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| | London open: Stocks nudge lower ahead of Chancellor's spring statement |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | London stocks nudged lower in early trade on Tuesday following an uninspiring session in the US, as investors eyed Chancellor Philip Hammond's spring statement and the latest inflation reading from across the pond. At 0830 GMT, the FTSE 100 was down 0.1% to 7,209.78, while the pound was flat against the euro at 1.1273 and off 0.1% versus the dollar at 1.3895. There will be no spending or tax announcements in the statement, due at 1230 GMT, so attention is likely to fall on the updated OBR economic and public spending forecasts, with the OBR expected to adjust down its target for UK government borrowing by at least £10bn. Rabobank said Hammond is likely to be on his feet for no more than 20 minutes, with the focus firmly on the need to reduce government debt, which stands at a "worrying" 86.5% of GDP in the UK. "That said, the UK’s budget deficit has shrunk by more than expected over the past year on the back of stronger growth and this has supported calls for more funding for the National Health Service and for defence. In response Hammond has signalled that there will be no tax or spending announcements today and instead he will only be offering signals regarding the areas which he wants to consult on ahead of the Budget later in the year." The US consumer price index for February, due at 1230 GMT, will also garner some attention as investors continue to keep an eye on inflation prospects for the rest of this year. In corporate news, interdealer broker TP Icap tumbled as its full-year adjusted results fell short of consensus, while Computacenter dropped sharply as it posted a 23% jump in full-year pre-tax profit but said the growth outlook for 2018 remains challenging. Irish food company Greencore tanked after it issued a profit warning and said chief executive Patrick Coveney will spend half his time in the US as part of a restructuring. Retirement specialist Just Group nudged lower as it said deputy chairman Tom Cross Brown will retire at the next annual general meeting in May. FTSE 250 merchant bank Close Brothers edged down even as it posted a 6% jump in first-half adjusted operating profit thanks to a good performance across its businesses. Legal & General Group fell after announcing that its Legal & General Capital division has acquired the 52.1% of CALA Homes which it did not previously own. Anglo American was in the red as production at the company's Minas-Rio mine in Brazil was halted due to a ruptured slurry pipeline. Old Mutual slipped as it said it would resist a claim made against it in the US by Travelers and St Paul Fire and Marine Insurance related to dispose of assets. On the upside, Antofagasta gained as it increased its dividend 177% for last year as cash flow surged, though the Chilean copper miner is facing strike action at its Los Pelambres mine. International plastics engineer RPC Group ticked up after saying it bought polythene film maker Nordfolien for €75m, while Cairn Energy racked up healthy gains after saying it swung to a profit last year. In broker note action, Barclays was added to Deutsche Bank's short-term 'buy' list, while LondonMetric Property was raised to 'equalweight' at Morgan Stanley. Industrial flow-control equipment maker Rotork was downgraded to 'sell' at Investec. |
| | Market Movers | FTSE 100 - Risers - Antofagasta Plc (LSE:ANTO) - £909, 2.39%, £21.2
- GKN Plc (LSE:GKN) - £436, 2.81%, £11.9
- Randgold Resources (LSE:RRS) - £6098, 1.87%, £112
- Evraz Plc (LSE:EVR) - £456.1, 1.72%, £7.7
- Glencore (LSE:GLEN) - £375.3, 1.69%, £6.25
- British Petroleum (LSE:BP.) - £482.1, 0.87%, £4.15
- Barclays (LSE:BARC) - £212.2, 0.33%, £0.7
- Reckitt Benckiser (LSE:RB.) - £5742, 0.79%, £45
- Royal Dutch Shell A (LSE:RDSA) - £2267, 0.62%, £14
- Royal Dutch Shell B (LSE:RDSB) - £2293.5, 0.68%, £15.5
FTSE 100 - Fallers - Direct Line (LSE:DLG) - £386.5, -1.7%, £-6.7
- Imperial Brands (LSE:IMB) - £2524, -1.14%, £-29
- Mondi (LSE:MNDI) - £1966, -0.91%, £-18
- Anglo American (LSE:AAL) - £1735.6, -0.18%, £-3.2
- Johnson Matthey (LSE:JMAT) - £3219, -0.95%, £-31
- Just Eat (LSE:JE.) - £785, 0.44%, £3.4
- British American Tobacco (LSE:BATS) - £4229, -0.61%, £-26
- Hargreaves Lansdown (LSE:HL.) - £1720, -0.58%, £-10
- Burberry Group (LSE:BRBY) - £1665, 0.3%, £5
- Barratt Developments (LSE:BDEV) - £544.4, -0.84%, £-4.6
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| | Europe open: Stocks start higher ahead of US CPI report |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | Stocks have begun the morning trading slightly higher, as investors play it safe ahead of the latest consumer price data in the States due out later in the day. As of 0938 GMT, the benchmark Stoxx 600 was edging higher by 0.13% or 0.49 points to 379.69, alongside a rise of 0.23% or 28.08 points for Germany's Dax, while Spain's Ibex 35 was higher by 0.76% or 73.80 points to 9,801.30. Meanwhile, shares of both RWE and EON were adding to Monday's gains, on the back of further news-flow around the two energy groups, with the Stoxx Utilities gauge up by 0.53% at 280.16. Although some analysts did not expect the US CPI report for February to shed much additional light on the likely path for interest rates that the Federal Reserve was likely to choose, traders were wary given recent market volatility whenever readings on inflation have surprised to the upside, and vice-versa. "Today's CPI inflation data is likely to add further colour to the US inflation picture, however it probably won't add any further clarity to the overall inflation outlook puzzle, given that the Fed doesn't use CPI as its inflation benchmark. "Nonetheless, it is still a useful gauge in establishing when and how the price pressures we’ve been seeing the build up in US supply chains start to filter down into the wider economy," said Michael Hewson, chief market analyst at CMC Markets UK. News was light on the economic front on the Continent, with releases centered on Southern Europe. Thus, according to Spain's INE, harmonised consumer prices in the Iberian country advanced by 0.1% month-on-month and 1.2% year-on-year in February, confirming a previous estimate. In France, INSEE reported a 0.3% or 72,700 person rise in non-farm payrolls for the three months to December. On the company side of things, ahead of its industry-changing asset swap with local rival EON, RWE posted full-year 2017 after tax profits of €1.9bn, with the company's bottom line boosted by a government refund on past taxes on nuclear fuel. In parallel, overnight EON projected as many as 5,000 job cuts as part of the same asset swap, alongside between €600m to €800m of synergies y 2022. |
| | US close: Wall Street ends mixed after quiet Monday session | Wall Street finished on a mixed note on Monday, as the Dow Industrials came under selling pressure even as many investors continued to cheer encouraging jobs data at the end of the previous week. The Dow Jones Industrial Average finished down 0.62% at 25,178.61 and the S&P 500 was 0.13% lower at 2,783.02, while the Nasdaq 100 managed to climb 0.42% to 7,131.12. Stocks racked up healthy gains on Friday after the non-farm payrolls report revealed the right combination of better-than-expected jobs growth but weaker-than-forecast wage growth, but with some of the best known names in the Industrials down by more than 1%, the broad-market index was up against some stiff headwinds early in the day. “The numbers we saw on Friday provided the perfect balance of strong job creation and softer wage growth which does not necessarily trigger faster rate hikes,” noted Craig Erlam, senior market analyst at Oanda, earlier in the day. “The much higher participation rate was a clear reminder that, while unemployment is at a 17-year low, there is still some slack in the economy which may take longer to sort out and explain why wage growth and inflation is so muted.” An apparent softening in President Trump's stance on trade tariffs was also providing a boost to sentiment, after the Donald tweeted at the weekend that he was working with Australian prime minister Malcolm Turnbull to try and ensure the sunburnt country didn’t end up caught by his planned punitive metals charges. On the corporate front, Biogen dropped 2.17% after it agreed to buy Pfizer's schizophrenia drug for up to $590m. Optical components manufacturer Oclaro surged 27.52% after it agreed to be bought by Lumentum Holdings in a deal valued at $1.8bn, and Clorox dropped back 0.91% on the announcement that it had agreed to buy privately-held wealth and wellness company Nutranext for $700m. There were no major US data releases due on Monday but things were set pick up over the course of the week, with inflation and retail sales figures due. |
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| | Tuesday newspaper round-up: Hiring, cryptocurrencies, Qualcomm, Melrose backed | Hiring confidence among British companies has reached its highest level in more than a year and recruitment is set to pick up as businesses shrug off downbeat economic projections, according to a closely watched study. Low unemployment and strong demand for more workers means companies are increasingly forced to pay joining bonuses of 15pc or 20pc of salaries to entice new recruits. The poll of 2,102 employers across nine different industry sectors by the recruitment firm ManpowerGroup is used by the Bank of England as an early indicator for changes in the jobs market. - The Times/Telegraph/Guardian If central banks ever issued their own cryptocurrencies, they could become rivals to cash, draining funds from the commercial banking system and accidentally driving up market interest rates, a global watchdog has warned. Central banks including the Bank of England, the Swedish Riksbank and the US Federal Reserve have all commented on the idea in public, with the Riksbank actively investigating the implications of its own digital currency. - Telegraph President Trump has blocked a record-breaking merger of two of the world’s largest microchip makers on national security grounds. In an executive order issued last night, he instructed Broadcom, based in Singapore, to terminate its $117 billion hostile takeover of its American rival Qualcomm, which is the largest technology deal ever proposed. The order will be seen as further evidence of Mr Trump’s protectionist agenda. - The Times One of the City’s top institutional investors has backed Melrose’s proposed hostile takeover of GKN. After a dramatic day in which the bid was raised to £8.1 billion and the war of words between the two intensified, Aviva Investors, a top 25 shareholder in GKN, said that it would support Melrose. - The Times A record number of households switched suppliers in the retail energy market last month, showing it has never been more competitive, as the Government accelerates its plans to cap prices. The legislation to support a price intervention across the market came under a second parliamentary reading last week ahead of fresh figures which show a record amount of energy switching. - Telegraph The competition watchdog is assessing whether the proposed merger of SSE and Npower, the energy suppliers, could be affected by the sale of Npower’s parent to a rival. Npower is owned by Innogy, which is majority-owned in turn by RWE. RWE said over the weekend that it planned to sell its stake to Eon, its fellow German utility, as part of a multibillion-dollar asset swap. - The Times Uber is beefing up its food delivery arm with plans to launch in 40 more UK cities. The US-based firm, known for its taxi smartphone app, said the move was part of a major expansion. - Mail Neil Woodford has pumped £5 million into an Oxford biotechnology company a day after it emerged that his fund management firm had sold out of a leading investment platform on the eve of its stock market listing. Woodford Investment Management stumped up half the £10 million raised yesterday by Oxsybio, a start-up 3D printing company in the biotechnology sector, which was founded by an entrepreneur with whom Mr Woodford has invested previously. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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