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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 black as Shell, HSBC gain after results London stocks pushed higher in early trade, helped along by well-received results from the likes of Shell and HSBC, as investors looked to a slew of data releases.
At 0830 BST, the FTSE 100 was up 0.6% to 7,275.13. Meanwhile, the pound was off 0.1% versus the dollar at 1.2855, having come under some pressure earlier on news that the Queen had summoned the entire royal household to an emergency meeting at Buckingham Palace.
There had been concerns that it was to do with her health or that of the Duke of Edinburgh but reports suggest this is not the case.
On the data front, net lending, consumer credit, mortgage approval and Markit's services PMI are all due at 0930 BST. In the US, initial jobless claims are at 1330 BST, while factory orders are at 1500 BST.
CMC Markets analyst Michael Hewson said: "This week's UK data has showed evidence of a decent pickup in economic activity after a bit of a slowdown in Q1, and today's April services PMI should complete the picture of a solid April performance, after manufacturing and construction beat expectations by bouncing back strongly.
"It is predicted that we could see a bit of a slowdown from March's 55 to 54.6, but given that these predictions have been wrong twice this week it wouldn't surprise to see an upside surprise. We will also get to see the latest lending data for March, which is expected to reflect the slowdown in consumer spending as well as the housing market."
On Wednesday, the Fed stood pat on rates, as expected, although the odds of an interest rate hike at the central bank's June meeting rose to 94% from around 70% following the accompanying policy statement, in which it brushed aside the importance of weaker-than-expected first-quarter GDP figures.
The French election was also likely to remain in focus as centrist Macron remained ahead in the polls following Wednesday's televised debate between him and Marine Le Pen.
In corporate news, oil giant Royal Dutch Shell gushed higher as it said first-quarter profit more than doubled, while Randgold Resources racked up healthy gains after reporting a 33% jump in first-quarter profit and a rise in gold production.
HSBC pushed up after it said profits in the first quarter were hit by currency movements, but at the underlying level, they improved strongly against the same period last year and the fourth quarter of 2016.
RSA Insurance was also on the front foot as it posted a 14% increase in first-quarter net written premiums, while supermarket Morrisons advanced after saying sales in the first quarter rose thanks to price cuts and solid trading over Easter.
Integrated security company G4S was in the black after it reported a 9% jump in revenue for the first quarter and said it saw a strong start to the year.
On the downside, retailer Next was under the cosh after it trimmed the top end of its full-year profits guidance as sales fell in the first quarter of its financial year.
Convatec was weaker despite reiterating its guidance for 2017 and reporting in-line trading for the first quarter, while Anglo American shares dropped as it agreed the sale of its 88% stake in the Drayton thermal coal mine in New South Wales.
Glencore was in the red as it raised its full year profits target slightly to between $2.3bn and $2.6bn despite production in the first quarter being impacted by severe weather such as cyclone Debbie in Australia.
Rio Tinto nudged lower after saying it is aiming for $5bn of free cash flow via productivity improvements over five years.
Kingfisher, Croda, Henderson, Derwent London, Card Factory, and Hastings all fell as their stock went ex-dividend. |
| Market Movers
FTSE 100 (UKX) 7,275.13 0.56%
FTSE 250 (MCX) 19,680.16 -0.02%
techMARK (TASX) 3,529.09 0.09%
FTSE 100 - Risers
Royal Dutch Shell 'B' (RDSB) 2,125.50p 3.15%
HSBC Holdings (HSBA) 665.50p 3.15%
Royal Dutch Shell 'A' (RDSA) 2,079.50p 3.05%
Randgold Resources Ltd. (RRS) 6,785.00p 2.65%
RSA Insurance Group (RSA) 618.00p 2.32%
Morrison (Wm) Supermarkets (MRW) 242.10p 1.30%
BP (BP.) 451.90p 1.18%
Standard Chartered (STAN) 722.90p 1.05%
International Consolidated Airlines Group SA (CDI) (IAG) 561.00p 0.99%
WPP (WPP) 1,690.00p 0.96%
FTSE 100 - Fallers
Next (NXT) 4,142.00p -6.08%
Anglo American (AAL) 1,016.50p -2.68%
Marks & Spencer Group (MKS) 357.90p -2.35%
Kingfisher (KGF) 334.00p -2.08%
Convatec Group (CTEC) 291.80p -2.08%
Glencore (GLEN) 282.05p -1.66%
Antofagasta (ANTO) 776.50p -1.58%
Smith & Nephew (SN.) 1,254.00p -1.57%
Croda International (CRDA) 3,761.00p -1.52%
Sage Group (SGE) 696.50p -1.49%
FTSE 250 - Risers
Euromoney Institutional Investor (ERM) 1,110.00p 3.35%
G4S (GFS) 322.90p 2.67%
AO World (AO.) 146.20p 2.31%
Tullow Oil (TLW) 208.10p 2.06%
Inmarsat (ISAT) 854.00p 1.67%
Lancashire Holdings Limited (LRE) 703.50p 1.30%
Petra Diamonds Ltd.(DI) (PDL) 127.80p 1.03%
John Laing Group (JLG) 288.90p 1.01%
Bankers Inv Trust (BNKR) 774.00p 0.91%
Jardine Lloyd Thompson Group (JLT) 1,108.00p 0.91%
FTSE 250 - Fallers
Ferrexpo (FXPO) 146.70p -4.68%
Hochschild Mining (HOC) 235.70p -3.64%
Henderson Group (HGG) 224.60p -3.19%
Derwent London (DLN) 2,881.00p -3.00%
Kaz Minerals (KAZ) 475.00p -2.98%
Card Factory (CARD) 322.30p -2.95%
Acacia Mining (ACA) 382.80p -2.60%
Polymetal International (POLY) 965.00p -2.38%
Morgan Advanced Materials (MGAM) 325.80p -2.07% |
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| | UK Event Calendar | | Thursday 04 May
INTERIM DIVIDEND PAYMENT DATE
Volution Group (WI)
INTERIM EX-DIVIDEND DATE
AB Dynamics, BlackRock Greater Europe Inv Trust, British Smaller Companies VCT, James Halstead, Pembroke Vct, Pembroke Vct B, Smart (J) & Co., Swallowfield, Symphony International Holdings Ltd.
QUARTERLY EX-DIVIDEND DATE
JPMorgan Claverhouse Inv Trust, SQN Asset Finance Income Fund Limited, The SME Loan Fund, Toro Limited , Unilever
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Initial Jobless Claims (US) (13:30)
Retail Sales (EU) (09:30)
GMS
Johnson Service Group
SPECIAL EX-DIVIDEND DATE
Derwent London, EP Global Opportunities Trust, Henderson Group, Volga Gas
AGMS
Computacenter, Elecosoft, GKN, GlaxoSmithKline, Gresham Technologies, IMI, Inmarsat, Jardine Matheson Holdings Ltd (Singapore Reg), Jardine Strategic Holdings Ltd. (Singapore), Johnson Service Group, Ladbrokes Coral Group, Moneysupermarket.com Group, Morgan Sindall Group, Reckitt Benckiser Group, Rolls-Royce Holdings, Sagicor Financial Corporation Limited (DI), St James's Place, Stadium Group, Trinity Mirror
TRADING ANNOUNCEMENTS
Morrison (Wm) Supermarkets, Purplebricks Group, RSA Insurance Group
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (09:30)
M4 Money Supply (09:30)
Mortgage Approvals (09:30)
FINAL DIVIDEND PAYMENT DATE
AFH Financial Group , Amiad Water Systems Ltd, British American Tobacco, Jardine Lloyd Thompson Group, Miton Group, Schroders, Schroders (Non-Voting), SEGRO, Ultra Electronics Holdings
FINAL EX-DIVIDEND DATE
Acacia Mining, Card Factory, Cello Group, Coats Group, Croda International, Derwent London, Dunedin Income Growth Inv Trust, Ebiquity, Empresaria Group, EP Global Opportunities Trust, F&C Private Equity Trust, Ferrexpo, H&T Group, Harworth Group, Hastings Group Holdings , Henderson Group, Highcroft Investment, Holders Technology, InterContinental Hotels Group, JRP Group, Kingfisher, London Stock Exchange Group, Lookers, Luceco , Maven Income & Growth VCT, McColl's Retail Group , Microgen, Morgan Advanced Materials , Mortgage Advice Bureau (Holdings) , Norsk Hydro ASA, Playtech, Polymetal International, Rightmove, SafeCharge International Group Limited (DI), Servelec Group , SimiGon Ltd. (DI), SThree, Stock Spirits Group , Total Produce, Volga Gas
Q1
Inmarsat, Royal Dutch Shell 'A', Royal Dutch Shell 'B'
|
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Markets cheer result of French election debate European equities are trading on the frontfoot at the start of the day following a convincing performance from centrist French presidential candidate Emmanuele Macron in a key televised debate overnight.
As of 08:20 BST the benchmark Stoxx 600 is up by 0.22% at 390.24, alongside gains of 0.23% to 12,557.10 for Germany's Dax and an advance of 0.41% for Paris's Cac-40.
Tellingly, the yield spread between the benchmark 10-year French and German sovereign bonds was two basis points narrower at 46.
The fact that the spread, which is a gauge of the risk (political as well) differential between both countries, was trading near its highs from before the election premium was priced-in meant may mean there is room for a relief rally following the 7 May run-off vote in the French elections if it is being reflected elsewhere too, said Craig Erlam, senior market analyst at Oanda.
Analysts at UniCredit Research described the debate between Macron and his far-right rival Marine Le Pen on their vision of France's future, the euro and ways of fighting terrorism as "fierce". The snap opinion poll carried out by Elabe for BFMTV after the debate showed 63% of viewers found Macron the more convincing of the two.
Acting as a backdrop, most analysts and traders appeared to be in agreement that Wednesday night's US central bank policy announcement contained little new news.
Perhaps, but in an immediate reaction after the Federal Reserve's policy statement was released, markets moved quickly to discount a near certain chance of a 25 basis point rate hike at the Fed's June meeting.
"The US curve did not draw any meaningful conclusions from the largely unchanged wording of the FOMC risk-assessment and fed fund futures still underprice the potential for further rate hikes, in our view, with the odds for at least two more rate hikes by the end of the year trading at just 54.8%," said analysts at UniCredit Research.
IHS Markit's service sector purchasing managers' index for Spain rose from 57.4 for March to 57.8 (consensus: 57.7) amid sharp increases in activity and new business.
An equivalent gauge for Germany slipped from 55.6 to 55.4.
Ahead on the economic calendar for Thursday, figures on US durables goods orders and foreign trade in March were scheduled for release at 14:30 BST and 15:00 BST, respectively.
Shares in athletic apparel-maker Adidas are higher after the company posted better than expected first quarter revenues and profits, thanks to its e-commerce and North America ops. |
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| | US Market Report | | US close: Stocks erase early losses after Fed's upbeat update Wall Street had a mixed session on Wednesday as the Federal Reserve kept interest rates on hold but sounded hawkish notes about the economy and was felt likely to be looking at a June hike.
While the Dow Jones Industrial Average recovered from early losses to add eight points and close at 20,957.90, the S&P 500 and Nasdaq fell, losing three points to 2,388.13 and almost 19 points to 5,625.16, respectively. The dollar gained 0.5% on the pound to 1.2868 and almost 0.4% on the euro to 1.0886.
A major weight was tech colossus Apple, the largest stock listed on the indices, which tumbled initially but recovered most of its losses as investors mulled its better earnings and proposed $50bn buyback.
The policy announcement and statement from the Federal Reserve around two hours before the close coincided with the Dow inching into positive territory and the S&P rub out some of its mid-session losses.
After their two day meeting, the Federal Open Markets Committee kept the fed funds target range unchanged at 0.75-1.0% and did not shrink its $4trn dollar balance sheet.
A policy statement from the rate setters indicated a pretty sanguine view of the economic outlook as they brushed aside the recent soft reading of first quarter GDP, saying the slow economic growth is "likely to be transitory" and with gradual adjustments in the stance of monetary policy inflation will stabilise around 2.0% over the medium-term.
Noting that although consumption growth had slowed, the FOMC said the "fundamentals underpinning the continued growth of consumption remained solid".
Traders apparently took Wednesday's policy announcement to mean that the central bank was still firmly on course to hike rates again next month, pushing the market implied odds of a 25 basis point interest rate hike from the Fed at its 14 June meeting to more than 90% from roughly 70.7% beforehand.
Signalling it will maintain its rate normalisation strategy and showing no uncertainty over the state of the economy was very important, economists at Barclays said.
"Given the tone of the statement, we believe the bar for inaction in June is high. To derail June, the economy would need to provide proof of fundamental weakness to the FOMC."
Capital Economics said a June hike seemed likely on balance, On balance, "although that assumes employment growth rebounds in April and May".
Economic data released on Wednesday backed the policymakers reading on the economy, with the Institute for Supply Management's gauge of non-factory sector activity rising from a reading of 55.2 in March to 57.5 in April, beating forecasts for an improvement to 56.0.
Meanwhile, a labour market report from ADP published before the opening bell showed the economy created 177,000 new jobs in April, a smidgen higher than the consensus forecast of 175,000.
Meanwhile, oil prices drifted sideways after the latest inventory data from the Energy Information Administration showed US stockpiles fell less than expected last week, while gasoline inventories grew amid weak demand. West Texas Intermediate was up 0.2% to $47.55 a barrel.
In corporate news, drug giant Merck topped the Dow as its revenues and earnings held steady, with sales of its cancer immunotherapy drug soaring.
Reynolds American posted a mixed set of first quarter financials, with earnings per share of 56 cents missing the median Wall Street estimate for 57 cents but with sales of $2.95bn slightly outpacing forecasts of $2.92bn.
Shares in KFC-owner Yum Brands on the other hand were on the front foot after posting a 2% rise in quarterly like for likes.
Time Warner was also edging higher after reporting quarterly earnings per share of $1.66 in comparison to analysts' forecasts for $1.45.
Walt Disney was lower ahead of results next week, with little news on the day apart from that the House of Mouse was launching a new digital network as a way to roll out short, digital specific programmes.
General Motors reversed some of its losses from earlier in the week as it revealed plans to expand its Maven car-sharing business as a way of tapping into the growing 'gig economy'.
Thin-film solar panel maker First Solar reported first quarter sales well ahead of expectations while modestly raising guidance for 2017. With margins weaker, Credit Suisse analysts said "pricing still stinks, assets still great."
Dow Jones - Risers
Merck & Co. Inc. (MRK) $63.61 1.45%
Chevron Corp. (CVX) $106.72 1.29%
McDonald's Corp. (MCD) $142.62 0.98%
United Technologies Corp. (UTX) $120.30 0.82%
General Electric Co. (GE) $29.22 0.79%
Exxon Mobil Corp. (XOM) $82.70 0.79%
JP Morgan Chase & Co. (JPM) $87.00 0.58%
3M Co. (MMM) $197.59 0.54%
Verizon Communications Inc. (VZ) $46.15 0.52%
Goldman Sachs Group Inc. (GS) $226.28 0.52%
Dow Jones - Fallers
Walt Disney Co. (DIS) $111.62 -2.40%
E.I. du Pont de Nemours and Co. (DD) $79.00 -1.18%
Nike Inc. (NKE) $54.54 -0.96%
Unitedhealth Group Inc. (UNH) $172.49 -0.95%
American Express Co. (AXP) $78.82 -0.91%
Pfizer Inc. (PFE) $33.44 -0.49%
Microsoft Corp. (MSFT) $69.08 -0.32%
Apple Inc. (AAPL) $147.06 -0.31%
Johnson & Johnson (JNJ) $123.33 -0.30%
International Business Machines Corp. (IBM) $158.68 -0.26%
S&P 500 - Risers
First Solar Inc. (FSLR) $33.91 11.84%
Citrix Systems Inc. (CTXS) $87.05 7.09%
Assurant Inc. (AIZ) $104.48 6.46%
Newfield Exploration Co (NFX) $35.53 4.44%
Estee Lauder Co. Inc. (EL) $91.30 4.37%
Chesapeake Energy Corp. (CHK) $5.54 4.14%
Allstate Corp (The) (ALL) $84.93 3.79%
E*TRADE Financial Corp. (ETFC) $36.03 3.50%
Transocean Ltd. (RIG) $10.76 3.26%
Mondelez International Inc. (MDLZ) $45.03 2.95%
S&P 500 - Fallers
Frontier Communications Co. (FTR) $1.61 -16.58%
Akamai Technologies Inc. (AKAM) $52.80 -15.52%
Anadarko Petroleum Corp. (APC) $51.98 -7.64%
Viacom Inc. Class B (VIAB) $39.26 -7.54%
Tenet Healthcare Corp. (THC) $17.33 -7.10%
Verisk Analytics Inc. (VRSK) $76.75 -6.61%
Endo International Plc (ENDP) $10.89 -6.52%
Automatic Data Processing Inc. (ADP) $97.53 -6.23%
Hanesbrands Inc. (HBI) $20.72 -6.07% |
| | Newspaper Round Up | | Thursday newspaper round-up: Estate agents, Transline, Brexit, Facebook London estate agents have begun to offer free cars worth £18,000, stamp duty subsidies of £150,000, plus free iPads and Sonos sound systems to kickstart sales in the capital's increasingly moribund property market. The once super-hot central London market has turned into a "burnt-out core" according to buying agents Garrington Property Finders, prompting developers to offer ever greater incentives to lure buyers. - Guardian
Controversial employment agency Transline has lost its contract with Asos as it tries to fend off insolvency. The company, which provided temporary workers for the online fashion business's Barnsley warehouse, filed court papers protecting it from creditors last week after being axed as a supplier of warehouse staff for Amazon. - Guardian
Britain and Brussels will both be better off if they stop wrangling over an enormous Brexit divorce bill and instead focus on the real prize - a trade deal to preserve the £600bn of trade which flows back and forth across the Channel each year. Business group the Confederation of British Industry (CBI) wants the negotiators to prioritise jobs and economic growth, and to avoid becoming bogged down in hostile rhetoric at the start of the Brexit talks. - Telegraph
Facebook's profits have hit one billion dollars a month as the social media giant closes in on a milestone of 2bn users. The company showed no sign that recent controversies surrounding illegal content and fake news had had any financial impact last night, as it posted a 76pc rise in first-quarter profits to $3.1bn (£2.3bn). - Telegraph
It was founded in 1765 and for two and a half centuries helped the well-heeled of London to sell their homes. Yesterday Cluttons, one of the oldest estate agents in the world, threw in the towel, sunk by a massive pension fund deficit, and submitted to what appeared to be a rescue takeover. The upmarket estate agent, which fought for business with the likes of Knight Frank and Savills, said that it was beginning a "significant restructuring" with the backing of R Capital, an investment boutique that specialises in turning round struggling companies. - The Times
Live Premiership Rugby matches will be shown on terrestrial television for the first time after Viacom signed a seven-figure deal. The US media group, which owns Channel 5, has won the rights for the domestic contest for four years from this autumn, bringing an end to almost a decade of highlights on ITV. - The Times | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
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