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MARKET COMMENT: London Seen Flat As Fed Seen Holding Fire For Now

Thu, 19th Mar 2015 07:36

LONDON (Alliance News) - UK stocks are indicated to open flat Thursday after the US Federal Reserve removed the word "patient" from its guidance but gave no indication of a summer rate hike, which is when some analysts had expected the central bank to make the move.

The Fed said Wednesday that a hike in its benchmark interest rate "remains unlikely" for the central-bank's April 29 meeting in Washington, but said nothing about the following meeting in June. In a statement following its second regular meeting of 2015, the Fed dropped its recent outlook of being "patient in beginning to normalize" monetary policy from its unprecedented near-zero rate, in place for nearly seven years.

The Fed "anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labour market and is reasonably confident that inflation will move back to its 2% objective over the medium term," the statement said.

"The hawks will argue that yesterday's move frees their hand to raise rates when it suits, which is true, but it doesn?t bring the prospect of a rate rise any closer, and it also obscures the fact that the central bank revised down its growth outlook, and slashed its inflation forecasts for this year, to 0.6% to 0.8%, from 1% to 1.6%," says Michael Hewson, chief market analyst at CMC Markets

"With the recent surge of the US dollar weighing on exports, a fact that the Fed acknowledged, as well as inflation, the prospect of a rate rise in June, despite being remote has been blown into the weeds, with a lot of market watchers now expecting a move in September, but even this seems extraordinarily optimistic," Hewson adds.

IG futures point to a flat opening for the FTSE 100 at 6,945.0. The index closed up 1.6% at 6,945.20 on Wednesday.

Wall Street closed strongly Wednesday after the Fed statement, with the DJIA ending up 1.3%, the S&P 500 up 1.2% and the Nasdaq Composite rising 0.9%.

In Asia Thursday, the Japanese Nikkei closed down 0.4%, while the Hang Seng trades up 1.3% and the Shanghai Composite is up 0.1%.

AstraZeneca said it will co-commercialise its Movantik treatment for opioid-induced constipation in adults with chronic non-cancer pain with Daiichi Sankyo Inc, in line with its recent strategy of developing and commercialising drugs on its own as well as through partnerships.

Under the deal, Daiichi Sankyo will pay a USD200 million up-front fee and subsequent sales-related payments of up to USD625 million. AstraZeneca will be responsible for manufacturing, will book all sales and will make sales-related commission payments to Daiichi Sankyo. Both companies will be jointly responsible for commercial activities.

In the corporate calendar, fashion retailers Next and Ted Baker released full-year results as did high-end real estate adviser Savills, technology company Premier Farnell, and oil producers Ophir Energy and EnQuest. Housebuilder Crest Nicholson issued an interim management statement.

In the economic calendar, the European central bank issues its economic bulletin at 0900 GMT, before it announces the take-up of its targeted long-term refinancing operation at 1015 GMT. In the afternoon the focus is on the US with initial and continuing jobless claims released at 1230 GMT, and the Philadelphia Fed manufacturing survey at 1400 GMT.

By Neil Thakrar; neilthakrar@alliancenews.com; @NeilThakrar1

Copyright 2015 Alliance News Limited. All Rights Reserved.

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19 Jun 2023 13:47

TOP NEWS: Next ups full-year guidance as sunnier weather lifts sales

(Alliance News) - Next PLC on Monday lifted yearly guidance after enjoying better-than-expected trading in recent weeks due to warmer weather and more consumer spending power.

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19 Jun 2023 13:01

Next lifts FY sales and profit guidance, shares surge

(Sharecast News) - Next surged on Monday after the retailer upgraded its full-year sales and profit guidance following much better-than-expected trading in the last seven weeks, boosted by warmer weather and the impact of pay rises.

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15 Jun 2023 09:12

LONDON BROKER RATINGS: Goldman Sachs cuts Diageo to 'neutral'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

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13 Jun 2023 13:02

Next in the process of possibly selling Reiss stake

(Sharecast News) - High street clothing retailer Next is currently engaged in discussions over the potential sale of Reiss, the fashion chain it controls, in a deal that could value Reiss at more than £500m.

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18 May 2023 18:31

IN BRIEF: Next sees sizeable opposition in vote to re-elect chair

Next PLC - Leicester-based clothing and homewares retailer - Proposal to re-elect Chair Michael Roney opposed by just under 21% of votes at annual general meeting. Next notes "significant vote against this resolution". Next will engage with shareholders and provide an update by November 18.

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11 May 2023 15:44

UK shareholder meetings calendar - next 7 days

Friday 12 May 
Balfour Beatty PLCAGM
Derwent London PLCAGM
Goodbody Health LtdAGM
GreenRoc Mining PLCAGM
Hutchmed (China) LtdAGM
Itim Group PLCAGM
Itsarm PLCGM re delisting from AIM
Wheaton Precious Metals CorpAGM
Monday 15 May 
GCP Asset Backed Income Fund LtdAGM
Tuesday 16 May 
accesso Technology Group PLCAGM
Chesnara PLCAGM
Dialight PLCAGM
Equals Group PLCAGM
Essentra PLCAGM
FDM Group Holdings PLCAGM
iEnergizer LtdGM re proposed cancellation of admission to trading on AIM
IQGeo Group PLCAGM
Kakuzi PLCAGM
PYX Resources LtdAGM
Synthomer PLCAGM
TI Fluid Systems PLCAGM
Vector Capital PLCAGM
Wednesday 17 May 
Alpha Group International PLCAGM
Aston Martin Lagonda Global Holdings PLCAGM
Baillie Gifford Shin Nippon PLCAGM
Cenkos Securities PLCGM re all-share merger between Cenkos and finnCap
Coats Group PLCAGM
Coca-Cola HBC AGAGM
Computacenter PLCAGM
Conduit Holdings LtdAGM
EKF Diagnostics Holdings PLCAGM
finnCap Group PLCGM re all-share merger between Cenkos and finnCap
Gamma Communications PLCAGM
Georgia Capital PLCAGM
Greggs PLCAGM
HgCapital Trust PLCAGM
Highcroft Investments PLCAGM
Impact Healthcare REIT PLCAGM
Just Eat Takeaway.com NVAGM
Keller Group PLCAGM
LMS Capital PLCAGM
Mpac Group PLCAGM
Savills PLCAGM
Tortilla Mexican Grill PLCAGM
TP ICAP Group PLCAGM
WPP PLCAGM
Thursday 18 May 
Asimilar Group PLCAGM
Belvoir Group PLCAGM
Bridgepoint Group PLCAGM
Central Asia Metals PLCAGM
Ceres Power Holdings PLCAGM
ConvaTec Group PLCAGM
Diaceutics PLCAGM
Digital 9 Infrastructure PLCAGM
Fintel PLCAGM
Genuit Group PLCAGM
Inchcape PLCAGM
Invesco Asia Trust PLCAGM
Legal & General Group PLCAGM
Lloyds Banking Group PLCAGM
musicMagpie PLCAGM
Next PLCAGM
NIOX Group PLCAGM
PensionBee Group PLCAGM
Public Policy Holding Co IncAGM
Quilter PLCAGM
Riverstone Energy LtdAGM
Safestyle UK PLCAGM
Science Group PLCAGM
Secure Trust Bank PLCAGM
Smart Metering Systems PLCAGM
Somero Enterprises IncAGM
St James's Place PLCAGM
Tyman PLCAGM
Unite Group PLCAGM
Vesuvius PLCAGM
Vistry Group PLCAGM
Yu Group PLCAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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9 May 2023 14:28

FRC opens investigation into Deloitte's audit of Joules accounts

(Alliance News) - The Financial Reporting Council on Tuesday said it has begun an investigation into Deloitte LLP's audit of Joules Group PLC's results.

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9 May 2023 07:24

Deloitte faces probe over Joules audit

(Sharecast News) - The UK's accounting regulator has started a probe into Deloitte's audit of clothing retailer Joules Group.

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4 May 2023 17:21

FTSE 100 at one-month low as financials drag, ECB signals more hikes

Next jumps after maintaining profit forecast

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4 May 2023 17:01

LONDON MARKET CLOSE: Rate decisions weigh on stocks, lifts sterling

(Alliance News) - Stocks in London closed in the red on Thursday as investors digested the latest interest rate decisions from the US Federal Reserve and the European Central Bank.

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4 May 2023 09:28

TOP NEWS: Next cuts second quarter outlook but backs yearly guidance

(Alliance News) - Next PLC on Thursday said its first quarter sales fell year-on-year but topped guidance, though it lowered its second quarter outlook slightly.

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4 May 2023 08:09

Britain's Next keeps profit guidance after quarterly sales edge lower

Q1 full-price sales down 0.7%

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4 May 2023 07:57

LONDON BRIEFING: Shell sets USD4 billion buyback; Next backs outlook

(Alliance News) - Stocks in London were called to open lower on Thursday, amid a busy day for company earnings and an interest rate decision by the EU's central bank in the afternoon.

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4 May 2023 07:13

Next posts smaller-than-expected drop in Q1 sales, backs FY guidance

(Sharecast News) - Retailer Next backed its full-year guidance on Thursday as it posted a smaller-than-expected drop in first-quarter sales.

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27 Apr 2023 15:48

UK earnings, trading statements calendar - next 7 days

Friday 28 April 
Alphawave IP Group PLCFull Year Results
Alphawave IP Group PLCTrading Statement
Argo Blockchain PLCfull Year Results
Computacenter PLCTrading Statement
Hikma Pharmaceuticals PLCTrading Statement
Industrials REIT LtdTrading Statement
James Fisher & Sons PLCFull Year Results
Kingspan Group PLCTrading Statement
LMS Capital PLCTrading Statement
Morgan Advanced Materials PLCFull Year Results
NatWest Group PLCQ1 Results
Nostrum Oil & Gas PLCTrading Statement
Pearson PLCTrading Statement
PureTech Health PLCFull Year Results
Record PLCTrading Statement
Renishaw PLCTrading Statement
Rotork PLCQ1 Results
Smurfit Kappa Group PLCTrading Statement
Westminster Group PLCFull Year Results
Monday 1 May 
no events scheduled 
Tuesday 2 May 
BP PLCQ1 Results
Facilities by ADF PLCFull Year Results
HSBC Holdings PLCQ1 Results
Wednesday 3 May 
Aston Martin Lagonda Global Holdings PLCQ1 Results
Ashtead Technology Holdings PLCFull Year Results
Barratt Developments PLCTrading Statement
Bank of Ireland Group PLCTrading Statement
Cambridge Cognition Holdings PLCFull Year Results
Card Factory PLCFull Year Results
Coca-Cola HBC AGTrading Statement
Flutter Entertainment PLCTrading Statement
Haleon PLCTrading Statement
Inspiration Healthcare Group PLCFull Year Results
Lords Group Trading PLCFull Year Results
Metro Bank PLCTrading Statement
Permanent TSB Group Holdings PLCTrading Statement
OSB Group PLCTrading Statement
Smiths News PLCHalf Year Results
Ten Lifestyle Group PLCHalf Year Results
TI Fluid Systems PLCTrading Statement
Thursday 4 May 
Apax Global Alpha LtdQ1 Results
BAE Systems PLCTrading Statement
Cardiff Property PLCHalf Year Results
Derwent London PLCTrading Statement
e-Therapeutics PLCFull Year Results
Glanbia PLCQ1 Results
IMI PLCTrading Statement
Mondi PLCTrading Statement
Morgan Sindall Group PLCTrading Statement
Next PLCTrading Statement
Rathbones Group PLCTrading Statement
Shell PLCQ1 Results
Spirent Communications PLCTrading Statement
Trainline PLCFull Year Results
Virgin Money UK PLCHalf Year Results
Virgin Wines UK PLCHalf Year Results
Wheaton Precious MetalsQ1 Results
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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