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Weekend Press & Week Ahead – 03 July 2016
Weekly Round Up
Equity Markets
Global equity markets ended higher last week, recovering from the Brexit shock, on hopes of additional stimulus measures from global central banks. Additionally, crude oil prices advanced and provided the necessary impetus to markets. In Asia, the Nikkei 225 index ended higher for the week, as the Japanese Yen weakened and dismal consumer prices in May indicated that the Bank of Japan could announce another round of stimulus soon. Also, Chinese stocks posted robust gains during the week, driven by positive services sector data for June. On the other hand, disappointing China’s manufacturing PMI raised expectations that authorities would roll out more stimulus in coming months. UK markets also erased their early session losses arising due to the Brexit outcome with the FTSE 100 index climbing to its highest level for 2016 after the Bank of England (BoE) Chief, Mark Carney, signaled that the central bank could cut interest rates this summer to boost the nation’s economy. In economic news, UK’s final GDP growth for the first quarter was confirmed at 0.4%, in line with market expectations. European markets followed their peers, buoyed by a rise in commodities and crude oil prices. Meanwhile, the Euro-zone manufacturing growth climbed to a six-month high in June. US markets also traded higher, amid a recovery in banking and energy sector stocks. Additionally,, US ISM manufacturing climbed to its highest level in 16 months in June.

In the UK, the FTSE 100 index rose 7.2% to end the week at 6,577.83, while the FTSE 250 advanced 2.3% to close at 16,465.49.

Amongst European markets, the DAX climbed 2.3% to finish the week at 9,776.12.

In the US, DJIA gained 3.2% to end the week at 17,949.37, and the S&P 500 index advanced 3.2% to end at 2,102.95.

Currency Markets
The EUR ended higher against the USD, after the Euro-zone’s preliminary consumer price index unexpectedly rose in June.

The GBP ended lower against the USD, following dovish comments by the BoE Governor regarding a possible rate cut in the near-term.

The USD ended mostly lower against its peers. Meanwhile, the US annualised GDP growth was revised higher at 1.1% for the first quarter.

The GBP fell 3.0% against the USD to finish at 1.3267, while the EUR rose 0.2% against the USD to close at 1.1136.

Gold
Gold prices rose last week, extending their weekly gains, amid uncertainty over global economic outlook due to Brexit and diminishing hopes of a rate hike by the US Federal Reserve this year.

Gold prices advanced 1.3% to close the week at $1,339.00/oz.

Commodities
Brent oil prices gained last week, after the US Energy Information Administration reported that domestic crude oil inventories fell 4.1 million barrels for the week ended 24 June 2016.

Brent crude oil prices rose 4.0% to $50.35/barrel.

Corporate News and Updates
Insurance firms garnered a lot of attention past week. Legal & General Group reported sales of £4 billion across bulk annuities, individual annuities and lifetime mortgages in the first half of the year. RSA Insurance Group indicated that it had completed the sale of its operations in Uruguay to Suramericana, marking the end of its disposal process of Latin America business.

In other corporate news, AstraZeneca sold the rights to develop two new drugs for treatment of skin disease to LEO Pharma, under which the latter would pay $115 million upfront and $1 billion in milestones to the UK pharma company.

Newspaper Summary
The Times
Saturday News

‘Zero rates by September’: One of London’s biggest government bond investors has predicted that base rate will be cut to an unprecedented zero before the end of the summer as an investor flight to safe havens sent gilt yields to their lowest in history at one point yesterday.

Challenger banks shrug off referendum: As many as 20 banks want to open in Britain despite the vote to leave the European Union, with start-up lenders reckoning the U.K. remains a good bet.

Car hire websites ordered to show drivers ‘true’ cost: Car-hire comparison websites have been ordered to come clean on hidden charges. The Competition and Markets Authority said yesterday that the websites must provide a “transparent drive-away price” for vehicles, including all extra charges, to make it easier for customers to shop around.

Property funds ‘overvalued’ after Brexit: A split over pricing after the referendum result has opened up between the managers of Britain’s biggest property unit trusts, holding £14.8 billion of investors’ money.

China capitalizes on the lottery of rising market: Stock markets may have felt like a lottery over the past week but an AIM-quoted Chinese company that is all too familiar with the draw managed to raise money yesterday despite the volatility.

Apple keen to make big waves with Tidal: A year after launching on the music-streaming market, Apple could become top of the pops after it was linked with a takeover of Jay Z’s celebrity-backed streaming service.

BP broadens its footprint in Indonesia with $8 billion project: BP is set to press ahead with an $8 billion liquefied natural gas project in Indonesia despite making deep cuts to its spending plans this year because of lower oil prices.

Sterling slump can pay off for North Sea oil: North Sea oil producers could receive a Brexit boost from the depreciation of sterling, according to City analysts.

Reserves and new discovery buoy EnQuest: The North Sea’s biggest U.K. independent operator cheered investors by upgrading the reserves held by one of its reservoirs and confirming another small discovery after a drilling programme that finished ahead of schedule and under cost.

More bad news in store at Daily Mirror: The publisher of the Daily Mirror is preparing to take “necessary mitigating actions” to cope with the effects of the post-Brexit economic uncertainty as first half print advertising revenue slumped by nearly a fifth.



Sunday News

East coast payouts derailed: Network Rail’s funding woes could slash the £3.3 billion due to the taxpayer from the east coast mainline.

Branson’s run for money: Sir Richard Branson is plotting another tilt at the lucrative fitness market by launching a series of big sporting events involving the public.

Tata puts Port Talbot sale on ice: Tata is set to freeze its auction of Port Talbot steelworks while it assesses the fallout of the Brexit vote.

Remain backer’s $1 billion poll bonanza: The hedge fund run by one of the top funders of the “remain” campaign has earned an eye-watering $1.1 billion (£828 million) in the six topsy-turvy trading days since voters elected to leave the European Union.

New Rio Boss: no deals if they’re not worth it: A little-known French executive who started out in the shampoo industry takes the reins of the world’s second-largest miner this week, with a pledge to avoid the disastrous takeovers of the past.

Chappell adviser raised alarm over BHS pensions: Dominic Chappell’s own adviser warned that his £1 takeover of BHS was likely to have had a “detrimental” effect on its pension schemes shortly after he bought the department store chain.

Barclays sued for £4 million by GPs: Three doctors are suing Barclays for £4 million, alleging the bank mis-sold them a complex financial product that ended up costing their practice millions of pounds.

Taxman moves oil HQ — to Scotland: The taxman is to move the heart of its oil and gas division from London to Glasgow — just days after the Brexit referendum vote threw into doubt Scotland’s future in the U.K.

Boeing shrugs off decision to leave EU: Boeing has shrugged off the impact of the EU referendum, saying it does not expect the result to hurt air travel or its operations in the U.K.

Mandarin Kingman to chair L&G: Sir John Kingman has been appointed as Chairman of insurer Legal & General. Kingman, 47, was previously second Permanent Secretary at the Treasury and Chief Executive of U.K. Financial Investments.

Philips switches on lights sale: Dutch electronics giant Philips has revived talks to offload a £2 billion lighting division — six months after a sale to Chinese investors was blocked by Washington.

Dreams bounces back with sale plan: Britain’s biggest beds store chain is being lined up for a £400 million sale, three years after it collapsed into administration.

LSE investors back merger despite German warnings: Shareholders are expected to approve the London Stock Exchange’s £21 billion merger with Deutsche Börse tomorrow — despite growing fears the deal could be blocked by German regulators.

Green Bank suitor steps up pursuit: A contender to buy the Green Investment Bank (GIB) has urged ministers not to shelve its £2 billion privatisation over Brexit uncertainty.

Gulf Keystone close to debt rescue deal: One-time stock market darling Gulf Keystone Petroleum is close to a deal with creditors that will wipe out its investors but allow the stricken producer to survive.



The Independent
Saturday News

Wetherspoons Founder Tim Martin loses millions on Brexit result after campaigning to leave: Tim Martin, Chairman and Founder of the pub group JD Wetherspoon, has seen £18 million wiped off the value of his shares in the days following the Brexit vote - a very poor return on the £224,000 he spent on campaigning to leave the EU.

London-based corporations ‘welcome in Paris’ after Brexit vote, French PM says: France’s Prime Minister says the government is working on new initiatives to lure major international firms from London to Paris following the vote for a Brexit.

Brexit: George Osborne abandons 2020 budget surplus target as Tory leadership battle intensifies: George Osborne has ditched his cherished plan to run an absolute budget surplus by 2019-20, as the storm clouds hanging over the British economy in the wake of the last week’s fateful referendum result closed in further.

Paris, Frankfurt, Amsterdam and Dublin among cities tipped to be 'the new London' after Brexit: London's top businesses are on the hunt for the "new London" after the U.K.'s shock decision to leave the EU, throwing the capital's dominance into doubt.



Sunday News

No news.



Financial Times
Saturday News

Bidding war drove up Microsoft’s LinkedIn bill: A bidding war with Salesforce.com forced Microsoft to pay nearly $6 billion extra to seal its planned takeover of LinkedIn last month, according to new details released on Friday.

To Read More Click Here

Mike Ashley closer to securing Findel board seat: Sports Direct tycoon Mike Ashley has launched a second bid for board representation at Findel, the online and catalogue retailer in which he has a large stake — and this time, he has backing from two top shareholders.

To Read More Click Here

Bank of England ‘could loosen’ bank buffer requirement: Senior financiers expect the Bank of England to loosen a new requirement for banks to build up a rainy-day fund as it moves to help banks cope with post-Brexit turbulence.

To Read More Click Here

Deutsche’s Jeff Urwin to oversee Americas operations: Deutsche Bank said on Friday that Jeff Urwin, Head of its investment bank, would take on management board responsibility for the Americas, as it launched a new intermediate holding company in the U.S.

To Read More Click Here

BMW sets 2021 goal for driverless cars: BMW is aiming to produce fully self-driving cars by 2021 after entering a partnership with U.S. computer chip group Intel and Israeli sensor maker Mobileye.

To Read More Click Here

SEC launches probe into Silicon Valley executive Nikesh Arora: U.S. regulators are probing a range of transactions linked to Nikesh Arora, the Silicon Valley executive who has managed two of the world’s biggest technology companies.

To Read More Click Here

Gamblers caught on £12.6 billion losing streak: British bettors lost about £12.6 billion last year as the rise of online gambling encouraged punters to wager more money than ever before.

To Read More Click Here



Sunday News

No news.


The Telegraph
Saturday News

O2 to offer customers shares in £10 billion float: O2 customers could be offered the chance to buy shares in the mobile operator as its Spanish owner Telefonica looks to develop plans for a £10 billion stock market float despite market uncertainty in the wake of the EU referendum.

Leon approaches former Whitbread Boss for U.S. expansion: Leon, the healthy fast food chain, is in talks to bring City grandee Alan Parker on as an adviser to oversee its U.S. expansion drive.

Shell warns more job losses could be in the pipeline: Royal Dutch Shell could “absolutely” cut more jobs despite already slashing 12,500 positions since last year, its Chief Executive has warned.

BT pensions gulf widens £1.6 billion as gilt yields crash, analysts warn: Record-low gilt yields have sparked fresh concerns over BT’s pensions shortfall, which analysts say has jumped to more than £12 billion as the decision to leave the EU hits the retirement schemes of U.K. companies.

Bank bosses find new opportunities despite the Brexit storm: Britain's banks are already talking up the new global opportunities presented by Brexit, just a week after the City of London was spooked by the surprise decision by voters to leave the European Union.

Sports Direct profits to slow as 'media frenzy' takes its toll: Mike Ashley’s annus horribilis will be laid bare this week when Sports Direct posts a fall in annual profits and an end to its previously rampant sales growth.

Virgin plans lavish new dramas in challenge to Sky: Virgin Media is to expand into programme making five years after it sold off its television channels, as it seeks to shore up its pay-TV business and mount a stronger challenge to Sky

Staples looks at leaving U.K. after failed merger bid: Staples, the U.S. stationery chain, is considering pulling out of the U.K. market, in the latest blow to the U.K.’s struggling high street.

Brexit fears push back hopes of U.S. interest rate rise to 2018: A surge in U.S. hiring will not be enough to prompt a Federal Reserve interest rate rise this year or next, investors believe, as ripple effects work their way across the Atlantic.

Bank of England beefs up forecasting team and adds 300 new staff: The Bank of England has hired more than 300 new staff as it beefed up teams including its economic forecasting unit and its bank monitoring squads in the lead up to last month’s Brexit vote.

Airports Commission Chairman warns Government over Heathrow delay: It would be “a joke” if the Government sets out to boost trade with emerging markets following Brexit without building more runway capacity in the south east of England, the City grandee who led the Airports Commission has said.



Sunday News

No news.



The Questor Column:

The Gym Group: be cautious before stepping on the running machine: The Gym Group is limbering up to release its latest trading update on Tuesday. Shares in the low-cost operator are 11p above the 195p float price set in November last year. Is now a good time for investors to snap up shares in the fitness chain, or should they exercise caution instead? When the Gym Group made its stock market debut eight months ago with a £250 million valuation, it was the first fitness chain to float in London for about 15 years and, for the time being at least, it is the only one on the market. There used to be more. Chains including Esporta and LA Fitness were all listed businesses but are disappearing over time. Pure Gym, a budget operator like the Gym Group, is now also eyeing a float. The gym market has been transformed in recent years, with operators now very much divided between low-cost and premium offerings. The Gym Group pioneered the simple, low-cost model in the U.K. Founded in 2007 by former professional squash player John Treharne, customers can pay as little as £10.99 per month depending on location. Last year, its membership jumped 28.3% to 376,000 and revenues climbed 31.9% to £60 million. Despite that impressive growth, annual pretax losses at the Gym Group widened to £12.4 million from £9.4 million in 2014, which it put down to fees associated with its stock market float. While a Brexit recession would certainly mean that low-cost operators would be favoured over premium chains, Questor remains cautious: “Hold”.



Guardian
Saturday News

Farmers forecast food price rises and job losses in life after the EU: At the Royal Norfolk Show, some producers were looking forward to a post-Brexit Britain, while others worried about workers for fruit fields and abbatoirs.

Interest-rate threat from Bank of England makes future look tough for banks: The cut signalled by Mark Carney sent shares soaring, but put Britain’s battered financial sector under further pressure.

Bundesbank President says U.K. should get a fair Brexit deal: The European Union should give Britain a quick and fair exit deal to minimise the economic cost and not hinder the process for the sake of setting a political example, the Bundesbank President said on Friday.

Fruit connoisseurs herald homegrown strawberry as the taste of summer: A new homegrown strawberry is ousting foreign competition to become the taste of the British summer. The Malling Centenary has been developed by researchers in Kent over the past eight years, with fans claiming that it has a richer, deeper flavour than its Dutch rival, the Elsanta.



Sunday News

Supermarkets urged to publish chicken contamination test results: All 10 leading U.K. supermarkets are being urged by a consumer group to help stamp out a potentially lethal food-poisoning bug present in the chickens they sell by regularly publishing the results of their own internal tests.



Daily Mail
Saturday News

Rock group Queen set to share £11 million dividend on top of combined £200 million fortune: The three surviving members of rock group Queen have added to their estimated combined wealth of £200 million with their share of an £11 million dividend from their company Queen Productions.

Marks & Spencer poised for sales slump as clothing business battles to become fashionable: Marks & Spencer is poised to report a new sales slump this week as it struggles to get a grip on its clothing business.

Owners of craft brewer Meantime pocketed a frothy £120 million from deal: Global brewing giant SABMiller paid a whopping £120 million to buy craft brewer Meantime last year, despite it making an annual profit of just £1.5 million on sales of £17 million in 2014, according to the most recent accounts filed.

How convenience store chain Nisa had the biggest profit swing in its history: Nisa has reported the biggest swing in profit in its history, the convenience store’s Boss has said. It made a profit of £600,000 for the year to April, compared to a loss of £5.4 million the year before as it emerged as one of the winners of the boom in convenience stores on the High Street.

Pension fund levy boost threatens Tata Steel rescue bid: The Pension Protection Fund could dramatically raise its levy on Tata Steel’s pension scheme if the Government pushes on with its rescue plan.

Debts cheaper as gilt yields reach record lows after Brexit: The Government is this week set to borrow billions of pounds at just 1%– its cheapest ever rate – after the Brexit vote sent investors searching for safe places to put their money.

Lloyds to close 23 more branches after slashing 640 jobs: Lloyds is slashing 640 jobs and closing 23 branches across Britain as part of a drive to boost profits.



Sunday News

No news.



Broker View
Asos Plc: JP Morgan Cazenove Reiterates the stock with “Overweight” rating and a target price of 4000.00p.

Bunzl Plc: Exane BNP Paribas Downgrades the stock with “Neutral” rating and a target price of 2350.00p.

Greene King Plc: JP Morgan Cazenove Reiterates the stock with “Overweight” rating and a target price of 950.00p.

Marks & Spencer Group Plc: Peel Hunt Reiterates the stock with “Buy” rating and a target price of 500.00p.

Staffline Group Plc: Berenberg Bank Downgrades the stock with “Hold” rating and a target price of 900.00p.

Trinity Mirror Plc: Peel Hunt Retains the stock with “Buy” rating and a target price of 230.00p.



Daily Express
Saturday News

Brexit boom: FTSE 100 leaps to highest level since 2011 just a week after EU referendum: Britain's top stock market has surged to its highest level in five years, just one week after the vote to leave the European Union (EU).

Poland warns Brussels it will destroy the EU if it tries to punish Britain for leaving: Poland has warned "hysterical" Brussels bigwigs they will sign the death warrant for their own project if they continue to roll out anti-British rhetoric.



Sunday News

Post-WWII baby-boomer pensioners to be optimistic after fallout from Brexit: Amid the political and economic fallout from Brexit, there are reasons for Britain’s pensioners to be quietly optimistic.

Business leaders urge government to show Britain is still open for business after Brexit: Business leaders have urged politicians to show that Britain is still open for business or risk seeing companies and investors pull out of the country.

'Germany will back Britain in EU deal' says influential MEP: An influential German MEP and former business baron said last night his country’s industry will fight for Britain to have the best possible access to the European market.



The Scottish Herald
Saturday News

Firm planning giant Shetland oil development parts company with directors: Xcite Energy has parted company with three directors under a cost saving drive as the company tries to keep alive its plan to develop the giant Bentley heavy oil field East of Shetland amid the crude price plunge.

Property firm Knight snaps up Edinburgh House for £12 million: Knight Property Group has acquired a prime building in Edinburgh's St Andrew Square for more than £12 million, writes Scott Wright.

Travel plans need a safety net: The Scottish holiday season is under way, and every day more than 1,300 Britons suffer travel disasters ranging from last-minute cancellation to medical emergencies. The ones with the right insurance receive payouts worth £1 million, while those with inadequate or no cover, are left to fend for themselves.

Glasgow Chamber forges link with Italian counterpart: Glasgow Chamber of Commerce has declared it is on the “front foot” in building business links with Europe in light of the Brexit vote after signing a formal partnership with a counterpart organisation in Italy.

SpaceandPeople closes joint venture after deals cancelled: Shares in SpaceandPeople, the shopping centre marketing firm, have fallen after it warned the closure of joint venture S&P+ will hit the group’s 2016 results.

Macfarlane to invest in new Glasgow distribution hub: Macfarlane Packaging has announced plans to invest in a new distribution centre in its home city of Glasgow.

Ithaca issues more shares for trading: Ithaca Energy has issued an additional 400,000 common shares in the company resulting from the exercise of share options.



Sunday News

Money fears loom large for pro-EU millennials: Millennials, the 18 to 24-year-olds said by pollsters to have been the most pro-EU voters in the referendum, are also the most worried about managing their money.



The Scotsman
Saturday News

EasyJet draws up plans to move HQ to Europe after Brexit vote: EasyJet is drawing up plans to potentially move its legal headquarters out of the U.K. and into Europe as the business fallout from the EU referendum continues.

Project to boost armed forces partners in business: Unlocking the entrepreneurial talent of wives and partners of armed forces members is the aim of a business-creation project launched by Women’s Enterprise Scotland (WES).

Scottish independence: Think tank in ‘economic risk’ warning: Scottish independence has “some logic” from a democratic standpoint but the economic risks could transform the nation into “Greece without the sun”, according to a right-wing think tank.



Sunday News

No news.



Global Economic Calendar - Week Ahead
Date
Country
Time - BST
Economic Indicator
Period /
Week Ending
Monday,
04 July 2016
UK
09:30
Markit Construction PMI
Jun
Eurozone
09:30
Sentix Investor Confidence
Jul
10:00
PPI Excluding Energy (MoM)
May
10:00
PPI Excluding Energy (YoY)
May
10:00
Producer Price Index (MoM)
May
10:00
Producer Price Index (YoY)
May

18:30
ECB President Draghi's Speech
-
France
13:50
France to Sell Bills
-
Spain
08:00
Unemployment Change
Jun
Canada
15:30
Bank of Canada Senior Loan Officer Survey
Q2
15:30
Bank of Canada Business Outlook Survey
Q2
Japan
00:50
Monetary Base (YoY)
Jun
00:50
Monetary Base
Jun
Tuesday,
05 July 2016
UK
09:30
Markit Services PMI
Jun
09:30
Official Reserves (Changes)
Jun
10:30
Carney Publishes BOE Financial Stability Report
-
Eurozone
09:00
Markit Composite PMI
Jun
09:00
Markit Services PMI
Jun
10:00
Retail Sales (MoM)
May
10:00
Retail Sales (YoY)
May
Germany
08:55
Markit Services PMI
Jun
08:55
Markit Composite PMI
Jun
10:30
Germany to Sell EUR500 Mln 0.1% I/L 2046 Bonds
-
France
08:50
Markit Composite PMI
Jun
08:50
Markit Services PMI
Jun
09:00
Bank of France's Villeroy publishes report on payment cards
-
Italy
08:45
Markit Services PMI
Jun
Spain
08:15
Markit Services PMI
Jun
US
14:45
ISM New York Index
Jun
15:00
Manufacturer's New Orders: Durable Goods Ex Defence
May
15:00
Manufacturer's New Orders: Durable Goods
May
15:00
Manufacturers' New Orders: Non-Defense Capital Goods
May
15:00
Manufacturer's Total Orders
May
15:00
Manufacturer's Total Inventories
May
15:00
Cap Goods Orders Nondef Ex Air
May
15:00
Cap Goods Ship Nondef Ex Air
May
15:00
Durable Goods Orders
May
15:00
Durable Goods Orders ex Transportation
May
15:00
Factory Orders (MoM)
May
15:00
IBD/TIPP Economic Optimism (MoM)
Jul
Japan
03:00
Markit Japan Services PMI
Jun
03:00
Markit/JMMA Composite PMI
Jun
China
02:45
Caixin/Markit Services PMI
Jun
02:45
HSBC China Composite PMI
Jun
Wednesday,
06 July 2016
UK
00:01
BRC Shop Price Index (YoY)
Jun
09:00
New Car Registrations (YoY)
Jun
-
Lloyds Business Barometer
Jun
Eurozone
11:00
ECB Balance Sheet-Gold and Gold Receivables
27-Jun
11:00
ECB Balance Sheet-Claims on non-euro area residents (FC)
27-Jun
11:00
ECB Balance Sheet-Claims on non-euro area residents (Euro)
27-Jun
11:00
ECB Balance Sheet-Main refinancing operation (Euro)
27-Jun
11:00
ECB Balance Sheet-Longer-term refinancing operations (Euro)
27-Jun
11:00
ECB Balance Sheet-Marginal lending facility (Euro)
27-Jun
11:00
ECB Balance Sheet-General government debt (Euro)
27-Jun
11:00
ECB Balance Sheet-Banknotes in circulation (Euro)
27-Jun
11:00
ECB Balance Sheet-Liabilities to credit institutions (Euro)
27-Jun
11:00
ECB Balance Sheet-Current accounts (Euro)
27-Jun
11:00
ECB Balance Sheet-Deposit facility (Euro)
27-Jun
11:00
ECB Balance Sheet-Liabilities to other euro area residents (Euro)
27-Jun
11:00
ECB Balance Sheet-Liabilities to non-euro area residents (Euro)
27-Jun
11:00
ECB Balance Sheet-Capital and reserves
27-Jun
Germany
07:00
Factory Orders n.s.a. (YoY)
May
07:00
Factory Orders s.a. (MoM)
May
10:30
Germany to Sell EUR4 Bln 0% 2018 Bonds
-
France
07:30
Bank of France's Villeroy opens Paris Europlace conference.
-
Spain
08:00
Industrial Output Cal Adjusted (YoY)
May
US
12:00
MBA Mortgage Applications
01-Jul
12:00
MBA Purchase Index s.a. (Current Change)
01-Jul
12:00
MBA Refinance Index (Current Change)
01-Jul
12:00
MBA Market Index
01-Jul
12:00
MBA Purchase Index s.a.
01-Jul
12:00
MBA Refinance Index
01-Jul
13:30
Exports (MoM)
May
13:30
Imports (MoM)
May
13:30
Trade Balance
May
13:55
Redbook Index (YoY)
01-Jul
13:55
Redbook Index s.a. (MoM)
01-Jul
14:45
Markit Services PMI
Jun
14:45
Markit Composite PMI
Jun
15:00
ISM Non-Manufacturing PMI
Jun
15:30
DOE Distillate Inventory
01-Jul
15:30
DOE Gasoline Inventories
01-Jul
15:30
DOE Cushing OK Crude Inventory (Barrels)
01-Jul
15:30
EIA Crude Oil Stocks Change (Barrels)
01-Jul
19:00
Fed Releases Minutes of FOMC Meeting
-
Canada
13:30
Exports
May
13:30
Imports
May
13:30
FX Reserves
Jun
13:30
International Merchandise Trade
May
Thursday,
07 July 2016
UK
08:30
Halifax House Prices (3m/YoY)
Jun
08:30
Halifax House Prices (MoM)
Jun
09:30
Industrial Production (MoM)
May
09:30
Industrial Production (YoY)
May
09:30
Manufacturing Production (MoM)
May
09:30
Manufacturing Production (YoY)
May
15:00
NIESR GDP Estimate (3M)
Jun
Eurozone
12:30
ECB account of the monetary policy meeting
-
Germany
07:00
Industrial Production n.s.a. and w.d.a. (YoY)
May
07:00
Industrial Production s.a. (MoM)
May
France
07:45
Current Account
May
07:45
Trade Balance
May
09:50
France to Sell Bonds
-
13:30
Bank of France's Villeroy publishes report on savings programs
-
Switzerland
08:00
Foreign Currency Reserves
Jun
08:15
Consumer Price Index (MoM)
Jun
08:15
Consumer Price Index (YoY)
Jun
08:15
Harmonised Index of Consumer Prices (HICP) (MoM)
Jun
08:15
Harmonised Index of Consumer Prices (HICP) (YoY)
Jun
US
12:30
Challenger Job Cuts (YoY)
Jun
13:15
ADP Employment Change
Jun
13:30
Continuing Jobless Claims - Net Change
25-Jun
13:30
Initial Jobless Claims - Net Change
02-Jul
13:30
Continuing Jobless Claims
25-Jun
13:30
Initial Jobless Claims
02-Jul
15:30
EIA Natural Gas Storage Change
01-Jul
15:30
EIA Natural Gas Storage
01-Jul
Canada
13:30
Building Permits (MoM)
May
15:00
Ivey PMI n.s.a
Jun
15:00
Ivey PMI s.a
Jun
Japan
00:50
Japan Foreign Reserves
Jun
00:50
Foreign Buying Japan Bonds
01-Jul
00:50
Foreign Buying Japan Stocks
01-Jul
00:50
Japan Buying Foreign Bonds
01-Jul
00:50
Japan Buying Foreign Stocks
01-Jul
01:30
BOJ's Kuroda to Speak at Branch Managers' Meeting
-
03:00
Tokyo Average Office Vacancies
Jun
06:00
Coincident Index
May
06:00
Leading Economic Index
May
Friday,
08 July 2016
UK
09:30
Unit Labour Costs (YoY)
Q1
09:30
Total Trade Balance
May
09:30
Trade Balance; non-EU
May
09:30
Visible Trade Balance
May
Germany
07:00
Current Account n.s.a.
May
07:00
Exports s.a. (MoM)
May
07:00
Imports s.a. (MoM)
May
07:00
Trade Balance s.a.
May
France
07:30
Bank of France Business Sentiment
Jun
07:45
Industrial Production (MoM)
May
07:45
Industrial Production (YoY)
May
07:45
Manufacturing Production (MoM)
May
07:45
Manufacturing Production (YoY)
May
07:45
Budget Balance
May
Switzerland
06:45
Unemployment Rate n.s.a
Jun
06:45
Unemployment Rate s.a.
Jun
US
13:30
Average Hourly Earnings
Jun
13:30
Change in Household Employment
Jun
13:30
Change in Manufacturing Payrolls
Jun
13:30
Change in Non-farm Payrolls
Jun
13:30
Change in Private Payrolls
Jun
13:30
Change in Service Payrolls
Jun
13:30
Average Weekly Hours All Employees Net Change
Jun
13:30
Average Hourly Earnings All Employees (MoM)
Jun
13:30
Average Hourly Earnings All Employees (YoY)
Jun
13:30
Average Weekly Hours All Employees
Jun
13:30
Unemployment Rate
Jun
13:30
Underemployment Rate
Jun
18:00
Baker Hughes US Rig Count
08-Jul
20:00
Consumer Credit Change
May
Canada
13:30
Full Time Employment Change
Jun
13:30
Net Change in Employment
Jun
13:30
Average Hourly Wages All Employees (MoM)
Jun
13:30
Part Time Employment Change
Jun
13:30
Participation Rate
Jun
13:30
Unemployment Rate
Jun
Japan
00:50
Bank Lending including Trusts (YoY)
Jun
00:50
Bank Lending ex-Trust (YoY)
Jun
00:50
Adjusted Current Account Total
May
00:50
Current Account n.s.a.
May
00:50
Trade Balance - BOP Basis
May
05:30
Bankruptcies (YoY)
Jun
-
Labour Cash Earnings (YoY)
May
-
Eco Watchers Survey: Current
Jun
-
Eco Watchers Survey: Outlook
Jun
China
-
Actual FDI (YoY)
Jun

UK Corporate Calendar - Week Ahead
Date
Company
Results
Monday,
04 July 2016
Oneview Group
Finals
RM
Interims
Kier Group
Trading Announcements
Eco Animal Health
Finals
Plastics Capital
Finals
Tuesday,
05 July 2016
Connect
Trading Announcements
Ferrexpo
Trading Announcements
Hayward Tyler
Finals
Imagination Technologies Group
Finals
International Consolidated Airlines
Trading Announcements
Persimmon
Trading Announcements
Polar Capital Technology Trust
Finals
Solid State
Finals
St Modwen Properties
Interims
The Gym Group
Trading Announcements
Wednesday,
06 July 2016
Booker Group
Trading Announcements
Carillion
Trading Announcements
easyJet
Trading Announcements
Low & Bonar
Interims
Topps Tiles
Trading Announcements
Thursday,
07 July 2016
Associated British Foods
Trading Announcements
Bovis Homes
Trading Announcements
Centamin
Trading Announcements
Dunelm Group
Trading Announcements, IMSs
Great Portland Estates
Trading Announcements
Marks & Spencer Group
Trading Announcements
NCC Group
Finals
Premier Oil
Trading Announcements
ReNeuron Group
Finals
Robert Walters
Trading Announcements, Interims
Sports Direct International
Finals
Friday,
08 July 2016
-
-

UK Dividend Calendar - Week Ahead
Date
Stock Code
Company
Index
Dividend Amount
Ex-Dividend
Payment Date
Tuesday,
05 July 2016
JPM
JP Morgan Chase & Co
-
48.00¢
Quarterly
31-Jul-16
Wednesday,
06 July 2016
BVA
Banco Bilbao Vizcaya Argentaria SA
-
8.00¢
Interim
11-Jul-16
Thursday,
07 July 2016
BRBY
Burberry Group
FTSE 100
26.80p
Final
5-Aug-16
NXT
Next
FTSE 100
105.00p
Final
1-Aug-16
ATK
Atkins (WS)
FTSE 250
27.80p
Final
19-Aug-16
DCG
Dairy Crest Group
FTSE 250
16.00p
Final
11-Aug-16
ETO
Entertainment One Limited
FTSE 250
1.20p
Final
9-Sep-16
HSV
Homeserve
FTSE 250
8.90p
Final
1-Aug-16
MNKS
Monks Inv Trust
FTSE 250
1.00p
Final
5-Aug-16
MYI
Murray International Trust
FTSE 250
10.50p
Interim
17-Aug-16
PNN
Pennon Group
FTSE 250
23.12p
Final
2-Sep-16
SAFE
Safestore Holdings
FTSE 250
3.60p
Interim
12-Aug-16
TALK
TalkTalk Telecom Group
FTSE 250
10.58p
Final
3-Aug-16
TEP
Telecom Plus
FTSE 250
24.00p
Final
29-Jul-16
VED
Vedanta Resources
FTSE 250
30.00¢
Final
12-Aug-16
WKP
Workspace Group
FTSE 250
10.19p
Final
5-Aug-16
DNDL
Dunedin Smaller Companies Inv Trust
FTSE All Share
2.15p
Interim
29-Jul-16
E2V
E2V Technologies
FTSE All Share
3.80p
Final
2-Aug-16
LBOW
ICG-Longbow Senior Secured UK Property Debt Investments Ltd
FTSE All Share
1.50p
Interim
22-Jul-16
NESF
NextEnergy Solar Fund Limited Red
FTSE All Share
3.12p
Interim
22-Jul-16
SCF
Schroder Income Growth Fund
FTSE All Share
2.00p
Quarterly
29-Jul-16
SDY
Speedy Hire
FTSE All Share
0.40p
Final
12-Aug-16
SQN
SQN Asset Finance Income Fund Limited
FTSE All Share
0.60p
Interim
25-Jul-16
STCK
Stock Spirits Group
FTSE All Share
4.55¢
Special
27-May-16
TIGT
Troy Income & Growth Trust
FTSE All Share
0.60p
Interim
29-Jul-16
VP.
VP
FTSE All Share
13.15p
Final
2-Aug-16
WIN
Wincanton
FTSE All Share
5.50p
Final
5-Aug-16
CCT
Character Group
FTSE AIM All Share
7.00p
Interim
29-Jul-16
CRAW
Crawshaw Group
FTSE AIM All Share
0.47p
Final
5-Aug-16
DWHT
Dewhurst
FTSE AIM All Share
3.00p
Interim
23-Aug-16
IGR
IG Design Group
FTSE AIM All Share
1.75p
Final
30-Sep-16
IPEL
Impellam Group
FTSE AIM All Share
10.00p
Final
28-Jul-16
TMMG
Mission Marketing Group
FTSE AIM All Share
0.90p
Final
18-Jul-16
PCA
Palace Capital
FTSE AIM All Share
9.00p
Final
29-Jul-16
POLR
Polar Capital Holdings
FTSE AIM All Share
19.50p
Interim
15-Jul-16
SPRP
Sprue Aegis
FTSE AIM All Share
5.50p
Final
22-Jul-16
ULS
ULS Technology
FTSE AIM All Share
0.26p
Final
5-Aug-16
ZYT
Zytronic
FTSE AIM All Share
3.45p
Interim
22-Jul-16
ALAI
Aberdeen Latin American Income Fund Ltd
FTSE Fledgling
0.88p
Interim
29-Jul-16
ASCI
Aberdeen Smaller Companies Income Trust
FTSE Fledgling
1.70p
Interim
29-Jul-16
ET.
Establishment Inv Trust
FTSE Fledgling
3.20p
Final
1-Aug-16
ET.1
Establishment Inv Trust1
FTSE Fledgling
3.90p
Special
1-Aug-16
ICTA
Investors Capital Trust 'A' Shares
FTSE Fledgling
1.17p
Quarterly
5-Aug-16
SHRS
Shires Income
FTSE Fledgling
3.25p
Interim
29-Jul-16
AAVC
Albion Venture Capital Trust
-
2.50p
Interim
29-Jul-16
ATI
Amati VCT
-
3.00p
Final
12-Aug-16
BISI
Bisichi Mining
-
3.00p
Final
29-Jul-16
BOK
Booker Group
-
3.2p
Special
26-Aug-16
CLCC
Calculus VCT 'C' Shares
-
4.50p
Final
5-Aug-16
FAIR
Fair Oaks Income Fund Limited
-
0.70¢
Quarterly
21-Jul-16
GLAF
GLI Alternative Finance
-
0.60p
Quarterly
29-Jul-16
IPE
Invesco Perpetual Enhanced Income Limited
-
1.25p
Interim
29-Jul-16
MVI
Marwyn Value Investors Limited
-
2.06p
Interim
29-Jul-16
OMIP
One Media IP Group
-
0.071p
Interim
22-Jul-16
SIGB
Sherborne Investors (Guernsey) 'B' Limited
-
0.75p
Interim
29-Jul-16
SQNC
SQN Asset Finance Income Fund Limited C SHS NPV
-

Morning!

In the US on Friday, the Dow finished up 19.38 at 17,949.37 the Nasdaq up 19.89 at 4,862.57 and the S&P 500 up 4.09 to 2,102.95.

In Asia today, the Nikkei was recently up 86.27 points at 15,768.75 - the Hang Seng up 277.22 at 21,071.59.

WTI crude oil traded at $48.99 a barrel and Brent at $49.84.

Gold settled at $1,336.70 an ounce.

Trade well and prosper!

The Papers

Good morning!

A lot of interesting news there Chris!

Opening Market Summary

Yes Kim, there T/A is good as well. Will post when I receive it.

Brexit: Legal steps seek to ensure Commons vote on Article 50

UKIP leader Nigel Farage stands down

Midday Market Summary

Guardian Stock Brokers

INDICES
FTSE 100

After the breakout to new highs for the year, the question is what comes next. The next targets to watch on the upside become 6750 and then 6825, the highs from early August 2015 and then mid-July 2015 respectively. Having seen such a relentless push higher, some weakness today would not be surprising, but so long as the price holds above 6440 then we can continue to expect gains. A close below 6440 raises the prospect of a bigger move lower, perhaps down towards 6320 and then 6200.


FTSE 250

Having pushed back above the mid-June (pre-Brexit) lows, the index looks in fine form. Some skittishness is possible around 16,500, which was key support in early May and also proved significant back in February and March. A close above 16,500 would open the way longer-term to 17,000 and then the pre-Brexit peak around 17,400.


Dax

The index remains trapped below the 9800 area that marked vital support back in March and then in May as well. Any turn lower would first head towards support at 9440, and then below this we look to 9260 and then 9100. The absence of US markets today may mean we see little upside progress, but a break above 9800 suggests a move to 10,000 and then 10,300.


FX
EURUSD retracement continues, for now

EURUSD has been gaining ground over the past week, following on from the Brexit fueled selloff. So far we have retraced 50% of that downturn, with price pulling back from that Fibonacci level. From a wider perspective, this rally is likely to have limited legs on it and as such another leg lower seems likely before long. With that in mind, a short term bullish view remains in play, yet be on the lookout for bearish reversal signs. The next resistance levels of note are 1.1170, 1.1231 and 1.1306. An hourly close below 1.1072 would provide a bearish signal in line with the wider trend.


GBPUSD continues to consolidate

GBPUSD remains within the very tight range that has been in place since Thursday evening, with a significant degree of hesitancy evident following such a strong deterioration post-Brexit. Given the wider sell-off, coupled with the short term weakness leading into this current range, it seems most likely that we will see further losses following the breakout. As such, a bearish view remains in play, especially around the 1.3349 area. This bearish bias holds unless we see an hourly close above 1.3504. Key support levels of note are 1.3206 and 1.3121.


USDJPY range could spark downturn

USDJPY is back into the 102.36-103.02 range that dominated Thursday’s price action last week. There are two ways to look at the current situation. Firstly, we have not created a new low and are simply seeing a deeper retracement of Thursday’s rally. As such, a bullish view remains in place. However, it is also possible that we are simply back into a lower range, which could create a second shoulder. Ultimately the key here will be whether we see a significant break and closed candle below 102.36. Should that occur, we could swiftly return to the 101.40 levels. However, until that happens, it makes sense to remain bullish for the short term.


COMMODITIES
Gold

Having moved higher by leaps and bounds, the question is now whether gold is about to close above $1350, or whether the combination of overbought intraday charts and extremely bullish positioning will lead to a swift reversal. The metal is in an uptrend, so the approach here would be to buy the dips as and when they appear. It is important to note that the steepness of the move since the beginning of June means that we could see a drop back to just below $1280 and still be in an uptrend. A close above $1350 targets the March 2015 highs around $1385.


Brent

Gains since 20 June have been stymied by the $51 level, so although we are still in an uptrend from the Brexit day lows, the metal needs to clear $51 to suggest that more gains are on the way. The next target above here is $52.85, and then on to the October 2015 peak around $54.15.


WTI

There has been a worrying development on the WTI chart, with a series of lower highs since early June. The price needs to close above $50 and quickly, lest further weakening momentum hands the initiative to the sellers. A close above $50 targets $51.60, while further downward momentum below the 50-day SMA ($47.85) would head towards $46.35, which marked support in June and also resistance at the end of April and in early May.


Disclaimer

This research has been produced by an independent third party provider. Further details can be provided on request. Guardian Stockbrokers Limited is authorised and regulated by the Financial Conduct Authority (No. 492519). This report has been prepared using information available from public sources, which are believed to be reliable as at the date of this report. However, Guardian Stockbrokers, its employees and its independent third party provider make no representation as to the accuracy or completeness of this report. This report should therefore not be relied on as accurate or complete. The facts and opinions on this report are subject to change without notice. Guardian Stockbrokers, its employees and its independent third party provider have no obligation to modify or update this report in the event that any information on this report becomes inaccurate. This report is prepared for informational purpose only, with no recommendation or solicitation to buy or to sell. The background of any individual or other investor has not been considered in providing this report. Individuals and other investors should seek independent financial advice which considers their specific risks, objectives and specific constraints, and make their own informed decisions. Individuals and other investors should note that investing in shares carries a degree of risk and the value of investments can go up or down. Past performance is not a reliable indicator of future performance. Investments should be made with regard to an investor’s total portfolio. Guardian Stockbrokers, its independent third party provider and its employees make no representation or guarantee with regard to any investment noted on this report, and shall therefore not be liable with regard to any loss.

Closing Market Summary