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EU Market Opens Marginally Lower, With FTSE 100 And DAX Down

By Alphaseeker IMMarket OverviewMar 24, 2016 09:13,-2016-200122636
EU Market Opens Marginally Lower, With FTSE 100 And DAX Down
By Alphaseeker IM   |  Mar 24, 2016 09:13
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Europe opened marginally lower with the FTSE 100 down 1% and DAX 1% following from poor commodity performance as USD strengthens; the Metals and Mining sector was the FTSE 100 worst opening performer down with Anglo American (LON:AAL) falling the most 5.92%. Whilst Next (LON:NXT) opened 6.53% lower after results.

UK quick round up:
Next Plc posted FY (to end-January) results: Total Group sales rose by 3% to £4.1B. Underlying profit before tax was up +5.0% (£821M) to and underlying Earnings per Share (EPS) were up +5.4% (to 442.5p). Full price sales were slightly ahead of the central guidance (of +3.5%) issued in March last year. Profits advanced more than sales, mainly as a result of better bought-in gross margins in the first half. In January the share price fell and we re-started our buyback programme, returning a further £151M. We are proposing a final ordinary dividend of 105p, making 158p in total for the year, up +5.3%.

SSE (LON:SSE) Plc provided a financial outlook – SSE expects that it will deliver for 2015/16: an increase in the full-year dividend that is at least equal to RPI inflation, currently expected to be around 1%; and adjusted EPS of between 117p and 119p.

Mitie Group (LON:MTO) said in its pre-close trading update: “We expect full year profits will be within the range of current market expectations. We have seen revenue shortfalls in the second half of the financial year, as some work has been either delayed or cancelled as a result of increased economic pressures and uncertainty. As a result, revenues will be below the current range of expectations in the market.”

Balfour Beatty (LON:BALF) reported that it has secured a £170M two-year extension to its Track Partnership contract for London Underground.

Global News
In Asia Japan’s Nikkei fell as a fall in commodities hurt companies exposed to the industry.The Nikkei index fell 0.6% to 16,892.33. Mitsubishi Corp (T:8058) fell 4.1% after the Nikkei business daily reported it would also post its first annual loss due to massive writedowns resulting from the commodities fall.

In currency markets the dollar climbed to a one-week high against a basket of currencies on Thursday while awaiting data due later today that could back some Federal Reserve officials’ optimistic views on the U.S. economy. The dollar was up 0.4% at 112.795 yen. The euro lost 0.1% to $1.1172.

U.S. oil prices fell in Asian trading earlier today, after stockpiles rose for the sixth week to another record. U.S. crude futures were down 10 cents at $39.69 a barrel, trading further below the important $40 level. Brent crude futures were up 7 cents at $40.54 a barrel. The U.S. government’s EIA said crude stockpiles climbed by 9.4 million barrels last week – three times the 3.1 million barrels build forecast by analysts.

In the U.S. stocks closed lower on Wednesday as oil and materials stock prices fell while investors remained cautious a day after deadly bombing attacks in Belgium. The S&P 500 lost 0.64 %, to 2,036.71. Yum Brands (NYSE:YUM) was up 2% after the Wall Street Journal reported that the fast-food chain’s owner was in talks with KKR (NYSE:KKR) about a possible sale of a 19.9-%stake in its China business.

Global Market Data:
GE 08:00: Feb Import Price Idx MoM, exp.: -0.2%
GE 08:00: Apr GfK Consumer Conf., exp.: 9.5
FR 08:45: Mar Business Conf., exp.: 101
FR 08:45: Mar Manufacturing Conf., exp.: 103
FR 08:45: Mar Production Outlook Indicator
FR 08:45: Mar Own-Company Production Outlook
EC 10:00: ECB Economic Bulletin
UK 10:30: Feb Retail Sales Ex Auto Fuel MoM, exp.: -1%
UK 10:30: Feb Retail Sales Inc Auto Fuel MoM, exp.: -0.7%
UK 10:30: Feb BBA Loans for House Purchase, exp.: 47900
UK 12:00: Mar CBI Retailing Reported Sales, exp.: 10
UK 12:00: Mar CBI Total Dist. Reported Sales
US 13:30: 03/19 Initial Jobless Claims, exp.: 268K
US 13:30: 03/12 Continuing Claims, exp.: 2235K
US 13:30: Feb P Durable Goods Orders, exp.: -3%
US 13:30: Feb P Durables Ex Transportation, exp.: -0.3%
US 14:45: Mar P Markit US Services PMI, exp.: 51.4
US 14:45: Mar P Markit US Composite PMI
US 16:00: Mar Kansas City Fed Manf. Activity
FR 18:00: Feb Total Jobseekers, exp.: 3555.3K
FR 18:00: Feb Jobseekers Net Change, exp.: 2.7

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EU Market Opens Marginally Lower, With FTSE 100 And DAX Down

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EU Market Opens Marginally Lower, With FTSE 100 And DAX Down

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