Date: Tuesday 24 Jun 2014
LONDON (ShareCast) - 1630: Close The FTSE 100 ended down 13.49 points to 6787.07 as Bank of England (BoE) Governor said today that interest rates will remain “materially below” the 5% historical average in two to three years’ time despite a robust recovery in employment and economic growth. BoE Deputy Governor Charlie Bean said the UK is gradually moving towards the point of tighter monetary policy, but the timing will depend on how the economy pans out. Meanwhile, the Iraq crisis continued to weigh on stocks as US Secretary of State John Kerry promised “intense and sustained” support to Iraq during his visit to the Kurdish region.
1610: US Federal Reserve extends deadline for submission of capital plans by four lenders: HSBC, RBS, Citi and Santander.
1535: Dubai's main equity benchmark crashed by 6.5% on Tuesday. Recent sharp losses have been driven by construction company Arabtec.
1501: New US home sales expanded at an annualised pace of 504,000 in May, in comparison to a revised clip of 425,000 units in the prior month (consensus: 439,000).
1500: The Conference Board's US consumer confidence index increased to 85.2 this month from a downwardly revised 82.2 last month, surpassing the 83.5 consensus estimate.
1415: Cruise line operator Carnival reported second quarter revenues increased by 4.4% to reach $3.48bn. The consensus estimate had been for sales to increase to $3.6bn.
1400: US house prices were unchanged month-on-month in April (consensus: 0.5%).
13:45 Three days before the Tesco annual general meeting, Former boss Lord MacLaurin has insisted shareholders should give the supermarket’s current chief Philip Clarke more time to reverse its fortunes. Lord MacLaurin admitted Clarke was struggling but laid the blame for the current failures squarely at preceding Chief Executive Sir Terry Leahy’s feet, according to the London Evening Standard. He told the paper: “I think Philip is under more pressure this year but it will take at least three years to turn Tesco around. The City is very short term and he needs some time to do it. I stand by what I said last year: the judgment of a good chief executive, and I’m not just talking about Terry, is how he leaves it for his successor. If you’re a good chief executive, you have to leave it in good shape, otherwise the incumbent has an uphill task."
1224: Bank of England Governor Mark Carney has predicted interest rates will remain "materially" below 5% in three years time. He also defended his forward guidance on interest rates, saying it had helped to underpin the recovery which has been the strongest in the Group of Seven nations.
1200: Turkey's central bank cuts main policy rate by 75 basis points to 8.75%.
1150: Analysis from Credit Suisse points out Thomas Cook, Whitbread and William Hill as amongst the companies for whom interest rate sensitivity and the current point in the cycle are the most supportive.
1119: Russian President Vladimir Putin has asked lawmakers to cancel the authorisation to use force in Ukraine, according to Bloomberg.
0957: “Best collective judgement is that there remains excess capacity that can be reduced further before interest rates are raised,” Governor Carney has told the Treasury Select Committee.
0930: Mortgage approvals in the UK were largely unchanged during the month of June at 41,757 versus 41,934 in the prior month (consensus: 41,000).
0900: The German IFO Institute's business confidence gauge for the month of June has printed at 109.7 (consensus: 110.3).
0854: UK stocks have begun the day ever so slightly in the blue, led by gains in shares of BG Group, BP, Aggreko, IAG and easyJet. That comes ahead of this morning’s parliamentary testimony from Governor Mark Carney on the last Inflation Report, at 09:30. Previously, at 09:00, Germany’s IFO institute will publish its monthly business confidence gauge, followed at 10:30 by the BBA’s latest mortgage lending statistics. Goldman Sachs has downgraded shares of Severn Trent and United Utilities. FTSE 100 up 2 to 6,803.
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