UK Market Snapshot
UK markets finished in negative territory yesterday, dragged down by losses in commodity and banking sector stocks. Miners, BHP Billiton, Glencore and Antofagasta declined 3.9%, 4.4% and 4.7%, respectively, tracking losses in base metals prices. Lenders, HSBC Holdings, Barclays and Lloyds Banking Group dropped 0.3%, 1.2% and 1.6%, respectively. BT Group slid 0.2%, after the company was fined £42.0 million by the UK’s communications regulator over contract and regulatory breaches by its infrastructure business, Openreach. Bucking the trend, Hurricane Energy soared 8.8%, after the oil exploration firm announced that it had made the “largest undeveloped discovery” of oil in UK waters. Precious metal miners, Randgold Resources and Fresnillo added 0.2% and 0.3%, respectively, amid gains in gold prices. The FTSE 100 declined 0.6%, to close at 7,293.5, while the FTSE 250 fell 0.4%, to settle at 18,900.0.
US Market Snapshot
US markets closed mostly lower yesterday, with the Dow Jones and the S&P 500 indices posting losses, weighed down by a slump in financial sector stocks. Banks, JPMorgan Chase, Bank of America and Goldman Sachs Group declined 0.1%, 0.4% and 1.3%, respectively. On the positive side, Priceline Group, Netflix and Tesla climbed 1.1%, 1.4% and 2.7%, respectively. Apple gained 0.2%, after a Chinese court overturned a ruling against the company held by Shenzhen Baili Marketing Services over patent infringement case. Amazon.com added 0.1%. The company’s bid to acquire the Middle East’s largest online retailer, Souq.com was challenged by Dubai’s Emaar Malls after it made an $800.0 million offer for Souq. The S&P 500 slipped 0.1%, to settle at 2,341.6. The DJIA shed 0.2%, to settle at 20,551.0, while the NASDAQ advanced 0.2% to close at 5,840.4.
Europe Market Snapshot
Other European markets ended in the red yesterday, on concerns that Donald Trump may not be able to push through his reforms. Steel makers, voestalpine, Outokumpu and ArcelorMittal dipped 2.4%, 3.8% and 4.9%, respectively. Software dropped 1.3%, after the company announced that it had acquired Cumulocity GmbH, to extend its Internet of Things (IoT) technology leadership. Zurich Insurance Group shed 1.2%. The insurer denied reports which stated that it could issue new shares to raise its capital. Banks, BNP Paribas, Societe Generale and UBS Group slipped 0.2%, 0.4% and 0.6%, respectively. On the flipside, Ferrari advanced 2.9%, after its victory in the Australian Formula One Grand Prix helped it to regain the top spot. The FTSEurofirst 300 index declined 0.4%, to close at 1,479.1. Among other European markets, the German DAX Xetra 30 slid 0.6%, to close at 11,996.1, while the French CAC-40 fell 0.1%, to settle at 5,017.4.
Asia Market Snapshot
Markets in Asia are trading higher this morning, amid a rise in crude oil prices. In Japan, oil companies, JX Holdings, Showa Shell Sekiyu KK and Inpex have advanced 1.8%, 2.4% and 3.0%, respectively. Exporters, Toyota Motor, Mazda Motor and Panasonic have gained 0.9%, 1.8% and 2.9%, respectively. In Hong Kong, gaming stocks, Galaxy Entertainment Group and Melco International Development have jumped 2.9% and 5.1%, respectively. However, China Southern Airlines has declined 2.2%. The company inked a deal to sell its share to American Airlines at a premium of 4.6%. In South Korea, Samsung Electronics, POSCO and LG Chem have added 0.8%, 1.5% and 2.8%, respectively. The Nikkei 225 index is trading 1.1% higher at 19,189.4. The Hang Seng index is trading 0.5% up at 24,306.0, while the Kospi index is trading 0.2% higher at 2,161.0.
Key Corporate Announcements Today
AGMs
Chenavari Capital Solutions Limited Red, 7digital Group
Interim Dividend Payment Date
BHP Billiton
Trading Announcements
Thomas Cook Group, United Utilities Group
Key Corporate Announcements for Tomorrow
AGMs
Adept4, Amino Technologies, Angus Energy, MCB Bank Ltd GDR (Reg S), St. Modwen Properties
EGMs
Fair Oaks Income Fund Limited
Final Dividend Payment Date
Blackrock Throgmorton Trust, CC Japan Income & Growth Trust
Interim Dividend Payment Date
Beazley
Special Dividend Payment Date
Beazley
Trading Announcements
Stagecoach Group, TUI AG Reg Shs (DI)
Key Economic News
Euro-zone three-month average of M3 money supply advanced in the December-February 2017 period
In the December-February 2017 period, on a YoY basis, the three-month average of M3 money supply in the Euro-zone climbed 4.90%. The three-month average of M3 money supply had risen 5.00% in the November-January 2017 period.
Euro-zone M3 money supply advanced less than expected in February
On a YoY basis, in the Euro-zone, M3 money supply recorded a rise of 4.70% in February, lower than market expectations for an advance of 4.90%. M3 money supply had climbed by a revised 4.80% in the prior month.
German Ifo business climate index unexpectedly rose in March
The Ifo business climate index climbed unexpectedly to 112.30 in Germany, in March, compared to market expectations of an unchanged reading. The Ifo business climate index had recorded a revised level of 111.10 in the previous month.
German Ifo current assessment index unexpectedly advanced in March
The Ifo current assessment index advanced unexpectedly to 119.30 in March, in Germany, compared to market expectations of a drop to 118.30. In the previous month, the Ifo current assessment index had recorded a reading of 118.40.
German Ifo business expectations index rose in March
In Germany, the Ifo business expectations index registered a rise to 105.70 in March, compared to a revised reading of 104.20 in the previous month. Market expectation was for the Ifo business expectations index to advance to 104.30.
US Dallas Fed manufacturing business index slid in March
In March, the Dallas Fed manufacturing business index registered a drop to 16.90 in the US, lower than market expectations of a fall to 22.00. In the prior month, the Dallas Fed manufacturing business index had recorded a reading of 24.50.