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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 close: Risk aversion grips FTSE, stocks lower on Trump and Barcelona attacks London's FTSE 100 index fell below a key technical level as Friday's session wore on, with travel stocks leading the retreat after the terror attacks in Barcelona and the large cabal of overseas focused companies hit by the dollar's weakness amid renewed concerns about the US Presidency.
By the close on Friday, the blue chip benchmark was down just over 60 points or 0.86% to 7,327.98. Over in Europe, it was pretty much the same picture with the DAX down 0.29% to 12,165.19, the CAC 40 lower 0.64% to 5,114.15 and the IBEX 35 in the red by 0.52% to 10,389.40.
The pound was down 0.05% on the dollar at 1.2836 and traded 0.35% lower against the euro at 1.0938.
Fanning the selling, according to traders, were the increased political uncertainty in the US due to the deterioration of relations between President Donald Trump and the business community as reports emerged that a third White House panel of business leaders was to be scrapped.
Analysts at Accendo Markets noted that the Footsie had fallen below its 200-day moving average but was closing in on a return to four-month support at 7,300.
"European equities are sharply negative as another major risk-off move grips global markets. Concerns that the White House has burnt bridges with the business sector, hurting the US dollar, has adversely affected UK and German stocks, the majority of which are reliant on foreign earnings," said Accendo's Henry Croft.
With only a handful of FTSE 100 stocks higher, the index was being pulled lower by its heavy weighting of risk-orientated sectors including oil companies, miners and banks, plus a mix of heavily-weighted foreign-focused defensives.
Commenting on the increasingly divisive political backdrop on Capitol Hill, Michael Hewson, chief market analyst at CMC Markets, said: "With support peeling away from all sides' investors appear to be coming to the conclusion that the US President is likely to find it even more difficult to achieve anything close to what was expected than was the case at the beginning of this year.
"This of course then begs the question as to whether he'll be able to achieve anything at all, at a time when the political cost of continuing to support him rises with each passing day and each tweet storm."
No significant data releases were published in the UK on Friday.
In the States, the University of Michigan's preliminary reading on consumer confidence for the month of August came in at 97.6, beating analysts' expectations of 94.
Company news was extremely thin on the ground.
Initially leading the fallers were British Airways and Iberia owner IAG and EasyJet as both shed 3% in early trading before paring losses. "As we've seen over the last couple of years in Europe, these kinds of atrocities affect tourism and will hit airline earnings. Investors are concerned that demand will fall over the rest of the year, which was already looking like it would be a tough patch for the industry," said analyst Neil Wilson at ETX Capital.
Tour operators Thomas Cook, Dart Group, and to a lesser extent Thomson Holidays parent TUI, were also hit by the expectations of a dip in demand, as was Merlin Entertainments, owner of Madame Tussauds and various other tourist attractions around Europe.
The stock leaderboard was topped by precious metals miner Randgold Resources. The risk-off trading sentiment and the softening US yield environment is conducive for gold, analysts noted, with the Federal Reserve's indecision having removed a major barrier to the positive gold trend.
Gold was up 0.19% to trade at $1,290/oz. by the close of London, with analyst Craig Erlam noting there seemed to be a number of factors driving the bullish case for the yellow metal: a weak dollar, US political risk, geopolitical risk. The precious metal was seen earlier in the day a touch over $1,300/Oz, a big resistance area, with the $10 drop being seen as technical orders executing. A further weakening dollar coupled with more geopolitical tension, or even just political dissaray in the US, could see the $1,300 mark break, attracting more bids from investors.
Drugmakers AstraZeneca and Merck have been given approval by the US drug administrator to sell Astra's Lynparza ovarian cancer drug in a new tablet form and to a wider range of cancer sufferers, as the pair begin a new partnership on the front foot. The US Food and Drug Administration granted approval for the drug, which is a PARP inhibitor, meaning it stops the actions of the poly ADP-ribose polymerase protein that helps damaged cells to repair themselves.
Reckitt Benckiser said it had completed the $4.2bn sale of its food business, including the French's, Frank's RedHot and Cattlemen's brands, to McCormick & Company. RB said it would use the net proceeds to cut debt.
Mondi and RSA Insurance were two of the few risers after their shares received broker upgrades. Paper maker Mondi was lifted to 'buy' from 'neutral' at Citi, where analysts hiked their target to 2,580p from 2,120p. RSA was moved to 'outperform' from 'sector perform' by RBC Capital Markets, which hoisted the target to 750p from 625p. |
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| Market Movers
FTSE 100 (UKX) 7,323.98 -0.86%
FTSE 250 (MCX) 19,626.46 -0.74%
techMARK (TASX) 3,368.43 -1.19%
FTSE 100 - Risers
Randgold Resources Ltd. (RRS) 7,495.00p 1.22%
Rentokil Initial (RTO) 295.50p 1.20%
RSA Insurance Group (RSA) 652.00p 0.38%
Mondi (MNDI) 2,068.00p 0.34%
Worldpay Group (WPG) 423.60p 0.14%
Anglo American (AAL) 1,280.00p 0.08%
SSE (SSE) 1,437.00p 0.07%
Standard Life Aberdeen (SLA) 431.60p 0.05%
Rio Tinto (RIO) 3,429.50p 0.00%
Antofagasta (ANTO) 943.50p -0.11%
FTSE 100 - Fallers
Paddy Power Betfair (PPB) 7,180.00p -3.95%
Babcock International Group (BAB) 815.00p -2.98%
Shire Plc (SHP) 3,764.50p -2.75%
Fresnillo (FRES) 1,533.00p -2.11%
Land Securities Group (LAND) 1,003.00p -2.05%
Informa (INF) 697.00p -2.04%
Royal Mail (RMG) 392.60p -2.02%
DCC (DCC) 6,825.00p -2.01%
WPP (WPP) 1,564.00p -2.01%
British Land Company (BLND) 612.50p -2.00%
FTSE 250 - Risers
Acacia Mining (ACA) 194.30p 6.58%
Rank Group (RNK) 233.40p 3.73%
Clarkson (CKN) 2,784.00p 3.59%
Ferrexpo (FXPO) 274.90p 1.66%
Kaz Minerals (KAZ) 716.00p 1.42%
BGEO Group (BGEO) 3,453.00p 1.32%
Metro Bank (MTRO) 3,476.00p 1.25%
CLS Holdings (CLI) 216.10p 1.08%
Aldermore Group (ALD) 228.20p 1.02%
Ted Baker (TED) 2,466.00p 0.98%
FTSE 250 - Fallers
Nostrum Oil & Gas (NOG) 394.00p -5.97%
Hikma Pharmaceuticals (HIK) 1,119.00p -5.97%
JD Sports Fashion (JD.) 343.10p -5.25%
Millennium & Copthorne Hotels (MLC) 451.00p -3.48%
Sirius Minerals (SXX) 27.70p -3.32%
IP Group (IPO) 134.10p -3.10%
Ocado Group (OCDO) 283.50p -2.94%
FDM Group (Holdings) (FDM) 921.00p -2.59%
QinetiQ Group (QQ.) 234.10p -2.54%
Cineworld Group (CINE) 693.50p -2.53% |
| | Market Analysis 16/08/2017 Today's highlights: Mixed trend seen in global markets - Wall Street closes nearly flat: Both the S&P 500 and Dow Jones closed rather close to their opening prices, each moving less than 0.05%. The Nasdaq closed slightly lower, losing 0.11%
- More trouble for Trump: After a press conference described as 'erratic' regarding the events in Charlottesville, two more CEOs resigned from the US President's Manufacturing Council.
Read More... |
| | US Market Report | | US open: Stocks flat heading into the weekend, political ruckus weighs Wall Street is essentially flat heading into the weekend after the head of the University of Michigan's consumer confidence survey said recent events in Charlottesville were likely to take their toll on sentiment.
Earlier in the day, the White House had announced that National Economic Council director Gary Cohn would not be stepping down, quashing rumours from the previous session which had weighed on capital markets and giving markets a bid.
The announcement followed resignation over the previous sessions of multiple top executives from the various councils and forums set-up by President Trump to tackle some of the key policy issues facing the country.
As of 1600 BST, the Dow Jones Industrials was slipping 0.25% or 63.58 points to 21,692.08, alongside a retreat of 0.16% or 3.73 points for the S & P 500 to 2,426.16 even as the Nasdaq Composite fought to keep its head above water at 6,221.29.
The University of Michigan's consumer confidence index for August improved from a reading of 93.4 for July to 97.6 in August.
However, commenting on the rise survey director Richard Curtin said: "Too few interviews were conducted following Charlottesville to assess how much it will weaken consumers' economic assessments. The fallout is likely to reverse the improvement in economic expectations recorded across all political affiliations in early August.
"Moreover, the Charlottesville aftermath is more likely to weaken the economic expectations of Republicans, since prospects for Trump's economic policy agenda have diminished."
Commenting on the situation in markets, Craig Erlam, senior market analyst at Oanda, said: "We're seeing risk aversion in the markets again on Friday, with the possibility of a self-inflicted crisis within Donald Trump's White House and another terror attack, this time in Barcelona, weighing on risk appetite."
To take note of, on Thursday evening Dallas Fed boss Robert Kaplan told an audience in Texas he would like to see more progress on inflation "before I consider another rate increase".
"I'm being patient in terms of another rate increase," he reportedly said.
In other notewrothy remarks from prominent Fed officials, speaking on the same day Mineapolis Fed chief Neel Kashkari said than when deciding when to start unwinding its bond portfolio, the US central bank would take into consideration the state of negotiations on raising the federal government's debt ceiling.
Still on the economic calendar for Friday, Kaplan was set to deliver another speech, followed by a question and answer session, at 1900 BST.
Stock in Deere&Co. lost ground after the manufacturer of construction and farming equipment posted third quarter earnings per share of $1.55, falling woefully short of the $1.93 that analysts had penciled in. At $7.81bn, top line growth also fell short of the Street's expectations.
Sportswear-maker Footlocker shares were sharply lower after delivering weaker-than-expected quarterly EPS of 62 cents (consensus: 90 cents).
Calpine rocketed after the Journal reported that Energy Capital Partners was closing in on a $17bn deal to acquire the power company.
Dow Jones - Risers
Caterpillar Inc. (CAT) $113.71 0.50%
Wal-Mart Stores Inc. (WMT) $79.91 0.36%
Boeing Co. (BA) $236.37 0.33%
Procter & Gamble Co. (PG) $92.36 0.31%
Goldman Sachs Group Inc. (GS) $221.94 0.24%
JP Morgan Chase & Co. (JPM) $90.79 0.19%
Johnson & Johnson (JNJ) $133.25 0.16%
Apple Inc. (AAPL) $158.02 0.10%
Exxon Mobil Corp. (XOM) $76.26 0.01%
Visa Inc. (V) $102.12 -0.04%
Dow Jones - Fallers
Nike Inc. (NKE) $54.88 -4.49%
Home Depot Inc. (HD) $147.47 -1.47%
Cisco Systems Inc. (CSCO) $30.64 -1.29%
Unitedhealth Group Inc. (UNH) $190.87 -0.95%
Merck & Co. Inc. (MRK) $61.38 -0.74%
American Express Co. (AXP) $85.46 -0.73%
International Business Machines Corp. (IBM) $139.84 -0.61%
Pfizer Inc. (PFE) $32.76 -0.59%
Verizon Communications Inc. (VZ) $47.62 -0.57%
3M Co. (MMM) $204.43 -0.45%
S&P 500 - Risers
Ross Stores Inc. (ROST) $58.38 9.47%
Tenet Healthcare Corp. (THC) $13.83 9.33%
Estee Lauder Co. Inc. (EL) $105.34 7.14%
Cimarex Energy Co (XEC) $98.49 2.27%
Applied Materials Inc. (AMAT) $44.06 2.18%
Netflix Inc. (NFLX) $169.60 2.11%
Micron Technology Inc. (MU) $30.19 1.91%
Endo International Plc (ENDP) $8.80 1.91%
Newmont Mining Corp. (NEM) $36.70 1.82%
Mylan Inc. (MYL) $31.05 1.60%
S&P 500 - Fallers
Deere & Co. (DE) $115.25 -7.04%
Nike Inc. (NKE) $54.88 -4.49%
Frontier Communications Co. (FTR) $13.22 -4.27%
Under Armour Inc. Class A (UAA) $17.07 -4.15%
CenturyLink Inc. (CTL) $18.68 -3.61%
L Brands Inc (LB) $36.39 -3.09%
Macerich Co (MAC) $53.06 -2.61%
Mosaic Company (MOS) $19.59 -2.54%
AutoZone Inc. (AZO) $502.52 -2.53%
Simon Property Group Inc. (SPG) $153.63 -2.27%
Nasdaq 100 - Risers
Ross Stores Inc. (ROST) $58.38 9.47%
Ctrip.Com International Ltd. Ads (CTRP) $50.61 2.89%
Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $246.72 2.19%
Applied Materials Inc. (AMAT) $44.06 2.18%
Netflix Inc. (NFLX) $169.60 2.11%
Micron Technology Inc. (MU) $30.19 1.91%
Mylan Inc. (MYL) $31.05 1.60%
Lam Research Corp. (LRCX) $160.40 1.22%
Activision Blizzard Inc. (ATVI) $62.08 1.16%
Discovery Communications Inc. Class A (DISCA) $22.50 1.15%
Nasdaq 100 - Fallers
Shire Plc Ads (SHPG) $144.67 -2.22%
Fastenal Co. (FAST) $41.01 -1.44%
Cisco Systems Inc. (CSCO) $30.64 -1.29%
Hologic Inc. (HOLX) $37.51 -1.16%
Viacom Inc. Class B (VIAB) $28.90 -1.06%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $55.58 -1.06%
Mattel Inc. (MAT) $16.99 -1.05%
Tractor Supply Company (TSCO) $54.35 -1.04%
O'Reilly Automotive Inc. (ORLY) $198.69 -0.97%
Alexion Pharmaceuticals Inc. (ALXN) $133.34 -0.96% |
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| | Broker Tips | | Europe close: Stocks edge slightly higher at the end of the session Stocks pared early losses as traders digested a terrorist attack on Barcelona overnight and monitored the news-flow coming from the White House.
By the close, the pan-European benchmark Stoxx 600 was down by 0.71% or 2.67 points to 374.20, for a nearly 6% slide since its peak in mid-May, alongside a 0.31% or 38.27 point drop for the German Dax to 12,165.19 and a 0.64% or 32.70 point fall in the Cac-40 to 5,114.15.
Tellingly perhaps, an initial slight bid in traditional safe haven assets faded towards the close such as gold and the yen faded towards the close as reports began to emerge that the Trump administration might be on the verge of letting its chief strategist, Steve Bannon, go.
Despite Thursday night's tragic events in Barcelona, selling in Travel & Tourism stocks was restrained, with the corresponding Stoxx 600 gauge off by 1.49% to 246.37 - albeit near its lows for the session.
Commenting on the market backdrop, Henry Croft at Accendo Markets said: "A tragic terror attack striking at the heart of Barcelona, killing 13, has shaken European futures overnight, while a tweet yesterday indicating that Gary Cohn, Director of the National Economic Council and a critical influence on policy decisions in the White House, had resigned from his post shocked US markets shortly after the open.
"Despite the tweet being deleted and officially denied by the White House, the damage had already been done, and comments suggesting that there was "no smoke without fire" soon emerged."
On the economic front, producer prices in Germany rose by 0.2% on the month in July and by 2.3% on the year, according to the Federal Office of Statistics. In June, producer prices increased at a 2.4% year-on-year pace
Economists had forecast a flat reading on the month and a 2.2% rise year-on-year.
Construction output in the euro area fell by 0.5% month-on-month, according to the Eurostat, although in year-on-year terms it picked-up from a 2.7% clip in May to 3.4%.
In seasonally adjusted terms, the euro area's current account surplus shrank in June from €30.5bn to €21.2bn, according to the European Central Bank.
Stateside, the University of Michigan's preliminary reading on consumer confidence in August was set to be published on 1500 BST.
Meanwhile, on the corporate front, Air Berlin announced the indefinite postponement of its first half results, DPA reported.
Stock in Deutsche Bank was down after the German lender and Bank of America reached a $65.5m settlement on accusations that they rigged the approximately $9trn US government agency bond market.
Roughly 800 shareholders have sued Banca Monte dei Paschi di Siena for in excess of €800m, alleging they were misled into investing by erroneous balance sheets and prospectuses. |
| | 
Top of the stocks Number of Deals Bought Number of Deals Sold |
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