph
Donald Trump looked set to have sparked a potentially damaging trade war with Canada after the US president slapped $1 billion of tariffs on imports of the country's timber. Hours after the White House published its decision late on Monday, Justin Trudeau, Canada's prime minister, promised to protect his country as the government said it would fight the "unfair and punitive" tariffs in court. - The Times
Royal Bank of Scotland has hit a brick wall in its attempt to resolve the US investigation into its mis-sale of toxic mortgage securities because of changes at the Department of Justice since the election of President Trump. Hopes were raised that RBS was getting close to settling the multibillion-pound case in January when it set aside £3.1 billion to cover a likely fine by the DoJ, taking its total provision to £6.8 billion. However, the bank has made little progress because of the widespread clearout of key staff at the DoJ and among the state attorneys. - The Times | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
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