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London open: Sterling and Greenback jump versus euro

Thu, 16th Jul 2015 09:42

(ShareCast News) - Sterling was moving sharply higher versus the European single currency on Thursday morning, alongside the US dollar, as the market acknowledged the relatively greater scope for interest rate rises in both the UK and the US.That came ahead of a speech by Bank of England Governor Mark Carney, scheduled for 19:00 BST.As of 08:52 London's top-flight index was 24.22 points higher at 6,777.97 and the FTSE 250 up by another 75.85 points to 17.712.93.Overnight, Wall Street took a breather after four straights days of gains, as the strong US dollar weighed on oil and commodities prices more generally.The main equity benchmarks in the Eurozone were all registering gains of over 1% on average on Thursday morning, egged on by the drop in the euro to 1.09 versus the Greenback.Greek lawmakers overwhelmingly voted overnight to approve the package of reforms demanded by Brussels in exchange for further aid, so all eyes will now turn to the European Central Bank.Following last night's vote in Athens the ECB will decide later today whether or not to increase crisis funding for Greek lenders. It may also announce a reduction in the 'haircut' it applies on the collateral those banks provide in exchange, some analysts had speculated over recent days.Euro area integrity damagedThat comes amid an increased focus among Eurozone officials regarding just how much aid or debt forgiveness Greece is likely to require to be able to remain inside the euro area."The integrity of the Eurozone has probably been damaged rather than strengthened by the latest negotiations," analysts at Exane BNP said in a research note sent to clients."Soft debt restructuring is likely to occur as of the first ESM programme review, but a notional haircut has been ruled out. However, in our view, achieving debt sustainability through soft debt restructuring alone will be very challenging."Temporary Grexit might be bestSpeaking to Germany's Deutschlandfunk radio, Schaeuble objected to a haircut on the nominal value of Greece's debt, which many observers say would run into legal obstacles as it would be considered 'monetary financing'.A 'haircut' is incompatible with the country's continued membership of the euro, he said, adding "but this would perhaps be the better way for Greece".Companies newsUK communications regulator Ofcom has cited a break-up of BT as one of a range of possible measures to improve competitiveness in the digital communications market. The regulator said separating Openreach, BT's infrastructure division, from the main group "could deliver competition or wider benefits for end users" and "would remove BT's underlying incentive to discriminate against competitors".Dixons Carphone posted a 21% rise in pre-tax profit in its final results and said its integration was progressing well. For the 13 months to 2 May 2015, pre-tax profit came in at £381m from £316m last year, on revenue of £9.9bn, up 6% from 2014 on a like-for-like basis. The numbers were better than analysts had expected.Imperial Tobacco is setting out plans to sell a further stake in its Spanish logistics unit Cia. de Distribution Integral Logista Holdings SA, Bloomberg reported.Credit services company Experian said full year expectations were unchanged, but warned of currency headwinds in an update. The FTSE 100 firm said in a first quarter update group organic revenue growth was 3% at constant exchange rates, but at actual exchange rates total revenue was down 6%. Experian said the difference related to foreign exchange movements against the US dollar.Australian miner Rio Tinto scaled back its iron ore targets, citing weather disruption as impacting production. In a second quarter update Rio Tinto said iron ore production was 9% higher compared to the same quarter in 2014 and 7% above the first quarter of 2015.Residential developer Telford Homes said it expected strong demand for London housing after it reported forward sales of more than half its development pipeline. The home builder said the total value of all forward sales secured and due for completion in the year to 31 March 2016 onwards exceeded £620 million, more than three and a half times the revenue reported last year. Its development pipeline through to 2019 remained at about £1.1bn.Market MoverstechMARK 3,188.44 +0.34%FTSE 100 6,780.39 +0.39%FTSE 250 17,726.23 +0.51%FTSE 100 - RisersPearson (PSON) 1,249.00p +1.71%InterContinental Hotels Group (IHG) 2,738.00p +1.41%Weir Group (WEIR) 1,616.00p +1.38%St James's Place (STJ) 991.50p +1.28%Hammerson (HMSO) 667.00p +1.21%Shire Plc (SHP) 5,505.00p +1.19%Wolseley (WOS) 4,354.00p +1.16%Ashtead Group (AHT) 1,069.00p +1.14%Schroders (SDR) 3,203.00p +1.14%Land Securities Group (LAND) 1,322.00p +1.07%FTSE 100 - FallersG4S (GFS) 270.10p -0.92%Burberry Group (BRBY) 1,564.00p -0.89%Sports Direct International (SPD) 728.50p -0.82%Anglo American (AAL) 869.50p -0.56%Randgold Resources Ltd. (RRS) 4,086.00p -0.39%Fresnillo (FRES) 674.00p -0.37%BG Group (BG.) 1,073.50p -0.33%BHP Billiton (BLT) 1,230.50p -0.24%Antofagasta (ANTO) 653.00p -0.23%BT Group (BT.A) 468.65p -0.17%FTSE 250 - RisersGrafton Group Units (GFTU) 733.00p +2.66%RPC Group (RPC) 677.50p +2.19%Card Factory (CARD) 324.10p +2.08%Just Eat (JE.) 440.00p +2.02%Fidelity China Special Situations (FCSS) 141.70p +1.94%Bank of Georgia Holdings (BGEO) 2,000.00p +1.73%Petrofac Ltd. (PFC) 909.50p +1.73%SIG (SHI) 205.60p +1.73%Diploma (DPLM) 798.00p +1.59%Derwent London (DLN) 3,697.00p +1.57%FTSE 250 - FallersAllied Minds (ALM) 480.00p -5.88%Mitchells & Butlers (MAB) 412.80p -2.23%Evraz (EVR) 116.10p -1.69%OneSavings Bank (OSB) 296.90p -1.36%Kaz Minerals (KAZ) 198.50p -1.34%Restaurant Group (RTN) 685.00p -1.01%Worldwide Healthcare Trust (WWH) 2,035.00p -0.73%Daejan Holdings (DJAN) 6,355.00p -0.70%Ophir Energy (OPHR) 114.40p -0.69%NB Global Floating Rate Income Fund Ltd GBP (NBLS) 97.10p -0.67%
More News
15 May 2014 12:48

UK MIDDAY BRIEFING: "Dixons Carphone" Shares Hit By Merger Deal

LONDON (Alliance News) - Shares in Carphone Warehouse Group and Dixons Retail took a hit Thursday after the companies announced a GBP3.6 billion merger that will create the UK's biggest retailer of mobile phones and electrical goods.

The new firm,

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15 May 2014 12:17

MARKET COMMENT: US Stocks Seen Lower As Wal-Mart Disappoints

LONDON (Alliance News) - US stocks are called to open modestly lower Thursday, as investors digest a weaker-than expected quarterly earnings report from Wal-Mart, and ahead of a raft of top-tier US macro-economic data. Wal-Mart, which is the world's biggest retailer, is weighing on equity f

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15 May 2014 11:43

London midday: Markets post small gains amid earnings, ECB speculation

- ECB speculation picks up after weak GDP - LSE jumps after strong annual results - Aviva, Old Mutual disappoint with earnings - Thomas Cook leads travel sector lower techMARK 2,781.23 -0.42% FTSE 100 6,889.08 +0.15% FTSE 250 15,857.35 -0.73% UK stocks were fluctuating at 14-year highs on Thursday

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15 May 2014 11:43

Further shareholder returns possible at Dixons Carphone, says Oriel Securities

Oriel Securities has reiterated a 'buy' rating for Dixons Retail, saying that the announced all-share merger with Carphone Warehouse should be seen as a positive for shareholders. After months of talks the companies announced on Thursday a 'merger of equals' that would create a entity worth around

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15 May 2014 11:35

UK WINNERS & LOSERS: LSE And Aviva Top And Tail FTSE 100

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Thursday.
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FTSE 100 - WINNERS
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London Stock Exchange Group, up 2.4%. The group said its full-year revenue r

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15 May 2014 10:24

TOP NEWS: Dixons And Carphone Warehouse In GBP3.6 Billion Merger

LONDON (Alliance News) - The following is a summary of top news stories Thursday.
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COMPANIES
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Electronics retailer Dixons Retail PLC and mobile phone retailer Carphone Warehouse Group PLC said they have

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15 May 2014 08:56

UPDATE: Dixons Retail, Carphone Warehouse Create Electronics Giant

LONDON (Alliance News) - Electronics retailer Dixons Retail PLC and mobile phone retailer Carphone Warehouse Group PLC Thursday said they'd now agreed to merge, a GBP3.6 billion deal that will create the UK's biggest retailer of mobile phones and electrical goods. In a statement Thursday, t

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15 May 2014 08:40

London open: LSE leads stocks higher as FTSE 100 extends gains

- LSE leads financial stocks higher - Dixons and Carphone announce 3.8bn-pound merger - Data-heavy session ahead - Japanese GDP surges in first quarter techMARK 2,794.14 +0.04% FTSE 100 6,886.04 +0.11% FTSE 250 15,984.75 +0.06% Strong gains from London Stock Exchange (LSE) and a merger between Dix

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15 May 2014 08:26

Dixons profits to be at top end of guidance as Carphone merger announced

Currys and PC World owner Dixons Retail, which is to merge with Carphone Warehouse, said it experienced 'another excellent year' as it updated the market on strong trading in the fourth quarter. The company said it saw a "strong outturn" across the group with full-year underlying sales up 3% and li

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15 May 2014 07:58

Dixons and Carphone Warehouse announce 3.8bn-pound merger

After months of talks, Currys and PC World owner Dixons Retail and mobile phone group Carphone Warehouse have agreed on an all-share merger valuing the combined entity at 3.8bn pounds. The new company, to be named Dixons Carphone plc, is hoped to create a "world-class British retailer for the new d

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15 May 2014 07:47

UK MORNING BRIEFING: Dixons Carphone PLC Is Born

LONDON (Alliance News) - Shares have opened marginally higher in London Thursday amid a flurry of UK corporate news and European economic statistics.

Electronics retailer Dixons Retail and mobile phone retailer Carphone Warehouse confirmed they will

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15 May 2014 07:19

Dixons Retail And Carphone Warehouse Announce Equal Merger

LONDON (Alliance News) - Electronics retailer Dixons Retail PLC and mobile phone retailer Carphone Warehouse Group PLC confirmed Thursday that they will merge in a 50/50 all-share merger. In a statement Thursday, Carphone Warehouse said the merged group will be called Dixons Carphone PLC, i

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15 May 2014 06:57

RPT-UPDATE 1-UK's Dixons and Carphone agree 3.8 bln stg retail merger

(Repeats to wider coding, no changes to text) LONDON, May 15 (Reuters) - Britain's Carphone Warehouse and Dixons Retail have agreed a 3.8 billion pounds ($6.38 billion) all-share merger, creating a powerful pan-European mobile phone and electricals group with about 2,900 stores. Carp

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15 May 2014 06:45

MARKET COMMENT: UK Stocks Set For Soft Open Ahead Of European Data

LONDON (Alliance News) - UK stocks are set to open marginally lower Thursday, following a negative close on Wall Street on Wednesday and ahead of some top-tier economic data from Europe. UK equities closed mixed on Wednesday, with only a late rally in the FTSE 100 preventing the UK's blue-c

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15 May 2014 06:17

UK's Dixons and Carphone agree 3.8 bln stg merger

LONDON, May 15 (Reuters) - Britain's Carphone Warehouse and Dixons Retail have agreed a 3.8 billion pounds ($6.38 billion) all-share merger, creating a powerful pan-European mobile phone and electricals group with about 2,900 stores. Carphone, Europe's biggest independent mobile phone reta

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