UK Market Snapshot
UK markets finished in positive territory yesterday, buoyed by gains in financial and mining sector stocks. Prudential, Barclays and Standard Chartered advanced 1.3%, 1.7% and 4.1%, respectively. Miners, Glencore, BHP Billiton and Rio Tinto climbed 1.9%, 2.5% and 2.8%, respectively. Royal Bank of Scotland Group edged 1.4% up, after the lender raised its settlement offer with the RBoS Shareholder Action Group over a cash call in 2008. AA rose 5.8%, after the company reported pre-tax earnings growth for the year ended 31 January 2017 and raised its dividend. Wolseley jumped 5.1%, after the company reported an increase in its first-half earnings. Tesco added 0.7%, after the supermarket agreed to pay a fine of £129.0 million to settle an investigation over a 2014 profit overstatement. The FTSE 100 advanced 0.7%, to close at 7,343.4, while the FTSE 250 rose 0.3%, to settle at 18,953.3.
US Market Snapshot
US markets closed in the green yesterday, with the DJIA index snapping its eight-session losing streak, as investors’ sentiment was boosted by a round of strong US economic releases. Darden Restaurants surged 9.3%, after its earnings in the third quarter surpassed market expectations and it agreed to acquire Cheddar's Scratch Kitchen in a cash deal of $780.0 million. Apple advanced 2.1%, after a leading broker commented that the company’s share price could rise to $200.0 in two to three years. Ford Motor edged 1.7% up, after the automaker announced that it would invest $1.2 billion in its three Michigan plants and create or retain 130 jobs. Amazon.com added 1.1%, after the retailer struck a deal to acquire Dubai-based Souq.com. The S&P 500 gained 0.7%, to settle at 2,358.6. The DJIA rose 0.7%, to settle at 20,701.5, while the NASDAQ advanced 0.6%, to close at 5,875.1.
Europe Market Snapshot
Other European markets ended stronger yesterday, as investors shrugged off concerns over the ability of the Trump administration to implement its policies. Evotec soared 8.6%, after the company posted a rise in its total group revenues for 2016 and offered a positive outlook for core profit for 2017. Tenaris surged 7.7%, after its CEO, Paolo Rocca, stated that he had received encouraging feedback from the Trump administration for his plan to create 600 jobs at Texas plant. Wirecard climbed 2.6%, after the company acquired all shares of MyGate Communications. Bucking the trend, Telefonaktiebolaget LM Ericsson declined 2.6%, after the company announced that it would book up to $1.7 billion in provisions, write-downs and restructuring costs in the first quarter. The FTSEurofirst 300 index gained 0.6%, to close at 1,488.0. Among other European markets, the German DAX Xetra 30 rose 1.3%, to close at 12,149.4, while the French CAC-40 advanced 0.6%, to settle at 5,046.2.
Asia Market Snapshot
Markets in Asia are trading mostly lower this morning. In Japan, Kansai Electric Power has surged 11.5%, after a Japanese high court overturned a ruling that barred the operation of two of its nuclear reactors. Toshiba has risen 1.2%, after news emerged that the company has approved a Chapter 11 bankruptcy filing in the US for its Westinghouse Electric unit. In Hong Kong, banking stocks, Bank of East Asia, Industrial and Commercial Bank of China and HSBC Holdings have advanced 0.3%, 0.8% and 1.1%, respectively. In South Korea, index major, Samsung Electronics has gained 0.8%. The company is expected to launch its Galaxy S8 smartphone in New York later today and in South Korea tomorrow. The Nikkei 225 index is trading marginally lower at 19,197.4. The Hang Seng index is trading 0.3% up at 24,414.5, while the Kospi index is trading marginally down at 2,163.3.
Key Corporate Announcements Today
AGMs
Adept4, Amino Technologies, Angus Energy, MCB Bank Ltd GDR (Reg S), St. Modwen Properties
EGMs
Fair Oaks Income Fund Limited
Final Dividend Payment Date
Blackrock Throgmorton Trust, CC Japan Income & Growth Trust
Interim Dividend Payment Date
Beazley
Special Dividend Payment Date
Beazley
Trading Announcements
Stagecoach Group, TUI AG Reg Shs (DI)
Key Corporate Announcements for Tomorrow
AGMs
Aberdeen Diversified Income and Growth Trust, Intelligent Energy Holdings, Milestone Group, Starvest, Sula Iron & Gold, SVG Capital, SVG Capital, W H Ireland Group
EGMs
Air China Ltd.
Final Ex-Dividend Date
British Smaller Companies VCT 2, Devro, EMIS Group, Foreign and Colonial Inv Trust, IDOX, Jardine Lloyd Thompson Group, Kingspan Group, LSL Property Services, Maintel Holdings, Maven Income & Growth 3 VCT, Maven Income and Growth VCT 5, Miton Group, Old Mutual, OneSavings Bank, Phoenix Group Holdings (DI), PPHE Hotel Group Ltd, Prudential, Schroders, Schroders (Non-Voting), Smith & Nephew, Somero Enterprises Inc. (DI), Synectics, Wynnstay Group
Final Dividend Payment Date
Jersey Electricity 'A' Shares
Interim Ex-Dividend Date
Abbey, Craneware, Diverse Income Trust (The), Finsbury Food Group, Foresight VCT Planned Exit Shares, Go-Ahead Group, Kier Group, London & St lawrence Inv Co., Origin Enterprises, Softcat, Volution Group (WI)
Interim Dividend Payment Date
Fair Oaks Income Fund Limited, Hansard Global, Hargreaves Lansdown, JPMorgan Global Convertibles Income Fund Ltd, Redde
Special Ex-Dividend Payment Date
Asian Growth Properties Ltd Com Shs (DI), Ferrexpo, Headlam Group, M. P. Evans Group
Quarterly Payment Date
Volta Finance Limited
Quarterly Ex-Dividend Date
British Land Company, Real Estate Investors, Value and Income Trust
Trading Announcements
Key Economic News
Italian industrial sales rose in January
The non-seasonally adjusted industrial sales in Italy recorded a rise of 1.50% on an annual basis, in January. Industrial sales had climbed 9.40% in the previous month.
Italian industrial orders climbed in January
In Italy, the non-seasonally adjusted industrial orders rose 8.60% in January on an annual basis. In the previous month, industrial orders had dropped 0.90%.
Italian industrial sales dropped in January
On a MoM basis, the seasonally adjusted industrial sales fell 3.50% in Italy, in January. In the previous month, industrial sales had climbed by a revised 2.50%.
Italian industrial orders fell more than expected in January
On a monthly basis, the seasonally adjusted industrial orders registered a drop of 2.90% in January, in Italy, higher than market expectations for a fall of 2.60%. Industrial orders had recorded a revised rise of 3.00% in the previous month.
US S&P/Case-Shiller composite index of 20 metropolitan areas rose more than expected in January
On a monthly basis, in the US, the seasonally adjusted S&P/Case-Shiller composite index of 20 metropolitan areas advanced 0.86% in January, higher than market expectations for an advance of 0.70%. In the previous month, the S&P/Case-Shiller composite index of 20 metropolitan areas had climbed 0.93%.
US S&P/Case-Shiller HPI rose in January
In January, the S&P/Case-Shiller home price index (HPI) recorded a rise to 192.81 in the US. In the previous month, the S&P/Case-Shiller HPI had registered a revised reading of 192.41.
US wholesale inventories rose more than expected in February
The seasonally adjusted flash wholesale inventories advanced 0.40% in the US on a MoM basis in February, compared to a drop of 0.20% in the prior month. Markets were expecting the wholesale inventories to advance 0.20%.
US CB consumer confidence index unexpectedly rose in March
The CB consumer confidence index in the US recorded an unexpected rise to a level of 125.60 in March, compared to a revised level of 116.10 in the previous month. Markets were anticipating the CB consumer confidence index to ease to 114.00.
US Richmond Fed manufacturing index surprisingly advanced in March
In March, the Richmond Fed manufacturing index registered an unexpected rise to a level of 22.00 in the US, compared to market expectations of a fall to a level of 15.00. In the prior month, the Richmond Fed manufacturing index had registered a level of 17.00.
US Redbook index declined in the last week
The seasonally adjusted Redbook index recorded a drop of 0.70% on a MoM basis in the US, in the week ended 24 March 2017. The Redbook index had registered a drop of 0.60% in the prior week.
US Redbook index rose in the last week
The Redbook index in the US registered a rise of 0.60% on an annual basis, in the week ended 24 March 2017. The Redbook index had recorded a rise of 1.20% in the previous week.
US S&P/Case-Shiller composite HPI of 20 metropolitan areas rose more than expected in January
The S&P/Case-Shiller composite HPI of 20 metropolitan areas advanced 5.73% in the US, on an annual basis in January, more than market expectations for an advance of 5.60%. In the previous month, the S&P/Case-Shiller composite HPI of 20 metropolitan areas had risen by a revised 5.47%.
Japanese retail trade rose less than expected in February
Retail trade in Japan rose 0.10% on a YoY basis in February, compared to a rise of 1.00% in the previous month. Market anticipation was for retail trade to climb 0.70%.
Japanese retail trade advanced less than expected in February
In February, retail trade climbed 0.20% in Japan, on a monthly basis, less than market expectations for an advance of 0.30%. Retail trade had registered a revised similar rise in the previous month.
Japanese large retailer's sales declined more than expected in February
Large retailer's sales eased 2.70% on a MoM basis in February, in Japan, higher than market expectations for a drop of 1.80%. In the prior month, large retailer's sales had dropped 1.10%.