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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 edge higher in quiet trade London stocks edged higher in quiet trade on Friday with little in the way of macroeconomic or corporate news to provide much direction.
At 0840 BST, the FTSE 100 was up 0.3% to 7,405.93 while the pound was down 0.2% versus the dollar at 1.2862.
Sentiment was stronger despite the worst losses in three weeks overnight on Wall Street as disappointing results from department store Macy's fuelled fears that Friday's US retail sales report might provide another example of hard growth data being at odds with soft surveys data, said analyst Mike van Dulken at Accendo Markets.
The Bank of England's Thursday meeting provided a temporary dent the appetite in the pound, noted Ipek Ozkardeskaya at London Capital Group, after Governor Mark Carney said that "low rates are not excessive" and are "appropriate", also that wage growth is not expected to be especially fast.
In corporate news, AstraZeneca rallied as its durvalumab immuno-oncology drug became the first such medicine to successfully treat advanced lung cancer patients who had not had success with chemotherapy.
Support services group Interserve nudged higher after reiterating its guidance for full-year 2017 and saying trading in the first four months of the year has been in line in all divisions.
Standard Life was boosted by an upgrade to 'outperform' from 'sector performance' by RBC Capital Markets. Ibstock was lifted as Berenberg initiated coverage of the stock at 'buy' while Grafton was underpinned by an initiation at 'hold' by the same outfit.
Shaftesbury was given a leg up by an upgrade to 'buy' at Citigroup while IAG flew higher after an upgrade by Kepler.
On the downside, Peppa Pig owner Entertainment One fell after saying it expects to report around £47m of one-off costs for the year to the end of March 2017 after it renegotiated one of its larger film distribution arrangements as part of its wider reshaping of the film division.
Non-standard lender Provident Financial was also in the red despite announcing that its Vanquis Bank and Moneybarn operations had made a good start to the year, trading in line with internal plans and "making excellent progress" in delivering the initiatives to augment medium-term growth.
Temporary power provider Aggreko slippedas it announced the appointment of former British Gas and Virgin Media executive Stephen Beynon as managing director of the Power Solutions division.
Redefine International ticked lower after signing a 15-year lease with TK Maxx for a new 22,000 square foot store in Derby.
There are no major UK data releases due, but in the US, retail sales are at 1330 BST, along with the consumer price index, while Michigan consumer sentiment is at 1500 BST.
Societe Generale said: "In April, we expect that both headline and core inflation edged up by 0.2% month-on-month. However, while the annual core rate likely held steady at 2.0%, the headline rate could have slipped from 2.4% to 2.3% (2.26%, so we cannot rule out a drop to 2.2%).
"Meanwhile, after two straight headline drops, retail sales in April may have increased by 0.6% mom. The control group, which feeds directly into GDP calculations, could have posted a 0.3% mom advance." |
| Market Movers
FTSE 100 (UKX) 7,405.93 0.26%
FTSE 250 (MCX) 19,813.94 0.09%
techMARK (TASX) 3,563.98 0.64%
FTSE 100 - Risers
AstraZeneca (AZN) 4,958.50p 4.44%
Standard Life (SL.) 391.60p 1.69%
Royal Mail (RMG) 428.20p 1.23%
ITV (ITV) 191.30p 1.22%
GlaxoSmithKline (GSK) 1,645.00p 1.08%
Next (NXT) 4,344.00p 0.98%
BT Group (BT.A) 300.35p 0.84%
International Consolidated Airlines Group SA (CDI) (IAG) 603.00p 0.84%
Merlin Entertainments (MERL) 504.00p 0.80%
Barratt Developments (BDEV) 607.50p 0.75%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 1,754.00p -2.28%
Rolls-Royce Holdings (RR.) 863.50p -0.92%
Burberry Group (BRBY) 1,633.00p -0.91%
Glencore (GLEN) 287.90p -0.74%
Lloyds Banking Group (LLOY) 69.17p -0.70%
BHP Billiton (BLT) 1,166.00p -0.64%
Ashtead Group (AHT) 1,612.00p -0.56%
Intertek Group (ITRK) 4,142.00p -0.53%
Tesco (TSCO) 179.45p -0.50%
Provident Financial (PFG) 3,249.00p -0.49%
FTSE 250 - Risers
Ibstock (IBST) 240.30p 4.03%
Shaftesbury (SHB) 964.50p 1.74%
Just Eat (JE.) 569.00p 1.52%
Metro Bank (MTRO) 3,531.00p 1.49%
Go-Ahead Group (GOG) 1,877.00p 1.46%
Grafton Group Units (GFTU) 765.50p 1.39%
Victrex plc (VCT) 2,034.00p 1.19%
Wizz Air Holdings (WIZZ) 1,878.00p 1.13%
Dechra Pharmaceuticals (DPH) 1,768.00p 1.09%
McCarthy & Stone (MCS) 188.00p 1.08%
FTSE 250 - Fallers
Assura (AGR) 0.00p -100.00%
Tate & Lyle (TATE) 749.50p -2.09%
Marshalls (MSLH) 401.40p -1.79%
Evraz (EVR) 197.80p -1.59%
Capita (CPI) 551.50p -1.52%
Ferrexpo (FXPO) 162.40p -1.46%
HarbourVest Global Private Equity Limited A Shs (HVPE) 1,267.00p -1.17%
Pets at Home Group (PETS) 162.60p -1.16%
Greencore Group (GNC) 237.10p -1.13% |
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| | Friday 12 May
INTERIM DIVIDEND PAYMENT DATE
Carr's Group, Northamber
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Inventories (US) (15:00)
Consumer Price Index (GER) (07:00)
Consumer Price Index (US) (13:30)
Industrial Production (EU) (10:00)
U. of Michigan Confidence (Prelim) (US) (15:00)
FINALS
HydroDec Group
IMSS
Provident Financial
SPECIAL DIVIDEND PAYMENT DATE
GVC Holdings
EGMS
MTI Wireless Edge Ltd.
AGMS
Global Ports Investments GDR (REG S), Global Ports Investments GDR (REG S), Highcroft Investment, Interserve, Menzies(John), MTI Wireless Edge Ltd., Provident Financial, Symphony Environmental Technologies, TT Electronics, Tyman, X5 Retail Group NV GDR (Reg S)
FINAL DIVIDEND PAYMENT DATE
4Imprint Group, Arbuthnot Banking Group, BlackRock Latin American Inv Trust, BlackRock World Mining Trust, British Smaller Companies VCT 2, Clarke (T.), Devro, Drax Group, Globaldata, Harwood Wealth Management Group, International Personal Finance, Johnson Service Group, Man Group, Millennium & Copthorne Hotels, Moneysupermarket.com Group, Norsk Hydro ASA, Pearson, PPHE Hotel Group Ltd, RSA Insurance Group, Secure Trust Bank, Smurfit Kappa Group, St James's Place |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Investors brush off weakness in Richemont, Vivendi European stocks have started the day slightly higher with investors brushing off sharp falls in the likes of Richemont and Vivendi amid strong economic data out of France and as they brace for the release of a slate of US economic data later in the session.
As of 0838 BST the Stoxx 600 is up by 0.20% to 395.11 as the Dax gains 0.19% to 12,735.22 and the Cac-40 another 0.17% to 5,392.48.
Euro/dollar is down by 0.04% to 1.0859 as front month Brent crude oil futures edge higher by 0.138% to $50.82 a barrel on the ICE.
Commenting on the situation in markets at the end of the week, Michael Hewson, chief market analyst at CMC Markets UK said: "Stocks had a disappointing day yesterday with a weaker bias across the board, despite further gains in the oil price, as a lack of positive drivers weighed on sentiment.
"It would be ironic in the extreme now that the worst of the political fog appears to have cleared, that we could well see stock markets post their first negative week since early April."
Helping stocks along and acting as a backdrop, Asian bourses were mostly higher in late trading with some traders referencing talk of receding trade tensions between China and the US as the main catalyst.
Also worth noting, overnight Morgan Stanley trimmed the odds it assigns to a US recession scenario this year form 30% to 25%, although it should be noted that the latter continues to be high by historical standards. In July 2016 the investment bank pegged the chances of a downturn this year at 40%.
Back in all things Europe, French nominal wage gains accelerated to a 0.6% quarter-on-quarter clip at the start of 2017, easily outstripping forecasts for a rise of 0.2%.
In parallel, Germany's Finance ministry announced that real German gross domestic product grew by 0.6% quarter-on-quarter over the first three months of 2017, as expected.
That came alongside figures showing a rise of 2.0% in harmonised consumer prices in the euro area's largest economy.
Shares in Richemont are pacing declines on the Stoxx 600 after the Swiss luxury goods maker reported a 4% drop in annual sales. |
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| | US Market Report | | US close: Markets down on hawkish Fedspeak Hawkish Fedpseak overnight pushed Wall Street off its lofty perch against a backdrop of sharp share price falls for Macy's and Snapchat which appeared to dent sentiment.
The Dow Jones Industrial Average was down by 0.11% to 20,919.41, while the S&P 500 slipped 0.22% to 2,394.44 and the Nasdaq 100 lost 0.13% to 5,674.22.
Speaking on Wednesday evening, the president of the Federal Reserve bank of Boston, Eric Rosengren, said three more interest rate hikes were still appropriate in 2017.
Combined, the news from the Fed and the latest company results appeared to give investors looking for reasons to continue buying into the market pause for thought.
On a related note, analysts at Bank of America-Merrill Lynch pointed out how the S&P 500's forward price-to-earnings ratio - at 17.5 - was at its highest since 2004 and 15% above its long-term average.
"The S&P 500 trades at a 13-year high. Stocks looks cheap vs. bonds but stretched vs. history; large is cheaper than small," BofA-ML said.
In economic news, initial weekly unemployment claims dipped by 2,000 to 236,000 over the week ending on 6 May, against a consensus forecast for 245,000.
Producer prices rebounded in April, increasing at a 0.5% month-on-month clip, ahead of consensus expectations for 0.2%.
Macy's stock was ground, falling 17.01% after posting first quarter earnings per share of 24 cents, leaving analysts looking for earnings per share of 35 cents startled.
Snap shares were down a whopping 21.45% on the heels of its maiden earnings release as a publicly-listed outfit.
The company went public on 3 March at $17 per share, before quickly rising as high as $29, though after Thursday's losses, Snap now sat at $18.05 per share.
Kohl's shares were down 7.88% after the department store reported better-than-expected earnings for the first quarter, but weaker sales.
Net income came in at $66m or 39 cents a share, up from $17m or 9 cents a share in the first quarter of last year, but sales fell to $3.84bn from $3.97bn.
Dow Jones - Risers
Exxon Mobil Corp. (XOM) $82.61 0.85%
Merck & Co. Inc. (MRK) $64.43 0.77%
Caterpillar Inc. (CAT) $101.00 0.63%
General Electric Co. (GE) $28.88 0.59%
Apple Inc. (AAPL) $153.95 0.45%
Boeing Co. (BA) $183.95 0.41%
Johnson & Johnson (JNJ) $123.20 0.32%
Coca-Cola Co. (KO) $43.67 0.23%
United Technologies Corp. (UTX) $121.28 0.21%
3M Co. (MMM) $196.75 0.06%
Dow Jones - Fallers
Microsoft Corp. (MSFT) $68.46 -1.23%
Home Depot Inc. (HD) $156.20 -1.22%
American Express Co. (AXP) $77.91 -0.93%
Intel Corp. (INTC) $35.69 -0.89%
Verizon Communications Inc. (VZ) $46.03 -0.78%
Wal-Mart Stores Inc. (WMT) $76.13 -0.74%
Nike Inc. (NKE) $54.24 -0.59%
International Business Machines Corp. (IBM) $150.65 -0.40%
Procter & Gamble Co. (PG) $86.17 -0.37%
Cisco Systems Inc. (CSCO) $33.63 -0.33%
S&P 500 - Risers
Endo International Plc (ENDP) $13.73 5.53%
Nvidia Corp. (NVDA) $126.50 4.30%
Textron Inc. (TXT) $48.57 3.60%
Mylan Inc. (MYL) $39.43 3.19%
Becton, Dickinson & Company (BDX) $184.87 2.84%
Twenty-First Century Fox Inc Class B (FOX) $28.32 2.31%
Twenty-First Century Fox Inc Class A (FOXA) $28.52 2.22%
Whole Foods Market Inc. (WFM) $37.03 2.15%
Welltower Inc (HCN) $71.50 2.13%
Mallinckrodt Plc Ordinary Shares (MNK) $46.07 2.06%
S&P 500 - Fallers
Macy's Inc. (M) $24.35 -17.01%
Frontier Communications Co. (FTR) $1.20 -9.09%
Kohls Corp. (KSS) $37.16 -7.84%
Nordstrom Inc. (JWN) $46.21 -7.60%
Hologic Inc. (HOLX) $43.62 -5.09%
Symantec Corp. (SYMC) $31.46 -5.07%
TripAdvisor Inc. (TRIP) $45.63 -4.92%
L Brands Inc (LB) $50.89 -4.79%
Ralph Lauren Corp (RL) $79.22 -4.62%
Target Corp. (TGT) $56.06 -4.02%
Nasdaq 100 - Risers
Nvidia Corp. (NVDA) $126.50 4.30%
Mylan Inc. (MYL) $39.43 3.19%
Twenty-First Century Fox Inc Class B (FOX) $28.32 2.31%
Twenty-First Century Fox Inc Class A (FOXA) $28.52 2.22%
Regeneron Pharmaceuticals Inc. (REGN) $440.43 2.05%
Baidu Inc. (BIDU) $186.60 1.65%
Applied Materials Inc. (AMAT) $43.48 1.42%
JD.com, Inc. (JD) $39.76 1.12%
Discovery Communications Inc. Class C (DISCK) $25.70 0.98%
Mondelez International Inc. (MDLZ) $44.66 0.93%
Nasdaq 100 - Fallers
Hologic Inc. (HOLX) $43.62 -5.09%
Symantec Corp. (SYMC) $31.46 -5.07%
Ctrip.Com International Ltd. Ads (CTRP) $54.15 -3.53%
PACCAR Inc. (PCAR) $64.37 -2.43%
Liberty Global Plc Lilac Class C (LILAK) $20.59 -2.28%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $52.94 -2.09%
Dollar Tree Inc (DLTR) $81.49 -1.84%
American Airlines Group (AAL) $46.54 -1.61%
Alexion Pharmaceuticals Inc. (ALXN) $119.04 -1.58% |
| | 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... |
| | Newspaper Round Up | | Friday newspaper round-up: Deliveroo, Jes Staley, Lloyds Relations between the world's two largest economies have hit "a new high", Donald Trump's commerce secretary has claimed, announcing a "herculean" trade deal between Washington and Beijing in the latest sign of warming ties. Trump frequently lashed out at China on the campaign trail, describing Beijing as an "enemy" of the United States. - Guardian
Deliveroo, the takeaway delivery company that relies on 15,000 self-employed couriers, has made changes to its contracts for riders following pressure from parliament. The gig economy company has removed a controversial clause in its "supplier agreement" that couriers could not challenge their self-employed status at an employment tribunal. - Guardian
The chief executive of Barclays, Jes Staley, has fallen victim to an email prankster pretending to be the bank's chairman. In an embarrassing development, Mr Staley, who is under investigation from City regulators for twice trying to uncover the identity of a whistle-blower in contravention of bank rules, replied to emails pretending to be from chairman John McFarlane. - Telegraph
British virtual simulation firm Improbable has raised $502m (£390m) in a funding round led by Japan's SoftBank, in one of the largest investments ever made in an early stage European tech firm. Improbable said the investment would give SoftBank a "non-controlling" stake, meaning the funding round values Improbable at more than $1bn. - Telegraph
Lloyds Banking Group is set to pay millions of pounds in compensation to thousands of customers who were mis-sold investment products as "low risk" that turned out to be highly complex. The lender is writing to more than 7,000 customers of the bank and Scottish Widows, its investment arm, offering money to those who bought structured investments, which have been the subject of growing anger among consumer groups because the products were said to be too complex and performed poorly. - The Times
House of Fraser has picked the man behind the Goodwood Revival and Festival of Speed to run the department store business in an effort to boost the "experience" of shopping at its stores. In a surprise appointment, Alex Williamson, chief executive of the Goodwood Estate in West Sussex, will join House of Fraser in the same role at the end of July. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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