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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 ahead of GDP data London stocks were little changed in early trade as investors digested the latest Federal Reserve minutes and awaited first-quarter economic growth data for the UK.
At 0840 BST, the FTSE 100 was up 0.1% to 7,519.13, while the pound was up 0.1% versus the dollar at 1.2988.
Spreadex analyst Connor Campbell said: "Part of the reason the FTSE is lacking momentum this morning is likely the gains made by cable, which jumped 0.3% after Wednesday evening's Fed meeting minutes revealed that the central bank sees it as 'prudent' to make sure the USA's first quarter slowdown was just a blip before going ahead with its next - still likely June - rate hike.
"Nevertheless, the FTSE already spiked to an intraday peak of 7540 before settling back, meaning come closing time there could well be another broken record - that is, dependent on how the day's key events pan out. The first test is second glimpse at the UK's Q1 growth, which arrived last month at a lacklustre 0.3%. Analysts aren't expecting a revision, a situation that in theory would soften up sterling and, therefore, work in the FTSE's favour."
The latest minutes from the Fed released on Wednesday revealed that most members think a rate hike should happen soon as long as the economy continues to rebound from first-quarter weakness. The minutes also suggested the central bank members were in agreement on how the Fed can unwind its $4.5trn balance sheet. It's understood the Fed will implement caps on how much it will allow to drop off the balance sheet without reinvestment each month.
On the data front, BBA mortgage approvals are at 0930 BST, along with the first-quarter gross domestic product release.
Meanwhile, oil prices advanced ahead of the Opec meeting in Vienna, amid expectations of a nine-month extension to coordinated production cuts. West Texas Intermediate and Brent crude were up 0.9% to $51.81 a barrel and $54.47, respectively.
In corporate news, Central and Eastern European-focused low-cost airline Wizz Air flew higher as it reported record profit for the year to the end of March despite "challenging" conditions including low fares and increasing fuel prices. FTSE 100 peers easyJet and International Consolidated Airlines Group were also high risers.
Halfords gained ground despite reporting a drop in full-year profit, as it lifted its dividend and said cash generation remained strong.
Card Factory also advanced after saying it made "a good start to the year" as first-quarter like-for-like store sales were at the upper end of its targeted range of 1% to 3% growth.
On the downside, water company United Utilities fell as it upped its dividend 1.1% after a year where revenue and profit both leaked modestly lower but it remained confident of meeting its long-term targets.
Payment systems provider PayPoint was also in the red despite hailing "good growth" in its core retail networks as gross revenue rose 3.6% in the year to the end of March, while BT Group was weaker after a downgrade to 'underperform' at Exane BNP Paribas.
Petrofac shares plunged to their lowest since 2009 after suspending chief operating officer Marwan Chedid as the company is investigated by the Serious Fraud Office over bribery and money laundering allegations.
Pets at Home lost ground despite reporting 1.5% growth in like-for-like sales last year thanks to its vet services businesses.
Tate & Lyle was lower even as it posted an 85% jump in full-year pre-tax profit, underpinned by a weaker pound and a solid performance from both divisions.
B&M European traded lower despite saying annual profits rose 26%, while Inchcape declined after it said group revenue rose 18% at actual currency and 8.1% at constant currency in the fourth months to the end of April.
Morrisons, Bunzl, and Capita were all on the back foot as their stock went ex-dividend. |
| Market Movers
FTSE 100 (UKX) 7,519.13 0.06%
FTSE 250 (MCX) 19,976.73 0.13%
techMARK (TASX) 3,607.38 0.01%
FTSE 100 - Risers
easyJet (EZJ) 1,360.00p 1.19%
Hargreaves Lansdown (HL.) 1,402.00p 1.08%
Royal Mail (RMG) 433.10p 0.96%
International Consolidated Airlines Group SA (CDI) (IAG) 612.50p 0.91%
Smurfit Kappa Group (SKG) 2,144.00p 0.80%
Aviva (AV.) 534.00p 0.75%
Severn Trent (SVT) 2,572.00p 0.74%
3i Group (III) 846.50p 0.71%
Provident Financial (PFG) 3,122.00p 0.71%
National Grid (NG.) 1,089.00p 0.69%
FTSE 100 - Fallers
BT Group (BT.A) 310.80p -1.91%
TUI AG Reg Shs (DI) (TUI) 1,155.00p -1.53%
Morrison (Wm) Supermarkets (MRW) 242.60p -1.22%
DCC (DCC) 7,440.00p -1.06%
Anglo American (AAL) 1,072.50p -1.06%
Bunzl (BNZL) 2,444.00p -0.69%
Diageo (DGE) 2,309.50p -0.69%
BP (BP.) 475.45p -0.64%
Rio Tinto (RIO) 3,157.50p -0.57%
Carnival (CCL) 4,821.00p -0.50%
FTSE 250 - Risers
Wizz Air Holdings (WIZZ) 2,092.00p 7.50%
Intermediate Capital Group (ICP) 865.00p 7.19%
GVC Holdings (GVC) 796.50p 4.12%
IP Group (IPO) 146.20p 3.54%
Grainger (GRI) 269.00p 2.87%
QinetiQ Group (QQ.) 316.30p 2.43%
Rank Group (RNK) 216.50p 1.93%
Evraz (EVR) 197.00p 1.91%
Bankers Inv Trust (BNKR) 797.50p 1.85%
Countryside Properties (CSP) 301.80p 1.58%
FTSE 250 - Fallers
Petrofac Ltd. (PFC) 521.00p -15.28%
OneSavings Bank (OSB) 438.60p -6.18%
Acacia Mining (ACA) 290.30p -4.82%
Capita (CPI) 556.00p -3.72%
B&M European Value Retail S.A. (DI) (BME) 357.50p -3.04%
PayPoint (PAY) 961.50p -2.58%
Tate & Lyle (TATE) 773.50p -2.09%
Wood Group (John) (WG.) 731.00p -2.08%
Amec Foster Wheeler (AMFW) 523.00p -2.06% |
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| | UK Event Calendar | | Thursday May 25
INTERIMS
Daily Mail and General Trust A (Non.V), Schroder European Real Estate Investment Trust, Urban&Civic
INTERIM DIVIDEND PAYMENT DATE
Wetherspoon (J.D.)
INTERIM EX-DIVIDEND DATE
Avingtrans, Baring Emerging Europe, Brewin Dolphin Holdings, Diploma, Euromoney Institutional Investor, Gattaca, Impax Asset Management Group, Income & Growth VCT , Keystone Inv Trust, Marston's, Mitchells & Butlers, Town Centre Securities
QUARTERLY EX-DIVIDEND DATE
Carnival, HICL Infrastructure Company Ltd, NextEnergy Solar Fund Limited Red
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Continuing Claims (US) (13:30)
Initial Jobless Claims (US) (13:30)
FINALS
Halfords Group, Helical, Intermediate Capital Group, PayPoint, QinetiQ Group, Renewi , Tate & Lyle, TR Property Inv Trust, United Utilities Group, Wizz Air Holdings
SPECIAL DIVIDEND PAYMENT DATE
ITV, United Carpets Group
AGMS
Jersey Oil And Gas , Air China Ltd., Albion Development VCT, Alliance Pharma, Amryt Pharma, Belvoir Lettings, Cambridge Cognition Holdings, Card Factory, Concurrent Technologies, EnQuest, F&C Private Equity Trust, Ferrexpo, Flowtech Fluidpower, G4S, Gama Aviation , Gocompare.com Group, Hastings Group Holdings , Headlam Group, Henry Boot, Huntsworth, Immedia Group, Inchcape, Itaconix , Kcell Joint Stock Co GDR (Reg S), Kenmare Resources, Keywords Studios, Legal & General Group, LMS Capital, Luceco , Middlefield Canadian Income PCC, NAHL Group, Nasstar, Old Mutual, Parity Group, Regional REIT Limited, Robert Walters, Sealand Capital Galaxy Limited (DI), Total Produce, TP Group, Vectura Group, Yu Group
TRADING ANNOUNCEMENTS
Card Factory, GVC Holdings, Mincon Group , Regional REIT Limited
UK ECONOMIC ANNOUNCEMENTS
Index of Services (09:30)
FINAL DIVIDEND PAYMENT DATE
Foxtons Group , Hikma Pharmaceuticals, IndigoVision Group, Intu Properties, ITV, Reckitt Benckiser Group, UBM, Zotefoams
FINAL EX-DIVIDEND DATE
Action Hotels, Advanced Medical Solutions Group, Andrews Sykes Group, British American Inv Trust, Bunzl, Burford Capital , C&C Group, Capita, Cineworld Group, DCC, Downing Three VCT F Shs, Downing Three VCT H Shs, Downing Two VCT F Shs , Downing Two VCT G Shs, Exova Group , FDM Group (Holdings), Hill & Smith Holdings, Huntsworth, IFG Group, Ingenta, Irish Continental Group Units, Manx Telecom , Maven Income & Growth 2 VCT, Menzies(John), Midwich Group, Mincon Group , Morrison (Wm) Supermarkets, Neptune-Calculus Income & Growth VCT, Soco International, Spectris, Tarsus Group, The Gym Group, Venture Life Group, Whitbread, Worldpay Group, Xaar
Q1
PJSC Megafon GDR (Reg S)
|
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| | US Market Report | | US close: Markets finish higher as investors mull Fed minutes Wall Street's main market averages finished in the green on Wednesday, with Treasury yields slipping after the release of the minutes from the Federal Open Market Committee's May meeting.
The Dow Jones Industrial Average ended up 0.36% at 21,012.41, while the S&P 500 finished 0.25% higher at 2,404.39 and the Nasdaq 100 was firmer by 0.47% at 5,730.30.
In bond markets, the US benchmark 10-year note yield was down after the release of the Fed minutes, to trade at 2.255%, while the two-year yield was at 1.273%, after both traded higher before the release.
Bond yields move inversely to prices.
The minutes suggested the central bank members were in agreement on how the Fed can unwind its $4.5trn balance sheet.
It's understood the Fed will implement caps on how much it will allow to drop off the balance sheet without reinvestment each month.
There were doubts over how soon such a plan could be implemented, however, with analysts at Rabobank saying: "recent events in Washington DC support our view that the Fed is not going to hike more than twice this year.
"As it is becoming increasingly difficult to make fiscal policy, and Trumpgate is likely to continue to hang over the markets like Damocles' sword, we do not think that the Fed's intended third hike will materialise this year.
"Note that this could also delay the Fed's plan to reduce its reinvestments until next year."
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.
West Texas Intermediate crude oil futures were down after the Department of Energy reported a larger than expected decline in US oil stockpiles, with prices last falling 0.51% to $51.21 per barrel.
Existing home sales in the States fell 2.3% on the month in April to reach an annualised rate of 5.57m, against a consensus for 5.7m.
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 finished up 1.04% on news that Glencore had approached the grain trader about a potential takeover.
Hardware retailer Lowe's tumbled 3% after its first-quarter earnings missed analysts' expectations, but chip maker Nvidia was on the front foot by 1.12% following a report that Japan's SoftBank racked up a $4bn stake in the company.
Jewellery retailer Tiffany was knocked 8.71% lower after reporting a weaker-than-expected 3% drop in global like-for-like sales.
Women's fashion retailer Chico's FAS dropped 11.27% 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
Goldman Sachs Group Inc. (GS) $223.83 1.91%
Coca-Cola Co. (KO) $45.03 1.44%
E.I. du Pont de Nemours and Co. (DD) $78.37 1.34%
McDonald's Corp. (MCD) $149.51 1.14%
Visa Inc. (V) $94.83 1.01%
Boeing Co. (BA) $185.25 0.96%
Intel Corp. (INTC) $36.12 0.73%
Walt Disney Co. (DIS) $107.71 0.64%
Merck & Co. Inc. (MRK) $64.93 0.59%
Procter & Gamble Co. (PG) $86.50 0.49%
Dow Jones - Fallers
General Electric Co. (GE) $27.83 -1.59%
Verizon Communications Inc. (VZ) $45.04 -0.97%
Cisco Systems Inc. (CSCO) $31.49 -0.85%
Wal-Mart Stores Inc. (WMT) $78.15 -0.43%
Nike Inc. (NKE) $52.01 -0.36%
Exxon Mobil Corp. (XOM) $82.29 -0.35%
Apple Inc. (AAPL) $153.34 -0.30%
Pfizer Inc. (PFE) $32.03 -0.28%
3M Co. (MMM) $197.49 -0.12%
American Express Co. (AXP) $77.12 -0.10%
S&P 500 - Risers
Intuit Inc. (INTU) $137.83 6.72%
First Solar Inc. (FSLR) $38.90 6.66%
NRG Energy Inc. (NRG) $16.77 5.54%
AES Corp. (AES) $11.75 3.34%
Westrock Company (WRK) $54.32 3.06%
Mattel Inc. (MAT) $22.41 3.03%
Electronic Arts Inc. (EA) $112.31 3.03%
Hasbro Inc (HAS) $103.96 2.95%
Ryder System Inc. (R) $66.28 2.65%
Micron Technology Inc. (MU) $28.99 2.47%
S&P 500 - Fallers
Tiffany & Co. (TIF) $85.03 -8.71%
Signet Jewelers Ltd (SIG) $54.54 -6.59%
Advance Auto Parts (AAP) $132.95 -5.43%
Range Resources Corp. (RRC) $24.14 -3.79%
Alexion Pharmaceuticals Inc. (ALXN) $101.08 -3.40%
T. Rowe Price Group Inc. (TROW) $68.68 -3.35%
Southwestern Energy Co. (SWN) $6.77 -3.29%
Cabot Oil & Gas Corp. (COG) $22.82 -3.10%
Lowe's Companies Inc. (LOW) $79.85 -3.02%
Helmerich & Payne Inc. (HP) $56.01 -2.57%
Nasdaq 100 - Risers
Intuit Inc. (INTU) $137.83 6.72%
Charter Communications Inc. (CHTR) $329.04 3.22%
Mattel Inc. (MAT) $22.41 3.03%
Electronic Arts Inc. (EA) $112.31 3.03%
Hasbro Inc (HAS) $103.96 2.95%
Sirius XM Holdings Inc (SIRI) $5.11 2.82%
Micron Technology Inc. (MU) $28.99 2.47%
Biogen Inc (BIIB) $253.33 2.11%
Tesla Inc (TSLA) $310.22 2.09%
Western Digital Corp. (WDC) $89.70 1.90%
Nasdaq 100 - Fallers
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $280.51 -3.46%
Alexion Pharmaceuticals Inc. (ALXN) $101.08 -3.40%
Tractor Supply Company (TSCO) $53.12 -2.16%
Fastenal Co. (FAST) $43.64 -1.36%
Liberty Global plc Series C (LBTYK) $29.59 -1.30%
NetEase Inc. Ads (NTES) $288.61 -1.26%
Liberty Global plc Series A (LBTYA) $30.53 -1.20%
Liberty Global Plc Lilac Class C (LILAK) $20.73 -1.10%
Mylan Inc. (MYL) $39.18 -1.04% |
| | 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 | | Thursday newspaper round-up: RBS, Opec, Glencore The TUC has urged the next government to take action to boost pay as it warned that borrowing to top up wages was poised to breach the record levels hit just before the financial crisis of a decade ago. Frances O'Grady, the TUC general secretary, expressed alarm at the steady increase in unsecured debt - which excludes mortgages - and called for a higher minimum wage and an end to the tough pay curbs in the public sector. - Guardian
British car manufacturing went into reverse in April, with production falling at the fastest rate in more than two and a half years. A total of 122,116 cars rolled off UK production lines last month, 18% fewer than in April 2016, according to the Society of Motor Manufacturers and Traders (SMMT). - Guardian
Online wedding company Prezola has received a multi-million pound investment from the Business Growth Fund as it looks to branch out into mobile app technology. The wedding gift list service, which also allows customers to create customisable wedding websites, has received a £3m backing from the BGF, which invests in small and mid-sized firms in the UK. - Telegraph
A£200m settlement between Royal Bank of Scotland and thousands of aggrieved shareholders has been hit by further delays after it emerged that lawyers were having difficulty tracking down some investors to ask them to agree to the deal. A High Court trial into RBS's £12bn rights issue at the height of the financial crisis has now been adjourned until June 7 after Jonathan Nash QC, who is acting for the investors, said there had been "logistical" problems contacting some of the claimant shareholders to put a settlement offer to them. - Telegraph
Opec oil ministers will meet in Vienna today amid claims that some members are cheating on production quotas, undermining efforts to drive prices higher by extending a deal to curb output. As officials from the 13 member states gathered for a biannual policy meeting in the Austrian capital, there was mounting tension over suspicions that some countries in the organisation, which pumps a third of the world's oil, are failing to honour their commitments under an agreement signed with other exporters in November to slash supply by 1.8 million barrels a day. - The Times
The senior independent director at Glencore was rebuked by shareholders yesterday over the commodity group's unusual board structure and opaque pay arrangements. Fourteen per cent of investors who cast a vote voted against the re-election of Peter Grauer, who is also the chairman of Bloomberg, while 5 per cent vetoed the re-election of Tony Hayward, the ex-BP chief who chairs Glencore. - The Times |
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