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| | London Market Report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London open: Stocks edge up, pound slips as May prepares to trigger Brexit London stocks edged higher in early trade while the pound slipped back as investors braced for Prime Minister Theresa May to officially kick off divorce proceedings with the European Union.
At 0830 BST, the FTSE 100 was up 0.3% to 7,366.73.
Meanwhile, the pound - which is likely to remain volatile throughout Wednesday's session - was under pressure, down 0.4% at $1.2405, having fallen below $1.24 in Asian trading. Sterling was off 0.2% versus the euro at 1.1494.
On Tuesday, May signed a letter formally notifying the European Council of Britain's intention to leave the bloc. Newly appointed EU ambassador Sir Tim Barrow will at around 1230 BST personally deliver the document that formally kicks off the two-year process to European Council President Donald Tusk, with the Prime Minister around the same time giving a speech to parliament.
Neil Wilson, senior market analyst at ETX Capital, said it was going to be hard to catch a bid on Wednesday unless May strikes an unexpectedly dovish stance.
"Details are everything now. We could be in for a rough ride today as currency traders react to the contents of the letter being delivered to Brussels and the language May uses in parliament," he said.
"And we're in for a long period of volatility for the pound and UK assets as the government embarks on protracted and hugely challenging Brexit negotiations. Sterling will be incredibly sensitive to negotiations and will offer a clear gauge of how things are panning out."
"Markets are only a gauge though - they're not always that great at pricing in the kind of political risk associated with Brexit. In the backdrop is Scotland and the threat of a break-up of the UK."
"The big question now is whether Brexit has been fully factored in. A truly hard Brexit has not been priced into sterling. We could see it move lower still if negotiations take a sour turn - $1.10 is feasible."
In corporate news, holiday tour operator TUI slipped back after it said winter 2016/17 and summer 2017 were trading in line with expectations and reiterated its guidance of at least 10% growth in group underlying EBITA in 2016/17.
Passenger transport operator Stagecoach advanced despite reporting a drop in third-quarter revenues.
BHP Billiton was on the front foot after its iron ore chief Edgar Basto warned that the supply of low-cost seaborne iron ore is expected to grow faster than demand, but assured that company is well-positioned to continue to grow value and shareholder returns.
Auto Trader fell as the digital automotive marketplace appointed Nathan Coe as chief operating officer and executive director with effect from 1 April.
Great Portland Estates was little changed after raising £175m by issuing new seven-year US private placement notes and agreeing new lettings for a property in West London.
Workspace Group pushed lower after saying it has bought an office building in Fitzrovia for £98.5m from design and engineering firm Arup Group.
3i was stronger after an upgrade to 'overweight' from 'equalweight' by Morgan Stanley, but Acacia Mining was under the cosh after JP Morgan Cazenove downgraded the stock to 'neutral' from 'overweight', citing Tanzanian obstacles and an ongoing re-rating.
On the data front, consumer credit and mortgage approvals are at 0930 BST. |
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| Market Movers
FTSE 100 (UKX) 7,366.73 0.32%
FTSE 250 (MCX) 18,948.33 -0.03%
techMARK (TASX) 3,473.33 0.08%
FTSE 100 - Risers
3i Group (III) 722.50p 3.14%
BHP Billiton (BLT) 1,252.00p 2.04%
Carnival (CCL) 4,618.00p 1.09%
Rio Tinto (RIO) 3,252.00p 0.99%
Convatec Group (CTEC) 271.30p 0.89%
Royal Bank of Scotland Group (RBS) 244.30p 0.87%
Antofagasta (ANTO) 805.00p 0.81%
Next (NXT) 4,323.00p 0.79%
Smiths Group (SMIN) 1,607.00p 0.75%
Johnson Matthey (JMAT) 3,030.00p 0.73%
FTSE 100 - Fallers
Randgold Resources Ltd. (RRS) 7,070.00p -1.39%
Rolls-Royce Holdings (RR.) 747.00p -0.86%
Experian (EXPN) 1,612.00p -0.74%
Hikma Pharmaceuticals (HIK) 1,988.00p -0.60%
easyJet (EZJ) 993.50p -0.50%
Tesco (TSCO) 190.25p -0.50%
Sage Group (SGE) 632.50p -0.47%
Barratt Developments (BDEV) 544.00p -0.37%
TUI AG Reg Shs (DI) (TUI) 1,131.00p -0.35%
Bunzl (BNZL) 2,323.00p -0.34%
FTSE 250 - Risers
Nostrum Oil & Gas (NOG) 446.60p 3.40%
Synthomer (SYNT) 477.20p 3.16%
Henderson Group (HGG) 230.90p 1.67%
Vedanta Resources (VED) 796.50p 1.66%
British Empire Trust (BTEM) 672.50p 1.43%
Virgin Money Holdings (UK) (VM.) 321.50p 1.39%
CYBG (CYBG) 277.70p 1.39%
Smith (DS) (SMDS) 440.00p 1.38%
Ferrexpo (FXPO) 163.10p 1.30%
JPMorgan American Inv Trust (JAM) 379.20p 1.26%
FTSE 250 - Fallers
JRP Group (JRP) 133.60p -3.82%
Acacia Mining (ACA) 440.10p -3.55%
Hochschild Mining (HOC) 263.60p -2.69%
CLS Holdings (CLI) 1,702.21p -2.45%
Polypipe Group (PLP) 344.00p -2.44%
Card Factory (CARD) 262.10p -2.38%
AO World (AO.) 138.30p -2.19%
Allied Minds (ALM) 302.50p -1.72%
Centamin (DI) (CEY) 172.70p -1.71% |
| | UK Event Calendar | | Wednesday 29 March
INTERIMS
Allergy Therapeutics, Game Digital, James Halstead, Transense Technologies
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Crude Oil Inventories (US) (14:30)
MBA Mortgage Applications (US) (11:00)
Pending Homes Sales (US) (14:00)
FINALS
Alliance Pharma, Atlas Mara Limited (DI), Avengardco Investments Public Ltd GDR, BBGI SICAV S.A. (DI), Biome Technologies, Cambridge Cognition Holdings, Centaur Media, Faron Pharmaceuticals Oy (DI), India Capital Growth Fund Ltd., Jackpotjoy, Johnston Press, PJSC Centre For Cargo Container Traffic Transcontainer GDR (Reg S), Saga , Sanne Group
ANNUAL REPORT
Polymetal International
SPECIAL DIVIDEND PAYMENT DATE
Beazley
EGMS
Fair Oaks Income Fund Limited
AGMS
Adept4, Amino Technologies, Angus Energy , MCB Bank Ltd GDR (Reg S), St. Modwen Properties
TRADING ANNOUNCEMENTS
Stagecoach Group, TUI AG Reg Shs (DI)
UK ECONOMIC ANNOUNCEMENTS
Consumer Credit (08:30)
M4 Money Supply (09:30)
Mortgage Approvals (08:30)
FINAL DIVIDEND PAYMENT DATE
Blackrock Throgmorton Trust, CC Japan Income & Growth Trust
|
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| | Europe Market Report | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Europe open: Stocks track strong gains on Wall Street European stocks began the day on the frontfoot, tracking big gains on Wall Street overnight as analysts appeared to shrug off the effects of the political infighting on Capitol Hill.
As of 0900 GMT the benchmark Stoxx 600 was edging higher by 0.17% to 377.96, alongside gains for the Dax of 0.64% to 12,227.46 and an advance of 0.13% for the FTSE Mibtel to 20,358.25.
In parallel, euro/dollar was off 0.23% at 1.0787 and front month Brent crude futures were higher by 0.85% to $51.77 a barrel on the ICE.
"Impressive macroeconomic data and a crude oil recovery saw US equity markets rally across the board as Trump policy uncertainty was made an afterthought for investors," said Mike Van Dulken, Head of Research at Accendo Markets.
For his part, Jim Reid at Deutsche Bank commented: "Many here at DB think that Trump trades had already been priced out to a large degree and therefore the disappointment over Friday's news may be limited. Firm global growth being the most important factor in where markets are trading.
"Trump reforms are still very important though especially if global growth slows. Without a big reform package the US is unlikely to be able to pick up the slack if any slowdown occurs. So we certainly don't want to downplay the political events but their ramifications may not be immediate."
The economic calendar was again quite sparse on Wednesday, although several analysts noted that European Central Bank chief economist Peter Praet was due to make a speech at 1650 GMT.
Away from the economic front, Dutch daily FD reported that US activist hedge fund Elliott Advisors had garnered the support of 25% of Akzo Nobel's shareholders in its push for the chemicals giant to engage in takeover talks with US rival PPG Industries. |
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| | US Market Report | | US close: Markets finish higher as traders look to tax reform US equity markets finished in the green on Tuesday as investors dealt with the uncertain legislative future under the Trump administration and eyed more speeches by Fed officials.
The Dow Jones Industrial Average finished up 0.73% to 20,701.50, the S&P 500 ended 0.73% higher at 2,358.57, and the Nasdaq 100 was 0.61% firmer at 5,407.21.
"While yesterday's late rebound in US markets was predicated that US lawmakers would be more determined to deliver something tangible on tax reform in order to offset the healthcare failures, anything quick and tangible is likely to remain a remote prospect," Michael Hewson, chief market analyst at CMC Markets said.
On the data front, the US international trade deficit fell sharply to $64.8bn in February from $68.8bn the month earlier and better than the $66.4bn consensus forecast.
Exports fell just $0.1bn from January, while the value of imported goods decreased $4.2bn.
The S&P/Case-Shiller 20-city house price index rose 5.9% in January from 5.7% the month before and is 31-month high.
In corporate news, CryoPort tanked 42.74% after it announced a share offering as steep discount price.
Darden Restaurants surged 9.31% after the Olive Garden parent's earnings late on Monday surpassed analysts' expectations.
American Airlines added 2.06% after the carrier said it will make a $200m equity investment in China Southern Airlines.
Amazon rose 1.08% after striking a deal to buy Dubai-based Souq.com, the Middle East's largest online retail and marketplace site, for an undisclosed sum.
McCormick & Co was down 2.89% despite beating first quarter revenue and earnings expectations.
Dow Jones - Risers
Apple Inc. (AAPL) $143.80 2.07%
Goldman Sachs Group Inc. (GS) $229.33 1.71%
Caterpillar Inc. (CAT) $92.95 1.57%
E.I. du Pont de Nemours and Co. (DD) $81.84 1.56%
JP Morgan Chase & Co. (JPM) $88.60 1.56%
American Express Co. (AXP) $78.64 1.34%
Nike Inc. (NKE) $56.62 1.23%
Wal-Mart Stores Inc. (WMT) $70.32 0.95%
Chevron Corp. (CVX) $107.17 0.84%
United Technologies Corp. (UTX) $112.74 0.81%
Dow Jones - Fallers
Johnson & Johnson (JNJ) $125.66 -0.11%
Pfizer Inc. (PFE) $34.16 -0.06%
McDonald's Corp. (MCD) $129.45 -0.03%
Cisco Systems Inc. (CSCO) $34.02 0.09%
Visa Inc. (V) $89.12 0.19%
Home Depot Inc. (HD) $147.20 0.22%
Merck & Co. Inc. (MRK) $63.34 0.24%
Coca-Cola Co. (KO) $42.43 0.26%
Microsoft Corp. (MSFT) $65.29 0.29%
3M Co. (MMM) $190.99 0.29%
S&P 500 - Risers
Darden Restaurants Inc. (DRI) $82.62 9.31%
Red Hat Inc. (RHT) $86.48 5.21%
Chesapeake Energy Corp. (CHK) $5.39 4.46%
GameStop Corp. (GME) $21.72 4.17%
Noble Energy Inc. (NBL) $34.15 3.96%
Murphy Oil Corp. (MUR) $27.26 3.85%
Newfield Exploration Co (NFX) $35.74 3.74%
Hess Corp. (HES) $47.44 3.63%
Navient Corporation (NAVI) $14.50 3.57%
United Continental Holdings Inc. (UAL) $70.71 3.47%
S&P 500 - Fallers
McCormick & Co. (MKC) $98.42 -2.89%
Newmont Mining Corp. (NEM) $32.98 -2.68%
Frontier Communications Co. (FTR) $1.98 -1.98%
Edwards Lifesciences Corp. (EW) $94.39 -1.54%
Ameren Corp. (AEE) $55.30 -1.32%
Vertex Pharmaceuticals Inc. (VRTX) $89.67 -1.24%
Tenet Healthcare Corp. (THC) $18.35 -1.02%
Illumina Inc. (ILMN) $170.81 -0.86%
Constellation Brands Inc. Class A (STZ) $162.44 -0.76%
International Flavors & Fragrances Inc. (IFF) $131.57 -0.76%
Nasdaq 100 - Risers
Tesla Inc (TSLA) $277.45 2.68%
Western Digital Corp. (WDC) $80.56 2.53%
CSX Corp. (CSX) $47.34 2.45%
Apple Inc. (AAPL) $143.80 2.07%
American Airlines Group (AAL) $42.60 2.06%
J.B. Hunt Transport Services Inc. (JBHT) $92.34 1.98%
Liberty Global Plc Lilac Class A (LILA) $22.02 1.90%
Twenty-First Century Fox Inc Class B (FOX) $31.82 1.82%
Twenty-First Century Fox Inc Class A (FOXA) $32.44 1.69%
Fastenal Co. (FAST) $50.88 1.68%
Nasdaq 100 - Fallers
Vertex Pharmaceuticals Inc. (VRTX) $89.67 -1.24%
Liberty Global plc Series A (LBTYA) $35.13 -1.04%
Vodafone Group Plc ADS (VOD) $26.64 -1.00%
Illumina Inc. (ILMN) $170.81 -0.86%
Liberty Global plc Series C (LBTYK) $34.63 -0.72%
Tractor Supply Company (TSCO) $67.97 -0.66%
Gilead Sciences Inc. (GILD) $67.10 -0.59%
Nvidia Corp. (NVDA) $107.69 -0.52%
Paychex Inc. (PAYX) $60.58 -0.51% |
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| | Newspaper Round Up | | Wednesday newspaper round-up: Brexit, FTSE diversity, Sports Direct Fruit and vegetables, flowers and olive oil will all become more expensive once the UK leaves the EU, no matter what trade deal is struck, City analysts have calculated. The price of food imported from the EU is likely to rise by up to 8% by the end of any transitional period as Britain is forced to impose extra border controls, making it more difficult to bring in foods that we cannot produce ourselves. - Guardian
The government has written to the chief executives of the biggest UK-listed companies urging them to improve diversity and echoing a call to publish a breakdown of their workforce by race and pay band. The business minister Margot James said all FTSE-350 companies should take up key recommendations from a recent government-backed review into race in the workplace by the businesswoman Ruby McGregor-Smith. - Guardian
One of Sir Philip Green's key lieutenants is leaving her job running Topshop for the same job at The White Company.Mary Homer, who has been managing director of the fashion retailer for 11 years and has worked for the billionaire since 1987, is to replace outgoing White Company boss Will Kernan, who left in February to run online sports specialist Wiggle. Sir Philip will now begin a search for a replacement for Ms Homer, who resigned a week ago but has yet to fix her departure date. - Telegraph
The Government has ruled out privatisation of Channel 4 after a lengthy review of the station's future. In a speech in Salford, the Culture Secretary Karen Bradley is expected to announce tomorrow that the broadcaster will remain under state ownership. However, she will also say that Channel 4's commitment to the nations and regions will face a further review. - Telegraph
A leading union official has accused the employment agency Transline of refusing to honour a deal to pay back thousands of pounds owed to workers at Sports Direct's Shirebrook complex in Derbyshire. Steve Turner, assistant general secretary at Unite, told MPs yesterday that Transline was still refusing to refund some unpaid wages because they arose before it took over from rival agency Blue Arrow two years ago. - The Times
The AA and RAC are to compensate thousands of customers who paid twice for the same roadside breakdown cover. The AA, which has 3.3 million members, said yesterday that it was contacting 17,000 customers who may have also bought duplicate cover when they signed up to packaged current accounts sold by Lloyds Bank and TSB. - The Times | | | | To advertise in the Euro Markets Bulletin please contact [email protected] |
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