| | | | | | | Are Your Savings Enough to Retire? Ready to retire? If you have a £250,000 portfolio, download "The 15-Minute Retirement Plan" written by Forbes columnist and money manager Ken Fisher's firm. Don't miss it! Click Here to Download Your Guide! Fisher Investments UK 
| | |
| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Stocks little changed; Smiths Group rallies on results London stocks were little changed in early trade on Friday following a slightly negative close in the US, where a key vote on a healthcare bill was postponed.
At 0830 GMT, the FTSE 100 was flat at 7,339.09, while the
On Thursday, the US congressional vote on the repeal of Obama's Affordable Care Act was delayed by 24 hours, adding to concerns that Donald Trump lacks enough support in the House of Representatives and may struggle to get approval for all the stimulus policies he has promised.
"However markets aren't panicking," said Accendo Markets' Mike van Dulken.
"This is thanks to suggestions that a favourable vote isn't a prerequisite for work to begin on other measures like tax cuts and infrastructure spending. However, it would mean Republicans, who have hated ACA since its 2010 birth, have to accept it will stay. An ultimatum, if you like, setting markets up for a dollop of weekend risk."
Ipek Ozkardeskaya said the FTSE 100 was being held back by the pound's rally to $1.2530 on the back of solid retail sales data released on Thursday.
"Higher inflation, solid retail sales, combined to several Bank of England (BoE) members' concerns about keeping the bank rate at the current historical low level for a longer period of time should continue supporting the pound recovery," she said.
On the UK data front, BBA mortgage approvals are at 0930 GMT, with some potentially market-moving European and US reports are due out throughout the day including services and manufacturing purchasing manager's surveys.
Among London's corporate news, engineer Smiths Group was on the front as it reported flat first-half revenues of £1.6bn on an underlying basis but growth of 18% on a reported basis thanks to the weak pound.
Land Securities nudged lower after confirming it was in discussions with Deutsche Bank on pre-letting a site for the German banking giant's London headquarters.
Acacia Mining fell after saying there has been no change on the Tanzanian government's ban on exports of gold and copper ore despite efforts by the company. The miner has been "engaging with key government official and other stakeholders" in order to lift the ban which has been in effect since 3 March.
Syncona gained ground after it noted that Blue Earth Diagnostics - which it funds - had received a positive opinion recommending that Axumin be granted marketing authorisation in the European Union from the Committee for Medicinal Products for Human Use of the European Medicines Agency.
Domino's Pizza was a little weaker after Berenberg cut its price target on the stock, while Restaurant Group retreated after the bank cut its stance on the stock to 'sell'.
Soco International was lifted by an upgrade to 'equalweight' from Barclays, while Spirent Communicatinos was boosted as Liberum upped the stock to 'buy' from 'hold'.
SEE slipped as HSBC cut it to 'hold' but National Grid pushed higher as Morgan Stanley resumed coverage at 'overweight'. |
| | 
|
| Market Movers
FTSE 100 (UKX) 7,339.09 -0.02%
FTSE 250 (MCX) 18,979.57 -0.12%
techMARK (TASX) 3,461.64 -0.12%
FTSE 100 - Risers
Smiths Group (SMIN) 1,618.00p 3.98%
Provident Financial (PFG) 3,027.00p 3.38%
Direct Line Insurance Group (DLG) 339.70p 1.10%
National Grid (NG.) 1,017.50p 0.99%
Barclays (BARC) 225.75p 0.83%
British American Tobacco (BATS) 5,209.00p 0.68%
Morrison (Wm) Supermarkets (MRW) 235.80p 0.55%
Severn Trent (SVT) 2,433.00p 0.50%
Imperial Brands (IMB) 3,815.00p 0.41%
Paddy Power Betfair (PPB) 8,740.00p 0.40%
FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 2,000.00p -1.28%
BT Group (BT.A) 327.65p -1.13%
Marks & Spencer Group (MKS) 333.60p -1.10%
Admiral Group (ADM) 1,972.00p -1.00%
Next (NXT) 4,157.00p -1.00%
Aviva (AV.) 526.00p -0.85%
Kingfisher (KGF) 320.00p -0.84%
Johnson Matthey (JMAT) 2,948.00p -0.74%
Ashtead Group (AHT) 1,637.00p -0.73%
Reckitt Benckiser Group (RB.) 7,284.00p -0.68%
FTSE 250 - Risers
Euromoney Institutional Investor (ERM) 1,067.00p 3.89%
Electra Private Equity (ELTA) 5,130.00p 1.99%
Hastings Group Holdings (HSTG) 267.50p 1.71%
Syncona Limited NPV (SYNC) 147.00p 1.66%
PayPoint (PAY) 1,000.00p 1.42%
British Empire Trust (BTEM) 675.00p 1.35%
Millennium & Copthorne Hotels (MLC) 446.20p 1.29%
CYBG (CYBG) 267.70p 1.21%
Kaz Minerals (KAZ) 478.80p 1.01%
Perpetual Income & Growth Inv Trust (PLI) 378.90p 0.99%
FTSE 250 - Fallers
Restaurant Group (RTN) 342.60p -2.56%
Redefine International (RDI) 35.80p -1.92%
Safestore Holdings (SAFE) 360.80p -1.90%
Weir Group (WEIR) 1,829.00p -1.83%
Card Factory (CARD) 276.30p -1.67%
Grafton Group Units (GFTU) 674.50p -1.53%
Wood Group (John) (WG.) 739.00p -1.47%
Petrofac Ltd. (PFC) 903.50p -1.42%
Acacia Mining (ACA) 457.70p -1.40% |
| | UK Event Calendar | | Friday March 24
INTERIMS
Smiths Group
INTERIM DIVIDEND PAYMENT DATE
Berkeley Group Holdings (The), Hollywood Bowl Group
QUARTERLY PAYMENT DATE
Aberdeen Diversified Income and Growth Trust , Alpha Real Trust Ltd., Brunner Inv Trust, The SME Loan Fund
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Durable Goods Orders (US) (12:30)
FINALS
Frontier Smart Technologies Group Limited, Henry Boot, Lamprell
ANNUAL REPORT
RPS Group, Standard Chartered
EGMS
All Asia Asset Capital Limited (DI)
UK ECONOMIC ANNOUNCEMENTS
BBA Mortgage Lending Figures (09:30)
FINAL DIVIDEND PAYMENT DATE
Downing Three VCT D Share , Downing Two VCT D Share , Henderson Opportunities Trust, Hollywood Bowl Group, LPA Group |
| | Truffles Have Never Been In Greater Demand | | 266% Returns and Annual Dividends Register your interest now |
| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Lower start despite very strong euro area PMIs for March The main stockmarket gauges moved lower in early trading despite very strong readings on the euro area's manufacturing and services sectors and relatively 'dovish' remarks from the European Central Bank's chief economist.
As of 0854 GMT the benchmark Stoxx 600 was drifting lower by 0.24% to 376.28 as German Dax slipped 0.10% to 12,027.84 with the FTSE Mibtel off by 0.24% to 20,199.70.
Speaking to Italian daily Il Sole, ECB chief economist Peter Praet reiterated the ECB would continue its bond buying programme until at least the end of 2017 and keep rates low or cut them until well beyond the end date for those purchases.
In typical risk-off fashion, the euro/dollar is nudging higher by 0.14% to 1.0798 as front month Brent crude oil futures add 0.22% to trade at $50.67 per barrel.
A gauge of activity in the Eurozone's manufacturing and services sector hit a 71-month high in March, far outpacing analysts' forecasts.
IHS Markit´s composite euro area purchasing managers' index for factory and service sector activity rose from 56.0 for February to 56.7 for March, according to a preliminary estimate.
"The increasingly broad-based nature of the upturn also bodes well for strong growth to be sustained in coming months. Perhaps the best news came from France, where growth has risen above that seen in Germany, led by strengthening domestic demand," said Chris Williamson, chief business economist at IHS Markit.
Williamson also noted the increased inflationary pressures evident in the data, in part thanks to companies' increased pricing power as demand strengthened.
Acting as a backdrop, overnight the main averages on Wall Street registered a slight fall, with traders focused on the US House of Representatives' decision to postpone a vote on repealing Obamacare, possibly until today.
"Calls for another flat European open come after last night's US congressional vote on repeal of Obama's Affordable Care Act (ACA) was delayed by 24hrs and US markets a shade lower. This adds to concerns that Trump lacks enough house support (even among Republicans) and that he may struggle to get approval for all the stimulus policies he pledged, said Mike Van Dulken, Director of Research at Accendo Markets.
Regulators in the States gave clearance for a drug developed by Merck in conjunction with America's Pfizer to combat a rare type of skin cancer.
Deutsche Bank has taken a decision on the location of its new London base, a positive signal as regards its intentions post-Brexit. |
| | 6 Share Tips for your ISA The Share Centre’s Investment Research Analyst, Helal Miah, highlights six companies to consider for your 2017/18 ISA. From the largest listed company in the UK, to a consistent gold miner. Download your FREE report. Capital at risk. Read More... Capital at Risk |
| | US Market Report | | US close: Stocks stall as House healthcare vote delayed US stocks closed marginally lower on Thursday after a House of Representatives vote on President Donald Trump's healthcare plan was delayed.
Giving up modest gains from earlier in the session, the Dow Jones Industrial Average finished down almost five points at 20,656.58, the S&P 500 lost two and a half to close at 2,345.96 and the the Nasdaq composite moved down nearly four points to 5,817.69.
Crude oil prices did not help either, with West Texas Intermediate down 0.77% at $47.67 per barrel and Brent crude falling 0.22% to $50.53.
In currency markets, the dollar fell 0.3% against the pound to 0.7986, was up 0.1% verses the euro at 0.9271 and flat against the yen at 111.07.
Investors watching out for the House of Representatives vote on the Republican plan to repeal Barack Obama's Affordable Care Act, known as Obamacare, and replace it with their own 'Trumpcare' version were disappointed as the party pushed back the vote amid last-minute lobbying and negotiations.
The delay arose as competing centrist and conservative factions in the party battled over potential changes to the proposed
American Health Care Act, though officials said the vote could still be held on Friday.
Trump has said voting through the bill was crucial before action can be taken on his other plans.
Craig Erlam, senior market analyst at Oanda, said: "Trump's difficulty in getting people on board with his plans was largely blamed for the market selling off earlier in the week, with investors apparently seeing this as a sign that Trump may also struggle to get his spending plans and tax changes through.
"Should the healthcare plan be approved by Congress then we could see a resumption of the Trump rally while a failure could leave markets vulnerable to a larger correction."
Elsewhere in Washington, Federal Reserve chair Janet Yellen gave a speech a week after she hiked interest rates, though investors hungry for hints on monetary policy were left disappointed as she spoke only about financial education for children and did not take any questions from the press.
Instead, Fedspeak fans turned to Minneapolis Fed President Neel Kashkari, the lone dissenter against last week's rate increase, as he called for a detailed plan for how and when the Fed will reduce its $4.5trn balance sheet as soon as possible - and hold off on further rate increases until it publishes its plan on the balance sheet.
"There's no reason to hold it - there are a lot of policy tradeoffs we have to choose from," Kashkari told reporters at a Federal Reserve research conference in Washington.
"Once we come to consensus on those tradeoffs, I would like us to publish that as soon as possible. I think we would do ourselves a favor by giving the markets as much time as possible to understand it, prepare for it, so there are as few surprises as possible."
Meanwhile, San Francisco Fed chief John Williams, who said the median expectation from policymakers for a total of three to four interest rate hikes in 2017 "makes sense" if the economy continued progressing as expected.
He told the Wall Street Journal that continued progress in the economy would bring the Fed closer to the point of starting to normalise its balance sheet towards the end of the year.
On the data front, initial jobless claims were up 15,000 to 258,000 from the previous week's average, which was revised up to 243,000 from 241,000. Analysts had been expecting a drop to 240,000.
The four-week moving average came in at 240,000, up 1,000 from the previous week's average, which was revised up to 239,000 from 237,250.
Meanwhile, new home sales were up 6.1% to 592,000 from the revised January rate of 558,000. Economists had been expecting a smaller increase to 564,000. On the year, sales were up 12.8%.
The median price of a new home was $296,200, down 3.9% on the month and 4.9% compared to a year ago.
In corporate news, health stocks led the fallers, with insurer Unitedhealth off 1%, followed by the likes of Pfizer, Merck and Johnson & Johnson.
Du Pont was a big riser as European Union antitrust regulators came closer to clearing its merger with Dow Chemical, according to Reuters reports.
Five Below climbed 11.4% after better-than-expected earnings and the retailer said it would open 100 new stores this year.
PPG Industries was up 0.7% after Elliot Management said on Wednesday that it might use corporate rules to call a special shareholders meeting to get AkzoNobel - in which it holds a 3% stake - to talk to the US chemicals maker.
Microsoft fell 0.17% following news that it has agreed to license a number of automotive technology patents to Toyota Motor Corp.
Ford Motors was also down 1.15% after the carmaker posted an earnings outlook that was below expectations.
Nike recouped some of its losses after a big fall on the previous day.
Dow Jones - Risers
Nike Inc. (NKE) $55.38 2.69%
E.I. du Pont de Nemours and Co. (DD) $80.56 1.74%
Home Depot Inc. (HD) $147.99 0.43%
Visa Inc. (V) $88.86 0.38%
Goldman Sachs Group Inc. (GS) $231.90 0.36%
General Electric Co. (GE) $29.62 0.30%
American Express Co. (AXP) $77.84 0.22%
Boeing Co. (BA) $177.26 0.16%
Walt Disney Co. (DIS) $112.26 0.14%
Exxon Mobil Corp. (XOM) $81.85 0.12%
Dow Jones - Fallers
Unitedhealth Group Inc. (UNH) $165.29 -1.04%
Travelers Company Inc. (TRV) $121.29 -0.61%
Wal-Mart Stores Inc. (WMT) $69.89 -0.56%
Pfizer Inc. (PFE) $34.29 -0.52%
Coca-Cola Co. (KO) $42.17 -0.50%
Chevron Corp. (CVX) $107.87 -0.48%
Cisco Systems Inc. (CSCO) $33.96 -0.41%
Apple Inc. (AAPL) $140.92 -0.35%
Merck & Co. Inc. (MRK) $63.28 -0.35%
Johnson & Johnson (JNJ) $125.90 -0.29%
S&P 500 - Risers
PVH Corp. (PVH) $98.55 8.48%
Tenet Healthcare Corp. (THC) $17.02 4.03%
TripAdvisor Inc. (TRIP) $42.52 2.71%
Cabot Oil & Gas Corp. (COG) $22.85 2.70%
Nike Inc. (NKE) $55.38 2.69%
American Airlines Group (AAL) $41.41 2.63%
Southwestern Energy Co. (SWN) $7.54 2.45%
Huntington Bancshares Inc. (HBAN) $13.02 1.88%
Chesapeake Energy Corp. (CHK) $5.09 1.80%
Sl Green Realty Corp. (SLG) $107.59 1.75%
S&P 500 - Fallers
Frontier Communications Co. (FTR) $1.94 -8.06%
Accenture Plc (ACN) $120.82 -4.52%
Centene Corp. (CNC) $65.31 -3.97%
FedEx Corp. (FDX) $189.20 -3.44%
H&R Block Inc. (HRB) $22.76 -2.53%
Dollar General Corp (DG) $68.90 -2.52%
Whole Foods Market Inc. (WFM) $29.20 -2.41%
Baker Hughes Inc. (BHI) $59.16 -2.28%
Marathon Oil Corp. (MRO) $14.69 -2.26% |
| | Join City Index for competitive commissions and spreads, including FX from just 0.5 points. | | We’ve been executing quality trades for over 30 years. Trade shares, indices, commodities and FX across 12,000 markets today from 50p a point with an award-winning Spread Betting service that’s on your side. Losses can exceed deposits. Find out more |
| | Newspaper Round Up | | Friday newspaper round-up: Jones, Crest Nicholson, Deutsche Bank Jones Bootmaker is expected to call in administrators on Friday in a move that will put more than 1,100 jobs at risk. The shoe retailer, which employs 1,145 people, has nearly 100 stores and a handful of concessions in department stores. It is understood to be close to going under after a deal with a private equity firm collapsed. - Guardian
Shareholders in Crest Nicholson, one of the largest housebuilders in Britain, have voted against a pay deal for the company's directors because of concerns that the performance targets were too easy. The rebellion means Crest Nicholson is the first major company this year to see investors reject its remuneration report, which is a major embarrassment. - Guardian
Deutsche Bank has agreed a deal to move to a new City headquarters, defying fears that large financial institutions are planning to leave the capital after Brexit. An internal memo sent to staff today and seen by The Daily Telegraph said that in 2023 the bank will move to the new headquarters, which are owned by property developer Land Securities. - Telegraph
The boss of North Sea takeover target Ithaca Energy has reasserted his backing for the £517m cash bid from the group's largest shareholder after reporting a £54m loss for last year. Delek, which holds a 20pc stake in Ithaca, has steadily deepened its interest in the North Sea over the past year. Delek's offer to buy Ithaca in February came just months after snapping up 13.8pc of Faroe Petroleum in a £42.8m Christmas Day spending spree. - Telegraph
The City watchdog has reopened its investigation into Barclays's £7.3 billion Middle East capital raising in 2008 that helped the lender to avoid falling into government ownership. The Financial Conduct Authority concluded an investigation three years ago but is understood to have begun interviewing individuals after starting the process again.- The Times | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
| | | | | | | To unsubscribe from this news bulletin or edit your mailing list settings click here. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 0700 961. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49 | |
No comments:
Post a Comment