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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 in the red; IAG tanks on BA chaos London stocks were weaker in early trade, with IAG suffering the heaviest losses following an IT outage at British Airways that has caused three days of disruptions for passengers.
At 0830 BST, the FTSE 100 was down 0.6% to 7,502.57, while over in Europe, the main benchmark Stoxx 600 was down 0.4% amid concerns about an early election in Italy and the possibility that Greece might forego its next bailout payment.
Meanwhile, the pound was flat against the dollar at 1.2831 as the latest Survation poll revealed that the Tory lead over Labour has dropped to six percentage points.
Spreadex analyst Connor Campbell said sterling "is struggling to substantially move away from its recent lows" due to "continued election-fretting".
In corporate news, British Airways parent International Consolidated Airlines tanked 4% following an IT outage at BA that led to a weekend of chaos and cancellations. BA's IT systems are now up and running and the airline said it will be operating a full flight schedule at Heathrow and Gatwick.
Royal Bank of Scotland was also in the red after a group of investors agreed on Monday to settle with the bank over claims they were misled about its health before it launched a £12bn rights issue back in 2008.
Shopping centre operator Intu Properties slipped as it announced that it and TH Real Estate - on behalf of its pan-European investment vehicle, the European Cities Fund - had agreed to form a joint venture to own Madrid Xanadú shopping centre in Spain.
On the upside, London Stock Exchange Group nudged up as it struck a deal to buy US bank Citigroup's fixed income indices and analytics businesses for $685m (£535m) cash, while Anglo American edged higher after saying it has completed the sale of its 83.33% interest in the Dartbrook coal mine located in the Hunter Valley, New South Wales, Australia, to Australian Pacific Coal.
Retirement housebuilder McCarthy & Stone was in the black after it appointed John Tonkiss as its group chief operating officer with effect from 1 June.
CLS Holdings gained after announcing the acquisition of a multi-let office property in Dortmund Germany, for €35.6m after costs from an unnamed US investment manager, while Allied Minds was on the front foot as it made Jill Smith's appointment as chief executive permanent, having hired her on an interim basis in March.
There are no major UK data releases due. |
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| Market Movers
FTSE 100 (UKX) 7,502.57 -0.60%
FTSE 250 (MCX) 19,966.08 -0.29%
techMARK (TASX) 3,616.33 -0.40%
FTSE 100 - Risers
Pearson (PSON) 703.00p 0.57%
London Stock Exchange Group (LSE) 3,406.00p 0.44%
British Land Company (BLND) 634.00p 0.40%
Anglo American (AAL) 1,056.50p 0.38%
TUI AG Reg Shs (DI) (TUI) 1,171.00p 0.17%
3i Group (III) 869.50p 0.12%
Hargreaves Lansdown (HL.) 1,391.00p 0.07%
Randgold Resources Ltd. (RRS) 7,205.00p 0.07%
Glencore (GLEN) 292.70p 0.07%
Compass Group (CPG) 1,644.00p 0.06%
FTSE 100 - Fallers
International Consolidated Airlines Group SA (CDI) (IAG) 588.50p -4.15%
Mediclinic International (MDC) 794.50p -2.63%
easyJet (EZJ) 1,359.00p -1.95%
Informa (INF) 677.50p -1.60%
British American Tobacco (BATS) 5,513.00p -1.40%
Old Mutual (OML) 193.90p -1.37%
Barclays (BARC) 209.05p -1.23%
Sainsbury (J) (SBRY) 278.30p -1.21%
CRH (CRH) 2,758.00p -1.15%
Aviva (AV.) 520.50p -1.14%
FTSE 250 - Risers
Clarkson (CKN) 2,756.00p 2.42%
Countryside Properties (CSP) 333.60p 2.30%
AO World (AO.) 145.00p 2.11%
Brewin Dolphin Holdings (BRW) 337.20p 1.66%
PayPoint (PAY) 969.00p 1.36%
OneSavings Bank (OSB) 432.30p 1.19%
Redefine International (RDI) 39.01p 0.83%
Woodford Patient Capital Trust (WPCT) 93.00p 0.81%
Card Factory (CARD) 335.00p 0.66%
Big Yellow Group (BYG) 784.00p 0.64%
FTSE 250 - Fallers
Telecom Plus (TEP) 1,280.00p -2.81%
Kaz Minerals (KAZ) 493.20p -2.53%
Euromoney Institutional Investor (ERM) 1,186.00p -1.74%
TalkTalk Telecom Group (TALK) 179.50p -1.43%
Shawbrook Group (SHAW) 335.70p -1.41%
Spirax-Sarco Engineering (SPX) 5,680.00p -1.39%
Grafton Group Units (GFTU) 766.50p -1.35%
Inchcape (INCH) 825.50p -1.32%
Wood Group (John) (WG.) 724.50p -1.23% |
| | UK Event Calendar | | Tuesday May 30
INTERIM EX-DIVIDEND DATE
Inch Kenneth Kajang Rubber
QUARTERLY EX-DIVIDEND DATE
Schlumberger Ltd.
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Business Climate Indicator (EU) (11:00)
Economic Sentiment Indicator (EU) (11:00)
Industrial Confidence (EU) (11:00)
Personal Consumption Expenditures (US) (13:30)
Personal Income (US) (13:30)
Personal Spending (US) (13:30)
Services Confidence (EU) (11:00)
FINALS
Horizon Discovery Group, Kainos Group , Renold, Ryanair Holdings
ANNUAL REPORT
Volvere
EGMS
MoneySwap
AGMS
EU Supply, Management Consulting Group, PJSC PhosAgro GDR (Regs), Starcom, Valirx
UK ECONOMIC ANNOUNCEMENTS
Nationwide House Price Index (07:00)
FINAL DIVIDEND PAYMENT DATE
Coats Group, Harworth Group, Henry Boot, Portmeirion Group, SQS Software Quality Systems AG
FINAL EX-DIVIDEND DATE
Kakuzi Ltd.
Q1
AFI Development
|
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| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks start the day lower, geopolitical frictions eyed Stocks are lower at the start of the trading but off their worst levels with investors seemingly hesitant to keep pushing stocks higher despite relatively buoyant data out of France.
As of 0854 BST the benchmark Stoxx 600 was off by 0.25% to 390.29, alongside a rise of 0.25% in Germany's Dax to 12,634.82 and a 0.53% fall in the FTSE Mibtel to 20,673.57.
"The European futures are trading lower today as investors mainly remain in risk-off mode and they are unsure about the direction of the trade," said Naeem Aslam, chief market analyst at Think Markets.
Following the latest NATO summit and a meeting of G7 leaders in Sicily, German chancellor Angela Merkel said "the times we could completely depend on others are, to some extent, over."
Echoing Merkel's remarks, European Central Bank president Mario Draghi told the European parliament on Monday that: "The neo-protectionist stances that have been stated in the United States are certainly of concern."
Also in testimony to the European parliament, Draghi reiterated that extraordinary policy support - including through forward guidance - was needed to ensure euro area inflation would return to rate-setters' 2.0% target over the medium-term.
His words were still weighing on the single currency come Tuesday, with the euro down by 0.13% to 1.1142 against the US dollar.
French household spending was 0.5% higher month-on-month in April, a far weaker outcome than the 1.0% rise projected by economists although the 'miss' was somewhat offset by upwards revisions to data for the previous months.
On a cheerier note, France's gross domestic product expanded at a 0.4% quarter-on-quarter clip during the first three months of the year as investment bounced back.
Consumers in the Eurozone's second largest economy were also more positive in May than had been thought, with INSEE's consumer climate gauge rising from 100.0 in April to 102.0 for May (consensus: 101.0).
Consumer prices in Spain on the other hand dipped by 0.1% month-on-month in May on a harmonised basis, according to INE, with the annual rate retreating by six tenths of a percentage point to 2.0%.
Economists had been expecting a reading 0.0% on the month and 2.1% year-on-year.
Still on the calendar for later on Tuesday, the European Commission was scheduled to release the results of ots industrial and consumer confidence surveys for May at 10:00 BST. |
| | US Market Report | | US close: Nasdaq-100, S&P 500 hit new records Wall Street's main market gauges were little changed heading into the Memorial Day weekend and the end of the month, following the release of slightly mixed economic data.
The Dow Jones Industrial Average ended the day lower by just 0.01% or 2.67 points at 21,080.28, while the S&P 500 was up by 0.01% or 0.75 points to 2,415.82 and ahead by 1.4% for the week just ended - while also notching up a fresh record close (but not on an intra-day basis) in the process.
Despite the new record close for the S&P 500, some market commentary highlighted how so-called 'short interest' on that stock benchmark continued to climb, rising by 0.3 percentage points during the week to 3.9% - although it remained well below the record readings seen at the start of 2016.
In parallel, the Nasdaq Composite advanced 0.08% or 4.94 points to 6,210.19, alongside gains of 0.17% for the Nasdaq-100 on Friday.
For the week as a whole the Nasdaq-100 was 2.4% higher and at a new record close itself.
From a sector standpoint, the best performing areas of the market on Friday were: Gold mining (1.79%), Automobiles (1.50%) and Tires (1.41%).
Meanwhile, oil prices reversed heavy losses to trade a little higher, with West Texas Intermediate up by a nickel to $49.80 a barrel. Prices had fallen sharply after the Opec meeting in Vienna resulted in a nine-month extension of the previously agreed 1.8m barrel-a-day production cut, just as markets had anticipated.
Perhaps the most oft-quoted gauge of stockmarket volatility continued to slide towards its record lows, slipping 1.80% to 9.81.
America's gross domestic product expanded at an upwardly revised pace of 1.2% during the first three months of 2017, revised data showed.
The Department of Commerce had initially pegged the rate of growth at 0.7% (consensus: 0.9%).
Orders for durable goods meanwhile fell by 0.7% on the month in April, which was better than the 1.5% drop economists had been expecting. Significantly, growth for the prior month was revised up to show a rise of 2.3% instead of the 0.9% increase originally estimated.
Those mark-ups to the March data were on account of a sharp upwards revision to volatile data for aircraft orders for that month.
Nevertheless, core capital goods orders - perhaps the key gauge contained in that report - were flat in April (consensus: 0.5%).
The mood of US consumers was more buoyant in May, with the University of Michigan's sentiment index edging higher from 97.0 for April to 97.1.
That was lower than a preliminary reading of 97.5 but the expectations subindex improved from 87.0 to 87.7, a positive sign.
The yield on the benchmark 10-year US Treasury note slipped by one basis point to 2.25%.
Shares in Deckers Outdoor surged 18.81% after the footwear designer surprised markets with first quarter earnings per share of 11 cents, which was far in excess of the -6 cent loss expected. The company's sales and full-year EPS guidance were also better-than-expected.
Stock in discount fashion retailer Big Lots also gained after posting a first quarter EPS of $1.15, soundly beating estimates on the street for 99 cents.
However, its top line figure came in at $1.30bn, which was a shade below the $1.31bn analysts had anticipated.
Dow Jones - Risers
Walt Disney Co. (DIS) $108.41 1.06%
Caterpillar Inc. (CAT) $105.66 0.61%
E.I. du Pont de Nemours and Co. (DD) $77.85 0.59%
3M Co. (MMM) $200.67 0.57%
Microsoft Corp. (MSFT) $69.96 0.49%
Goldman Sachs Group Inc. (GS) $223.53 0.48%
Nike Inc. (NKE) $52.59 0.46%
Procter & Gamble Co. (PG) $87.25 0.45%
Cisco Systems Inc. (CSCO) $31.50 0.19%
McDonald's Corp. (MCD) $149.86 0.05%
Dow Jones - Fallers
Home Depot Inc. (HD) $154.90 -1.00%
Johnson & Johnson (JNJ) $126.92 -0.48%
International Business Machines Corp. (IBM) $152.48 -0.46%
Visa Inc. (V) $94.67 -0.39%
Chevron Corp. (CVX) $104.72 -0.37%
United Technologies Corp. (UTX) $121.85 -0.33%
Unitedhealth Group Inc. (UNH) $177.50 -0.31%
Boeing Co. (BA) $186.59 -0.26%
Exxon Mobil Corp. (XOM) $81.55 -0.24%
Wal-Mart Stores Inc. (WMT) $78.13 -0.23%
S&P 500 - Risers
Mallinckrodt Plc Ordinary Shares (MNK) $43.28 5.56%
Kansas City Southern (KSU) $95.95 3.09%
Nvidia Corp. (NVDA) $141.84 2.59%
Norfolk Southern Corp. (NSC) $122.32 2.14%
Chesapeake Energy Corp. (CHK) $5.29 2.12%
Genuine Parts Co. (GPC) $93.28 2.10%
Newmont Mining Corp. (NEM) $34.11 2.03%
Hanesbrands Inc. (HBI) $20.70 1.97%
O'Reilly Automotive Inc. (ORLY) $248.48 1.90%
Gap Inc. (GPS) $22.42 1.82%
S&P 500 - Fallers
GameStop Corp. (GME) $22.22 -5.93%
GGP Inc (GGP) $22.65 -4.39%
Best Buy Co. Inc. (BBY) $58.97 -3.72%
First Solar Inc. (FSLR) $36.84 -2.90%
Perrigo Company plc (PRGO) $69.95 -2.64%
United States Steel Corp. (X) $19.74 -2.52%
Macerich Co (MAC) $58.75 -2.33%
DaVita Inc (DVA) $64.74 -2.29%
Frontier Communications Co. (FTR) $1.33 -2.21%
Simon Property Group Inc. (SPG) $157.26 -2.14%
Nasdaq 100 - Risers
Sirius XM Holdings Inc (SIRI) $5.29 3.32%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $302.40 3.19%
Tesla Inc (TSLA) $325.14 2.62%
Nvidia Corp. (NVDA) $141.84 2.59%
O'Reilly Automotive Inc. (ORLY) $248.48 1.90%
Costco Wholesale Corp. (COST) $177.86 1.79%
Mattel Inc. (MAT) $22.53 1.58%
American Airlines Group (AAL) $48.74 1.50%
Comcast Corp. (CMCSA) $40.91 1.41%
Illumina Inc. (ILMN) $175.91 1.24%
Nasdaq 100 - Fallers
Shire Plc Ads (SHPG) $177.18 -4.13%
Incyte Corp. (INCY) $134.38 -2.91%
QUALCOMM Inc. (QCOM) $57.52 -1.59%
Activision Blizzard Inc. (ATVI) $58.28 -1.59%
Electronic Arts Inc. (EA) $112.13 -1.49%
Akamai Technologies Inc. (AKAM) $47.39 -1.39%
Seagate Technology Plc (STX) $42.53 -1.35%
Symantec Corp. (SYMC) $29.61 -1.14%
Twenty-First Century Fox Inc Class A (FOXA) $27.03 -1.10%
Twenty-First Century Fox Inc Class B (FOX) $26.95 -1.03% |
| | Newspaper Round Up | | Tuesday newspaper round-up: Clearing clash, ports puzzle, CBI criticism One of the eurozone's top central bankers has stepped up the campaign to claim the City's lucrative euro-clearing business by declaring that it is impossible for it to remain in London. François Villeroy de Galhau, a member of the European Central Bank's governing board and head of France's financial regulator, made the statement as the European Commission worked on proposals intended to force euro-denominated derivatives to be cleared in the eurozone. - The Times
Cruise operators could avoid UK ports if more stringent border controls are introduced when Britain leaves the European Union, the chairman of Carnival UK has warned. David Dingle, who oversees the P&O and Cunard lines, said that it would be "bad news for British jobs" if tourists faced "stricter and more protracted" checks. - The Times
The CBI is working on plans to reset relations with the government after the election amid concerns over an anti-business stance. Corporate leaders have become alarmed by the hostile rhetoric from Theresa May's government, not least in the Conservatives' manifesto, and their lack of access to ministers. - The Times
Swing voters do not think the Manchester terror attack will affect how they cast their ballot on 8 June but Theresa May's response was seen generally as reassuring, according to focus groups in six seats. Undecided voters in Hartlepool, Birmingham, Cambridge, Glasgow, Wells and Harrow were asked for their views on how the parties responded to the attack as part of a project by Britain Thinks, a political consultancy. - Guardian
Britain will play a pivotal role in building China's new silk road, cementing London's position as the world's financial centre after Brexit. Sam Xu, head of China transaction banking at Standard Chartered, said the UK would serve as a financial hub for the "One Belt, One Road" initiative, which spans 65 countries and covers 64pc of the global population. Mr Xu said no other city in the world could match London's expertise and financial infrastructure. - Telegraph
The United States is considering using emergency tariffs to protect a domestic industry for the first time in 16 years in a move that will stir fears of rising protectionism under President Trump. The World Trade Organisation said yesterday that the US had notified its 163 other members that it had begun a "safeguard investigation" into imported solar cells. -The Times
Greece on Monday issued a panic warning that its recovery would be thrown into doubt if Brussels blocked a debt deal at the next meeting of euro area finance ministers. Fearing that Germany will insist on delays to an agreement until at least after elections in September, Athens' finance minister hinted that the beleaguered nation could be plunged deeper into recession after seeing its economy contract by more than 25% since the start of its financial crisis. - Guardian
British Airways was accused of exploiting passengers' misery yesterday amid claims that travellers affected by the global IT crash at the weekend were made to pay for expensive upgrades to reach their destinations. The airline faced criticism over its response to the chaos after it emerged that trapped passengers had to spend up to £800 to gain access to spare seats in premium economy cabins. - The Times
The European Union has moved towards cracking down on carmakers who cheat emissions tests by giving the EU executive more powers to monitor testing and impose fines. The European council overcame initial objections from Germany and agreed to try to reform the system for approving vehicles in Europe in the wake of the Volkswagen emissions scandal. - Guardian
The board of JKX Oil faces its second attempted coup in 18 months after its largest shareholder turned on the investor which purged the board last year. Shareholders of the London-listed Ukrainian oil explorer will be notified this week of the showdown between Eclairs Group and the Russian investment fund which staged the first coup, Proxima Capital. - Telegraph
A group of leading economists warned on Monday that the world risks catastrophic global warming in just 13 years unless countries ramp up taxes on carbon emissions to as much as $100 (£77) per metric tonne. Experts including Nobel laureate Joseph Stiglitz and former World Bank chief economist Nicholas Stern said governments needed to move quickly to tackle polluting industries with a tax on carbon dioxide at $40-$80 per tonne by 2020. - Guardian |
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