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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 but miners drop after China downgrade London stocks were little changed in early trade as investors sifted through a raft of corporate news and digested a downgrade of China's credit rating.
At 0840 BST, the FTSE 100 was flat at 7,482.24, while the pound was up 0.1% to 1.2976.
Investors were mulling over news that Moody's has downgraded China's credit rating by one notch to A1 from Aa3. The ratings agency - which also changed its outlook on China to stable from negative - said the downgrade reflects expectations that the country's financial strength would "erode somewhat over the coming years".
Fixed income strategist Jim Reid at Deutsche Bank said it was the first time Moody's have cut China's rating since 1989 and that China's rating at Moody's is now level with that of Japan and below other Asia economies of Taiwan and Macau.
But Markus Huber, a trader at City of London Markets, said: "Moody's downgrading China overnight so far has had only a minor impact on markets partially because this move didn't necessarily come as a major surprise.
"Generally there isn't that much news making the rounds at the moment which is one of the reasons why some traders prefer sitting on the sidelines for now."
Although the downgrade didn't appear to be having too much of an effect on wider sentiment, it did hit London's mining stocks, which are heavily dependent on demand from China, with Rio Tinto, BHP Billiton and Antofagasta among the fallers.
In corporate news, Marks & Spencer edged lower 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.
Glencore fell as it confirmed it has been in talks with US grain trader Bunge over a potential merger with its agricultural arm, while Babcock lost ground despite reporting a rise in full-year pre-tax profit and revenue and lifting its dividend.
B&Q owner Kingfisher tumbled after it said sales in the first three months of the year declined 0.6%, while commercial laundry group Berendsen fell after reconfirming its 2017 profit forecast and saying the bid from Elis "very significantly undervalues" the company.
Mediclinic was in the red 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.
On the upside, Severn Trent advanced after analysts at JP Morgan lifted their target a day after the water company surprisingly lifted its dividend.
ZPG racked up healthy gains as it said first-half revenues rose 22%, while Dixons Carphone rallied as it highlighted a 2% increase in fourth-quarter like-for-like revenue.
Soft drinks producer Britvic was on the front foot as it posted an 11.5% jump in first-half revenue and said it was on track to deliver a full-year performance in line with market expectations.
There are no major UK data due, but investors will be eyeing the release of the latest FOMC minutes at 1900 BST for any clues regarding the timing of the next rate hike. |
| Market Movers
FTSE 100 (UKX) 7,482.24 -0.04%
FTSE 250 (MCX) 19,921.16 0.01%
techMARK (TASX) 3,594.19 0.17%
FTSE 100 - Risers
Severn Trent (SVT) 2,526.00p 1.41%
BAE Systems (BA.) 649.00p 1.17%
Sage Group (SGE) 708.00p 1.00%
Royal Bank of Scotland Group (RBS) 267.20p 0.87%
Coca-Cola HBC AG (CDI) (CCH) 2,263.00p 0.85%
Burberry Group (BRBY) 1,755.00p 0.80%
WPP (WPP) 1,685.00p 0.72%
GKN (GKN) 350.70p 0.66%
Shire Plc (SHP) 4,740.50p 0.65%
Carnival (CCL) 4,817.00p 0.61%
FTSE 100 - Fallers
Kingfisher (KGF) 339.10p -5.60%
Babcock International Group (BAB) 946.50p -2.37%
Rio Tinto (RIO) 3,117.00p -2.36%
Randgold Resources Ltd. (RRS) 7,125.00p -1.59%
Glencore (GLEN) 287.40p -1.56%
BHP Billiton (BLT) 1,183.00p -1.50%
Antofagasta (ANTO) 801.00p -1.23%
Fresnillo (FRES) 1,564.00p -1.14%
Marks & Spencer Group (MKS) 383.30p -1.13%
Anglo American (AAL) 1,063.50p -1.07%
FTSE 250 - Risers
ZPG Plc (ZPG) 374.70p 4.64%
Dixons Carphone (DC.) 337.70p 3.40%
National Express Group (NEX) 373.60p 2.95%
AO World (AO.) 150.00p 2.32%
Britvic (BVIC) 717.00p 1.99%
SIG (SHI) 147.50p 1.72%
Amec Foster Wheeler (AMFW) 549.50p 1.29%
Daejan Holdings (DJAN) 6,845.00p 1.18%
Fisher (James) & Sons (FSJ) 1,714.00p 1.18%
Pennon Group (PNN) 913.50p 1.11%
FTSE 250 - Fallers
Worldwide Healthcare Trust (WWH) 0.00p -100.00%
Homeserve (HSV) 746.50p -3.99%
Softcat (SCT) 439.50p -3.96%
Hochschild Mining (HOC) 276.10p -3.76%
Go-Ahead Group (GOG) 1,794.00p -3.13%
Ferrexpo (FXPO) 167.60p -2.61%
Kaz Minerals (KAZ) 483.40p -2.50%
Vedanta Resources (VED) 621.50p -2.20%
Petrofac Ltd. (PFC) 619.00p -2.06% |
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| | UK Event Calendar | | Wednesday May 24
INTERIMS
Britvic, Hollywood Bowl Group, Sanderson Group, ZPG Plc
QUARTERLY PAYMENT DATE
APQ Global Limited, Tetragon Financial Group Limited
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (15:30)
Existing Home Sales (US) (15:00)
GFK Consumer Confidence (GER) (07:00)
House Price Index (US) (14:00)
MBA Mortgage Applications (US) (12:00)
GMS
Sportech, Toople
FINALS
Babcock International Group, Great Portland Estates, HICL Infrastructure Company Ltd, Hogg Robinson Group, Lombard Risk Management, Marks & Spencer Group, Mediclinic International , Mitie Group, Pennon Group, Schroder Real Estate Investment Trust Ltd, Vedanta Resources
ANNUAL REPORT
Stratex International
SPECIAL DIVIDEND PAYMENT DATE
Paddy Power Betfair
AGMS
Antofagasta, Arrow Global Group, Camper & Nicholsons Marina Investments Ltd., Exova Group , French Connection Group, Fundsmith Emerging Equities Trust , Glencore , Harworth Group, Hilton Food Group, Ibstock , JSC Kazkommertsbank GDR (Reg S), Mercantile Investment Trust (The), Mortgage Advice Bureau (Holdings) , Northern Petroleum, Polypipe Group , Providence Resources, Sherborne Investors (Guernsey) 'B' Limited, Sportech, SQS Software Quality Systems AG, STM Group, Travis Perkins, WANdisco, XLMedia
TRADING ANNOUNCEMENTS
Dixons Carphone , Dixons Carphone , Exova Group , Kingfisher, Softcat, Tungsten Corporation
FINAL DIVIDEND PAYMENT DATE
Aggreko, Chesnara, Churchill China, Elecosoft, Eurocell , Hunters Property , McColl's Retail Group , Paddy Power Betfair
Q1
Frutarom Industries Ltd GDR (Reg S), HSS Hire Group
|
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| | US Market Report | | Berendsen fights back against 'high risk' French takeover Laundry services group Berendsen has come out fighting against an unwanted takeover offer from France's Elis Services, saying a the proposal very significantly undervalues the company and would raise risks.
In a statement on Wednesday the FTSE 250 group said Elis' proposal "fundamentally fails to reflect Berendsen's inherent value" as it proceeds with a £450m three-year investment plan, with £300m of this expected will add an equivalent adjusted operating profit of £45m.
As well as reiterating its 2017 adjusted operating profit forecast of £150m, Berendsen said its growth plans would see profits grow to roughly £170m in 2018.
Management added that the bid was "highly opportunistic" as it came at a time when Elis' shares were near long-term highs, while Berendsen's were depressed - although several analysts have put this squarely at the feet of management.
However, the board believe that business "is at a point of inflection and that selling Berendsen on the terms offered by Elis would deprive Berendsen's shareholders of the full benefit that will accrue from the delivery of its strategy". |
| | 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 | | Wednesday newspaper round-up: Carney, Barclays, RBS The Bank of England governor, Mark Carney, has fallen victim to an online prankster who got him to joke about one of his predecessor's supposed drinking habits. Carney was caught out by the same hoaxer who tricked the Barclays boss, Jes Staley, this month. The prankster, who goes by the Twitter handle @SINON_REBORN, emailed Carney from a Hotmail account pretending to be Anthony Habgood, the chair of the Bank's court. In the exchange, posted on Twitter, Carney appears initially to fall for the prank and tentatively accepts an invitation to a "soiree" in June. - Guardian
London's thriving economy generates a £26.5bn surplus that is recycled by the government to provide financial help to Britain's less well-off regions, according to an official breakdown of the public finances. The first attempt by the Office for National Statistics to break down the UK's budget deficit by region has demonstrated the importance of the capital and highlighted how taxes and public spending are used to narrow the north-south divide. - Guardian
Barclays is being sued for £1.6bn in damages by a US credit card services firm which filed a High Court claim against the British bank for mis-selling a payment protection product at subprime credit card business Monument. CCUK Finance, which used to be known as CompuCredit, bought Monument and its portfolio from Barclays ten years ago. The £390m deal included an indemnity clause relating to customers' claims over mis-sold payment protection policies. - Telegraph
The UK is the world's third largest global hub for innovation and development in the biosciences sector, new research has found. The UK BioIndustry Association (BIA) has said the country raised more venture capital than San Diego in 2016 and is primed to close the gap on San Francisco and Boston as the two leading centres for life sciences. - Telegraph
Royal Bank of Scotland's eleventh-hour attempt to avoid a trial over its £12 billion rights issue appeared to have stalled last night after diehard shareholders refused to sign up to an out- of-court settlement. RBS has been urging a 9,000-strong group of investors suing the bank over the cash call to accept an 82p-a-share offer in two days of settlement talks after the start of the trial was adjourned on Monday. - The Times
America's emergency oil reserve should be halved and the country's largest wildlife sanctuary opened for drilling to raise billions of dollars to help cut the national debt, President Trump has proposed in his first budget. Draining half of the strategic petroleum reserve, which consists of about 688 million barrels of oil, would raise as much as $16.6 billion over the next decade, according to White House plans published yesterday. - The Times |
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