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LONDON (Alliance News) - UK shares have opened mixed Thursday following similarly mixed sessions in Asia and New York.
Reed Elsevier leads FTSE 100 gainers, up 2.1%, after it maintained its outlook for the full year. The publisher said it is expecting to deliver another year of underlying revenue, profit and earnings growth in 2014, as it raised its dividend for the half year to end-June.
Here is what you need to know at the UK market open:
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MARKETS
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FTSE 100: down 0.2% at 6,782.91
FTSE 250: down 0.2% at 15,693.63
AIM ALL-SHARE: flat at 773.33
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Hang Seng: up 0.7% at 24,128.53
Nikkei 225: closed down 0.3% at 15,284.42
DJIA: closed down 0.2% at 17,086.63
S&P 500: closed up 0.2% at 1,987.01
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GBP-USD: flat at USD1.7048
EUR-USD: down at USD1.3451
GOLD: down at USD1,297.55 per ounce
OIL (Brent): down at USD107.78 a barrel
(changes since end of previous GMT day)
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ECONOMICS AND GENERAL
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Thursday's Key Economic Events still to come
(all times British Summer Time)
09:00 EU Markit Manufacturing, Services and Composite PMI Preliminary
09:00 Italy Retail Sales
09:30 UK Retail Sales
10:00 Italy Consumer Confidence
13:30 US Jobless Claims
14:45 US Markit Manufacturing PMI Preliminary
15:00 US New Home Sales
15:30 US EIA Natural Gas Storage
16:00 US Kansas Fed manufacturing activity
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GERMANY FLASH SVC PMI 56.6; MNI MEDIAN 54.3; JUNE 54.6; GERMANY JULY FLASH COMPOSITE PMI 55.9; JUNE 54
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China's manufacturing activity grew at the quickest pace in eighteen months in July, exceeding economists' expectations, results of a preliminary survey by Markit Economics and HSBC Bank showed Thursday. The HSBC flash China manufacturing purchasing managers' index climbed to 52.0 in July from 50.7 in June, beating the score of 51.0 expected by economists. This was the highest reading in eighteen months and was above the no-change mark of 50, signalling expansion, for the second consecutive month.
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The expansion in Japan's manufacturing sector slowed slightly in July, Markit Economics said in Thursday's preliminary PMI reading - which came in with a score of 50.8. That was shy of forecasts for 52.0, and it was down from 51.5 in June.
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Japan posted a merchandise trade deficit of822.2 billion yen in June, the Ministry of Finance said - remaining in the red for a record 24th straight month. That missed forecasts for a shortfall of 642.9 billion yen following the 910.8 billion yen deficit in May. Exports were down 2.0% on year, missing forecasts for an increase of 1.0% following the 2.7% decline in the previous month.
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The EU is stronger today because of UK 's contribution to it, European Central Bank's Jens Weidmann said in his speech at the annual dinner of the German-British Chamber of Industry & Commerce. "The European economy is more open and dynamic as a result of Britain's commitment to open and flexible markets - a position very much in tune with the Bundesbank's" he said. The EU, or EU, membership has also benefited Britain, he added.
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A report from UK telecoms regulator Ofcom shows that consumers consider the internet, and mobile phones to be "essential" to daily living. Ofcom's study examined which services consumers consider to be essential and whether or not they are affordable, particularly for "the most vulnerable in society" as part of on-going efforts to make sure consumers are getting value from their communication services. It found that 61% of consumers considered voice services, including mobile or landline, as essential, 59% considered mobile voice or text services essential, and 57% considered personal internet access essential.
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Malaysia is to send two more forensic experts to the Netherlands Thursday with DNA samples from relatives of victims who died on flight MH17, a Health Ministry source said. "We really want to identify and bring back the bodies of Malaysian victims if possible before the end of Ramadan," said the source who asked not to be named.
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The death toll in the Israeli military campaign in the Gaza Strip has reached 707 with more than 4,500 people wounded, the Health Ministry in Gaza said early Thursday. A top UN rights official warned Wednesday that both Israel and Gaza-based militants may be committing war crimes and called for greater protection for civilians caught in the conflict. An Israeli airstrike on a house in Jabalia refugee camp in northern Gaza killed a child a three elderly men early Thursday, Health Ministry spokesman Ashraf al-Qedra said.
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The Iraqi parliament is expected to vote for a new president on Thursday, a day after it adjourned polling on candidates and as an Islamist-led insurgency widens in the country. Speaker Salim al-Jabouri said there were 93 contenders for the post, after 20 were excluded for failing to meet constitutional requirements. Al-Jabouri, a Sunni politician, was elected speaker last week in a move seen as a first step in breaking the political deadlock over candidates for the country's top three positions. According to rules set after the US-led invasion in 2003, Iraq's leadership must include all three of the country's major demographic groups. The speaker has to be a Sunni Muslim, the prime minister a Shiite and the president Kurdish. The political wrangling comes as fighters of the Islamic State terrorist organization have seized large swathes of territory in Iraq's Sunni heartland in the north and west.
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Identification work has started on bodies from a plane crash on an island off Taiwan's west coast that killed 48 people, Taiwanese aviation authorities said. More than a dozen death certificates had been issued, said General Lee Wan-li, deputy head of the Civil Aviation Administration. Another 10 people were injured when TransAsia Airways flight GEUR222 crashed on Penghu Island on Wednesday while attempting an emergency landing.
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The situation in South Sudan has become a "mega-crisis," with famine looming after a disruption in the country's agricultural production caused by violence and displacement, a UN official said Wednesday. "We are on a trajectory to a real catastrophe," John Ging, director of UN humanitarian operations, told reporters in New York.
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Queen Elizabeth II officially opened the 20th Commonwealth Games on Wednesday at a spectacular ceremony in the host city Glasgow starring veteran rock star Rod Stewart. About 40,000 spectators joined in the party atmosphere in the specially adapted Celtic Park football stadium, where more than 4,000 athletes from 71 nations took part in the traditional parade. Sunny weather also contributed to the good mood, with temperatures reaching 25 degrees Celsius earlier in the day, making it the hottest of the year so far in Scotland.
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BROKER RATING CHANGES
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HSBC CUTS ADMIRAL GROUP TO 'NEUTRAL' ('OVERWEIGHT') - TARGET 1,700 (1,800) PENCE
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JEFFERIES RAISES ANTOFAGASTA TO 'BUY' ('HOLD') - TARGET 1,000 (825) PENCE
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BARCLAYS RAISES CAPITA GROUP PRICE TARGET TO 1,280 (1,050) PENCE - 'EQUAL WEIGHT'
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TRADERS: NOMURA RAISES INCHAPE TO 'BUY' ('NEUTRAL') - TARGET 730 (600) PENCE
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DEUTSCHE BANK RAISES KAZAKHMYS TO 'HOLD' ('SELL') - TARGET 310 (201) PENCE
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UBS REMOVES KAZAKHMYS FROM 'EURO METALS LEAST PREFERRED LIST'
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HSBC INITIATES KAZAKHMYS WITH 'NEUTRAL' - TARGET 360 PENCE
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JPMORGAN CUTS OPHIR ENERGY TO 'NEUTRAL' ('OVERWEIGHT') - TARGET 270 (330) PENCE
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JPMORGAN RAISES AFREN TO 'OVERWEIGHT' ('UNDERWEIGHT') - TARGET 188 (180) PENCE
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CITIGROUP RAISES PETROPAVLOVSK TO 'NEUTRAL' ('SELL') - TARGET 42 (67) PENCE
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COMPANIES - FTSE 100
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Reed Elsevier PLC maintained its outlook for the full year, expecting to deliver another year of underlying revenue, profit and earnings growth in 2014 as it raised its dividend for the half year to end-June. Reed Elsevier proposed a dividend of 7.00 pence, up 5% from 6.65 pence. The professional information company posted a pretax profit, at constant currency and excluding acquisitions and disposals, of GBP791 million, up from GBP778 million, despite seeing revenue decline to GBP2.85 billion from GBP3.03 billion, as its operating margin improved to 30.2% from 28.8%.
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Standard Chartered PLC dismissed media reports that succession planning is taking place as a result of investor pressure, as the board gave its backing to Chief Executive Peter Sands and Chairman John Peace. "The board wants to be absolutely clear that it is united in its support of both Peter Sands and Sir John Peace, and the management team, in delivering the refreshed strategy, restoring the bank to profitable growth and delivering returns for our shareholders," Standard Chartered said in a statement.
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Retail property developer Hammerson PLC reported an increase in profit for the first half, as it benefited from valuation gains on its portfolio. The company, which has assets in the UK and France, posted pretax profit of GBP362.9 million for the six months-ended June 30, up from GBP80.8 million a year earlier. Hammerson was boosted by a GBP224.5 million revaluation gain on property portfolio during the period after reporting a GBP20.0 million loss a year earlier.
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Barclays Document Confirms Client Numbers Using LX Dark Pool Has Declined; Document Says Order Flow Routed To LX Also Has Declined
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British Land Leases Level 25 Of Leadenhall Building To Rothesay Life
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Kingfisher Q2 Group Sales Up 0.8%; Says Markets In Q2 Slower Than Anticipated
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easyJet CEO: Expects FY Pretax Profit Between GBP545M - GBP570M Vs GBP478M;Q3: Passengers Up 9.4% To 17.9M Vs 16.4M
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SABMiller Q1 Net Producer Revenue Up 6% On Organic, Constant Currency Basis; Q1 Total Beverage Volume Up 3% On Organic Basis; Says Financial Performance In Line With Expectations
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Unilever H1: Underlying Sales Up 3.7%, Emerging Markets Up 6.6%; Underlying Volume Up 1.9%, Price Up 1.7%; Operating Profit Up 13%; CEO: H1 Was Challenging, Have Seen Slowdown In Emerging Markets
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COMPANIES - FTSE 250
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Just Eat Ups Stake In ALLORESTO.fr To 80%;Increased Stake With Share Acquisition For EUR6.97M Cash
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Paragon Group Of Cos Says Financial Performance In Line With Its Expectations; Confident Of Meeting 2014 Expectations; Says Pam Rowland To Join As COO From Barclays In Sept
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Tate & Lyle Q1 "Challenging", Impacted By Severe US Weather; Q1 Adjusted Operating Profit Lower Than Expectations; Says Demand Remains Strong, Expects FY Results Broadly In Line With Expectations
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Lancashire Holdings Q2 Combined Ratio 74.6%; Q2 Gross Premiums Written USD318.4M Vs USD209.0M; Q2 Pretax Profit USD41.5M Vs USD58.3M
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Perform Appoints Ashley Milton As CFO
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CSR H1 Pretax Profit USD60.8M Vs USD27.0M; Interim Dividend USD0.052 Vs USD0.045
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Shaftesbury Total Debt On June 30 GBP612.5M, Undrawn Facilities GBP143.3M; Seeing Sustained Demand, Confident Of Further Income, Capital Value Growth
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Halma Positioned For Further Progress In Year In Line With Its Expectations
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Britvic Q3: Group Revenue Up 4.1% To GBP329.5M
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Electrocomponents Q1 Sales Performance Good In Most Markets Except UK, France
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Marston's Says Progress Has Continued In Line With Its Expectations; Says World Cup Impact Broadly Neutral
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De La Rue Says Q1 Trading Performance "Satisfactory"; Says Currency Order Intake Good, Challenging Markets Continued
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Close Brothers AuM Up 7% In Year To Date to GBP9.7B; Leaves Outlook Unchanged
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Mitchells & Butlers Q3 Total Sales Growth 3.8%, 42-Week Growth 2.9%; Q3 Operating Margins Slightly Below Last Year; Q3 Total Like-For-Like Sales Flat, Food Up 0.6%, Drink Down 0.5%
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Carillion Wins Contracts Worth GBP2.8M With The Defence Infrastructure Organisation
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Howden Joinery H1 Pretax Profit GBP57.2M, Up From GBP41.6M; Interim Dividend 1.9p, Up From 1.0p
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Rathbones FuM Grow 8.6% To GBP23.9B In H1; H1 Pretax Profit GBP30.9M Vs GBP23.2M; Raises Interim Dividend By 1p To 19p
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COMPANIES - MAIN MARKET AND AIM
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Brooks Macdonald Says Trading For Year Was In Line With Board Expectations
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Nichols H1: Pretax Profit Up 11% TO GBP10.0M; Interim Dividend Upped 12% To 7.1P
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Daily Mail Says Trading In Line With Expectations, Outlook Unchanged; Q3 Revenue GBP457M, Up 3%
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Manx Telecom Confirms H1 Trading In Line With Management Expectations; Intends To Declare Maiden Dividend With H1 Results
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Caffyns Reports Encouraging Start To The Year; Q2 New Car Unit Sales Up 3.9% Like-For-Like
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Northern Petroleum In Sale Of UK Licences And Assets For GBP1.5M; Sale Being Made To UK Oil & Gas Investments
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United Carpets FY Pretax Profit GBP0.94M Vs GBP0.25M; Like-For-Like Sales Up 2.2%;Does Not Recommend FY Dividend; Proposes Capital Reduction To Result In 81.4M Ordinary Shares Of 1.0p Each; Proposes To Cancel Share Premium Account
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Fuller, Smith & Turner 16 Week Like-For-Like Sales, Up 7.3%; 16 Week Beer, Cider Volumes In Beer Company Up 7%; CEO: Year Has Begun Well, We Have Launched New Initiatives
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COMPANIES - INTERNATIONAL
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Facebook recorded a net profit of USD791 million, a 138% increase over the second quarter last year, the social media network said Wednesday. Revenue rose 61%, to USD2.9 billion, compared to 1.8 billion a year earlier. Mobile advertising revenue represented approximately 62% of advertising revenue for the quarter, the statement said. "We had a good second quarter," said Mark Zuckerberg, Facebook founder and chief executive, in the statement. "Our community has continued to grow, and we see a lot of opportunity ahead as we connect the rest of the world." The number of monthly active Facebook users reached 1.32 billion, an increase of 14%, the company said, adding that mobile monthly active users increased by 31% to 1.07 billion as of June 30.
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General Motors announced a new round of recalls affecting 823,000 vehicles worldwide with a range of safety issues. The problems include an improperly attached seat, unreliable turn signals and issues with the power steering in some models. GM reported two accidents with three injuries related to the problems. The recall affects newer models, including the Chevrolet Spark, the Chevrolet Impala and the Chevrolet Silverado pick-up truck.
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Aircraft maker Boeing reported a net income of USD1.65 billion in the second quarter of 2014, a 52% increase compared to a year earlier. Revenue rose 1% to USD22 billion in the quarter, the Chicago-based company said. "Strong operating performance across our production programmes and services businesses drove revenue and earnings-per-share growth and healthy operating cash flow, which supported USD1.5 billion in additional share repurchases in the quarter," said Boeing Chief Executive Jim McNerney in the statement.
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AT&T Inc reported net income for the second quarter of USD3.5 billion or USD0.68 per share, compared to USD3.8 billion or USD0.71 per share for the year-ago quarter. Excluding items, adjusting earnings per share for the second quarter was USD0.62, compared to USD0.67 in the prior year quarter. Revenues for the second quarter grew 1.6% to USD32.58 billion from USD32.08 billion a year ago. Analysts polled by Thomson Reuters expected the company to earn USD0.63 per share on revenue of USD33.22 billion for the second quarter. Analysts' estimates typically exclude special items. The company maintained its full-year 2014 guidance, which calls for revenue growth in the 5% range and adjusted earnings per share growth at the low end of the mid-single digit range.
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BASF Group reported its second-quarter income before taxes and minority interests increased to EUR1.88 billion from EUR1.61 billion, a year ago. The company reported net income of EUR1.30 billion, or EUR1.41 per share, compared to EUR1.16 billion, or EUR1.26 per share, the prior year.
Sales increased to EUR18.45 billion from ~EUR18.35 billion. BASF strives to slightly raise its income from operations before special item for fiscal year 2014. The company expects its 2014 sales to be slightly below 2013 levels.
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Swiss pharmaceutical giant Roche Holding AG's IFRS net income for the first half of 2014 slid by 7% to CHF5.64 billion, from CHF6.05 billion last year, while it reported a 2% increase at constant exchange rates. Group sales for the half year reached CHF22.97 billion francs, a 5% growth at constant exchange rates, with strong growth from HER2-positive breast cancer medicines, Herceptin, Perjeta and Kadcyla. Sales for the prior-year period were CHF23.3 billion francs. Looking ahead for fiscal 2014, Roche still projects low-to mid-single digit growth in Group sales at constant exchange rates. Core earnings per share is targeted to grow ahead of sales. In addition, the company expects to further increase its dividend.
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Thursday's Scheduled AGMs/EGMs
Securities Trust of Scotland
Electrocomponents
Caffyns
De La Rue
Dee Valley Group
F&C Global Smaller Companies
Fuller Smith & Turner
Personal Assets Trust
Record
Vertu Motors
Royal Mail Group
SABMiller
Tate and Lyle
Halma
Thorntons
Astar Minerals
Cyprotex
Capital Management & Investment
Energy Technique
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By Tom Waite; thomaslwaite@alliancenews.com; @thomaslwaite
Copyright 2014 Alliance News Limited. All Rights Reserved.