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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 close: FTSE retreats ahead of 'blockbuster Thursday' as oil, utility stocks ebb Stocks in London retreated to a lower close as falling oil, utility and pharmaceutical companies decided the outcome ahead of 'blockbuster Thursday' and the UK general election.
On the following day, the market would be glued to the much-discussed UK election and its uncertain outcome, as well as the European Central Bank's policy meeting and, separately, testimony from ex-FBI boss James Comey to a Senate panel.
Against this fabric, the FTSE 100 closed down 0.62% to 7,478.62, and the FTSE 250 edged higher by 0.21% to 19,695.92. Other key indices in Europe closed mildly firmer, while Wall St made minor gains.
"The FTSE 100 is offside as dealer's cash in their chips ahead of the UK general election tomorrow," said David Madden, market analyst at CMC Markets UK.
"Volatility is anticipated to be low until traders have a better idea of what the election outcome will be," said Madden.
"The Cac and the Dax received a boost after a leak informed the market that the ECB are planning on reducing the inflation forecast for the Eurozone," he added.
Returning to the UK and tomorrow's ballot, James Trescothick, senior global strategist at easyMarkets, pondered several different outcomes.
A victory by the Tories and PM Theresa May with a majority of less than 20 seats would see a strong sell-off in sterling, whereas a win with a 50-plus seat majority could see a far more positive reaction from sterling.
"If Labour did indeed win you might see the sterling come under a lot of pressure falling as low as $1.20 against the US dollar, due to the fact that (Labour leader Jeremy) Corbyn is not seen as a strong opposition for the EU," said Trescothick.
He said a hung parliament could produce total chaos in the market. "Sterling is likely to crash on this outcome," said Trescothick.
"With this result securing any deal with the EU will prove to be very difficult as any set direction for negotiations will be lost amongst all the bickering that will very likely occur between all the parties in the commons."
On the stocks front in London, oil majors BP and Shell suffered as the latest figures from the US Energy Information Administration revealed a bigger than expected build in stores last week, contrary to American Petroleum Institute figures last night that showed a draw.
Other blue-chip sectors that were prominently lower included pharmaceuticals and utilities, with retail and supermarkets also featuring on the FTSE 100 fallers' board.
House builders did relatively well on news this morning from Halifax that the UK housing market had fared better than expected in May, although the annual rate of price gains was cooling.
Meanwhile, RBS gained after Investec changed its rating from 'Sell' to 'Hold', and it upped its price target from 240p to 260p. RBS reached a £200m settlement with shareholders in relation to the rights issue the bank held during the credit crisis.
WPP shares were down after its trading update was received poorly. Anglo American was firmer after it announced the appointment of Stuart Chambers as its chairman.
AstraZeneca was in the red as it entered an agreement with Grünenthal for the global rights to Zomig (zolmitriptan) outside Japan. |
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| | Market Analysis 07/06/2017 Today’s highlights: Mixed trend seen in global markets - Wall Street closes lower: Ahead of an eventful day tomorrow, which includes the UK election and former FBI Director James Comey testifying before congress, US markets closed lower, with the Dow Jones, S&P 500 and Nasdaq all closing in the red.
- Asian markets mixed: Leading indices in the east were showing a mixed trend this morning. The Nikkei and China50 were both showing gains, with the latter climbing nearly 1%.
- Gold hits seven-month high: The safe-haven hit its highest levels for 2017 so-far, reaching a price that has not been seen since last November.
- New records for cryptocurrencies: Bitcoin passed $2,900 for the first time ever yesterday, while Ethereum logged another all-time high at just under $270.
Read More... |
| Market Movers
FTSE 100 (UKX) 7,478.62 -0.62%
FTSE 250 (MCX) 19,695.92 0.21%
techMARK (TASX) 3,610.06 -0.68%
FTSE 100 - Risers
Persimmon (PSN) 2,393.00p 2.05%
Lloyds Banking Group (LLOY) 70.08p 1.65%
Standard Life (SL.) 381.00p 1.57%
Taylor Wimpey (TW.) 181.80p 1.56%
Hargreaves Lansdown (HL.) 1,395.00p 1.38%
Royal Bank of Scotland Group (RBS) 255.10p 1.35%
3i Group (III) 944.50p 1.29%
Direct Line Insurance Group (DLG) 347.30p 1.25%
Hammerson (HMSO) 587.00p 1.21%
Legal & General Group (LGEN) 254.00p 1.20%
FTSE 100 - Fallers
Shire Plc (SHP) 4,376.50p -3.22%
WPP (WPP) 1,676.00p -2.61%
Babcock International Group (BAB) 906.00p -2.00%
Johnson Matthey (JMAT) 2,979.00p -1.97%
Tesco (TSCO) 178.40p -1.79%
BP (BP.) 456.80p -1.74%
Associated British Foods (ABF) 2,970.00p -1.66%
Reckitt Benckiser Group (RB.) 7,976.00p -1.63%
Sage Group (SGE) 696.50p -1.62%
Convatec Group (CTEC) 325.30p -1.54%
FTSE 250 - Risers
St. Modwen Properties (SMP) 352.90p 6.23%
Ferrexpo (FXPO) 175.10p 4.66%
Derwent London (DLN) 2,685.00p 4.07%
Workspace Group (WKP) 874.50p 4.05%
Nostrum Oil & Gas (NOG) 526.00p 3.34%
CYBG (CYBG) 270.50p 3.28%
Hastings Group Holdings (HSTG) 322.60p 3.13%
Domino's Pizza Group (DOM) 316.30p 2.96%
NMC Health (NMC) 2,329.00p 2.96%
Countryside Properties (CSP) 326.90p 2.61%
FTSE 250 - Fallers
Ocado Group (OCDO) 284.00p -7.91%
RPC Group (RPC) 788.50p -7.24%
Entertainment One Limited (ETO) 226.10p -3.95%
Indivior (INDV) 323.20p -3.20%
Tate & Lyle (TATE) 734.50p -2.59%
Intermediate Capital Group (ICP) 847.00p -2.42%
Go-Ahead Group (GOG) 1,749.00p -2.35%
Capita (CPI) 540.50p -2.26%
Allied Minds (ALM) 135.40p -1.88% |
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| | US Market Report | | US open: Wall Street bounces back ahead of Comey testimony Wall Street was staging a mild bounce back on Wednesday ahead of a raft of key risk events the next day, including former FBI boss James Comey's testimony before a Senate panel, the UK general election and a meeting of the European Central Bank's Governing Council.
At 1515 BST the Dow Jones Industrial Average was higher by 0.20% or 42.41 points to 21,175.48, alongside gains of 0.29% for the Nasdaq Composite to 6,293.07 and rise of 0.17% in the S&P 500 to 2,433.51.
Meanwhile, crude oil futures were slipping ahead of US supply data from the Energy Information Administration due out at 1530 BST.
West Texas Intermediate was down by 1.03% to $47.70 a barrel ahead of those figures.
Comey was due to testify on Thursday about Russia's involvement in the US presidential election.
FXTM chief market strategist Hussein Sayed said: "Comey's testimony is crucial tomorrow. While it's known that many questions will remain unanswered, the biggest question remains to be whether the former FBI director will accuse the President of abusing his power to derail the FBI's investigation and whether there's any indication of potential links between Russia and the Trump election campaign.
"Should the testimony reveal any unexpected surprises, the same will be reflected in the financial markets."
Investigations into the Trump election campaign's alleged dealing with Russian officials had seen the White House's drive for tax reforms stall.
That had led JP Morgan chief Jamie Dimon the day before to caution that much still hinged on such reforms.
Indeed, expected delays in the implementation of stimulus measures by the Trump administration led the OECD to cut its forecasts for US GDP growth in 2017 and 2018 from 2.4% and 2.8%, respectively, to 2.1% and 2.4%.
On the corporate front, US-listed shares of Banco Santander could be active after it bought struggling Banco Popular Espanol for €1.
Jack Daniels parent Brown-Forman Corp. posted fiscal fourth quarter profits per share of 37 cents, which was down from $1.30 in the year-ago period (consensus: 40 cents).
Dow Jones - Risers
Nike Inc. (NKE) $53.06 1.11%
Intel Corp. (INTC) $36.51 1.05%
Apple Inc. (AAPL) $155.74 0.84%
Goldman Sachs Group Inc. (GS) $216.29 0.82%
International Business Machines Corp. (IBM) $153.62 0.82%
American Express Co. (AXP) $79.31 0.58%
JP Morgan Chase & Co. (JPM) $83.43 0.57%
Walt Disney Co. (DIS) $106.00 0.47%
Wal-Mart Stores Inc. (WMT) $79.23 0.38%
Visa Inc. (V) $96.10 0.32%
Dow Jones - Fallers
Coca-Cola Co. (KO) $45.51 -1.02%
General Electric Co. (GE) $27.77 -0.57%
Travelers Company Inc. (TRV) $123.50 -0.43%
Merck & Co. Inc. (MRK) $64.40 -0.41%
Microsoft Corp. (MSFT) $72.33 -0.26%
Procter & Gamble Co. (PG) $88.64 -0.19%
Unitedhealth Group Inc. (UNH) $180.50 -0.18%
Caterpillar Inc. (CAT) $104.48 -0.07%
United Technologies Corp. (UTX) $120.08 -0.03%
E.I. du Pont de Nemours and Co. (DD) $81.06 0.00%
S&P 500 - Risers
Signet Jewelers Ltd (SIG) $56.22 4.21%
Tenet Healthcare Corp. (THC) $17.68 3.94%
GGP Inc (GGP) $23.25 2.81%
Westrock Company (WRK) $55.59 2.72%
United States Steel Corp. (X) $20.84 2.71%
Micron Technology Inc. (MU) $32.37 2.53%
Kimco Realty Corp. (KIM) $18.35 2.51%
Under Armour Inc. Class A (UAA) $20.72 2.47%
Vulcan Materials Co. (VMC) $127.95 2.23%
Synchrony Financial (SYF) $28.84 1.96%
S&P 500 - Fallers
Iron Mountain Inc (New) (IRM) $33.33 -4.77%
United Continental Holdings Inc. (UAL) $79.87 -1.69%
Southwest Airlines Co. (LUV) $59.14 -1.60%
NRG Energy Inc. (NRG) $16.52 -1.55%
Brown Forman Corp. Class B (BF.B) $51.53 -1.51%
Juniper Networks Inc. (JNPR) $29.61 -1.50%
Interpublic Group of Companies Inc. (IPG) $23.88 -1.49%
Mattel Inc. (MAT) $22.50 -1.34%
Dollar General Corp (DG) $74.34 -1.33%
Anadarko Petroleum Corp. (APC) $49.49 -1.22%
Nasdaq 100 - Risers
Micron Technology Inc. (MU) $32.37 2.53%
NetEase Inc. Ads (NTES) $307.77 1.61%
Fastenal Co. (FAST) $42.77 1.59%
Seagate Technology Plc (STX) $42.56 1.59%
Tesla Inc (TSLA) $358.13 1.50%
Western Digital Corp. (WDC) $91.20 1.40%
Hologic Inc. (HOLX) $45.02 1.35%
Nvidia Corp. (NVDA) $149.26 1.30%
Microchip Technology Inc. (MCHP) $86.20 1.19%
Baidu Inc. (BIDU) $187.90 1.16%
Nasdaq 100 - Fallers
Vodafone Group Plc ADS (VOD) $29.20 -3.09%
Shire Plc Ads (SHPG) $170.69 -1.96%
Liberty Global plc Series A (LBTYA) $29.65 -1.82%
Liberty Global plc Series C (LBTYK) $28.69 -1.68%
Mattel Inc. (MAT) $22.50 -1.34%
Alexion Pharmaceuticals Inc. (ALXN) $100.51 -0.95%
Dollar Tree Inc (DLTR) $76.18 -0.92%
Vertex Pharmaceuticals Inc. (VRTX) $126.57 -0.90%
Tractor Supply Company (TSCO) $54.53 -0.89% |
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| | Broker Tips | | Broker tips: Qinetiq, Rotork, Tate & Lyle Analysts at Berenberg lifted their target on shares of Qinetiq due to the continued "significant" optionality afforded to the company by its comfortable cash position.
In fiscal year 2018, the defence electronics and components supplier's net cash would reach £197.0m and be unrivalled within its sector, they said, making it deserving of a premium.
Despite the "somewhat uninspiring" near-term fundamentals, Berenberg said investors could be confident of Qinetiq's ability to continue investing both organically, through contract capex, and via internal research and development.
The company also had the firepower necessary to acquire earnings before the 2019 margin "pinch point" when the full effect of contract renewal timing would be evident, Berenberg said.
With Rotork shares the worst performing stock in the European capital goods sector over the last quarter due to oil price declines and cost inflation concerns, Goldman Sachs sees a buying opportunity as the risk-reward ratio shifts into more attractive territory.
"Growth could surprise in upstream and midstream, led by momentum in the US, Middle East and China," said Goldman, with its 12-month price target of 280p offering around 20% upside, leading to the reiteration of its 'buy' recommendation.
Furthermore, pricing has stabilised and while downstream capital expenditure remains challenging there are green shoots appearing in maintenance, repair and overhaul.
Excluding oil and gas, US water investment is an "obvious catalyst", although there are "few positive signs" in the power market.
Tate & Lyle is facing a likely softer sugar pricing climate in 2018 and combined with anticipated slow progress towards ramping up its speciality ingredients profits, Jefferies downgraded its recommendation on the shares to 'hold' from 'buy'.
Jefferies, which trimmed its target to 800p from 870p, said there remains "plenty of upside if Tate if it can convince" around its Speciality Food Ingredients arm, from where management are aiming to generate of 70% of profits in three years' time. | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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