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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 rise after late Wall Street London shares rose in early trade on Wednesday, taking their cue from a rebound on Wall Street and recovering from heavy losses in the previous session, as investors sifted through corporate news. At 0830 GMT, the FTSE 100 was up 0.9% to 7,201.94, while the pound was down 0.1% against the euro and the dollar at 1.1260 and 1.3933, respectively. The top-flight index had ended the previous session at around eight-month lows after what appeared to be a technical correction in US stocks, likely sparked by concerns that rising inflation might force the Federal Reserve to hike rates more than expected this year. But Wednesday's session was underpinned by a more solid, if volatile, performance in the US, where all the major indices managed to close higher, recovering from the sharp falls seen on Monday. Konstantinos Anthis at ADS Securities said: "Investors seem to believe that the worst is over and that the sell-off was just a market tantrum that happens a couple of times a year but we tend to believe that there's more to come. "The key catalysts behind the retreat in the equities markets have to do with the new reality in bond yields, concerns about a tighter Fed policy and doubts over the effectiveness of Trump's tax reform. These catalysts will remain in the foreground which leads us to believe that another selling round in the stock markets should be expected." Indeed, with US futures markets pointing towards losses on Wednesday, with US 10-year Treasury yields remaining close to 2.8% and the VIX 'fear index' remains elevated, analyst Neil Wilson at ETX Capital said there is still "plenty of volatility" in the market that "suggests the relative calm of the last 18 months has ended and we are in now in store for more gyrations in equity markets. Certainly there is a risk that yesterday’s rally is a fake out before another selloff." In UK corporate news, Imperial Brands edged up after cautioning that first-half revenues will be hit by new tobacco laws in the UK and an adverse sales mix abroad, but said it was "significantly stepping up" its activities in vaping and e-cigarettes. Sales, marketing and support services group DCC was a touch higher after it said operating profit for the period to 31 December was in line with expectations and ahead of the prior year. The group also announced the acquisition of US-based Elite, a provider of contract manufacturing and related services to the healthcare and dietary supplements market. Corrugated packaging company Smurfit Kappa was in the black after saying that earnings rose 10% in the fourth quarter as strong growth in Europe offset reduced earnings in the Americas. Mining giant Rio Tinto rose as it declared a record full-year dividend, posted a 69% jump in profit and announced an additional $1bn share buyback. Severn Trent advanced as the water company reiterated its full-year earnings expectations and said it is still on track to earn at least £50m in outperformance payments. Redrow was in the black after the housebuilder posted record interim profit and revenue as completions rose amid "robust" demand. Residential property group Grainger gained after saying it had a "positive" start to the financial year, with good demand for rental homes and strong rental growth, ahead of last year, while Tullow Oil rallied after it reported its first annual profit in three years thanks in part to rising oil prices. On the downside, Tesco was among the worst performers on news that thousands of mainly female shop workers are launching legal action to claim back up to £4bn in back pay, saying they earned as much as £3 less an hour than male workers. Johnson Matthey ticked a touch lower after the specialty chemicals group said that it will recognise a charge of £50m after settling a lawsuit, but also announced that changes to the US tax system would have a positive impact on the group. In broker note action, Rentokil Initial was boosted by an upgrade to 'outperform' at Credit Suisse, but outsourcer Capitawas under the cosh after a downgrade to 'hold' at HSBC. |
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| Market Movers FTSE 100 (UKX) 7,201.94 0.85%
FTSE 250 (MCX) 19,413.85 0.79%
techMARK (TASX) 3,239.62 0.68% FTSE 100 - Risers Rentokil Initial (RTO) 292.00p 3.58%
Scottish Mortgage Inv Trust (SMT) 435.57p 3.17%
Smurfit Kappa Group (SKG) 2,514.00p 2.61%
United Utilities Group (UU.) 705.40p 1.97%
National Grid (NG.) 763.30p 1.95%
Old Mutual (OML) 226.50p 1.71%
Severn Trent (SVT) 1,846.50p 1.68%
Royal Dutch Shell 'B' (RDSB) 2,343.00p 1.65%
Centrica (CNA) 126.00p 1.53%
Royal Dutch Shell 'A' (RDSA) 2,320.50p 1.51% FTSE 100 - Fallers Randgold Resources Ltd. (RRS) 6,358.00p -1.55%
Tesco (TSCO) 197.90p -1.00%
Hargreaves Lansdown (HL.) 1,742.00p -0.54%
Coca-Cola HBC AG (CDI) (CCH) 2,238.00p -0.36%
Antofagasta (ANTO) 909.80p -0.31%
Just Eat (JE.) 774.60p -0.28%
RSA Insurance Group (RSA) 593.40p -0.27%
Fresnillo (FRES) 1,282.50p -0.19%
Whitbread (WTB) 3,750.00p -0.13%
Johnson Matthey (JMAT) 3,239.00p -0.06% FTSE 250 - Risers F&C Global Smaller Companies (FCS) 1,315.00p 3.95%
UDG Healthcare Public Limited Company (UDG) 770.00p 3.77%
Petrofac Ltd. (PFC) 482.99p 3.42%
Tullow Oil (TLW) 189.45p 3.24%
Sirius Minerals (SXX) 22.62p 3.01%
Polar Capital Technology Trust (PCT) 1,096.50p 2.86%
FDM Group (Holdings) (FDM) 907.03p 2.84%
Redrow (RDW) 609.34p 2.67%
Coats Group (COA) 75.34p 2.50%
Alfa Financial Software Holdings (ALFA) 454.50p 2.25% FTSE 250 - Fallers Cineworld Group (CINE) 227.40p -1.98%
TI Fluid Systems (TIFS) 250.20p -1.42%
Capita (CPI) 194.92p -1.28%
Acacia Mining (ACA) 175.35p -0.60%
Softcat (SCT) 518.00p -0.58%
Ocado Group (OCDO) 473.80p -0.57%
AA (AA.) 126.45p -0.47%
Fidelity China Special Situations (FCSS) 234.89p -0.47%
Dunelm Group (DNLM) 623.50p -0.32%
Centamin (DI) (CEY) 154.72p -0.15% |
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Top of the stocks Number of Deals Bought Number of Deals Sold |
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| | Cryptocurrencies Report | | Top Cryptocurrencies | # | Name | Market Cap($) | Price(%) | Change | Price Graph(3m) | | 1 |  | Bitcoin (BTC) | 131,246,773,339 | 7,936.8 | +3.26% |  | | 2 |  | Ethereum (ETH) | 76,945,583,281 | 799.91 | +1.4% |  | | 3 |  | Ripple (XRP) | 29,667,639,912 | 0.76101 | +0.41% |  | | 4 |  | Bitcoin Cash / BCC (BCH) | 16,234,802,333 | 959.79 | -0.71% |  | | 5 |  | Cardano (ADA) | 9,461,021,383 | 0.365002 | +1.11% |  | | 6 |  | Litecoin (LTC) | 8,057,569,337 | 148 | +4.09% |  | |
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| | US Market Report | | US close: Wall Street rides out volatile flip-flops to recoup losses After two days of Wall Street blood-letting sparked a global stock market selloff, US investors eventually held their nerve after an initial lurch lower on Tuesday to end the session in the green. At the opening bell Dow Jones plunged around a 500 point to test the 24,000 level that it had toyed with at the start of the week, amid a spike in volatility and widespread concern regarding the likely pace of interest rate hikes by the Federal Reserve. Wall Street's self-proclaimed 'fear gauge', the Chicago Board of Options Exchange's VIX index, rose above 40 in the morning but by the close has given up 20% to 29.98. With many analysts suggested that automatic trading and sharp losses in products dependant on low volatility might have been the chief reason behind the selling seen on Monday, investors battled to recover their composure and their losses. But by the closing bell, the 30-company index had gained 567.02 points or 2.33% to finish at 24,912.77, while the S&P 500 added 46.2 points or 1.74% to close at 2,695.14 and the Nasdaq composite climbed 148.36 points or 2.13% to 7,115.88 by the close. After Monday's 1175 point drop, the Dow's net position after two days was 608 points lower. Despite violent moves in the last couple days in the market, fundamentals in the economy are very strong and it’s not just the US, it’s throughout the global economy,” said BNY Mellonstrategist Alicia Levine. Commenting on the outsized moves in stocks and volatility, analysts at Morgan Stanley said: "While large one-day S&P drawdowns have historically been associated with higher-than-usual returns for equities and tighter spreads for credit in the subsequent 12 months, weakness tends to persist 3-6 months out. "Two key takeaways are that 1) risk assets can remain soft in the short term, and 2) realised volatility in months subsequent to sell-off episodes trends higher than usual, even as implied volatility drops off after initial spikes." With the rout only lasting two days, many analysts saw the rout as a technical correction. US stocks had enjoyed record highs recently as investors welcomed President Donald Trump’s tax overhaul, but a strong non-farm payrolls report last Friday, which showed the best US wage growth in eight-and-a-half years, led some traders to conclude that the Fed might need to hike rates more quickly than previously anticipated. After global equities enjoyed nearly two years of almost unfettered gains, "valuations have become stretched and technical," said Emmanuel Cau at JP Morgan, leading positioning and sentiment indicators to "flash red" in recent weeks. "The unwinding of this extreme bullishness could have a bit more to go in the near term, but our view is that the medium term fundamental backdrop remains supportive and that one should indeed use the recent dip as buying opportunity." Gaurav Saroliya at Oxford Economics was in agreement that a correction in global equities was overdue, with the pretext and triggers less important. "But worries about a 1994-style rise in interest rates derailing global risk appetite look overblown to us. Both the macro and policy environments are vastly different. Given strong earnings cycles and no evident liquidity stresses, we look to buy more into the correction. Japan, EM Asia and the even US are on our radar," he said. Treasury prices slipped back again following Monday's rally, pushing the yield on the 10-year note up by 10 basis points to 2.80%. Earlier in the day, the consensus 2018 year-end forecast for the 10-year yield was 2.9%. On the corporate front, Allergan dipped after it announced positive late-stage results for one of its migraine drugs and released its fourth-quarter earnings. Elsewhere, Dunkin Brands was also a tad lower even as its fourth-quarter profit and revenue beat analysts' expectations, while Gartner was in focus as its fourth-quarter net profit beat views but sales fell a little short. General Motors shares on the other hand were powering higher after reporting that cost-cutting and higher vehicle prices helped to offset a double-digit decline in sales volume during its fourth and final trading quarter |
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| | Newspaper Round-up | | Wednesday newspaper round-up: Tesco, UK growth, Boeing, Carillion Tesco is facing a demand for up to £4bn in back pay from thousands of mainly female shopworkers in what could become the UK’s largest ever equal pay claim. A law firm has launched legal action on behalf of nearly 100 shop assistants who say they earn as much as £3 an hour less than male warehouse workers in similar roles. Up to 200,000 shopfloor staff could be affected by the claim, which could cost Tesco up to £20,000 per worker in back pay over at least six years. – Guardian Economic growth in the UK is poised to rebound this year after a slowdown in 2017, as a strong global performance offsets the impact from the Brexit vote, a leading economic forecaster has said. The National Institute of Economic and Social Research (NIESR) said the strength of the world economy and the benefit for British exporters from the weak pound would help increase GDP growth by almost 2% this year and next – which was higher than many other forecasts. – Guardian Aerospace giants Airbus and Boeing have used Singapore’s Airshow to flag their confidence in the demand for airliners, hinting they may accelerate production of bestselling jets. Eric Schulz, Airbus’s new sales chief, hinted work on the company’s A320 family of single-aisle airliners could ramp up. “The success of the product is forcing us to look at any opportunities we have to improve the rate,” he said. “We have not come to any conclusion but it is something we are looking at very closely.” - Telegraph Shares in Snapchat’s parent company skyrocketed on Tuesday night as it surpassed revenue expectations, a welcome relief for the messaging app after a trying first year on Wall Street. Snap revealed that sales had climbed 72pc year-on-year in the final quarter of 2017, significantly above forecasts, while users of its appgrew at the fastest rate for more than a year. – Telegraph The directors of Carillion, the failed construction company, have been condemned as “delusional” after details emerged of a desperate plan to save it early this year which involved a demand for a £160 million bailout using taxpayers’ money. After intense and often hostile hearings of a joint select committee, MPs concluded that Carillion was a business “built on sand” with directors blaming everyone other than themselves. – The Times The price of bitcoin reversed early losses yesterday, despite one of the world’s leading central bankers calling the cryptocurrency a Ponzi scheme and urging politicians to ban it. Agustín Carstens, general manager at the Bank for International Settlements, the talking shop for top central bankers and regulators, said that there was a “strong case” for new rules to clamp down on the use of the virtual currency before it gained mainstream acceptance. – The Times |
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