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Insurers and banks lead falls

Fri, 10th Jun 2016 21:12

(ShareCast News) - A renewed move lower in government bond yields across the globe weighed on financials, especially UK-listed life insurers, which some analysts believed were the most exposed sector of UK equity market to falling market interest rates in the US.The yield on the benchmark 10-year US Treasury note fell by five basis points to 1.64% and that on similarly-dated Gilts was lower by one basis point to 1.23%.Shares in Standard Life were the worst performers among London-listed life insurers on Friday, with a price target cut from UBS reportedly also weighing on the stock.That came as investors appeared to be increasingly risk-averse heading into next week's US central bank policy meeting, together with those from the Bank of England and the Bank of Japan, and the EU referendum in the following week.Banks were also weaker, mirroring the sharp falls observed in the States, where the KBW Bank Index was losing 1.30% as of 21:05 BST and in Europe, where the DJ Stoxx 600 gauge of banks' shares plunged 3.57% to 139.87.Traders seemed increasingly worried by the impact that low interest rates would have on lenders' profitability..There was also uncertainty regarding when it would be best for the Federal Reserve to raise rates again. Indeed, futures markets showed some market participants didn't even believe the Fed should act at all in 2016.According to the latest poll conducted by Bloomberg among economists, 30% of those canvassed expected the Fed to hike rates in July and 28% to do so in September, with a further 6% still pointing to June.Poor data on US employment out on 3 June had thrown the proverbial spanner into the Fed's carefully communicated plans for a rate hike over the summer.Also weighing on insurer and bank shares was the increasing nervousness surrounding the outcome of the EU referendum.Feeding traders' angst on Friday afternoon were the results of the latest Orb/Independent poll, which put support for 'Leave' at 55% versus 45% backing 'Remain'.The results sent cable crashing lower by 1.35% to 1.4263According to the Chicago Mercantile Exchange's Fed Watch tool, traders saw just a 54.5% probability that the Fed would hike rates by 25 basis points by the time of its 14 December meeting.Tesco paced declines among grocers, which have a lot to loose from subdued economic growth in the wake of a Brexit, even after announcing the sale of its Giraffe chain and its Turkish unit."The announcement of the sale of Giraffe as well as its Turkish supermarket arm sent shares of Tesco lower by over 2%. The disposal of Giraffe was thought to be off the table, so the apparent change of heart suggests a level of desperation. CEO Davis Lewis is obviously still keen to add to the 'price war chest' as Tesco arms up to take on discounters Aldi and Lidl," said CMC's Jasper Lawler.Bottom performing sectors so far todayIndustrial Metals & Mining 1,244.88 -4.24%Life Insurance 6,572.44 -3.45%Food & Drug Retailers 2,508.29 -3.23%Forestry & Paper 14,099.71 -3.18%Banks 3,178.51 -2.83%

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17 Feb 2017 09:19

Friday broker round-up

(ShareCast News) - AstraZeneca: Jefferies reiterates Buy with a target price of 5250p. BT Group: Jefferies reiterates Hold with a target price of 325p. Standard Life: Macquarie reiterates Outperform with a target price of 450p. Cobham: Goldman Sachs reiterates Sell with a target price of 88p. Dra

13 Feb 2017 09:29

BROKER RATINGS SUMMARY: Morgan Stanley Raises AB Foods To Overweight

9 Feb 2017 17:19

Britain's FTSE rises on insurers and banks, mid-cap index has record close

* FTSE 100 up 0.5 pct * Insurance, financials support index higher * FTSE 250 closes at record level * Thomas Cook suffers on cautious outlook * Miners tumble as copper prices turn down (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Mark

9 Feb 2017 16:07

Sector movers: Financials, insurers pace gains as interest rates rise

(ShareCast News) - Interest rate sensitive stocks such as life insurers and banks recovered some of their poise as government bond yields bounced back from their recent lows. Significantly, traders cited comments from US president Trump during the afternoon saying he would have "something phenomenal

9 Feb 2017 10:56

Top Thomas Cook shareholder opposes firm over pay plans at AGM

LONDON, Feb 9 (Reuters) - Standard Life Investments, the fund arm of insurer Standard Life, said on Thursday it had voted against the re-election of the board members who set pay at holiday firm Thomas Cook after it disagreed with their plans. SLI, the second-biggest investor in Thomas Cook

1 Feb 2017 15:11

UPDATE 2-Investor Standard Life seeks change at Sports Direct, Volkswagen

* Has "major concerns" about Sports Direct remuneration policy * VW needs more board independence * WPP has made progress in succession planning * Monitoring BHP compensation plans for Samarco dam disaster (Adds comment from VW, Standard Life on VW bond ownership) By Car

26 Jan 2017 11:22

Standard Life's UK pensions chief steps down

(ShareCast News) - Standard Life pensions and savings chief Paul Matthews will retire from the life insurer after 28 years at the company. Matthews, who will step down from the board at the start of March, will be replaced by Barry O'Dwyer, currently chief executive of Standard Life Assurance, just

26 Jan 2017 10:27

Standard Life UK & Europe Pensions & Savings Head To Retire In August

24 Jan 2017 16:16

Tuesday broker round-up

(ShareCast News) - SSE: Macquarie reiterates outperform with a target price of 1735p. Easyjet: Numis reiterates hold, 1050p target. William Hill: UBS downgrades to sell with a 240p target. Standard Life: UBS downgrades to sell with a 310p target. Beazley: JP Morgan reiterates overweight with a 46

24 Jan 2017 11:23

MOVES-Standard Life Investments appoints governance director

LONDON, Jan 24 (IFR) - Standard Life Investments, the UK-based investment manager, has appointed Deborah Gilshan as governance and stewardship director to strengthen its ESG investment team. Gilshan will report to Euan Stirling, head of stewardship and ESG (environmental, social and governa

24 Jan 2017 09:45

UBS downgrades Standard Life due to GARS fund outflows

(ShareCast News) - UBS downgraded Standard Life to 'sell' from 'neutral' and lowered its price target to 310p from 320p on expected earnings pressures from increased outflows from Standard Life Investments. The Swiss bank changed its rating on its expectation that earnings pressure will emerge in 20

13 Dec 2016 13:12

Tuesday broker round-up

(ShareCast News) - British Land: Barclays reiterates overweight with a target price of 740p. GlaxoSmithKline: UBS reiterates neutral, 1600p target. Reckitt Benckiser: Jefferies reiterates buy with a 7750p target. GB Group: Berenberg reiterates buy with a 340p target. Great Portland Estates: Barcl

13 Dec 2016 11:19

MOVES-Standard Life hires Struthers as head of investments

By Steve Slater LONDON, Dec 13 (IFR) - Standard Life Investments has hired Archie Struthers from Aberdeen Asset Management to be its head of investments. Struthers will join Standard Life Investments on January 9. He was global head of investment solutions at Aberdeen. Struthers

13 Dec 2016 11:03

Standard Life Hires Head Of Investments From Aberdeen Asset Management

13 Dec 2016 10:11

Britain's FTSE edges higher though miners drop

(ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets) * FTSE 100 up 0.3 pct * Miners drop ahead of Fed rate decision * Standard Life falls after downgrade By Kit Rees LOND

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