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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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| Upstream | LSE:UPS | London | Ordinary Share | KYG7393S1012 | ORD 0.25P (DI) |
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| 0.00 | 0.00% | 1.625 | 0.00 | 01:00:00 |
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| - | O | 0 | 1.625 | GBX |
Upstream (UPS) Share Charts1 Year Upstream Chart |
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| Date | Time | Title | Posts |
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| 26/7/2024 | 17:07 | SHARES STRONGLY UP during JULY 2024 | 435 |
| 30/6/2024 | 21:59 | SHARES STRONGLY UP during JUNE 2024 | 304 |
| 02/6/2024 | 22:13 | SHARES STRONGLY UP during MAY 2024 | 565 |
| 30/4/2024 | 22:56 | SHARES STRONGLY UP during APRIL 2024 | 621 |
| 02/4/2024 | 08:43 | SHARES STRONGLY UP during March 2024 | 567 |
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Posted at 25/7/2024 10:33 by master rsi LONDON BROKER RATINGS: Barclays and Berenberg cut AscentialFTSE 100 Goldman Sachs raises Rentokil Initial price target to 570 (550) pence - 'neutral' UBS raises Informa price target to 1,055 (1,040) pence - 'buy' Barclays raises Informa price target to 1,010 (980) pence - 'overweight' UBS cuts Prudential price target to 1,090 (1,110) pence - 'buy' Goldman Sachs raises Unilever price target to 5,040 (4,590) pence - 'neutral' Berenberg raises Reckitt Benckiser price target to 5,200 (5,100) pence - 'hold' RBC raises Reckitt Benckiser price target to 5,200 (5,100) pence - 'outperform' RBC cuts easyJet price target to 550 (580) pence - 'sector perform Barclays cuts easyJet price target to 675 (700) pence - 'overweight' UBS cuts easyJet price target to 785 (850) pence - 'buy' Bank of America cuts easyJet price target to 670 (740) pence - 'buy' FTSE 250 UBS raises Breedon to 'buy' (neutral) - price target 460 (420) pence Berenberg cuts RHI Magnesita price target to 4,150 (4,300) pence - 'buy' Berenberg cuts Ascential to 'hold' (buy) - price target 568 (395) pence Barclays cuts Ascential to 'equal weight' (overweight) - price target 570 (375) pence Deutsche Bank cuts Primary Health to hold (buy) - price target 103 (110) pence Berenberg raises Spectris to 'buy' (hold) - price target 3,920 (3,520) pence HSBC cuts RS Group to 'hold' - price target 810 pence Jefferies raises Bridgepoint price target to 320 (310) pence - 'buy' SMALL CAP Deutsche Bank cuts Learning Technologies price target to 131 (149) pence - buy Jefferies raises PensionBee price target to 211 (172) pence - 'buy' Berenberg raises PensionBee price target to 210 (170) pence - 'buy' |
Posted at 25/7/2024 09:30 by master rsi MARKET REPORTLONDON MARKET OPEN: Earnings woe sends European stocks lower (Alliance News) - Stock prices in London opened lower on Thursday, with earnings from the UK and beyond largely falling short, after sentiment was already hurt by a tech sell-off in New York. Still, the FTSE 100 index traded down 60.56 points, or 0.7%, at 8,093.13. The FTSE 250 was down 201.65 points, 1.0%, at 20,749.19, while the AIM All-Share fell 5.35 points, 0.7%, at 771.29. The Cboe UK 100 was down 0.7% at 807.72, the Cboe UK 250 dropped 1.1% to 18,155.80, and the Cboe Small Companies fell 0.1% to 17,207.02. The CAC 40 in Paris slumped 1.4%, while Frankfurt's DAX 40 traded 1.1% lower. In New York on Wednesday, the Dow Jones Industrial Average ended down 1.3%, the S&P 500 fell 2.3% and the Nasdaq Composite plunged 3.6%. In Asia on Thursday, the Nikkei 225 slumped 3.3%, while the S&P/ASX 200 in Sydney ended 1.3% lower. In China, the Shanghai Composite fell down 0.5%, while the Hang Seng was 1.6% lower. Shares in Europe suffered in response to the morning's batch of earnings in Europe, as well as some updates from overnight. Among those falling were food and drink company Nestle, down 4.5% in Zurich on a guidance cut. Luxury retail continued to suffer, after Kering reported a poor half-year. That stock was down 7.6% in Paris. Chipmaker STMicroelectronics plunged 11% in Paris as it cut its outlook. The automotive story was also a drab one, with Stellantis down 9.0% in Milan and Renault down 8.1% in Paris. Further afield, a profit outlook cut from Nissan sent that stock 7.0% lower in Tokyo, while Ford had plunged 12% after hours in New York. Over in Sydney, the theme of tepid earnings was also evident, as Macquarie fell 3.4% on a poorly-received first-quarter update. Trade was more resilient in the healthcare sector. Roche upped guidance and shares were rewarded with a 3.3% rise in Zurich. Sanofi also upped its outlook, and it traded 3.9% higher in Paris. In London, AstraZeneca improved its full-year view, though shares fell 2.3%. Total revenue in the first-half of 2024 surged 15% to USD25.62 billion from USD22.30 billion. Pretax profit jumped 19% to USD5.29 billion from USD4.35 billion. For the second-quarter alone, revenue climbed 13% USD12.94 billion, and pretax profit was 15% higher at USD2.40 billion. Looking to the full-year, it now expects total revenue to grow by a "mid teens percentage" at constant currency, its view upgraded from a previously expects "low double-digit to low teens rise". Unilever rose 6.5% as it backed its outlook. The consumer goods firm reported a rise in revenue and profit in the first-half. Revenue in the first six months of 2024 climbed 2.3% to EUR31.12 billion from EUR30.43 billion. Pretax profit increased 5.7% to EUR5.57 billion from EUR5.27 billion. Underlying sales growth for the half-year was 4.1%, helped by a 2.6% rise in margins and a 1.6% pricing increase. "We continue to expect underlying sales growth for 2024 to be within our multi-year range of 3% to 5%, with the majority of the growth being driven by volume," the firm behind brands such as Dove and Cif said. Elsewhere in London, ITV fell 5.1% as it cut guidance at its ITV Studios production arm. The firm now expects revenue for the ITV Studios production arm to "be down low single digits" for the full-year. It had previously expected it to be "broadly flat". The downgrade is due to a "small number of key productions being contracted as executive productions rather than co-productions". "The change in contractual arrangement has no impact on profit but does mean we recognise less revenue this year. There remain a small number of contracts under negotiation, which may have a similar out-turn of lower recognised revenue, but the same profit if they are contracted as executive productions. In the revenue guidance for 2024, we have assumed that we will be the main or co-producer," the firm said. Indivior shot up 16%, easing some recent share price pressure on the stock, as it maintained its recently lowered outlook and announced a share buyback. The specialty pharmaceuticals business said revenue in the first-half of the year improved 10% to USD583 million from USD529 million. It swung to a pretax loss, however, of USD72 million from profit of USD120 million. Its second-quarter revenue rose 8.3% to USD299 million from USD276 million, but it posted a loss of USD135 million, swinging from profit of USD62 million. Selling, general, and administrative expenses in the quarter jumped to USD311 million from USD133 million. The figure includes costs related to a legal settlement, its US primary listing and the hit from the discontinuation of schizophrenia drug Perseris, announced earlier in July. "While 2024 has proved to be a more challenging year than we had anticipated, we remain highly confident in the underlying fundamentals of our business and strategy, and that we are on a clear path to create substantial shareholder value. Reflecting our confidence, we are today announcing a new USD100 million share repurchase programme which we intend to execute over an accelerated time frame," CEO Mark Crossley said. The pound was quoted at USD1.2881 early on Thursday, down from USD1.2926 at the time of the London equities close Wednesday. The euro stood at USD1.0840, fading from USD1.0857. Against the yen, the dollar was trading at JPY152.22, down from JPY153.44. China's central bank on Thursday unexpectedly cut a medium-term interest rate by the most in more than four years, marking the latest move by authorities to boost economic growth. The world's second-largest economy has encountered severe headwinds in recent years, as a heavily indebted property sector, sluggish consumption and high youth unemployment weigh on confidence. Beijing has introduced a host of measures in recent months in a bid to get it humming again, but a full rebound has so far proven elusive. In a surprise move on Thursday morning, the People's Bank of China slashed the rate for its medium-term lending facility – the interest on one-year loans to financial institutions – to 2.3%, from 2.5%. The central bank typically makes MLF announcements on a predetermined day in the middle of the month. The last time the rate was cut was in August, but the latest is the biggest since April 2020. Brent oil was quoted at USD81.00 a barrel early on Thursday, falling from USD81.75. Gold was quoted at USD2,375.34 an ounce, down from USD2,426.06. Still to come on Thursday is a US gross domestic product reading at 1330 BST. |
Posted at 24/7/2024 09:20 by master rsi MARKET REPORTLONDON MARKET OPEN: Europe stocks fall as earnings largely disappoint (Alliance News) - European equities got off to an underwhelming start on Wednesday, as poorly-received tech earnings after the closing bell in New York overnight kept a lid on enthusiasm, and reports from the continent largely failed to inspire confidence either. US earnings will be in focus later on Wednesday, with carmaker Ford and cloud software firm IBM among those reporting. European lenders took centre-stage in the morning, however, with Santander and Deutsche Bank moving in opposite directions following their earnings. A poor report from LVMH late Tuesday hurt luxury retail shares early Wednesday, meanwhile. In London, numbers from easyJet impressed, while Reckitt's strategy update was well-received, as it put a host of brands on the chopping block. Still, the FTSE 100 index traded down 38.31 points, or 0.5%, at 8,129.06. The FTSE 250 was down 41.30 points, 0.2%, at 21,050.19, while the AIM All-Share was down 1.24 points, 0.2%, at 778.93. The Cboe UK 100 was down 0.4% at 811.48, the Cboe UK 250 was up marginally at 18,393.42, and the Cboe Small Companies was flat at 17,248.12. The CAC 40 in Paris slumped 1.5%, while Frankfurt's DAX 40 traded 0.7% lower. In New York on Tuesday, the Dow Jones Industrial Average ended down 0.1%, the S&P 500 down 0.2% and the Nasdaq Composite down 0.1%. After hours in New York, Google owner Alphabet fell 2.2%, while electric carmaker Tesla slid 7.8%. Tesla missed Wall Street profit estimates in the second quarter as it repeated guidance that vehicle growth in 2024 would be "notably lower" than 2023. Alphabet highlighted "ongoing strength" in its Search segment, as well as "momentum" in Cloud, after seeing both revenue and net income climb in the second quarter. However, the YouTube division's advertising revenue fell short of estimates. "The stock market rally faces a big hurdle this week, as it is the peak of earnings season for the S&P 500. The picture so far has been mixed. On Tuesday evening the focus was on the Magnificent 7. Tesla and Google both reported earnings. In post-market trading Tesla's share price is lower by 7%, and Alphabet's share price is also lower after eroding earlier gains. This suggests that the market is not impressed with the start of earnings season for the mega tech stocks," XTB analyst Kathleen Brooks commented. In Frankfurt, Deutsche Bank traded 6.6% lower, while in Madrid, Santander rose 3.6%. Santander posted a second-quarter earnings hike and raised guidance, while Deutsche swung to a loss on litigation costs amid a Postbank lawsuit provision. London-listed banking shares were lower. Standard Chartered fell 1.6%, while Barclays and HSBC each lost 1.0%. Also hurting the FTSE 100, Scottish Mortgage Investment Trust, which invests in a who's who of US tech names, fell 1.8%. Lingering China growth worries, meanwhile, hurt Asia-focused insurer Prudential. Pru shares fell 2.2%. "Sentiment towards China is hardly inspiring," Pepperstone analyst Chris Weston commented. In China on Wednesday, the Shanghai Composite fell 0.5% in afternoon trade. The Hang Seng in Hong Kong was 1.2% lower in late trade. Tokyo's Nikkei 225 fell 1.1%. The S&P/ASX 200 in Sydney ended down 0.1%. An interest rate cut by the People's Bank of China has failed to stir up the Composite. The Shanghai benchmark has fallen nearly 3% this week. Adding to the misery for the FTSE 100, Burberry fell 1.6% in tough morning dealings for luxury goods firms. LVMH fell 5.9% in Paris as it reported a decline in half-year profit. Investors while be hoping for better from Kering, also a Paris listing, which reports later on Wednesday. Back in London, easyJet and Reckitt led the way in the FTSE 100, rising 6.7% and 3.1%. easyJet said it is set for a "record-breaking summer" as third-quarter earnings improved, calming some travel sector nerves after Ryanair's drab update earlier this week. easyJet said revenue for the quarter ended June 30 rose 11% to GBP2.64 billion from GBP2.36 billion a year earlier. Headline pretax profit shot up 16% to GBP236 million from GBP203 million. Passenger numbers rose 8% during the period. "Our strong performance in the quarter has been driven by more customers choosing easyJet for our unrivalled network of destinations and value for money. This result was achieved despite Easter falling into March this year, demonstrating the continued importance of travel and this means we remain on track to deliver another record-breaking summer, taking us a step closer to our medium term targets," CEO Johan Lundgren said. Reckitt Benckiser posted weaker half-year earnings, and said it will look to divest its portfolio of "leading home care brands", including Air Wick and Calgon. The consumer goods and hygiene products maker also said it deems Mead Johnson Nutrition, the business behind Enfamil infant nutrition, to be non-core. Reckitt said it will consider "all strategic options" for that division. "The core Reckitt portfolio will be a uniquely attractive consumer health and hygiene business, with premium, high-growth and high-margin Powerbrands, including Mucinex, Strepsils, Gaviscon, Nurofen, Lysol, Dettol, Harpic, Finish, Vanish, Durex and Veet. Over the last five years this portfolio has delivered strong growth and high margins," it added. Reckitt's net revenue in the first-half of 2024 declined 3.7% to GBP7.17 billion from GBP7.45 billion. Pretax profit fell 7.3% to GBP1.52 billion from GBP1.64 billion. It raised its interim dividend by 5.0% to 80.4 pence from 76.6p. It also announced its next GBP1 billion share buyback programme will "commence imminently". Informa fell 0.8%, while Ascential jumped 26%. Informa reported an increase in half-year revenue, and the business information publisher and events organiser struck a deal to acquire Cannes Lions operator Ascential. It will pay 568 pence in cash per Ascential share. The deal values Ascential's equity at GBP1.2 billion. "Informa is in the business of creating, nurturing and growing world class B2B brands. Lions and Money20/20 are outstanding examples of such brands. Combined, we can expand them into more sectors, accelerate growth and take advantage of new opportunities," Informa Chief Executive Stephen Carter said. Ascential CEO Philip Thomas said the deal will "deliver substantial value for our shareholders". Informa also said revenue in the first half of 2024 totalled GBP1.70 billion, a rise of 12% year-on-year from GBP1.52 billion. Pretax profit declined by a quarter, however, to GBP237.4 million from GBP314.6 million. Informa upgraded revenue guidance, and now expects revenue for 2024 to be above its previously stated guidance range of GBP3.45 billion to GBP3.50 billion. Revenue in 2023 totalled GBP3.19 billion. Informa upped its interim dividend by 10% to 6.4 pence per share from 5.8p. Elsewhere in London, Nichols shares rose 6.8% as the Vimto owner reported a profit improvement, raised guidance and announced a special dividend. In the half-year to June 30, revenue fell 1.8% to GBP84.0 million from GBP85.5 million 12 months earlier. Pretax profit, however, rose 5.8% to GBP11.8 million from GBP11.2 million. Nichols raised its ordinary interim dividend by 18% to 14.9p per share from 12.6p. It announced a 54.8p special dividend, which will return GBP20 million in total to shareholders. Looking ahead, it said: "The company has begun trading in Q3 positively and in line with management expectations. Reflecting the progress made in H1 and underpinned by the group's ongoing focus on driving margin improvement, the board now expects to report full year adjusted profit before tax slightly ahead of current market expectations." It puts market expectations for adjusted pretax profit at GBP28.8 million. The pound was quoted at USD1.2892 early Wednesday in London, down from USD1.2915 at the London equities close on Tuesday. The euro stood at USD1.0832, falling from USD1.0855. Against the yen, the dollar was trading at JPY154.67, fading from JPY155.98. Brent oil was quoted at USD81.26 a barrel early Wednesday, rising from USD80.95. Gold was quoted at USD2,413.54 an ounce, a rise from USD2,406.10. |
Posted at 23/7/2024 15:55 by master rsi HSS 7.35p +0.10pThere was talk not so long ago, that predators like Travis Perkins or Speedy Hire could pounce on the stock, taking advantage of their share price rise in the last 3 months, while HSS hire has been lower by the same time. Share prices during the last 3 months TPK +34% SDY +66% HSS - 8% |
Posted at 17/7/2024 09:56 by master rsi LONDON BROKER RATINGS: RBC cuts Legal & General to 'sector perform'FTSE 100 Barclays cuts Burberry price target to 820 (1,000) pence - 'equal weight' ---------- Barclays cuts B&M European Value Retail price target to 600 (615) pence - 'overweight' ---------- Goldman Sachs cuts B&M European Value Retail price target to 570 (590) pence - 'buy' ---------- UBS cuts Intermediate Capital Group price target to 2,550 (2,700) pence - 'buy' ---------- Royal Bank of Canada cuts Legal & General to 'sector perform' (outperform) - price target 245 (295) pence ---------- Berenberg cuts Rio Tinto price target to 5,700 (5,800) pence - 'hold' ---------- JPMorgan cuts Rio Tinto price target to 6,500 (6,650) pence - 'overweight' ---------- DZ Bank cuts fair value for Rio Tinto to 5,300 (5,500) pence - 'hold' ---------- FTSE 250 ---------- Barclays cuts Ocado price target to 355 (400) pence - 'underweight' ---------- Berenberg raises IntegraFin price target to 400 (390) pence - 'buy' ---------- Jefferies raises IntegraFin price target to 355 (350) pence - 'hold' ---------- JPMorgan cuts abrdn price target to 160 (161) pence - 'neutral' ---------- Jefferies raises Balfour Beatty price target to 452 (445) pence - 'buy' ---------- Jefferies raises JD Wetherspoon price target to 1,000 (925) pence - 'buy' ---------- SMALL CAP ---------- UBS raises Wise price target to 1,020 (1,000) pence - 'buy' ---------- Jefferies raises Wise price target to 986 (872) pence - 'buy' |
Posted at 12/7/2024 17:25 by master rsi MARKET REPORTLONDON MARKET CLOSE: Fed cut optimism sends stocks higher (Alliance News) - US interest rate optimism supported equities in Europe on Friday, with a hotter-than-expected producer price index reading and some poorly-received US banking earnings doing little to deter investor enthusiasm. The FTSE 100 index rose 29.57 points, 0.4%, at 8,252.91. The FTSE 250 added 13.98 points, 0.1%, at 21,202.89, and the AIM All-Share closed up 4.64 points, 0.6%, at 786.17. The FTSE 100 made a weekly gain of 0.6%, the FTSE 250 surged 2.0%, and the AIM shot up 1.5%. The Cboe UK 100 closed up 0.4% at 823.70 on Friday, the Cboe UK 250 rose 0.2% at 18,476.27, and the Cboe Small Companies added 0.4% to 17,374.25. In European equities on Friday, the CAC 40 in Paris jumped 1.3%, while the DAX 40 in Frankfurt ended up 1.2%. The pound was quoted at USD1.2989 late on Friday afternoon in London, up compared to USD1.2920 at the equities close on Thursday, leaving the USD1.30 mark in touching distance. The euro stood at USD1.0907, higher against USD1.0872 on Friday. Against the yen, the dollar was trading at JPY157.90, lower compared to JPY158.57. US producer prices grew at a slightly faster pace than expected in June, numbers on Friday showed, in contrast to data earlier this week which showed a slowdown in consumer price inflation. The Bureau of Labor Statistics said producer prices rose 2.6% on-year in June, picking up speed from a 2.4% climb in May. It is the sixth successive month that the yearly rate of producer price inflation has picked up. Producer prices had been expected to rise 2.3% on-year, according to FXStreet cited consensus, so the latest reading topped expectations. On-month, producer prices rose 0.2% in June, topping expectations of a 0.1% rise. Prices were unmoved in May from April. The data follows numbers from the BLS on Thursday showing the year-on-year consumer price inflation rate was 3.0% in June, cooling from a 3.3% rise in May. According to FXStreet, markets were expecting a 3.1% annual increase in consumer prices for June. "Yesterday's CPI data and today's PPI numbers collectively imply that the core PCE deflator rose by just 0.15% in June, helping to reduce the quarter-on-quarter annualized growth rate to 2.7% in Q2, from 3.7% in Q1. The core PCE print can't be predicted perfectly, as the [Bureau of Economic Analysis] uses expert judgement in the seasonal adjustment of some components, and some series are derived from non-CPI/PPI data sources that are unavailable prior to publication. Nonetheless, it's safe to say that the June print will be low enough to be welcomed by the Fed," Pantheon Macroeconomics analyst Ian Shepherdson commented. The European Central Bank decides on rates next week Thursday. It is expected to stand pat, after cutting at its last meeting. ING analyst James Smith, with footballing references aplenty ahead of Sunday's European Championship final, commented: "The ECB has scored its fair share of own goals over the past couple of seasons, pre-committing to action that has subsequently been only reluctantly delivered. June's rate cut is just the latest example. "Still, the ECB does seem more confident in its future inflation forecasts. We reckon a September rate cut remains on track, but don't expect team captain Christine to tell us much more about that next week." In New York, the Dow Jones Industrial Average was up 0.8% at the time of the closing bell in Europe. The S&P 500 was 0.9% higher, while the Nasdaq Composite climbed 1.1%, back in the green after plunging on Thursday. JPMorgan Chase fell 0.7%. It reported improved second-quarter earnings, helped by a bounce in its investment bank offering. The New York City-based firm said second-quarter revenue rose 22% on-year to USD50.20 billion from USD41.31 billion, beating the LSEG consensus of USD49.87 billion. Net income improved by a quarter to USD18.15 billion from USD14.47 billion a year earlier. Diluted earnings per share rose 29% to USD6.12 from USD4.75. Chair & Chief Executive Officer Jamie Dimon kept his feet on the ground, however, citing a tricky economic outlook. "While market valuations and credit spreads seem to reflect a rather benign economic outlook, we continue to be vigilant about potential tail risks. These tail risks are the same ones that we have mentioned before. The geopolitical situation remains complex and potentially the most dangerous since World War II — though its outcome and effect on the global economy remain unknown. Next, there has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world," Dimon said. "Therefore, inflation and interest rates may stay higher than the market expects. And finally, we still do not know the full effects of quantitative tightening on this scale." Elsewhere, Wells Fargo dropped 6.9%, while Citigroup fell 3.3%. XTB analyst Kathleen Brooks commented: "Overall, the headline figures for both JPM and Citi were strong, although Citi sounded cautious about costs for 2024 being at the higher end of estimates, added to this, fixed income trading was a touch weaker than expected at USD3.56 billion versus USD3.61 billion expected. Usually, growth in return on average equity of 6.3% vs. 5.6% YoY would be enough to override some of the weaker news, but not in the current environment. "Likewise at JP Morgan, although the bank pointed to signs of strong fee-based income as dealmaking makes a comeback, the 4% increase in net interest income last quarter was slightly weaker than estimates and this has hurt sentiment towards the stock. Jamie Dimon, as he usually does during earnings announcements, sounded concerned about geopolitics and he voiced concerns that inflation could make a comeback due to global fiscal deficits and the shifts in global trade. These are valid concerns that the market should take seriously, but we do not think that they are causing bank stocks to decline." In London, shares in the interest rate-sensitive property and housebuilding sector rose, as Fed cut hopes built. Property portal Rightmove rose 4.0%, while housebuilder Taylor Wimpey added 1.5%. UK rate cut expectations have ebbed this week, however, following comments by Bank of England Chief Economist Huw Pill. "But the fact that the BoE hawks cry louder doesn't mean that the doves are not around," Swissquote analyst Ipek Ozkardeskaya added. On London's AIM, System1 rose 6.6%. The London-based owner of a marketing decision-making platform said revenue in the first quarter of the financial year to March 31 was GBP9.2 million, up 53% from GBP6.2 million a year prior. Chief Executive James Gregory said: "Customer demand was exceptionally strong in the first quarter, somewhat ahead of our own expectation. It's early in the year but this strong first quarter performance puts us firmly on track for sustainable growth and to achieve our full-year expectations." Brent oil was quoted at USD85.66 a barrel late on Friday in London, up from USD85.47 at the same time on Thursday. Gold was quoted at USD2,410.50 an ounce, lower against USD2,422.61. Monday's economic calendar has a China gross domestic product reading overnight, before retail sales from Germany at 0700 BST and eurozone industrial production at 1000 BST. Financial markets in Tokyo will be closed for Marine Day. |
Posted at 11/7/2024 22:33 by master rsi MARKET REPORTLONDON MARKET CLOSE: Europe climbs on US data boost but NY tech falls (Alliance News) - Stock prices in Europe closed higher on Thursday, supported by a favourable US inflation reading, which added to the conviction that a Federal Reserve interest rate cut is on the horizon. The FTSE 100 index closed up 29.83 points, 0.4%, at 8,223.34. The FTSE 250 was surged 261.15 points, 1.3%, at 21,188.91, and the AIM All-Share rose 8.68 points, 1.1%, at 781.53. The Cboe UK 100 ended up 0.5% at 820.63, the Cboe UK 250 added 1.4% to 18,431.87, and the Cboe Small Companies climbed 1.1% to 17,312.40. In European equities on Thursday, both the CAC 40 in Paris and Frankfurt's DAX 40 closed up 0.7%. In New York, the Dow Jones Industrial Average was up 0.2% at the time of the European close. However, the S&P 500 was down 0.6% and the Nasdaq Composite slumped 1.4%. The Nasdaq and S&P look set to have their seven-day winning streaks snapped. The Bureau of Labor Statistics reported that the year-on-year consumer price inflation rate increased 3.0% in June, cooling from a 3.3% rise in May. According to FXStreet, markets were expecting a 3.1% increase for June. On a monthly basis, consumer prices declined 0.1% in June, after being unchanged in May from April. Prices had been expected to register a 0.1% increase this time around, so the latest reading undershot the consensus. The yearly core inflation rate, which strips out food and energy, cooled to 3.3% in June, compared to 3.4% in May. Markets had been expecting the core rate of inflation to be steady at 3.4%. XTB analyst Kathleen Brooks commented: "The decline in prices last month in the US has given the green light to traders to fully price in a rate cut from the Fed in September. There is now a greater than 80% chance of a rate cut priced in for two months’ time, before the CPI was released the chance of a rate cut was [around] 70%. The market is also pricing in more than 2 rate cuts this year, not long ago only 1 rate cut was priced in by the market. This data release was seen as crucial for the timing of rate cuts from the Fed, after Jerome Powell said that the US central bank still wanted to see progress made on inflation before cutting interest rates. This is the progress that they will want to see." The pound was quoted at USD1.2920 late on Thursday afternoon in London, higher compared to USD1.2846 at the equities close on Wednesday. The euro stood at USD1.0872, up against USD1.0827. Against the yen, the dollar slumped to JPY158.57 from JPY161.74. XTB's Brooks said the pound is "on top of the world". The analyst added: "USD1.30 is now on the cards... the pound is back as the top performer in the G10 FX space so far this year. Looking ahead, we expect a broad-based dollar decline on the back of this surge in rate cut expectations from the Fed. However, we expect the GBP to be one of the best beneficiaries." In London, Severn Trent and United Utilities added 3.7% and 2.6%, respectively. The FTSE 250's Pennon Group jumped 11%. The UK water watchdog Ofwat said that average water bills in England and Wales are expected to rise by GBP94 over the next five years. This means that prices will increase by around GBP19 a year. Severn Trent also said its financial performance for the year remains on track and it continues to expect to perform in line with guidance. Meanwhile, Pennon Group said that Steve Buck has stepped down as chief financial officer. Buck will be succeeded by Laura Flowerdew, as the board enacts its internal succession plan. Flowerdew is chief customer and digital officer of Pennon Group and previously CFO at Bristol Water. Galliford Try rose 8.8% after it said it expects to report an annual profit beat, with the construction firm hailing progress towards "strategic targets". The Uxbridge, England-based firm expects full-year revenue and pretax profit before exceptional items to be above the upper end of current analyst forecasts for the financial year that ended June 30. It puts the analyst forecast range for revenue at GBP1.44 billion to GBP1.64 billion, and the profit range at GBP26.7 million and GBP29.2 million. At best, that would represent an 18% revenue rise from GBP1.39 billion, and a pretax profit before exceptional items rise of 42% from GBP20.6 million. Looking ahead, Galliford said it continues to see a strong pipeline of new opportunities across its chosen sectors. Chief Executive Bill Hocking comments: "We expect to report another year of strong performance across all our operations with increased revenue and profit as we continue to progress our updated sustainable growth strategy to 2030." In May, it set a target for annual revenue in excess of GBP2.2 billion by 2030. Jet2 reported double-digit earnings growth amid an uptick in consumer demand for low-cost travel. The Leeds, England-based budget airline said in the year that ended March 31, pretax profit jumped 43% to GBP529.5 million from GBP371.0 million the year before. Revenue increased 24% to GBP6.26 billion from GBP5.03 billion. Jet2 declared a 10.7 pence per share final dividend, up 34% from 8.0p previously. Summer 2024 on sale seat capacity is currently 12% higher than last year at 17.2 million seats. Booked to date package holiday customers are up 7.0%, representing 72% of overall flown passengers, with flight-only passengers increasing by 16%. Shares flew 4.9% higher on Thursday. Brent oil was quoted at USD85.47 a barrel at the time of the London equities close on Thursday, up from USD85.40 late Wednesday. Gold was quoted at USD2,422.61 an ounce, higher against USD2,379.50. Friday's economic calendar has a China trade reading overnight, before US producer price data at 1330 BST. The local corporate calendar has a trading statement from emerging markets investment manager Ashmore Group. |
Posted at 11/7/2024 17:04 by master rsi MARKET REPORTLONDON MARKET CLOSE: Europe climbs on US data boost but NY tech falls (Alliance News) - Stock prices in Europe closed higher on Thursday, supported by a favourable US inflation reading, which added to the conviction that a Federal Reserve interest rate cut is on the horizon. The FTSE 100 index closed up 29.83 points, 0.4%, at 8,223.34. The FTSE 250 was surged 261.15 points, 1.3%, at 21,188.91, and the AIM All-Share rose 8.68 points, 1.1%, at 781.53. The Cboe UK 100 ended up 0.5% at 820.63, the Cboe UK 250 added 1.4% to 18,431.87, and the Cboe Small Companies climbed 1.1% to 17,312.40. In European equities on Thursday, both the CAC 40 in Paris and Frankfurt's DAX 40 closed up 0.7%. In New York, the Dow Jones Industrial Average was up 0.2% at the time of the European close. However, the S&P 500 was down 0.6% and the Nasdaq Composite slumped 1.4%. The Nasdaq and S&P look set to have their seven-day winning streaks snapped. The Bureau of Labor Statistics reported that the year-on-year consumer price inflation rate increased 3.0% in June, cooling from a 3.3% rise in May. According to FXStreet, markets were expecting a 3.1% increase for June. On a monthly basis, consumer prices declined 0.1% in June, after being unchanged in May from April. Prices had been expected to register a 0.1% increase this time around, so the latest reading undershot the consensus. The yearly core inflation rate, which strips out food and energy, cooled to 3.3% in June, compared to 3.4% in May. Markets had been expecting the core rate of inflation to be steady at 3.4%. XTB analyst Kathleen Brooks commented: "The decline in prices last month in the US has given the green light to traders to fully price in a rate cut from the Fed in September. There is now a greater than 80% chance of a rate cut priced in for two months’ time, before the CPI was released the chance of a rate cut was [around] 70%. The market is also pricing in more than 2 rate cuts this year, not long ago only 1 rate cut was priced in by the market. This data release was seen as crucial for the timing of rate cuts from the Fed, after Jerome Powell said that the US central bank still wanted to see progress made on inflation before cutting interest rates. This is the progress that they will want to see." The pound was quoted at USD1.2920 late on Thursday afternoon in London, higher compared to USD1.2846 at the equities close on Wednesday. The euro stood at USD1.0872, up against USD1.0827. Against the yen, the dollar slumped to JPY158.57 from JPY161.74. XTB's Brooks said the pound is "on top of the world". The analyst added: "USD1.30 is now on the cards... the pound is back as the top performer in the G10 FX space so far this year. Looking ahead, we expect a broad-based dollar decline on the back of this surge in rate cut expectations from the Fed. However, we expect the GBP to be one of the best beneficiaries." In London, Severn Trent and United Utilities added 3.7% and 2.6%, respectively. The FTSE 250's Pennon Group jumped 11%. The UK water watchdog Ofwat said that average water bills in England and Wales are expected to rise by GBP94 over the next five years. This means that prices will increase by around GBP19 a year. Severn Trent also said its financial performance for the year remains on track and it continues to expect to perform in line with guidance. Meanwhile, Pennon Group said that Steve Buck has stepped down as chief financial officer. Buck will be succeeded by Laura Flowerdew, as the board enacts its internal succession plan. Flowerdew is chief customer and digital officer of Pennon Group and previously CFO at Bristol Water. Galliford Try rose 8.8% after it said it expects to report an annual profit beat, with the construction firm hailing progress towards "strategic targets". The Uxbridge, England-based firm expects full-year revenue and pretax profit before exceptional items to be above the upper end of current analyst forecasts for the financial year that ended June 30. It puts the analyst forecast range for revenue at GBP1.44 billion to GBP1.64 billion, and the profit range at GBP26.7 million and GBP29.2 million. At best, that would represent an 18% revenue rise from GBP1.39 billion, and a pretax profit before exceptional items rise of 42% from GBP20.6 million. Looking ahead, Galliford said it continues to see a strong pipeline of new opportunities across its chosen sectors. Chief Executive Bill Hocking comments: "We expect to report another year of strong performance across all our operations with increased revenue and profit as we continue to progress our updated sustainable growth strategy to 2030." In May, it set a target for annual revenue in excess of GBP2.2 billion by 2030. Jet2 reported double-digit earnings growth amid an uptick in consumer demand for low-cost travel. The Leeds, England-based budget airline said in the year that ended March 31, pretax profit jumped 43% to GBP529.5 million from GBP371.0 million the year before. Revenue increased 24% to GBP6.26 billion from GBP5.03 billion. Jet2 declared a 10.7 pence per share final dividend, up 34% from 8.0p previously. Summer 2024 on sale seat capacity is currently 12% higher than last year at 17.2 million seats. Booked to date package holiday customers are up 7.0%, representing 72% of overall flown passengers, with flight-only passengers increasing by 16%. Shares flew 4.9% higher on Thursday. Brent oil was quoted at USD85.47 a barrel at the time of the London equities close on Thursday, up from USD85.40 late Wednesday. Gold was quoted at USD2,422.61 an ounce, higher against USD2,379.50. Friday's economic calendar has a China trade reading overnight, before US producer price data at 1330 BST. The local corporate calendar has a trading statement from emerging markets investment manager Ashmore Group. |
Posted at 10/7/2024 16:01 by master rsi 3 Reasons Oil Prices Are Getting Ready to Break Below Critical Support at $80Damian Nowiszewski Oil prices, which rose in early June, are now expected to decline in the month ahead. A confluence of factors could make sure that the bears remain in charge. Below, we will discuss three factors that could continue to pressure oil prices. Unlock AI-powered Stock Picks for Under $8/Month: Summer Sale Starts Now! Oil prices, which climbed in early June due to a stronger US dollar and concerns surrounding Hurricane Beryl, are now likely headed downward. This shift is driven by a confluence of factors, including the potential easing of geopolitical tensions, cracks within the OPEC+ production cut strategy, and the limited impact of Hurricane Beryl on the energy infrastructure. Below, we will discuss three factors that could influence the price of oil in the month ahead: 1. OPEC+ Production Cuts Show Cracks For months, OPEC+ has acted as a major price supporter by limiting oil production. While the group extended these cuts through 2025 in June, they also announced a phase-out starting in October. This decision coincides with production exceeding quotas by key members like Russia, UAE, Kazakhstan, Iraq, and even Saudi Arabia – a combined oversupply of 0.5 million barrels per day (b/d). Additionally, US production remains high, reaching historic levels in March. If this overproduction continues, especially with production-boosting countries like the UAE and Kazakhstan gaining support, oil prices could experience a significant decline. The next OPEC+ meetings will be crucial in determining whether the group can maintain a unified front. 2. Hurricane Beryl's Impact on Prices Appears Limited 3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. Hurricane Beryl's recent strike on the US east coast, particularly Louisiana and Texas, caused concern for its potential impact on Gulf of Mexico oil production, a vital US source. While the storm tragically resulted in eight fatalities and power outages for millions, early indications suggest limited damage to production infrastructure. This means a quicker return to full capacity and normal shipping, alleviating the initial price pressure. 3. Mideast Tensions Ease Following a period of intense conflict in the Gaza Strip, ongoing negotiations offer hope for a truce. Although Hamas has shown some concessions, a final agreement remains elusive. However, the continuation of talks is a positive sign for the market, reducing upward pressure on oil prices, including WTI and Brent crude. Crude Oil Technical View Following the formation of a double peak around $84 per barrel, WTI crude oil prices are trending downward, targeting the support level at $80 per barrel. If sellers break through this support, the path clears for a move toward the medium-term low near $73 per barrel. |
Posted at 10/7/2024 12:34 by master rsi MARKET REPORTLONDON MARKET MIDDAY: European stocks recover on US rate hopes (Alliance News) - European stocks were solidly higher heading into Wednesday afternoon, in optimistic trade ahead of the Federal Reserve Chair Jerome Powell's next testimony to US lawmakers. Powell's words to US lawmakers on Tuesday were somewhat cautious, though kept alive hopes of a rate cut this year. He said the US central bank is making "modest" progress in its inflation fight. Speaking in Congress, Powell told lawmakers on the Senate Banking Committee that the most recent readings "have shown some modest further progress" since the first quarter of the year. The FTSE 100 index traded up 44.40 points, 0.6%, at 8,184.21. The FTSE 250 was up 178.11 points, 0.9%, at 20,823.13, and the AIM All-Share was up 3.37 points, 0.4%, at 775.31. The Cboe UK 100 was up 0.6% at 816.00, the Cboe UK 250 was 1.0% higher at 18,099.38, and the Cboe Small Companies was up 0.1% at 17,076.16. In mainland Europe, both the CAC 40 in Paris and Frankfurt's DAX 40 climbed 0.7%. "The semi-annual testimony from Powell continues to dictate price action across a wide range of assets as investors seek more clarity about the monetary policy outlook. It seems investors are desperately looking for more reasons to stay long on equities, following the latest political developments in Europe, as we go deeper into the summer season, which traditionally leads to lower transaction volumes and less directional trends. Monetary policies are coming back under the spotlight, and most traders are focused on another speech from Powell this afternoon, ahead of US and German CPI data tomorrow," ActivTrades analyst Pierre Veyret commented. Thursday's data is expected to show the US annual inflation rate cooled to 3.1% in June, from 3.3% in May. A hotter-than-expected reading could support the dollar, while an in-line or cooler one could hit the US currency and send cable higher. The pound-dollar exchange rate could be on the rise back towards USD1.30, Societe Generale analyst Kit Juckes commented. The pound was quoted at USD1.2809 early Wednesday afternoon, up from USD1.2781 at the time of the London equities close on Tuesday. The euro stood at USD1.0821, rising from USD1.0810. Against the yen, the dollar was trading at JPY161.53, up from JPY161.46. "We won't see GBP/USD or EUR/GBP back to pre-Draghi or pre-Brexit levels without a structural change in the UK economy, but a soft US CPI print (we expect +0.3%, so not soft at all) and a solid UK GDP print (0.2 or better) might be enough to put GBP/USD 1.30 firmly back in the markets' sights," SocGen's Juckes explained. Shares in New York are called to open largely higher. The Dow Jones Industrial Average is called to open flat, the S&P 500 up 0.2% and the Nasdaq Composite 0.3% higher. In London, travel stocks and bookmakers shone. Flutter Entertainment, now out of the FTSE 100, rose 1.6% after JPMorgan placed the Paddy Power operator on 'positive catalyst watch'. Ladbrokes owner Entain rose 3.7%, among the best FTSE 100 performers. International Consolidated Airlines Group, the owner of British Airways, added 3.6% after Morgan Stanley raised it to 'overweight' from 'underweight'. Shares in budget carrier easyJet also rose, adding 3.0%. SSP jumped 12%. The travel food outlet operator said the second half of its financial year has "started well" and confirmed its annual outlook. Sales in the third quarter ended June 30 were up 15% on a year before, or 16% at constant currency rates, with like-for-like growth of 6%. For the first nine months of the financial year, which ends on September 30, revenue was up 15%, or 18% at constant exchange rates. "Led by an increasing demand for leisure travel, we have seen a strong sales performance across all regions," SSP said. For the full-year, SSP backed its prior guidance, expecting like-for-like sales growth of between 6% and 10%. It expects annual revenue of GBP3.4 billion to GBP3.5 billion, underlying earnings before interest, tax, depreciation and amortisation of GBP345 million to GBP375 million, and underlying operating profit of GBP210 million to GBP235 million. These results would compare with revenue of GBP3.01 billion, underlying Ebitda of GBP280 million and underlying operating profit of GBP164 million in financial 2023. Crest Nicholson rose 2.6%, while Bellway fell 0.7%. Crest Nicholson said it is minded to accept a revised bid proposal from fellow housebuilder Bellway. Last Wednesday, Surrey-based Crest Nicholson said Bellway submitted a new bid approach, after two previous plans had been rejected. Under the revised terms, Crest Nicholson's shareholders would receive 0.099 shares in Bellway for each share they own plus a 4 pence per share dividend. This would comprise a 1p per share dividend and 3p per share special dividend. Under the terms of the proposal, Crest Nicholson's shareholders would hold 18% of the enlarged group's share capital. The firms said that based on the Bellway share price of 2,718 pence at close of business on June 13, the day before the talks were revealed, the proposal values each Crest share at 273p. Brent oil was quoted at USD84.55 a barrel early Wednesday afternoon, down from USD84.76 at the time of London equities close on Tuesday. Gold was quoted at USD2,372.61 an ounce, up from USD2,353.59. |
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