Morning Euro Markets Bulletin

ADVFN  Morning Euro Markets Bulletin Daily world financial news Wednesday, 28 February 2018 10:45:30 Monitor Quote Charts News CFD's Compare Brokers Free BB   Get Your FREE Weekly Bitcoin Newsletter From Guardian Stockbrokers Click Here To Subscribe For FREE Today All trading involves risk. Losses can exceed deposits. London open: Stocks drop on glum US cues as ITV, Taylor Wimpey disappoint FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts As the snow settled on the Square Mile early on Wednesday, equity markets in London lost ground, taking their cue from a late selloff on Wall Street as disappointing earnings from ITV and Taylor Wimpey weighed. At 0840 GMT, the FTSE 100 was down 0.5% to 7,246.87, while the pound was flat against the euro at 1.1374 and down 0.2% versus the dollar at 1.3878. Stocks in the US finished lower as Jerome Powell’s first congressional testimony did little to soothe investors’ worries about inflation. A hawkish tone from the new Federal Reserve chairman signalled that US interest rates were set to continue rising, adding weight to expectations of four rate hikes this year rather than three. Spreadex analyst Connor Campbell said: "With Jerome Powell’s hawkish appearance in front of Congress on Tuesday dragging the Dow Jones back below 25,500, before sparking losses in Asia, the European indices didn’t stand much chance of avoiding a red start." Investors were also mulling the latest data releases from China, as both the manufacturing and non-manufacturing PMIs for February came in lower than expected at 50.3 and 54.5, respectively. This dragged on miners, with Glencore, Rio Tinto, Anglo American, BHP Billiton and Antofagasta shares all lower. The latest GfK survey was also in focus. It showed consumer confidence in the UK fell in the UK slipped in February, with the long-running index down one point to -10 from January, as expected. "Ongoing concerns about sluggish household income, rising prices paid by consumers in the shops, and the prospect of inflation-busting council tax and interest rate hikes has dented confidence after last month’s surprising rally," said GfK's Joe Staton. "The two-year trend of negative sentiment - the overall index score has bounced between zero and -13 since February 2016 - proves consumers feel pessimistic about the state of household finances and the wider UK economy." In corporate news, ITV slumped as the broadcaster said profits fell last year amid a squeeze on advertising sales, although the dividend was lifted 10% as a 'strategic refresh' got underway under new chief executive Carolyn McCall. Campbell said: "The good news for ITV investors, however, might be that any further fall in price could reignite the takeover rumours that have lingered around the company for a while now." Taylor Wimpey was in the red as it posted a drop in full-year pre-tax profit, while engineer Weir slipped even as it reported a 47% rise in full-year pre-tax profits. Builders merchant Travis Perkins suffered heavy losses as it said adjusted full-year pre-tax profit dropped 10%. Premier Inn and Costa owner Whitbread slipped as it announced the acquisition of a portfolio of 19 hotels in Germany from Foremost Hospitality Group for an undisclosed sum. On the upside, insurer Admiral rallied after posting a 43% jump in full-year pre-tax profit and declaring a special dividend amid record customer numbers. Business information group Informa rose as it said revenue in the 12 months to the end of December grew 30.7% to £1.76bn and UBM gained as its full-year numbers came in in line with expectations. Wealth manager St James’s Place advanced as it posted a 36% increase in full-year operating profit, while FTSE 250 hedge fund Man Group ticked higher as it reported a rise in full-year funds under management amid record net inflows. In broker note action, James Fisher was lifted by an upgrade to ‘buy’ at Canaccordand British American Tobacco was weaker after a downgrade to ‘neutral’ at Citi. Market Movers FTSE 100 (UKX) 7,246.87 -0.49% FTSE 250 (MCX) 19,815.44 -0.30% techMARK (TASX) 3,321.76 -0.26% FTSE 100 - Risers Admiral Group (ADM) 2,046.00p 5.96% St James's Place (STJ) 1,151.50p 2.31% Direct Line Insurance Group (DLG) 390.10p 0.57% Imperial Brands (IMB) 2,618.00p 0.46% Micro Focus International (MCRO) 2,068.00p 0.39% Just Eat (JE.) 878.20p 0.37% Informa (INF) 688.40p 0.35% Relx plc (REL) 1,496.00p 0.34% Ferguson (FERG) 5,202.00p 0.31% Land Securities Group (LAND) 929.10p 0.17% FTSE 100 - Fallers ITV (ITV) 164.00p -5.31% Taylor Wimpey (TW.) 188.20p -2.86% Kingfisher (KGF) 352.90p -2.65% Standard Chartered (STAN) 816.90p -2.63% Glencore (GLEN) 388.25p -2.08% Rio Tinto (RIO) 3,971.50p -1.88% Anglo American (AAL) 1,809.60p -1.76% BHP Billiton (BLT) 1,501.20p -1.56% G4S (GFS) 261.80p -1.43% Antofagasta (ANTO) 894.00p -1.30% FTSE 250 - Risers Fisher (James) & Sons (FSJ) 1,446.08p 2.56% Man Group (EMG) 185.35p 2.38% Rathbone Brothers (RAT) 2,678.00p 1.52% Dechra Pharmaceuticals (DPH) 2,512.00p 1.37% Capital & Counties Properties (CAPC) 271.50p 1.19% Riverstone Energy Limited (RSE) 1,188.00p 1.19% Marshalls (MSLH) 414.60p 1.12% Indivior (INDV) 381.20p 1.03% Morgan Advanced Materials (MGAM) 342.40p 0.88% Fidessa Group (FDSA) 3,715.00p 0.68% FTSE 250 - Fallers Travis Perkins (TPK) 1,389.50p -3.17% Jardine Lloyd Thompson Group (JLT) 1,336.00p -2.20% Ferrexpo (FXPO) 309.20p -2.15% Kaz Minerals (KAZ) 857.80p -1.97% Greggs (GRG) 1,267.00p -1.93% Rank Group (RNK) 222.00p -1.77% Genus (GNS) 2,298.00p -1.63% Howden Joinery Group (HWDN) 446.70p -1.59% Tullow Oil (TLW) 184.50p -1.47% Grafton Group Units (GFTU) 786.50p -1.44% Crypto Pizza Evening with Clem Chambers, CEO of Online Blockchain In May 2010, programmer Laszlo Hanyecz bought two pizzas from Papa Johns for 10,000 bitcoins. Had he kept the coins, as of today they would be worth a cool $86,000,000. Join us on Wednesday 14 March for a crypto pizza 'Bite' on Clem Chambers, the CEO of the first London-listed British blockchain company - Click Here To Register For Free  US close: Markets retreat as Powell addresses Congress Wall Street indices finished in the redon Tuesday, after nerves kicked in as new Federal Reserve Chair Jerome Powell delivered his first congressional testimony. The Dow Jones Industrial Average ended the session down 1.16% at 25,410.03, the S&P 500 lost 1.27% to 2,744.28, and the Nasdaq 100 was 1.27% lower at 6,900.35. "The FOMC will continue to strike a balance between avoiding an overheated economy and bringing PCE price inflation to 2% on a sustained basis," Powell said in remarks released by the House Financial Service committee earlier in the day. “At the moment the Fed are projecting three rate hikes this year while financial markets are currently pricing in around 80bp of rate hikes,” said James Knightley at ING. “Given our above consensus 3% GDP growth forecast for 2018 and the potential for inflation to rise more quickly than many in the market anticipate (wages, dollar weakness, medical care costs, cell phone data distortions, commodity prices, we are now forecasting four rate rises this year. On the data front, US consumer confidence jumped to 130.8 from 124.3, beating consensus forecasts of 126.5 to hit its highest reading since November 2000 as, according to the Conference Board's consumer confidence index, the drop in the stock market failed to upset consumers. Elsewhere, new orders for American-made capital goods dropped for a second consecutive month in January, while shipments barely increased, pointing to a slowdown in spending on equipment following the robust levels of growth seen in 2017. The Tuesday morning report from the Commerce Department came after weak January retail sales, industrial production and home sales data, all pointing to a slowdown in economic growth for the first quarter. In another report released by the Commerce Department, data showed a widening in the goods trade deficit in January, with the shortfall on international trade widening 3% to $74.4bn in January, while exports of goods fell $3.1bn to $133.9bn and goods imports slipped $900m to $208.3bn. The Commerce Department also reported a 0.7% increase in wholesale inventories in January, as retail inventories rose 0.8% Lastly, the S&P CoreLogic Case-Shiller National Home Price Index rose 6.3% in December, up from the 6.1% seen in November, in line with analysts' estimates of a 6.35% year-over-year increase, as an all-time low inventory helped to push prices higher at the end of 2017. "The rise in home prices should be causing the same nervous wonder aimed at the stock market after its recent bout of volatility," said David Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones. In corporate news, cable TV company Comcast fell 7.38% after it made a £22.1bn bid for London-listed broadcaster Sky, outbidding 21st Century Fox. SeaWorld shares dropped 5.21% just 0.86% in early trading after the company reported a loss of £20.4bn for the fourth quarter, compared to $11.9m in the same period a year ago. Shares in generic pharmaceuticals group Akorn tanked 38.41% after a probe into possible data breaches at the company could force it to ditch its planned $5bn takeover. Fitbit slid 12.59% after its quarterly revenue and earnings late on Monday missed analysts' expectations, while Macy's picked up 3.54% after beating earnings estimates. Dow Jones - Risers Intel Corp. (INTC) $49.91 1.63% Boeing Co. (BA) $364.45 0.32% Johnson & Johnson (JNJ) $131.61 -0.30% Apple Inc. (AAPL) $178.39 -0.32% Unitedhealth Group Inc. (UNH) $232.44 -0.66% Cisco Systems Inc. (CSCO) $45.04 -0.71% Travelers Company Inc. (TRV) $141.54 -0.73% Pfizer Inc. (PFE) $36.80 -0.78% Chevron Corp. (CVX) $113.61 -0.86% Coca-Cola Co. (KO) $43.62 -0.93% Dow Jones - Fallers Walt Disney Co. (DIS) $104.87 -4.50% Merck & Co. Inc. (MRK) $54.72 -2.39% Nike Inc. (NKE) $68.05 -2.33% Dowdupont Inc. (DWDP) $72.37 -2.30% Verizon Communications Inc. (VZ) $48.04 -2.14% American Express Co. (AXP) $99.58 -2.03% Home Depot Inc. (HD) $184.98 -1.85% McDonald's Corp. (MCD) $160.66 -1.79% Walmart Inc. (WMT) $91.52 -1.72% Exxon Mobil Corp. (XOM) $77.50 -1.70% S&P 500 - Risers Mallinckrodt Plc Ordinary Shares (MNK) $18.66 15.26% Tenet Healthcare Corp. (THC) $20.74 8.91% AES Corp. (AES) $11.24 7.37% Discovery Communications Inc. Class C (DISCK) $24.75 3.86% Macy's Inc. (M) $28.40 3.46% Discovery Communications Inc. Class A (DISCA) $26.04 3.46% Microchip Technology Inc. (MCHP) $88.55 2.51% Chipotle Mexican Grill Inc. (CMG) $319.15 2.33% E*TRADE Financial Corp. (ETFC) $53.11 2.21% Intel Corp. (INTC) $49.91 1.63% S&P 500 - Fallers AutoZone Inc. (AZO) $654.47 -11.07% Comcast Corp. (CMCSA) $36.66 -7.38% Perrigo Company plc (PRGO) $81.98 -7.13% O'Reilly Automotive Inc. (ORLY) $238.58 -6.43% Mosaic Company (MOS) $26.82 -4.86% Chesapeake Energy Corp. (CHK) $3.06 -4.67% Walt Disney Co. (DIS) $104.87 -4.50% Advance Auto Parts (AAP) $109.80 -4.40% TripAdvisor Inc. (TRIP) $39.73 -4.15% Kimco Realty Corp. (KIM) $14.85 -4.13% Nasdaq 100 - Risers Microchip Technology Inc. (MCHP) $88.55 2.51% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $203.06 2.08% Intel Corp. (INTC) $49.91 1.63% Express Scripts Holding Co (ESRX) $78.64 1.29% Micron Technology Inc. (MU) $48.58 1.25% Idexx Laboratories Inc. (IDXX) $187.98 1.02% Shire Plc Ads (SHPG) $127.19 0.69% DENTSPLY Sirona Inc. (XRAY) $57.33 0.49% Workday, Inc. (WDAY) $128.21 0.32% Paypal Holdings Inc (PYPL) $79.46 0.14% Nasdaq 100 - Fallers Comcast Corp. (CMCSA) $36.66 -7.38% O'Reilly Automotive Inc. (ORLY) $238.58 -6.43% Mercadolibre Inc. (MELI) $375.44 -4.36% NetEase Inc. Ads (NTES) $296.31 -3.97% JD.com, Inc. (JD) $47.04 -3.61% Symantec Corp. (SYMC) $26.32 -3.34% Twenty-First Century Fox Inc Class B (FOX) $37.14 -3.28% Twenty-First Century Fox Inc Class A (FOXA) $37.63 -3.04% Ross Stores Inc. (ROST) $77.54 -3.01% Dish Network Corp. (DISH) $43.64 -2.91% Looking for early access to investment opportunities? Make your own informed investment decisions. Get the right tools and information at Master Investor Show 2018. Register for free today Cryptocurrencies Report Top Cryptocurrencies # Name Market Cap($) Price(%) Change Price Graph(3m) 1 Bitcoin (BTC) 180,037,077,250 10,539 +2.15% 2 Ethereum (ETH) 85,201,074,440 862.73 -1.4% 3 Ripple (XRP) 36,145,607,599 0.90201 -2.8% 4 Bitcoin Cash / BCC (BCH) 20,783,103,888 1,213.7 -2.02% 5 Litecoin (LTC) 11,798,518,029 209.19 -2.93% 6 NEO (NEO) 8,776,690,000 133.9 -4.63% Atlantic Advisory - Share Tips of the Year 2018 Download Our Latest Report Here Losses can exceed deposits Wednesday newspaper round-up: Maplin, Toys R Us, Carillion, shop prices More than 5,500 retail jobs are at risk as two of the high street’s best known names teeter on the edge of collapse. Toys R Us, with more than 3,000 staff, is set to go into administration in the next 24 hours, and 11th-hour rescue talks designed to shore up Maplin are also said to have broken down, meaning that the 200-store electronics chain also faces imminent bankruptcy. – Guardian Top executives at Carillion were “fantasists” who assumed the company would receive fees that might not be paid, according to MPs. In the latest in a series of critical statements, a joint parliamentary select committee investigating the collapse of the construction firm also accused Carillion’s former leadership of making a “litany of excuses” for the demise of the construction group. – Guardian The Government must share the blame for the bungling of a multi-billion pound nuclear clean-up contract after failing to protect taxpayers from spiraling costs, MPs have said. In a damning report the Public Accounts Committee (PAC) accused the Government of being “culpable” in the collapse of a contract to clean up Britain’s redundant fleet of Magnox nuclear The owner of the microchip designer Arm has backed an apparent bid to create a new mobile network in the UK as operators prepare to connect millions more devices. SoftBank, the Japanese mobile giant that swooped for Arm in a £24bn takeover in 2016, has backed a venture that has registered to bid in Ofcom’s forthcoming auction of airwaves suitable for new 5G networks. – Telegraph The Qatari company accused of withholding payment to Carillion has hit back at suggestions that it contributed to the group’s collapse, claiming that it was itself owed £200 million. MPs said that a “litany of excuses” for the failure of Carillion was “fast unravelling” after Msheireb Properties wrote to the work and pensions committee accusing Carillion of mis-stating the value of work it had completed in the centre of Doha. – The Times Shop prices have sunk deeper into deflation, suggesting that the worst of the squeeze on incomes from sterling’s devaluation since the Brexit vote may be over. Prices fell by 0.8 per cent in February compared with last year, driven by another sharp fall in non-food prices, the British Retail Consortium said. It extends the run of falling shop prices to 58 months. – The Times   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. 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