Morning Euro Markets Bulletin

ADVFN  Morning Euro Markets Bulletin Daily world financial news Monday, 13 November 2017 10:50:46 Monitor Quote Charts News CFD's Compare Brokers Free BB   Trading contest: 1st place Wins brand new iPhone X Enter our exclusive competition (Limited to 25 participants). Every applicant has an equal chance to win the new iPhone X (64GB) in time for Christmas! There is also price for 2nd place - £100 M&S voucher and 3rd place - £50 M&S voucher. Competition measured using % gain – not monetary gain! Click here to enter competition London Market Report FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts London open: Stocks rise as pound hit by political uncertainty London stocks rose in early trade on Monday as the pound took a hit from political uncertainty. At 0830 GMT, the FTSE 100 was up 0.4% to 7,464.21, while the pound was down 0.7% against the dollar at 1.3098 and 0.5% lower versus the euro at 1.1251. Spreadex analyst Connor Campbell pointed out that Prime Minister Theresa May has a lot to worry about at the moment. "She could be facing defeat on part of her Brexit Bill later in the week, with Tory Remainers likely to team up with Labour to try and secure Parliament a meaningful vote on any deal with the EU, something the PM is keen to avoid. There's also threats from Michel Barnier - who stated at the weekend the EU was preparing for a 'no deal' scenario - that if Britain doesn't spell out how far it intends to 'honour its obligations' within the next two weeks then any trade talks will have to be 'put back'. "Finally, there's the leaked 'Orwellian' letter from Michael Gove and Boris Johnson - back to scheming after last year's Tory leadership falling out - to May, with the prominent Leaver MPs outlining a series of secret Brexit demands." Combining all of this with the recent departures of Michael Fallon and Priti Patel, May is arguably in her weakest position since just after the election and this uncertainty has been reflected in the performance of the pound. In corporate news, Rentokil Initial nudged higher after saying it has acquired North America's largest provider of mosquito control services, Vector Disease Acquisition, for an undisclosed consideration. The company also lifted its mergers and acquisitions pipeline guidance for the second half to $100m, saying prospects for further purchases remained "very strong". Vodafone gained as it announced that its India operation and Idea Cellular have separately agreed to sell their respective standalone tower businesses in India to ATC Telecom Infrastructure for an aggregate enterprise value of INR 78.5bn. Senior advanced as it appointed former BAE Systems boss Ian King as its chairman-designate, won a long-term component supply contract with Boeing on a range of its next generation of aeroplanes and said its expected full year results to be slightly better than forecast. John Laing was trading higher after reporting underlying growth in its portfolio value for the nine months to 30 September of 5.5% to £1.23bn, on a rebased value of £1.16bn. Temporary power provider Aggreko rallied as it announced the appointment of Heath Drewett as its chief financial officer, replacing Carole Cran. Aggreko also benefited from an upgrade to 'buy' at Jefferies. Softcat, which provides IT infrastructure products and services, ticked up after it announced the appointment of Graeme Watt as chief executive with effect from 1 April 2018, replacing Martin Hellawell. On the downside, housebuilder Taylor Wimpey edged lower as it reported a slowing in its sales rate in the second half of the year but said it still expected full year results to hit their targets. Ladbrokes Coral fell despite posting a 3% rise in net revenue, while funeral services provider Dignity was weaker as it posted a small increase in revenue and profit in the third quarter, as the number of deaths was broadly flat. Ultra Electronics tanked after it warned on revenue and pointed to a tough second half as it announced that Rakesh Sharma has stepped down as chief executive with immediate effect. The stock was also hit by a downgrade to 'neutral' from JPMorgan. Coca-Cola HBC was under the cosh after a downgrade to 'neutral' at JPMorgan. 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Market Movers FTSE 100 (UKX) 7,464.21 0.42% FTSE 250 (MCX) 19,981.87 -0.19% techMARK (TASX) 3,434.17 -0.27% FTSE 100 - Risers AstraZeneca (AZN) 4,943.50p 1.51% BHP Billiton (BLT) 1,445.00p 1.47% Unilever (ULVR) 4,279.50p 1.31% Fresnillo (FRES) 1,315.00p 1.31% Rio Tinto (RIO) 3,741.50p 1.26% Anglo American (AAL) 1,502.00p 1.14% Relx plc (REL) 1,738.00p 1.05% Royal Dutch Shell 'A' (RDSA) 2,440.50p 0.93% Royal Dutch Shell 'B' (RDSB) 2,479.00p 0.87% ITV (ITV) 158.10p 0.83% FTSE 100 - Fallers Coca-Cola HBC AG (CDI) (CCH) 2,513.00p -2.79% Rolls-Royce Holdings (RR.) 908.50p -2.10% BAE Systems (BA.) 546.50p -1.71% Babcock International Group (BAB) 800.00p -1.54% NMC Health (NMC) 2,876.00p -1.44% Kingfisher (KGF) 306.90p -0.94% International Consolidated Airlines Group SA (CDI) (IAG) 592.00p -0.84% Marks & Spencer Group (MKS) 316.60p -0.81% Berkeley Group Holdings (The) (BKG) 3,589.00p -0.66% Lloyds Banking Group (LLOY) 66.05p -0.65% FTSE 250 - Risers Aggreko (AGK) 982.00p 3.31% Morgan Advanced Materials (MGAM) 328.80p 2.43% Vesuvius (VSVS) 575.00p 2.22% Worldwide Healthcare Trust (WWH) 2,555.00p 2.20% Nostrum Oil & Gas (NOG) 379.00p 2.16% Marshalls (MSLH) 468.60p 1.98% Coats Group (COA) 86.45p 1.71% Aveva Group (AVV) 2,612.00p 1.63% Fidelity China Special Situations (FCSS) 241.80p 1.38% JPMorgan Indian Investment Trust (JII) 755.00p 1.34% FTSE 250 - Fallers Ultra Electronics Holdings (ULE) 1,205.00p -21.09% QinetiQ Group (QQ.) 221.80p -3.06% Provident Financial (PFG) 842.50p -2.66% Virgin Money Holdings (UK) (VM.) 289.60p -2.33% 888 Holdings (888) 243.80p -2.05% Inmarsat (ISAT) 515.00p -1.90% Meggitt (MGGT) 482.40p -1.87% Hansteen Holdings (HSTN) 132.30p -1.78% Brown (N.) Group (BWNG) 282.50p -1.36% UK Event Calendar Monday November 13 INTERIMS AdEPT Telecom, Datatec Ltd. (DI), Mckay Securities, Zoo Digital Group INTERIM DIVIDEND PAYMENT DATE Tandem Group GMS Kin Group FINALS Carr's Group, Lonmin AGMS Avation TRADING ANNOUNCEMENTS Dignity, Ladbrokes Coral Group, Lonmin, Taylor Wimpey, Ultra Electronics Holdings Prime Centrum Specialists in UK Residential Property Investment with High Income 68% Return on Investment with UK Buy-to-Let Property  Invest From £119,950 7% NET income Assured for 3 Years 15% Discount Below Market Comparables Request More Information US Market Report US close: Markets in the red as Senate Republicans reveal their tax plans US markets finished lower on Thursday as investors dealt with more earnings news and details on the Senate’s tax bill. The Dow Jones Industrial Average was off 0.43% at 23,461.94, the S&P 500 was down 0.38% at 2,584.62, and the Nasdaq 100 was 0.53% softer at 6,312.21. Senate Republicans took the wraps off their tax plan on Thursday, which has some slight differences to the one currently making its way through the House of Representatives. Under the plan, corporate tax would be slashed to 20% from the current 35%, although it's understood that would be delayed until 2019, rather than coming into effect next year as it would under the House bill. It would keep the number of individual tax brackets at seven - House Republicans want four - while cutting the 15% tax bracket to 12%, and shaving the top rate slightly to 38.5%. In keeping with the House plan, Senate republicans want to almost-double the standard deduction to $12,000 and $24,000 for individuals and married couples respectively, while removing federal deductions for state and local taxes. It would, however, not make any changes to mortgage interest deductions, which currently allow deductions on interest for mortgage debt of up to $1m. The House bill has that figure capped at $500,000 comparatively. On the economic front, the number of Americans filing for unemployment benefits rose more than expected last week, according to data from the Labor Department. US initial jobless claims were up 10,000 from the previous week's unrevised level to 239,000. Economists had been expecting a smaller increase to 231,000. Meanwhile, the four week moving average fell by 1,250 from the previous week's unrevised average to 231,250, marking the lowest level for this average since March 1973, when it was 227,750. "After a run of lower-than-expected claims, this week's number is back at the pre-hurricane trend," Pantheon Macroeconomics said. "But the weekly data are wildly erratic, and the four-week moving average is just 231.25K. "That's consistent with the strength of leading indicators of hiring and, taken together, all the labour data we follow point to sustained 200K-plus payroll readings over the next few months." Back on Wall Street, it was the worst close for a number of sessions, with analysts pointing out that the declines followed similar moves in Europe and Asia as investors struggled for direction in a relatively slow news week. "That's not to say these declines will be sustained - the evidence suggests the buy the dip mentality is alive and well in the markets - but any corrections, however small, will likely be welcomed by investors who crave some more volatility in the markets," noted Oanda's Craig Erlam earlier in the day. "Perhaps the reports of delayed implementation period for corporate tax cuts has taken some of the shine off the rally but I don't think it will make much difference, as long as it ultimately passes." In corporate news, Sage Therapeutics rocketed 54.25% after the company said its drug to treat postpartum depression met the main goal in two late-stage studies. Office Depot was in focus, rising 7.64% after saying third-quarter profit fell 17%, while Kohl's shares rose 0.93% after the release of its third-quarter earnings. Shares in housebuilder D. R. Horton were 1.3% firmer as it posted a 10% jump in quarterly profit amid higher home sales. Dow Jones - Risers Walt Disney Co. (DIS) $102.68 1.05% Travelers Company Inc. (TRV) $134.49 0.76% Nike Inc. (NKE) $56.13 0.66% Exxon Mobil Corp. (XOM) $83.99 0.60% Goldman Sachs Group Inc. (GS) $240.79 0.41% Unitedhealth Group Inc. (UNH) $211.56 0.36% Procter & Gamble Co. (PG) $87.78 0.23% Coca-Cola Co. (KO) $46.25 0.15% Wal-Mart Stores Inc. (WMT) $90.32 0.04% Chevron Corp. (CVX) $117.24 0.00% Dow Jones - Fallers Caterpillar Inc. (CAT) $135.34 -2.50% McDonald's Corp. (MCD) $167.00 -1.82% American Express Co. (AXP) $93.75 -1.70% United Technologies Corp. (UTX) $118.37 -1.59% Cisco Systems Inc. (CSCO) $34.05 -1.30% Boeing Co. (BA) $262.70 -1.29% Dowdupont Inc. (DWDP) $70.26 -1.28% General Electric Co. (GE) $19.99 -1.09% Verizon Communications Inc. (VZ) $45.08 -0.88% Intel Corp. (INTC) $46.30 -0.86% S&P 500 - Risers Mallinckrodt Plc Ordinary Shares (MNK) $22.23 11.11% Macy's Inc. (M) $19.50 11.05% Perrigo Company plc (PRGO) $87.99 8.36% Macerich Co (MAC) $62.42 6.07% H&R Block Inc. (HRB) $25.40 5.75% Southwestern Energy Co. (SWN) $6.49 5.70% Signet Jewelers Ltd (SIG) $70.85 5.29% Diamond Offshore Drilling Inc. (DO) $17.53 4.97% Mattel Inc. (MAT) $13.93 4.74% Nordstrom Inc. (JWN) $40.03 4.52% S&P 500 - Fallers Csra Inc. (CSRA) $29.03 -8.51% Alcoa Corporation (AA) $43.33 -7.75% DaVita Inc (DVA) $55.11 -6.53% Johnson Controls International plc (JCI) $38.51 -6.08% CenturyLink Inc. (CTL) $15.48 -4.56% Stericycle Inc. (SRCL) $64.06 -4.53% KLA-Tencor Corp. (KLAC) $102.40 -4.37% Newell Brands Inc (NWL) $30.10 -4.17% Xilinx Inc. (XLNX) $70.76 -3.88% CIGNA Corp. (CI) $197.49 -3.88% Nasdaq 100 - Risers Liberty Interactive Corporation QVC Group (QVCA) $23.27 8.03% Dish Network Corp. (DISH) $50.30 3.22% Vodafone Group Plc ADS (VOD) $29.67 2.99% Twenty-First Century Fox Inc Class B (FOX) $28.13 2.85% Priceline Group Inc (PCLN) $1,703.14 2.53% Mercadolibre Inc. (MELI) $266.41 2.43% Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $56.89 2.39% Mylan Inc. (MYL) $38.08 2.26% Twenty-First Century Fox Inc Class A (FOXA) $28.70 2.17% Tractor Supply Company (TSCO) $61.88 2.04% Nasdaq 100 - Fallers KLA-Tencor Corp. (KLAC) $102.40 -4.37% Xilinx Inc. (XLNX) $70.76 -3.88% eBay Inc. (EBAY) $35.69 -3.57% Cintas Corp. (CTAS) $145.43 -2.79% Maxim Integrated Products Inc. (MXIM) $53.81 -2.75% Applied Materials Inc. (AMAT) $55.48 -2.53% Analog Devices Inc. (ADI) $89.70 -2.50% Broadcom Limited (AVGO) $265.64 -2.48% CSX Corp. (CSX) $50.23 -2.45% Top of the stocks Number of Deals Bought Place EPIC Equity name % 1 GSK GlaxoSmithKline plc 3.66 2 GGP Greatland Gold Plc 1.97 3 LLOY Lloyds Banking Group plc 1.70 4 UKOG UK Oil & Gas Investments plc 1.65 5 SMT Scottish Mortgage Investment Trust 1.50 6 BT.A BT Group plc 1.50 7 IQE IQE plc 1.48 8 XBT Provider AB 1.16 9 PTEC Playtech plc 1.12 10 AST Ascent Resources plc 1.02 Number of Deals Sold Place EPIC Equity name % 1 BP. BP Plc 1.88 2 FEVR Fevertree Drinks plc 1.75 3 IQE IQE plc 1.73 4 UKOG UK Oil & Gas Investments plc 1.69 5 LLOY Lloyds Banking Group plc 1.56 6 RDSB Royal Dutch Shell Plc B Shares 1.28 7 BT.A BT Group plc 1.27 8 GGP Greatland Gold Plc 1.26 9 GLEN Glencore plc 0.95 10 BOO Boohoo.com 0.93 Newspaper Round Up Monday newspaper round-up: BoE, Brexit, retailers, pensions, CYBG More than 3,000 potential conflicts of interests have been disclosed by almost half of Bank of England employees in the wake of the Charlotte Hogg debacle. The central bank was notified of 3,333 “close personal relationships” by 1,924 employees as of the end of last month, such as with City firms, Bank contractors and MPs, figures obtained under the Freedom of Information Act show. - The Times Downing Street appears ready to concede that trade deal negotiations will not be complete before Brexit, in a move that could affect the longevity of Theresa May's premiership. One of Mrs May's closest allies suggested at a private meeting that the future trade deal with the EU might not be finalised before Britain left the EU on March 29, 2019. - The Times The credit markets have sharp antennae. They issued early warning alerts four to eight weeks before each episode of stress over the last 20 years, although with several false alarms along the way. The shake-out in the US junk bond market last week had an ominous feel for traders and may finally mark the top of the post-Lehman boom in corporate credit. The exuberant reach for yield is nearing its limits. - Telegraph Employees are resisting the urge to ask for wage increases despite years of weak pay growth because they believe their employers cannot afford rises. Almost four in ten companies say they are under "no pressure" whatsoever from their employees, according to a labour market survey published with other research that paints a gloomy outlook for the economy. - The Times Employers risk being sued if they think that they can auto-enrol employees into a pension scheme and then forget about it, a former pensions minister has warned. Sir Steve Webb, the Liberal Democrat pensions chief in the coalition government, said that employers needed to provide a continuing service to employees or could face compensation claims in future years if things went wrong. - The Times The high street's hope for a bumper Black Friday might not be enough to rescue pre-Christmas trading after a dismal start to its end of year sales. Gloomy spending data for October has already taken the shine off the start of the "golden quarter" for retailer profits after shoppers stayed away from high street stores and spending fell at its fastest rate in just over four years. - Telegraph UK retailers had a bleak October as shoppers shunned stores and cut back on spending, raising fears over the health of the UK economy. Consumer spending shrank by 2% in October, the fastest year-on-year decline in four years, according to credit card provider Visa. This is the fifth monthly decline in six months, and was driven by a 5% decline in spending on the high street. - Guardian For all those who claim to have seen a change in the make-up of the high street, you're not wrong. Beauticians, coffee shops and even ice cream sellers are setting up shop, replacing some of the staples of British retail centres. Though the number of store closures is falling and the net gap between openings and closures also has shrunk, PWC and the Local Data Company report that the turnover in bricks-and-mortar stores is not a like-for-like affair. - The Times Britain's largest debt collector could be worth a fraction of the £1 billion that its owners hope City fund managers will value the business at when it floats, critics have claimed. Questions have been raised over the proposed listing of Cabot Credit Management, with some investors saying that its equity could be valued at more than five times what they think it is worth amid concerns about a growing bubble in the credit market. - The Times One of Britain's biggest challenger banks has discussed buying a sub-prime mortgage lender from its American private equity owners. In a move that highlights the resurgence of the market a decade on from the credit crunch, CYBG, the former Clydesdale and Yorkshire Banks, has held discussions to buy Kensington, a speciality lender, from Blackstone and TPG, according to three sources with knowledge of the situation. - The Times Britain must radically change its approach to research and development because the existing system of tax credits is a waste of money, a report will say. The government spends almost £2 billion annually on R&D tax credits, which are used by big companies that would spend the money anyway on innovation, according to the Institute for Public Policy Research. - The Times Politicians and investigators were given a "misleading" impression about Royal Bank of Scotland's restructuring division, with companies in the unit three times more likely to end up going bust than the lender suggested. RBS has long asserted that less than 10 per cent of businesses that went into its Global Restructuring Group ended up in insolvency, but an investigation ordered by the Financial Conduct Authority has revealed that the true picture was closer to one in three. - The Times EasyJet has been attacked for paying more to its new inexperienced male chief executive than was paid to female predecessor Dame Carolyn McCall. As women campaigned on Equal Pay Day, the budget airline revealed that new chief Johan Lundgren will earn a higher salary than Dame Carolyn ?" one of Britain's most sought-after bosses. - Mail No gas boilers have been repaired since April under a government scheme intended to combat fuel poverty, as a result of spending cuts that risk leaving poorer Britons unprotected from the cold at home, according to a fuel poverty pressure group. National Energy Action (NEA), which obtained the figures from the Department for Business, Energy and Industrial Strategy (BEIS), said the drop in official support via the energy company obligation (ECO) threatens the health of low-income households. - Guardian Poor broadband is helping to kill off rural society, a report has said, as young people leave for cities and don't return. The National Housing Federation has warned that family life is being damaged as children increasingly leave home for university or to work and fail to come back because of poor facilities in the countryside. - Telegraph Sadiq Khan welcomed efforts to reach a compromise over Uber in a sign that the taxi-hailing company would continue to operate in London. The mayor of London recognised that Uber had apologised for mistakes and appeared ready to change after Transport for London (TfL) refused to renew its licence, saying that it was not a fit and proper private car hire operator. - The Times A multibillion-dollar investment in Uber by Japanese tech giant SoftBank was set to be signed last night following weeks of delays, after former chief executive Travis Kalanick and a combatant shareholder made peace. Benchmark, the venture capital firm that invested early in Uber and has a board seat, agreed to drop its lawsuit against Mr Kalanick, which it launched in August in an attempt to reduce the controversial co-founder's power at the company. - Telegraph The long-running battle over the Stolichnaya vodka brand will come to a head this week as a court in the Netherlands prepares to rule on its European ownership. Russia's state-backed spirits maker is hoping to seize back control of the world's fourth best-selling premium vodka from exiled Russian, Yuri Shefler. - Telegraph   To advertise in the Euro Markets Bulletin please contact advertise@advfn.com     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