| | | | | | | Cheaper than a Coffee This report analyses some of the cheapest FTSE 100 stocks that money can buy. We'll bring to your attention our top six stocks that cost less than your daily coffee and share not just our own technical analysis, but also the opinions of major global financial institutions. Download a copy of this report here Losses can exceed deposits | | |
| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Stocks, sterling nudge higher ahead of inflation data London stocks and sterling nudged higher in early trade on Tuesday as investors eyed the release of key inflation data.
At 0830 BST, the FTSE 100 was up 0.1% to 7,519.82, while the pound was up 0.3% against the euro at 1.1329 and 0.2% higher versus the dollar at 1.2680 ahead of the retail price index, producer price index and consumer price index at 0930 BST.
Spreadex analyst Connor Campbell said: "After a rapid climb from a pre-referendum 0.3% to 2.7% in April, May's inflation reading is expected to show that the CPI hasn't moved from that 4 year peak. It's worth noting, however, that it's a long time since analysts' estimates were on the money - since January alone the reading has outperformed forecasts 4 out of 5 times.
"Normally this would inspire talk of a rate hike from the Bank of England (the MPC meet on Thursday). However, the central bank already seemed pretty damn dovish before the election; now the country is once again swamped in political uncertainty there is even less of a chance that there will be an increase in interest rates any time soon."
Sterling had been under the cosh again on Monday as investors continued to assess the implications of a hung parliament on the UK economy. Prime Minister Theresa May addressed her party's backbench 1922 Committee, apologising for "getting us into this mess" but also pledging to "get us out of it" and to serve as "long as you want me to do it".
Tuesday also marks the first day of the Federal Reserve's two-day interest rate setting meeting, which is expected to yield the second rate hike this year.
In corporate news, Acacia Mining was in the black as it confirmed that it is continuing to operate all three of its mines in Tanzania, after the government accused it of operating illegally and avoiding tax by under-declaring its gold exports.
Legal & General edged up after saying it has had a strong start to the year, while Petrofac gushed higher after it secured a $35m contract with Kuwait Oil Company.
Fashion retailer Ted Baker rallied after it reported a 14.2% rise in revenue for the 19 weeks to 10 June as it presses ahead with its global expansion, with openings in Los Angeles, Paris, and Shanghai.
Advertising giant WPP was boosted by an initiation at 'buy' from UBS, while London Stock Exchange appeared to be benefiting from the European Commission draft on clearing, which was not as bad as feared.
Outsourcer Capita surged after it reported "good progress" on its restructuring and said the turnaround of IT Services was progressing better than expected, three months after its chief executive resigned and the outsourcing group was dumped out of the FTSE 100.
Equipment hire company Ashtead nudged lower despite reporting a better-than-expected full-year profit, while Merlin Entertainments was on the back foot after it warned over the impact of the UK terror attacks.
Housebuilder Crest Nicholson was just a tad weaker after reporting a rise in profit and revenue for the half year but cautioning that the UK election could bring about uncertainty.
Health and safety technology group Halma retreated despite posting a jump in full-year revenue and profit, thanks in part to acquisitions, while Telecom Plus slumped as its full-year pre-tax profit came in below consensus expectations. |
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| Market Movers
FTSE 100 (UKX) 7,519.82 0.11%
FTSE 250 (MCX) 19,750.41 0.34%
techMARK (TASX) 3,571.85 -0.03%
FTSE 100 - Risers
London Stock Exchange Group (LSE) 3,507.00p 3.18%
WPP (WPP) 1,693.00p 1.44%
Royal Bank of Scotland Group (RBS) 253.30p 1.28%
TUI AG Reg Shs (DI) (TUI) 1,152.00p 0.88%
Next (NXT) 4,282.00p 0.82%
Johnson Matthey (JMAT) 3,070.00p 0.82%
Taylor Wimpey (TW.) 179.40p 0.79%
International Consolidated Airlines Group SA (CDI) (IAG) 593.00p 0.76%
National Grid (NG.) 1,018.00p 0.74%
Provident Financial (PFG) 2,949.00p 0.72%
FTSE 100 - Fallers
Merlin Entertainments (MERL) 485.90p -3.40%
3i Group (III) 911.50p -1.83%
Rolls-Royce Holdings (RR.) 884.50p -0.84%
BAE Systems (BA.) 662.00p -0.75%
Antofagasta (ANTO) 805.00p -0.74%
Unilever (ULVR) 4,279.00p -0.50%
Centrica (CNA) 199.60p -0.50%
Rio Tinto (RIO) 3,230.50p -0.48%
Hikma Pharmaceuticals (HIK) 1,635.00p -0.37%
Ashtead Group (AHT) 1,636.00p -0.30%
FTSE 250 - Risers
Capita (CPI) 604.00p 9.72%
Kennedy Wilson Europe Real Estate (KWE) 1,109.00p 7.67%
Petrofac Ltd. (PFC) 392.50p 2.80%
Ted Baker (TED) 2,490.00p 2.68%
Nostrum Oil & Gas (NOG) 530.00p 2.42%
Fisher (James) & Sons (FSJ) 1,695.00p 2.23%
Drax Group (DRX) 362.70p 2.05%
esure Group (ESUR) 285.00p 1.79%
Dignity (DTY) 2,446.00p 1.66%
OneSavings Bank (OSB) 395.60p 1.62%
FTSE 250 - Fallers
Telecom Plus (TEP) 1,242.00p -4.61%
Millennium & Copthorne Hotels (MLC) 435.20p -2.49%
Mitchells & Butlers (MAB) 227.80p -0.87%
Kaz Minerals (KAZ) 526.00p -0.85%
Euromoney Institutional Investor (ERM) 1,119.00p -0.80%
Petra Diamonds Ltd.(DI) (PDL) 123.40p -0.56%
Vedanta Resources (VED) 597.50p -0.50%
P2P Global Investments (P2P) 894.50p -0.45%
QinetiQ Group (QQ.) 293.70p -0.44% |
| | Europe Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe close: Stocks end near worst levels as tech weakness continues Stocks finished near their worst levels of the session as European tech issues were dragged lower by losses among their US peers, despite positive developments on the political front in France and Italy at the weekend.
At the closing bell, the benchmark Stoxx 600 was down by 0.97% or 3.77 points to 386.62, alongside a fall of 0.98% in Germany's Dax to 12,690.44 while the Cac-40 was slipping 1.12% to 5,240.59.
Losses were heaviest in the technology space, with the Stoxx 600 sector gauge plummeting 3.59% to 421.96; on 9 June America's tech-heavy Nasdaq-100 experienced its biggest one-day loss since September, with futures on Monday morning pointing to roughly another 1% drop on Monday.
On a related note, come Monday strategists at JP Morgan recommended clients remain 'defensive', arguing that global activity momentum had stalled and that almost all reflation signals were reversing.
That caution more than offset optimism regarding the outlook for the euro area's economy following a strong showing for the new French president's party and his allies in elections over the weekend and a potential setback for the populist 5SM movement in Italy.
In Sunday's first round of voting in France's legislative elections, newly arrived centrist president Emmanuele Macron's En Marche! party made off with 32.3% of the vote in the first round of the parliamentary elections together with its MoDem.
That put Macron's group on track to garner between 415 and 455 seats out of the 577 in the lower house of parliament, with analysts sanguine that Macron now enjoyed the political capital necessary to implement his reform agenda.
Also at the weekend, none of the candidates put forth by the 5SM movement in Italy's first round of local elections made it into the runoff votes in any of the main contested cities. That, analysts at Barclays Research said, appeared to show that 5SM's popularity may have peaked.
The news sent the yield on the benchmark 10-year Italian government note down by seven basis points to 2.02%.
Italian industrial production fell by 0.4% month-on-month in April and was ahead by just 1.0% year-on-year, missing forecasts for an increase of 0.2% on the month and 2.5% over the year.
Confidence among French manufacturing sector firms was steady in May, according to the Banque de France's monthly sentiment gauge which was steady at 105.0, as expected.
In remarks at the weekend, Unicredit's chief said he expected a solution to be found for the country's two ailing Veneto lender with the aid of other domestic banks.
Shares in Spanish small-cap lender Liberbank shot higher, recouping a large of the previous week's losses, after the country's market regulator instituted a ban on short-selling in the lender's shares. |
| | Market Analysis 12/06/2017 Today’s highlights: Cryptocurrencies show massive correction - Bitcoin back over $2,600: After nearing $3,000, then crashing below $2,400 yesterday, Bitcoin recovered and was trading above $2,600 this morning.
- Ethereum passes $400 before showing correction: The cryptocurrency reached another all-time high yesterday at almost $430, before crashing to $330. Ethereum later recovered trading above $385 today.
- Markets await US rate decision: The FOMC is holding a two-day meeting in which its members will decide on interest rates. Many analysts believe that a rate hike will be coming tomorrow.
- USD could be volatile today: The monthly Producer Price Index report will be released at 12:30 GMT.
Read More... |
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| | US Market Report | | US open: Wall Street dips as selling in tech carries over Wall Street's main market gauges were slightly lower at the start of the week on follow-through selling in the tech space.
At 1618 BST, the Dow Jones Industrial Average was drifting lower by 0.18% or 37.85 points to 21,235.12, while the S&P 500 was down by 0.20% or 4.86 points at 2,426.87 and the Nasdaq Composite was retreating by 0.53% or 33.10 points to 6,176.82.
On Friday, the Nasdaq slumped 1.8%, dragged lower by a note from Goldman Sachs which highlighted a "valuation air pocket" in the tech sector and on Monday it was off by a further 0.72% to 5,700.82.
"Driven by the rise of megatech, momentum, as a factor, has built a valuation air pocket underneath it creating cause for pause."
It added: "Our view is that FAAMG - Facebook, Amazon.com, Apple, Microsoft and Alphabet - a group of five stocks, not four - have been the key drivers of both the (S&P 500 and Nasdaq 100) returns year-to date."
On a related note, at the beginning of the week strategists at JP Morgan said that while superficially US cyclicals were "holding up better on the surface", that was mostly due to technology stocks.
"We note that Healthcare, Utilities and Staples are all outperformers in the US ytd, along with Tech, so the internal rotation is
evident even there. US Banks are losing 500bp vs the market. Therefore, the question is should one use the weakness in Cyclicals to add back?" JP Morgan said.
The problem however was that stocks were doing exactly what they should be expected to do given how bond yields remained stuck in a range and the yield curve had flattened significantly.
There were no major data releases scheduled for Monday, with investors looking out instead to Wednesday's rate announcement from the Federal Reserve amid expectations of this year's second rate hike.
IG analyst Joshua Mahony said; "Given the USD weakness we have seen in the face of such rate hike expectations, it makes you wonder what would happen in the event that the Fed chose not to act this time around."
Rate-setters in Washington DC were widely expected to hike the Fed funds rate by 25 basis points to between 1.0% and 1.25%.
Over in currency markets, the dollar was up 0.5% versus the pound, which took another leg lower after Moody's warned over the impact of a hung parliament, as Prime Minister Theresa May prepared to meet with Conservative party backbenchers angered by the election result.
In corporate news, technology giant Apple was down 2.4% after Mizuho Securities cut its stance on the stock to 'neutral' from 'buy'. |
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| | Broker Tips | | Broker tips: HSBC, TalkTalk, BP Investec downgraded its recommendation on HSBC stock to 'sell', telling clients that prospects for a "substantial" share buy-back were already in the price and its valuation was now stretched.
That did not mean that the lender had not made genuine progress.
Indeed, the broker's Ian Gordon believed 2017 would mark a "trough" year.
"It would be churlish not to acknowledge a number of areas of genuine improvement. We believe that after a decade of decline, HSBC is finally showing genuine ambition to expand its balance sheet, (+1% in Q1 2017), albeit it still appears over-dependent on Hong Kong, which contributed 52% of group PBT in Q1 2017," Gordon said.
However, the scale and pace of recovery might yet underwhelm the market, he said.
Neither did Gordon believe that HSBC's target for return on equity of 10% could be realistically achieved before 2020.
Berenberg downgraded its stance on TalkTalk to 'sell' from 'hold' and slashed the price target to 140p from 224p saying the company has a mountain to climb to get back to sustainable profit growth.
The bank said TalkTalk ranked ninth out of nine in its consumer broadband survey, scoring poorly for churn risk, network quality and customer service, value-for-money and customer endorsements. In its mobile survey, the group ranked seventh out of 10, but still scored poorly on network quality, customer service, customer endorsements and Ofcom complaints.
"The results suggest that TalkTalk faces significant challenges to bring down churn on a sustainable basis," Berenberg said.
The bank said its survey results suggest TalkTalk will face cost risk as it tries to bring down churn on a sustainable basis. It also showed the company is not a "go-to" destination for other operators churning customers, a status that will be difficult and costly to change.
Analysts at JP Morgan reiterated their 'overweight' stance on shares of BP despite their "cautious" outlook for the price of oil.
They also stuck to their 530.0p target.
Christyan F Malek, Matthew Lofting and Dhanush Arun referenced their "strengthened" conviction that BP's financials would reach an inflection point in the second half of 2017.
Above all, they touted the company's "best-in-class" organic cash breakeven of $30.0 a barrel by 2020, which would position the stock as the most defensive against the investment bank's outlook for the oil price.
More specifically, they expected the outfit's free cash flow to jump from $900.0m during the first quarter of 2017 to $1.8bn in the fourth quarter. | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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