|Day's Range||7,405.99 - 7,473.32|
|52 Week Range||6,536.50 - 7,903.50|
The FTSE 100 and the FTSE 250 lost 0.6 percent each. Sainsbury's tumbled 4.7 percent to a near three-year low after the supermarket chain scrapped its proposed 7.3 billion pound takeover of Walmart-owned Asda after the deal was blocked by Britain's competition regulator. "The failure of securing a merger with Asda leaves the group in a bit of a vacuum, with leadership and strategic uncertainties the byproduct of the CMA's rebuttal," Jefferies analysts said.
Global stocks pare gains as weakening data, dovish central bank signals highlight world economic fragility and offset a surprisingly strong US corporate earnings season. Facebook and Microsoft keep tech sector in focus with stronger-than-expected first quarter earnings, setting up Nasdaq Composite for another record run. U.S. equity futures suggest a 150 decline for the Dow, much of it related to an 8.65 slide for 3M after much weaker-than-expected first quarter earnings.
The FTSE 100 chemicals group Croda, which makes ingredients for products such as lipstick and suncream, has suffered a minor investor revolt over boardroom pay. Croda’s chief executive Steve Foots received total remuneration of £3.2m in 2018, down on the previous year’s package of £3.6m.
It said costs had risen more than expected early this year due to surprisingly high demand for materials amid a buildup of buffer stocks in the industry on political uncertainty related partly to Britain's decision to leave the European Union. Taylor Wimpey now expects building costs to rise about 5 percent in 2019 versus a previous 3-4 percent forecast. Taylor Wimpey's shares fell 7.6 percent to 177.7 pence, pushing them to the bottom of London's blue chip index and dragging down rivals Persimmon Plc, Barratt Development Plc and Berkeley.
London markets slumped after the Sainsbury’s and ASDA merger was declared dead and Barclays’ investment bank sputtered in the first quarter. U.K. Prime Minister Theresa May once again avoided a personal defeat when a committee of backbench Conservative Party MPs decided not to pursue rule changes that would allow a leadership challenge before December. Supermarket chains Sainsbury’s and the Walmart Inc.-owned ASDA decided to drop their merger plans after the U.K.’s Competition and Markets Authority decided to block the deal.
European markets were flashing red after a lethal cocktail of news, including mergers between both Sainsbury’s and ASDA as well as Deutsche Bank and Commerzbank breaking down, growth worries in Germany and investment bank turmoil.
Among the biggest drags was Finnish telecom network equipment maker Nokia which slid 10 percent after the company reported a surprise quarterly loss citing hard competition in its core networks business. Nokia shares dragged the tech index lower after its 4 percent surge in prior session. Britain's Barclays slipped after reporting a 10 percent drop in the quarterly profit, as tough market conditions caused a drop in earnings at its under-pressure investment bank.
The pan-European Stoxx 600 was down around 0.15% during early afternoon deals, with most sectors and major bourses in negative territory. Nokia reported a surprise quarterly loss on Thursday, citing tough competition in its core networks business. Shares of the Finnish telecom network equipment maker tumbled more than 8% on the news.
The FTSE 100 index lost 0.7 percent on its worst day in a month, but the midcaps gained 0.4 percent with gold miner Centamin leading gains after a strong quarterly update. The blue chips, which had touched a near seven-month high in the last session, lagged European markets where strong earnings from the likes of SAP and Credit Suisse kept a lid on losses. Bellwethers Shell and BP dropped from multi-month highs as crude prices retreated after having jumped to their 2019 highs this week as the United States pushed to tighten sanctions against Iran.
U.S. futures indicated a flat open after the market hit an all-time high in the previous session. Peak earnings is at hand.
London markets sank as oil companies retreated following several strong sessions and the bottom fell out for miners. How did markets perform? The U.K.’s FTSE 100 (UK:UKX) retreated 0.4% to 7,490.2, following Tuesday’s solid gain of nearly 0.
Global stocks edge higher, following last night's record closes on Wall Street, as investors regroup for another wave of earnings on Wall Street. Global oil prices ease after the IEA says markets have "comfortable" spare capacity to fill any supply gap from Iran sanctions, with Energy Department data on U.S. stockpiles reporting later today. U.S. equity futures suggest modest declines on Wall Street ahead of earnings from Dow components Boeing, AT&T, Caterpillar and Visa, with Microsoft, Facebook and Tesla following after the close of trading later today.
The pan-regional STOXX 600 index was down 0.1 percent by 0920 GMT - though the benchmark index has notched gains in the past eight consecutive sessions, and shown a tendency to rebound from a weaker open. "The market is taking some cue from the slowing of stimulus in China," said Stefan Koopman, Market Economist, Eurozone, Rabobank. Business software company SAP soared to an all-time high and boosted the DAX after the company set ambitious new mid-term targets and as activist investor Elliott Management disclosed a 1.2 billion euro (£1.04 billion)stake in the company.
European markets gave back much of Tuesday’s gains as strong earnings elsewhere could not offset oil companies’ retreat. How did markets perform? The Stoxx 600 (XX:SXXP) was down 0.1% to 390.9, after rising 0.
Antofagasta said on Wednesday production in the quarter was bolstered by better quality ore and higher output, mainly at its Centinela mine, and kept its annual output forecast of 750,000-790,000 tonnes unchanged. The FTSE 100 company, majority-owned by Chile's Luksic family, said production in the first quarter of 2019 rose to 188,600 tonnes from 153,800 tonnes a year earlier. Total copper production at Centinela was 68,800 tonnes, 45.5 percent higher than 2018.
Global stocks dip, following last night's record closes on Wall Street, as investors regroup for another wave of earnings on Wall Street. Global oil prices ease after the IEA says markets have "comfortable" spare capacity to fill any supply gap from Iran sanctions, with Energy Department data on U.S. stockpiles reporting later today. U.S. equity futures suggest modest declines on Wall Street ahead of earnings from Dow components Boeing, AT&T, Caterpillar and Visa, with Microsoft, Facebook and Tesla following after the close of trading later today.
The pan-European Stoxx 600 was flat during morning trade, with sectors and major bourses pointing in opposite directions. Credit Suisse reported an increase in first-quarter net profit on Wednesday, beating analyst expectations. Germany's Wirecard surged to the top of the European benchmark after Japan's Softbank Group said it would buy a 5.6% stake in the company for around 900 million euros ($1 billion).
The FTSE 100, whose components earn a large chunk of their revenue from outside the UK, jumped 0.9 percent, with further support from an upbeat Wall Street. The FTSE 250 added 0.3 percent. Shell rose 2.2 percent to a six-month high and BP gained 2.6 percent as oil prices rose in anticipation of tightened supply after the United States said it would end all Iran sanctions exemptions by May.
The pan-European STOXX 600 index closed up 0.23 percent, touching August highs and extending gains to an eighth straight session - its longest winning streak since October 2017. Wall Street's rise on upbeat earnings bolstered sentiment, helping them retrace losses. The oil and gas sector hit a six-month high, up 2 percent, with Royal Dutch Shell, British Petroleum and Total, up between 1.8 percent and 2.6 percent.
U.K. stock indexes head solidly higher Tuesday, in post-Easter action, as investors in the commodity-heavy index get the first chance to react to a surge in crude-oil prices.
Looking at individual stocks, Umicore dropped more than 15%. The Belgian materials tech and recycling company downgraded its revenue and earnings forecast for 2020. The French retailer Casino announced Tuesday that it is expanding its partnership with Amazon, allowing it to sell via the e-commerce platform.