Europe opened marginally higher with the FTSE 100 opening 0.25% up and DAX opening 0.5% up in the open thanks to mining shares opened upbeat with shares in Anglo American (LON:AAL) and Glencore (LON:GLEN) up 1%, thanks to the USD weakness seen recently. RSA Insurance (LON:RSA) rose 2.4% after Deutsche Bank (DE:DBKGn) and Barclays (LON:BARC) increased their target prices for the stock.
UK Round Up:
AstraZeneca (LON:AZN) said Japanese health authorities have approved its Tagrisso (osimertinib, AZD9291) 80mg once-daily tablets for the treatment of patients with epidermal growth factor receptor (EGFR) T790M mutation-positive inoperable or recurrent non-small cell lung cancer (NSCLC). GlaxoSmithKline (LON:GSK) announced that its Nucala (mepolizumab) has been approved by Japanese health authorities as a treatment for bronchial asthma in patients with refractory asthma whose symptoms are inadequately controlled with standard treatment.
Barr (A.G.) Plc (LON:BAG) posted FY results: Statutory profit before tax increased by 7.0% to £41.3M (2015: £38.6M) on net revenue of £258.6M (2015: £260.9M). Final dividend of 9.97p per share to give a total dividend for the full year of 13.33p per share, a full year increase of 10.0% on the prior year.
Global News
In Asia Japanese stocks edged down as weak data from the United States took some of the shine off recent evidence suggesting a reasonably healthy pulse in the world’s biggest economy – Japan’s major export market. The Nikkei index declined 0.2% to 17,106.54.
In currency markets the euro was steady at $1.1194 after gaining about 0.3% overnight to snap a six-day losing streak. Against the yen, the dollar was steady at 113.49 yen, though below its overnight high of 113.69. GBP rose after weakness from USD and is currently trading around $1.4210.
Oil prices fell in early Asian trade as concerns mount that a rally since January is fizzling out, while analysts forecast another rise to record levels for U.S. crude stockpiles. U.S. oil was down 13 cents at $39.26 a barrel, after finishing down 7 cents at $39.39, the previous session. Brent fell 16 cents to $40.11. U.S. crude oil imports are rising for the first time for more than five years, a sign that Saudi Arabia is winning its war for market share against shale producers.
In U.S. the stocks were mixed as weaker-than-expected U.S. economic data reduced concerns about potential interest rate hikes and a fall in oil prices pushed down energy stocks. The S&P 500 edged up 0.05% to 2,037.05. Starwood Hotels & Resorts Worldwide (NYSE:HOT) rose 1.97% after China’s Anbang Insurance Group Co raised its offer for the U.S. hotel operator to almost $14 billion, the latest challenge to its merger with Marriot International Inc (NASDAQ:MAR). Noble Energy (NYSE:NBL) lost 8.19% after the company warned of a possible delay in the development of a key natural gas field in Israel.
Global Market Data:
US 14:30: Feb Advance Goods Trade Balance, exp.: -$62.300B
US 14:30: Feb Personal Income, exp.: 0.1%
US 14:30: Feb Personal Spending, exp.: 0.1%
US 14:30: Feb Real Personal Spending, exp.: 0%
US 14:30: Feb PCE Deflator MoM, exp.: -0.1%
US 14:30: Feb PCE Core MoM, exp.: 0.2%
US 16:00: Feb Pending Home Sales MoM, exp.: 1.1%
US 16:30: Mar Dallas Fed Manf. Activity, exp.: -27
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