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LONDON (Alliance News) - Share prices in Asia and Europe were lower Thursday, while gold was sharply higher after central banks in the US and Japan left their key policies unchanged. Still to come Thursday are policy decisions by the Swiss National Bank and Bank of England.
The price of gold hit a high of USD1,313.36 per ounce, its highest level since August 2014. In London, gold miner Randgold Resources was the top FTSE 100 gainer, up 3.3%.
The dollar fell against the euro and yen, but the Brexit-hobbled pound saw no benefit.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: down 0.6% at 5,930.41
FTSE 250: down 0.6% at 16,204.53
AIM ALL-SHARE: down 0.1% at 716.54
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Hang Seng: down 2.1% at 20,047.87
Nikkei 225: closed down 3.1% at 15,434.14
DJIA: closed down 0.2% at 17,640.17
S&P 500: closed down 0.2% at 2,071.50
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GBP: down at USD1.4148 (USD1.4195)
EUR: up at USD1.1288 (USD1.1249)
GOLD: up at USD1,310.22 per ounce (USD1,284.20)
OIL (Brent): down at USD48.44 a barrel (USD49.24)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Thursday's Key Economic Events still to come
(all times in BST)
EU Eurogroup meeting
0830 Switzerland SNB interest rate decision and press conference
0930 UK retail sales
1000 EU consumer price index
1000 EU Economic Bulletin
1100 Ireland gross domestic product
1200 UK BoE interest rate decision, asset purchase facility and minutes
1330 US current account
1330 US initial and continuing jobless claims
1330 US consumer price index
1330 US Philadelphia Fed manufacturing survey
1500 US NAHB housing market index
1530 US EIA natural gas storage
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The US Federal Reserve left its benchmark interest rate unchanged after a two-day meeting in Washington, citing a slowing "pace of improvement" in the labour market. The latest US Labour Department report showed US payroll expansion screeched nearly to a halt in May, after a sharp slowdown in April. Fed Chairwoman Janet Yellen said that a possible British departure from the EU - to be decided next week by voters - was "one of the factors" in the decision against hiking the benchmark rate. Brexit "could have consequences for economic and financial conditions in global financial markets. If it does so, it could have consequences, in turn, for the US economic outlook," Yellen said. She said that "international uncertainties loom large" and that the outcome of the referendum "will factor into future decisions."
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The Bank of Japan kept its monetary stimulus unchanged, as policymakers wait to the see the full impact of the negative policy introduced early this year. Governor Haruhiko Kuroda and his board members decided by an 8-1 majority vote to hold its target of raising the monetary base at an annual pace of about JPY80 trillion. The board decided by a 7-2 majority vote to maintain the -0.1% interest rate on current accounts that financial institutions maintain at the bank. The outcome of the meeting matched expectations. The bank said the Japan's economy is likely to be on a moderate expanding trend.
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UK Prime Minister David Cameron has rejected the suggestion he is dispassionate about Europe and said the government will accept the judgement of voters when they go to the polls next week. Cameron said he feels "confident" the public will choose to keep Britain part of the EU, adding he had never argued for the UK to leave. Britain will be safer and stronger in Europe, he said in an interview with Channel Four News.
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French police arrested 36 people as they clashed with football fans in the northern town of Lille overnight, a news report said. More than 3,900 officers were deployed in the region, after Russia and England fans clashed in the southern port city of Marseille on Saturday, leaving at least 35 injured. Police in riot gear patrolled the streets of Lille through the night, moving groups of England fans from place to place and deploying tear gas, according to footage broadcast on the BBC. Fans were in town for the England-Wales game scheduled Thursday in Lens, 30 kilometres from Lille.
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Russia has agreed to recommit to a ceasefire in Aleppo starting at midnight Thursday, hours after US Secretary of State John Kerry called for a "genuine cessation of hostilities" in Syria. A US State Department spokeswoman confirmed to dpa that the Syrian parties agreed to "recommit to the cessation of hostilities" in Aleppo starting at midnight in Damascus as part of the nationwide cessation of hostilities. Kerry, speaking in Oslo after talks with Norwegian Prime Minister Erna Solberg, said Russia and others involved in the Syria process have to "make a decision" on whether they are "serious" about implementing the ceasefire approved by the UN Security Council.
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US law enforcement authorities said it is too early to discuss any potential charges against other individuals in their probe of the nightclub massacre in Florida. "I'm not going to speculate about any charges that will be brought," said US Attorney Lee Bentley. "It is premature to do so." Bentley told a news conference that the facts will be made known to the public "at the appropriate time." Bentley joined other law enforcement officials at a news conference on the status of the investigation into the shooting on Sunday in which more than 100 people were shot at a gay nightclub in Orlando, Florida, 49 of them fatally.
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Wreckage of an EgyptAir Paris-Cairo flight that crashed in the Mediterranean last month killing all 66 people on board has been found in "several main locations," the Egyptian-led investigation committee said. The wreckage was pinpointed by a seabed search and retrieval vessel which joined the search last week. Investigators have seen photographs from one of the locations, the committee added. EgyptAir flight MS804 crashed into the Mediterranean some 290 kilometres north of the Egyptian coast on May 19. The reason for the crash remain unknown.
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Presidents of Argentina and Colombia called for dialogue between Venezuela's government and the opposition, after anger over food shortages once again sparked violence in the oil-rich country. Speaking after an official meeting with Colombian President Juan Manuel Santos in Bogota, Argentine President Mauricio Macri expressed concern over human rights in Venezuela and what he termed the country's "economic, social and medical collapse."
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BROKER RATING CHANGES
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CITIGROUP RAISES BP TO 'BUY' (NEUTRAL) - PRICE TARGET 410 (370) PENCE
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TRADERS: JPMORGAN RAISES JOHN WOOD GROUP TO 'NEUTRAL' ('UNDERWEIGHT')
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N+1 Upgrades N Brown To Buy From Hold, Price Target 316p
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TRADERS: CANACCORD CUTS CHARLES STANLEY TO 'HOLD' ('BUY')
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COMPANIES - FTSE 250
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N Brown Group reported a fall in revenue in the first quarter of its financial year, but said it is trading in line with expectations and left its full-year guidance unchanged. The online and catalogue fashion retailer said group revenue in the 13 weeks ended May 28 fell by 0.2% year-on-year, as a 1.6% decline in product revenue offset 3.4% growth in financial services revenue. The decline was an improvement on the 3.5% fall seen in the fourth quarter of the previous financial year but was short of the 4.3% growth reported in the first quarter of that year.
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Design, engineering and project management consultancy WS Atkins posted a 23% rise in pretax profit for its recent financial year, which it said was ahead of market expectations despite continuing uncertainty in some of its markets. WS Atkins reported pretax profit of GBP131.1 million for the year ended March 31, up from GBP106.7 million the year earlier, on the back of a 6.0% rise in revenue to GBP1.86 billion from GBP1.76 billion. WS Atkins said it was offering a dividend for the year of 39.5p per share, up 8.3% from 36.5p previously.
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Safestore Holdings said it expects its earnings for its full financial year to be "modestly above the top end of current market expectations", although its pretax profit dipped in its first half as the gain on investment properties came in lower. The FTSE 250 self-storage provider said early trading in the second half of the year ending in October was encouraging, and it is confident of a strong performance for the full year. Safestore posted a 7.3% rise in revenue for its half year ended April 30 to GBP54.1 million from GBP50.4 million for the same period a year earlier. The company declared an interim dividend of 3.60 pence per share, up 20% from 3.00p per share a year earlier.
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Transport operator FirstGroup said MTR Corporation (UK) is to partner with FirstGroup on a joint venture bid for the South Western rail franchise in the UK. MTR is a Hong Kong-listed transport operator which runs the Hong Kong Mass Transit Railway. It also owns a large property portfolio in Hong Kong. MTR will take a 30% stake in the joint venture.
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COMPANIES - LONDON MAIN MARKET AND AIM
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Poundland Group reported a huge drop in profit in its recently ended financial year due to costs associated with its acquisition of 99p Stores, and it also cut its dividend, but total sales were boosted by the acquisition. On Wednesday, Steinhoff International Holdings announced it is considering making an offer to buy Poundland, which "strongly" advised shareholders to take no action. In a conference call with journalists, Poundland Chief Executive Jim McCarthy said there is "nothing at all" the company can add in response to Steinhoff's announcement. McCarthy added Poundland sees significant opportunities for growth and has a sound strategy.
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Darty said its pretax profit was pushed lower by one-off costs which offset growth in revenue amid stronger like-for-like sales. The electricals retailer, currently in the process of being acquired by French peer Groupe Fnac, said pretax profit for the financial year to the end of April dipped to EUR28.4 million from EUR32.9 million. Revenue, however, grew to EUR3.66 billion from EUR3.51 billion, driven by 3.9% like-for-like sales growth across the group and 6.1% growth in France. Darty said it has not recommended a final dividend as it progresses its takeover by Groupe Fnac. Darty anticipates competition approval for the deal in France will come in early July, with the takeover to complete in August.
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Charles Stanley Group warned that its targeted 15% operating margin will probably take 12 to 18 months longer than expected in the absence of a "significant" market rally. The guidance came as Charles Stanley reported that its full-year losses narrowed, and said "solid progress" was made in arresting the drop in its profitability, beginning to implement a "strategic direction" and building foundations for growth, as the company looks to achieve its goal of becoming the UK's leading wealth manager by 2020. Charles Stanley said it made a pretax loss of GBP687,000 from continuing operations in the year ended March 31, which narrowed from the GBP4.4 million pretax loss a year earlier, and maintained a total dividend for the year of 5.0 pence per share.
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COMPANIES - INTERNATIONAL
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Amazon.com is slashing fees it charges merchants to sell USB cables, smartphone screen protectors and other small, flat items that can fit in envelopes, posing a potential threat to competing marketplaces owned by Alibaba Group Holding, EBay and Wish.com that connect Chinese sellers with US shoppers, according to Bloomberg report. The report said the new rates will take effect July 1. Merchants would pay USD1.61 to ship three, flat, 1-ounce packages, 67% less than the current price. The new rates apply to merchants using the company's Fulfillment By Amazon Small and Light program, introduced last year to offer shoppers free shipping on thousands of popular small items such as makeup, mobile phone accessories and stickers.
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South Korean conglomerate Samsung Electronics announced it has agreed to acquire Joyent, a public and private cloud provider. With Joyent's cloud technology, Samsung will have access to its own cloud platform capable of supporting its lineup of mobile, Internet of Things or IoT and cloud-based software and services.
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Thursday's Shareholder Meetings
Christie Group
Mytrah Energy
Kingfisher
Jimmy Choo
HSS Hire Group
Gresham House
UK Commercial Property Trust
Manx Telecom
NetScientific
MayAir Group
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite
Copyright 2016 Alliance News Limited. All Rights Reserved.
