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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 close: FTSE wanders to positive close ahead of Fed minutes Stocks in London wandered to a positive close on Wednesday as investors embraced a raft of corporate news, and as the market looked to this evening's Federal Reserve minutes release.
"'Off the lows' is about the best that can be said of a very dull session in London," said IG chief market analyst Chris Beauchamp.
"Little did we know that the initial excitement of the day would fade within minutes, to be replaced with aimless drift," he said, noting the focus was now on the Fed minutes.
The FTSE 100 closed up 0.40% to 7,514.90, and the FTSE 250 edged higher 0.15% to 19,950.52. Although other European indices were mildly down, those on Wall St were making tentative early gains.
Crude oil prices were trading more or less sideways ahead of tomorrow's Opec meeting in Vienna and on hopes of the cartel extending production curbs by nine months and into 2018.
"The FTSE 100 stood out from a crowd of weaker performance across benchmarks in mainland Europe," said Jasper Lawler, senior market analyst at London Capital Group.
"A lacklustre British pound which has struggled to build on its election gains in the last week softened the blow of a series of poorly-received corporate updates from the likes of Marks & Spencer and B&Q-owner Kingfisher," he added.
"Early alarm at China's debt downgrade by Moody's eased by the afternoon with China-sensitive mining stocks well off lows of the day." Gold, silver and copper prices remained depressed, however.
David Madden, market analyst at CMC Markets UK, said the markets had not seen any major moves on Wednesday as dealers awaited the Fed minutes at 19:00 BST from earlier this month.
"Investors will use the update to try and determine how likely the Federal Reserve is to increase interest rates next month," said Madden in a statement.
Traders, said Oanda analyst Craig Erlam, had become increasingly convinced that there would be a US rate hike in June, the second this year, but questions are being asked about where the Fed will go from there.
In corporate news, Marks & Spencer reversed earlier losses to trade higher after it reported steady sales but a 64% plunge in profit for the year to 1 April after taking a £437.4m hit mainly from changes to its pension scheme, international stores, and UK head office.
BAE Systems was among the biggest risers on the FTSE 100 as UBS said the new US defence budget blueprint supported accelerated revenue growth for the company, with around 37% of its sales exposed to US defence.
Similarly, Severn Trent advanced after analysts at JP Morgan lifted their target a day after the water company surprisingly upped its dividend.
Glencore confirmed it has been in talks with US grain trader Bunge over a potential merger with its agricultural arm, before righting itself later.
Kingfisher led the fallers after it said sales in the first three months of the year declined 0.6% due to weak French sales.
Mediclinic was under the weather as it posted a 25% jump in full-year pre-tax profit but cautioned that revenues in the Middle East will only rise marginally in the coming year.
Babcock lost ground despite reporting a rise in full-year pre-tax profit and revenue and lifting its dividend. |
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| Market Movers
FTSE 100 (UKX) 7,514.90 0.40%
FTSE 250 (MCX) 19,950.52 0.15%
techMARK (TASX) 3,606.90 0.53%
FTSE 100 - Risers
easyJet (EZJ) 1,344.00p 3.31%
TUI AG Reg Shs (DI) (TUI) 1,173.00p 2.80%
Severn Trent (SVT) 2,553.00p 2.49%
WPP (WPP) 1,701.00p 1.67%
Micro Focus International (MCRO) 2,421.00p 1.64%
DCC (DCC) 7,520.00p 1.62%
Direct Line Insurance Group (DLG) 347.40p 1.55%
Marks & Spencer Group (MKS) 393.40p 1.47%
Hargreaves Lansdown (HL.) 1,384.00p 1.46%
Reckitt Benckiser Group (RB.) 7,741.00p 1.45%
FTSE 100 - Fallers
Kingfisher (KGF) 334.00p -7.02%
Mediclinic International (MDC) 813.00p -6.44%
Randgold Resources Ltd. (RRS) 7,135.00p -1.45%
Smurfit Kappa Group (SKG) 2,127.00p -1.12%
Babcock International Group (BAB) 959.50p -1.03%
Rolls-Royce Holdings (RR.) 854.50p -0.87%
CRH (CRH) 2,785.00p -0.85%
Next (NXT) 4,430.00p -0.81%
Johnson Matthey (JMAT) 3,087.00p -0.80%
Hikma Pharmaceuticals (HIK) 1,671.00p -0.54%
FTSE 250 - Risers
Dixons Carphone (DC.) 342.00p 4.72%
SIG (SHI) 151.80p 4.69%
Sanne Group (SNN) 674.50p 3.77%
Ascential (ASCL) 350.70p 2.78%
ZPG Plc (ZPG) 367.90p 2.74%
National Express Group (NEX) 372.20p 2.56%
Britvic (BVIC) 720.50p 2.49%
Brewin Dolphin Holdings (BRW) 336.70p 2.34%
Polypipe Group (PLP) 436.50p 2.30%
Just Eat (JE.) 628.50p 2.20%
FTSE 250 - Fallers
Acacia Mining (ACA) 305.00p -29.69%
Softcat (SCT) 419.00p -8.44%
Homeserve (HSV) 742.50p -4.50%
Hochschild Mining (HOC) 276.40p -3.66%
TalkTalk Telecom Group (TALK) 177.00p -3.23%
AO World (AO.) 142.00p -3.14%
Petra Diamonds Ltd.(DI) (PDL) 135.00p -2.95%
Petrofac Ltd. (PFC) 615.00p -2.69%
Big Yellow Group (BYG) 775.00p -2.45% |
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| | US Market Report | | US open: Basic Resources pace gains as Moody's raises outlook on China's debt Wall Street's main market averages were seeing slight gains despite weak economic data with shares of Basic Resource names pacing the advance despite an overnight downgrade of China's debt by a leading ratings agency.
At 1535 BST, the Dow Jones Industrial Average was 0.15% or 32.09 points higher to 20,969.18, alongside gains of 0.14% or 8,52 points to 6147.99 for the Nasdaq and a rise of 0.09% or 2.10 points to 2,400.52.
"US stocks opened slightly higher and remain in the vicinity of record high territory. Wall Street has recouped last Wednesday's sudden losses but needs a catalyst to take the next leg up. Fed minutes and the OPEC meeting are two such potential catalysts. Overall economic growth looks supportive or more market gains. Despite the debt worries, China's growth has been stable, Donald Trump's growth agenda is down but not out and European growth is picking up some of the slack," said Jasper Lawler, senior market analyst at LCG.
From a sector standpoint, the biggest gains were to be seen in the following industrial groups: Coal (2.43%), Basic Resources (1.41%), Commodity chemicals (1.34%), Retail REITs (1.25%) and Industrial metals (1.17%).
Overnight, Moody's downgraded China's long-term credit rating by one notch to A1 from Aa3 but also changed its ratings 'outlook' to stable from negative.
Investors were also waiting on the minutes of US rate-setters' last policy meeting for clues about the future pace of tightening. Speeches from Fed officials Robert Kaplan and Neel Kashkari were also scheduled.
Acting as a backdrop, West Texas Intermediate crude oil futures were little changed even after the Department of Energy reported a larger than expected decline in US oil stockpiles.
Existing home sales in the States fell 2.3% on the month in April to reach an annualised rate of 5.57m (consensus: 5.70m)
Home prices in the US rose at a 0.6% month-on-month clip in March according to FHFA, as expected.
On the corporate front, stock in Bunge was slightly weaker on news that Glencore has approached the grain trader about a potential takeover.
Shares in retailer Lowe's on the other hand tumbled after its first-quarter earnings missed analysts' expectations, but chip maker Nvidia was on the front foot following a report that Japan's SoftBank has racked up a $4bn stake in the company.
Jewellery retailer Tiffany was knocked lower after reporting a much weaker-than-expected 3% drop in global like-for-like sales.
Women's fashion retailer Chico FAS dropped 11% amid heavy trading volumes after disappointed investors got rid of their shares following the company's first fiscal quarter results and outlook.
Dow Jones - Risers
Coca-Cola Co. (KO) $44.65 0.59%
E.I. du Pont de Nemours and Co. (DD) $77.78 0.57%
General Electric Co. (GE) $28.43 0.53%
Procter & Gamble Co. (PG) $86.54 0.53%
Boeing Co. (BA) $184.40 0.50%
United Technologies Corp. (UTX) $122.63 0.46%
Goldman Sachs Group Inc. (GS) $220.48 0.38%
Visa Inc. (V) $94.19 0.35%
3M Co. (MMM) $198.35 0.31%
Intel Corp. (INTC) $35.95 0.24%
Dow Jones - Fallers
Home Depot Inc. (HD) $153.37 -0.94%
Exxon Mobil Corp. (XOM) $82.24 -0.41%
Cisco Systems Inc. (CSCO) $31.64 -0.38%
Verizon Communications Inc. (VZ) $45.35 -0.29%
International Business Machines Corp. (IBM) $151.60 -0.28%
Wal-Mart Stores Inc. (WMT) $78.27 -0.28%
Pfizer Inc. (PFE) $32.05 -0.27%
Nike Inc. (NKE) $52.10 -0.19%
Microsoft Corp. (MSFT) $68.58 -0.15%
Chevron Corp. (CVX) $106.16 -0.10%
S&P 500 - Risers
Intuit Inc. (INTU) $137.26 6.28%
United States Steel Corp. (X) $21.18 3.93%
First Solar Inc. (FSLR) $37.57 3.02%
Nvidia Corp. (NVDA) $139.90 2.10%
Nucor Corp. (NUE) $59.86 2.08%
NRG Energy Inc. (NRG) $16.20 2.05%
Western Digital Corp. (WDC) $89.55 1.73%
Mattel Inc. (MAT) $22.08 1.52%
Micron Technology Inc. (MU) $28.67 1.33%
Murphy Oil Corp. (MUR) $26.81 1.32%
S&P 500 - Fallers
Tiffany & Co. (TIF) $85.45 -8.26%
Signet Jewelers Ltd (SIG) $53.57 -8.23%
Advance Auto Parts (AAP) $132.23 -5.99%
Lowe's Companies Inc. (LOW) $78.69 -4.43%
Alexion Pharmaceuticals Inc. (ALXN) $100.32 -4.13%
T. Rowe Price Group Inc. (TROW) $68.70 -3.32%
Universal Health Services Inc. (UHS) $115.65 -2.68%
Endo International Plc (ENDP) $12.58 -2.33%
Perrigo Company plc (PRGO) $71.67 -1.92%
Constellation Brands Inc. Class A (STZ) $177.80 -1.69%
Nasdaq 100 - Risers
Intuit Inc. (INTU) $137.26 6.28%
Nvidia Corp. (NVDA) $139.90 2.10%
Western Digital Corp. (WDC) $89.55 1.73%
Mattel Inc. (MAT) $22.08 1.52%
Micron Technology Inc. (MU) $28.67 1.33%
Facebook Inc. (FB) $149.52 0.98%
Xilinx Inc. (XLNX) $64.56 0.92%
Hasbro Inc (HAS) $101.90 0.91%
Tesla Inc (TSLA) $306.60 0.90%
Seagate Technology Plc (STX) $43.00 0.87%
Nasdaq 100 - Fallers
Alexion Pharmaceuticals Inc. (ALXN) $100.32 -4.13%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $282.52 -2.77%
Dish Network Corp. (DISH) $62.62 -1.94%
O'Reilly Automotive Inc. (ORLY) $236.18 -1.66%
Tractor Supply Company (TSCO) $53.56 -1.35%
Liberty Global plc Series C (LBTYK) $29.62 -1.20%
Liberty Global plc Series A (LBTYA) $30.59 -0.99%
JD.com, Inc. (JD) $40.37 -0.87%
Activision Blizzard Inc. (ATVI) $57.34 -0.80%
Regeneron Pharmaceuticals Inc. (REGN) $457.71 -0.79%
Nasdaq 100 - Risers
Intuit Inc. (INTU) $137.26 6.28%
Nvidia Corp. (NVDA) $139.90 2.10%
Western Digital Corp. (WDC) $89.55 1.73%
Mattel Inc. (MAT) $22.08 1.52%
Micron Technology Inc. (MU) $28.67 1.33%
Facebook Inc. (FB) $149.52 0.98%
Xilinx Inc. (XLNX) $64.56 0.92%
Hasbro Inc (HAS) $101.90 0.91%
Tesla Inc (TSLA) $306.60 0.90%
Seagate Technology Plc (STX) $43.00 0.87%
Nasdaq 100 - Fallers
Alexion Pharmaceuticals Inc. (ALXN) $100.32 -4.13%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $282.52 -2.77%
Dish Network Corp. (DISH) $62.62 -1.94%
O'Reilly Automotive Inc. (ORLY) $236.18 -1.66%
Tractor Supply Company (TSCO) $53.56 -1.35%
Liberty Global plc Series C (LBTYK) $29.62 -1.20%
Liberty Global plc Series A (LBTYA) $30.59 -0.99%
JD.com, Inc. (JD) $40.37 -0.87%
Activision Blizzard Inc. (ATVI) $57.34 -0.80% |
| | Market Analysis 12/05/2017 Today’s highlights: Indices low while oil and gold show gains - Wall Street closes lower: All three major indices finished in the red at the end of yesterday’s trading day. Macy’s earnings report missed predictions, causing its stock to tank 17%.
- Boeing stock drops following 737 problem: Aviation powerhouse Boeing saw its stock price drop yesterday, after announcing it is suspending flights for its 737 Max model due to an engine problem. While prices recovered after the announcement, they fell slightly again after-hours.
- Asia seen lower: Indices in Asia were trading lower this morning, with the ASX 200 and Nikkei losing 0.87% and 0.57% respectively.
- Volatility expected for US Dollar today: CPI and Retail reports will be released at 12:30 GMT today. These reports..
Read More... |
| | Broker Tips | | US crude oil inventories drop more than expected US crude oil stockpiles drew more quickly than expected last week with analysts pointing to near-record refinery runs as the main culprit.
For the week ending on 19 May, US commercial crude oil inventories fell by 4.4m barrels to reach 516.3m barrels, according to the Energy Information Administration, the US Department of Energy's statistical arm.
Market forecasts were for a smaller reduction of roughly 2.7m barrels.
The Strategic Petroleum Reserve was also tapped for 0.4m barrels, some of which was likely funnelled into commercial storage, according to Joseph Oyegoke, commodities economist at Capital Economics.
In parallel, refineries operated at 93.5% of capacity during that week, helping to explain a 0.8m barrel drop in gasoline inventories.
Production of gasoline hit 10.2m barrels per day last week, the government said.
Distillate inventories were also drawn down, by 0.5m barrels.
Total imports meanwhile declined by 296,000 b/d in comparison to the prior week's level.
Net imports on the other hand increased, Oyegoke pointed out, making the drop in commercial oil inventories that much more noteworthy, as exports fell by 461,000 b/d.
Yet as of 1706 BST, front month West Texas Intermediate crude futures were down by 0.65% to $51.14 per barrel on the ICE.
To take note of, in remarks to Bloomberg TV one analyst pointed out the impact that Venezuela's economic malaise was having on demand for crude and oil products, which in his opinion markets might not have accounted for properly. |
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