UK/Euro Financial Market Daily Morning Briefing 02-04-2014

London open: Markets hold at three-week high

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FTSE 100 - Risers
Antofagasta (ANTO) 857.50p +2.14%
Sports Direct International (SPD) 909.50p +1.90%
International Consolidated Airlines Group SA (CDI) (IAG) 432.20p +1.81%
Marks and Spencer Group (MKS) 468.10p +1.81%
Fresnillo (FRES) 861.00p +1.77%
Mondi (MNDI) 1,055.00p +1.34%
Melrose Industries (MRO) 304.10p +1.20%
ITV (ITV) 194.90p +1.14%
Anglo American (AAL) 1,538.00p +1.08%
Randgold Resources Ltd. (RRS) 4,562.00p +1.06%

FTSE 100 - Fallers
Pearson (PSON) 1,011.00p -3.16%
Resolution Ltd. (RSL) 294.70p -2.96%
Reckitt Benckiser Group (RB.) 4,829.00p -1.57%
ARM Holdings (ARM) 1,035.00p -1.15%
Hargreaves Lansdown (HL.) 1,436.00p -0.97%
Morrison (Wm) Supermarkets (MRW) 208.80p -0.95%
Intertek Group (ITRK) 3,031.00p -0.92%
Diageo (DGE) 1,835.00p -0.89%
Royal Dutch Shell 'A' (RDSA) 2,191.00p -0.84%
Admiral Group (ADM) 1,417.00p -0.84%

FTSE 250 - Risers
Intermediate Capital Group (ICP) 450.70p +3.56%
Amec (AMEC) 1,201.00p +2.56%
Bank of Georgia Holdings (BGEO) 2,666.00p +2.15%
AL Noor Hospitals Group (ANH) 1,186.00p +1.80%
International Personal Finance (IPF) 538.50p +1.80%
COLT Group SA (COLT) 152.20p +1.74%
UDG Healthcare Public Limited Company (UDG) 365.00p +1.70%
Daejan Holdings (DJAN) 4,900.00p +1.64%
Spirax-Sarco Engineering (SPX) 2,974.00p +1.50%
Kazakhmys (KAZ) 264.10p +1.46%

FTSE 250 - Fallers
Interserve (IRV) 711.00p -4.56%
Phoenix Group Holdings (DI) (PHNX) 662.00p -3.29%
Supergroup (SGP) 1,697.00p -2.69%
Evraz (EVR) 77.10p -2.53%
John Laing Infrastructure Fund Ltd (JLIF) 115.70p -2.28%
Infinis Energy (INFI) 238.40p -1.69%
F&C Asset Management (FCAM) 119.80p -1.64%
Bwin party Digital Entertainment (BPTY) 125.10p -1.50%
Jardine Lloyd Thompson Group (JLT) 1,027.00p -1.44%

Wednesday April 02

INTERIM DIVIDEND PAYMENT DATE
Darty

INTERIM EX-DIVIDEND DATE
Abbey, Finsbury Food Group, Henderson EuroTrust, Plexus Holdings, Produce Investments, Smith (DS), Wolseley

QUARTERLY PAYMENT DATE
Blackrock North American Income Trust

QUARTERLY EX-DIVIDEND DATE
Investors Capital Trust 'A' Shares, Investors Capital Trust 'B' Shares, JP Morgan Chase & Co, Mercantile Investment Trust (The), Schroder Income Growth Fund

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ADP Employment Report (US) (13:15)
Crude Oil Inventories (US) (15:30)
Factory Orders (US) (15:00)
GDP (2nd release) (EU) (10:00)
Goods Orders (US) (15:00)
MBA Mortgage Applications (US) (12:00)
Producer Price Index (EU) (10:00)

INTERIMS
Asos

FINALS
Amiad Water Systems Ltd, Cupid, Inditherm, MHP SA GDR (Reg S), office2office, Cupid

IMSS
Domino's Pizza Group, Dunelm

SPECIAL EX-DIVIDEND PAYMENT DATE
888 Holdings, Next

AGMS
Domino's Pizza Group, JSJS Designs, Jupiter Second Split Trust Geared Gwth Shares, RCM Technology Trust, Teliasonera AB, Zenith Bank GDR (REG S)

TRADING ANNOUNCEMENTS
Plus500 Ltd (DI)

UK ECONOMIC ANNOUNCEMENTS
PMI Construction (09:30)
Nationwide House Price Index (07:00)
FINAL DIVIDEND PAYMENT DATE
Greencore Group

FINAL EX-DIVIDEND DATE
32Red, 888 Holdings, Amino Technologies, APR Energy, Aviva, Belvoir Lettings, Dragon Oil, Glanbia, Heavitree Brewery, Heavitree Brewery 'A' Shares, HGCapital Trust, Interserve, Jardine Lloyd Thompson Group, John Laing Infrastructure Fund Ltd, Miton Group, Motivcom, New Europe Property Investments, Nichols, Pearson, Phoenix Group Holdings (DI), Resolution Ltd., SpaceandPeople, Stadium Group, Tullow Oil

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Europe open: Stocks mixed ahead of US jobs and factory data

- US jobs and factory orders out
- Spain's unemployment drops
- ECB policy meeting looms

FTSE 100: -0.09%
DAX: 0.19%
CAC 40: -0.01%
FTSE MIB: 1.20%
IBEX 35: 0.31%
Stoxx 600: 0.09%

European stocks were mixed as investors awaited US data on jobs and factory orders.

A report from ADP at 12:15 GMT is expected to show US employers added 195,000 staff in March, compared to 139,000 a month earlier.

Another report due out at 14:00 GMT is forecast to reveal factory orders in the world's biggest economy increased 1.2% in February following a 0.7% fall in January.

"With the Federal Reserve threatening to increase interest rates in the near future, investors will continue to keep a very close eye on data to try and gauge when hikes could happen," said Spreadex trader Lee Mumford.

Fed Chair Janet Yellen last month indicated that a rise in interest rates could come six months after the quantitative easing programme ends. At the current pace of tapering, monthly bond purchases could end in October.

Spain unemployment falls

Spain's unemployment dropped 16,620 in March, lifting hopes of recovery for the country with the second largest jobless rate in the Eurozone.

The figure beat the 14,500 consensus and compared to February's fall of 1,900.

The unemployment rate eased slightly in Spain to 25.6% from 25.8%.

Figures out on Tuesday showed German unemployment fell by 12,000 in March, beating the 10,000 forecast but less than the 15,000 decrease a month earlier. The unemployment rate held at 6.7%, surprising analysts who had expected it to rise to 6.8%.

However, France, Italy and the Netherlands saw minor increases in the number of unemployed people.

The data came ahead of the European Central Bank's (ECB) meeting tomorrow amid pressure to implement stimulus to boost the bloc's recovery.

Deutsche Post, Asos

Deutsche Post gained after Europe's largest mail service predicted operating profit would increase by an average of more than 8% through 2020.

Asos jumped as the UK's largest online-only fashion retailer posted first-half pre-tax profit that exceeded analysts' estimates.

Deutsche Boerse AG fell nearly 3% as the German exchange operator said its Clearstream Banking SA unit is subject to a criminal investigation in the US.

Antofagasta rallied after saying that its copper operations were unharmed by a strong quake in northern Chile on Tuesday.

The euro rose 0.07% to $1.3802.

Brent crude future climbed $0.095 to $105.720 per barrel, according to the ICE.

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US close: Manufacturing, auto data lift S&P 500 to record high

- ISM manufacturing index rises
- Auto sales, construction spending improve
- Ford rises on auto sales, GM falls on recalls

Dow Jones: 0.46%
Nasdaq: 1.64%
S&P 500: 0.70%

US stocks finished strongly on Tuesday with the S&P 500 reaching another record high as a pick-up in domestic manufacturing growth, auto sales and construction spend gave sentiment a boost.

Investors were also still reacting to comments from Federal Reserve Chair Janet Yellen who said on Monday that the central bank's "extraordinary support" for the recovery would continue "for some time to come".

The S&P 500 closed the session 0.7% higher at an all-time high of 1,885.52 as consumer discretionary and technology stocks provided a boost. The Dow Jones Industrial Average gained 0.5%, while the Nasdaq surged 1.6%.

The ISM's US manufacturing index rose to 53.7 from 53.2 in February, but came in slightly under the consensus forecast of 54.0.

US car sales jumped 5.7% to an annualised rate of 16.4m in March, ahead of the 15.8m consensus estimate, calming fears that the poor weather at the start of the month kept customers away.

Construction spending unexpectedly improved by 0.1% in February after a revised 0.2% contraction the previous month.

Ford jumps, GM slips

Auto major Ford Motor rose 4.6%, the most since 2012, after the strong sales from the sector in March. Sector peer General Motors, however, finished in the red after announcing higher recall-related charges after a new recall of 1.5m vehicles.

Search engine giant Yahoo gained on reports that it could buy online video service News Distribution Net.

Airline group United Continental jumped after UBS upgraded the stock from 'neutral' to 'buy', saying that revenue growth could pick up in the second quarter.

After a slow start, computer group Hewlett-Packard managed to finish higher despite paying $57m to settle a lawsuit amid claims that management defrauded shareholders by abandoning its business model.

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Wednesday newspaper round-up: Pensions, UK Coal, BT Group

In remarks to BBC Radio 4's Today Programme the head of Financial Conduct Authority, Martin Wheatley, said that action on the exit penalties which reduce the value of pensions will be considered as part of the inquiry into old investments. Nevertheless, he refused to be drawn into anticipating what the exact conclusions of the review might be before it is finished, The Daily Telegraph writes.

If it cannot access at least £10m in cash soon then UK Coal, the country's last big coalminer, may collapse and 2,000 people lose their jobs. That comes as falling coal prices, a strong pound and the impact of the shale gas boom in America have again pushed the company into financial straits. The firm has an annual output of approximately five million tonnes per year, equivalent to about 4% of the the country's energy requirements, The Times says.

BT is preparing to roll out a new mobile operation later this year, almost two decades after it spun off its BT Cellnet business in 2001. Although the company declined to give details the service is thought likely to focus first on business customers before targeting consumers. Nonetheless, that is just the most recent step as it looks to challenge rivals by offering new services, such as BT TV and its new BT Sport channels, The Daily Express says.

After beating an ignominious retreat a decade ago retailer Marks&Spencer is on the expansion trail once again, with plans to open 250 additional establishments worldwide over the next three years. As a part of that plan it is intending to open 20 new food-only stores in France, turning that country into its biggest food market outside Britain, The Times reports.

Since it listed two years ago Facebook executive Sheryl Sandberg has sold over half the stock she had in the company, 26m shares out of a total of 41m. That has led many to wonder whether she might be looking to bolt for the door, so to speak. She was brought in as Chief Operating Officer by founder Mark Zuckerberg to help drive up revenues, according to The Daily Mail.

The UK faces more belt-tightening and "real austerity" to achieve sustainable economic growth, according to the head of the British Chambers of Commerce (BCC), John Longworth. For the group's director-general, Chancellor George Osborne has only "bought time" on restoring growth. However, "the next stage of debt reduction will require more belt-tightening, possibly even real austerity in some quarters," he said, The Scotsman reports.

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