Morning Euro Markets Bulletin

ADVFN  Morning Euro Markets Bulletin Daily world financial news Friday, 02 March 2018 10:35:22 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 fall on US trade war fears; May's Brexit speech eyed FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts London stocks fell in early trade on Friday after the White House sparked worries about a trade war and as investors eyed a key Brexit speech by Prime Minister Theresa May. At 0830 GMT, the FTSE 100 was off 0.5% at 7,143.18, while the pound was flat against the euro at 1.1229 and down 0.1% versus the dollar at 1.3769. Stocks on Wall Street ended down on Thursday after US President Donald Trump said he will impose steep tariffs on steel and aluminium imports, reviving worries of a trade war. At a meeting with American steel and aluminium producers, Trump said he plans to sign off on measures next week to protect US companies, though domestic manufacturers said the tariffs would drive up prices. CMC Markets analyst Michael Hewson said: "25% tariffs on steel and a 10% tariff on aluminium imports has raised concerns of counter-measures from China and the EU." Jasper Lawler at London Capital Group said the decision spooked the markets overnight, successfully bringing treasury yields, the dollar and US indices tumbling lower and boosting the yen. He added: "Market participants are waiting eagerly for Prime Minister Theresa May to lay out her vision for the post Brexit EU-UK relationship. Just a week ago expectations were rather different, with markets hoping to receive clarity from May to helping the Brexit process move forwards. "However, in light of her flat out rejection of the draft Article 50 treaty, there is a growing fear that this landmark speech could drive a larger wedge between the two sides, pushing any possibility of a deal being reached further into the distance." On the data front, the construction purchasing managers’ index for February is at 0930 GMT. It is expected to have picked up slightly to 50.5 from 50.2 in January. In corporate news, London Stock Exchange Group was in the red despite saying that full year operating profits rose 47% to £626m, while adjusted operating profit was up 18% to £812m. Spire Healthcare lost ground as it posted a 69% drop in full-year pre-tax profit and announced the departure of chief finance officer Simon Gordon, after seven years in the role. Takeaway food delivery marketplace Just Eat fell as it announced that its board has appointed Mike Evans to the role of non-executive chairman, with effect from 26 April. Johnson Matthey declined as it appointed Jason Apter as sector chief executive of its health division. Engineering group IMI slid even as it said full year pre-tax profits rose 9.4% to £180.9m as new products drove an improved performance in what it called a “mixed” trading environment. ConvaTec was weaker after announcing the acquisition of Texas-based catheter-related supplies distributor J&R Medical for an undisclosed sum, while Essentra was trading lower after the release of its 2017 results. On the upside, GKN gained after the engineer, which is currently fending off a £7.4bn hostile by from turnaround specialist Melrose Industries, confirmed that it has engaged in talks with US-based Dana about a potential sale of its automotive division, Driveline, as part of a deal which would be effected mainly in equity. South African packaging and paper group, Mondi, was on the front foot after saying it will pay out a bumper special dividend on top of its healthy payout for last year as it reported growth of 7% in revenues and 6% in underlying operating profits. Land Securities nudged up after saying that chairman Alison Carnwath would retire from the board in 2018 after nine years in the role. Alfa Financial Software gained as it won a new contract with an unnamed global equipment manufacturer and finance group. In broker note action, Merlin Entertainment was lifted to ‘hold’ by Berenberg, while Moneysupermarket was upgraded to ‘buy’ at Peel Hunt. Travis Perkins was cut to ‘hold’ at Canaccord Genuity. Market Movers FTSE 100 (UKX) 7,143.18 -0.45% FTSE 250 (MCX) 19,447.74 -0.53% techMARK (TASX) 3,297.01 -0.63% FTSE 100 - Risers Mondi (MNDI) 1,880.50p 2.20% Standard Life Aberdeen (SLA) 372.30p 1.97% Randgold Resources Ltd. (RRS) 5,854.00p 1.53% Taylor Wimpey (TW.) 186.95p 1.14% Barratt Developments (BDEV) 534.00p 0.95% Rentokil Initial (RTO) 265.30p 0.84% Fresnillo (FRES) 1,197.00p 0.63% Land Securities Group (LAND) 925.80p 0.63% Persimmon (PSN) 2,599.00p 0.62% Berkeley Group Holdings (The) (BKG) 3,788.00p 0.58% FTSE 100 - Fallers London Stock Exchange Group (LSE) 3,869.00p -1.85% WPP (WPP) 1,257.50p -1.76% NMC Health (NMC) 3,328.00p -1.71% Anglo American (AAL) 1,712.80p -1.65% Mediclinic International (MDC) 579.40p -1.40% International Consolidated Airlines Group SA (CDI) (IAG) 615.00p -1.38% Rolls-Royce Holdings (RR.) 817.00p -1.33% Croda International (CRDA) 4,525.00p -1.22% Glencore (GLEN) 371.35p -1.20% CRH (CRH) 2,416.00p -1.19% FTSE 250 - Risers Alfa Financial Software Holdings (ALFA) 467.00p 2.75% Hunting (HTG) 692.00p 2.59% Drax Group (DRX) 259.20p 2.45% Petrofac Ltd. (PFC) 438.00p 2.17% Wetherspoon (J.D.) (JDW) 1,298.00p 1.96% Polymetal International (POLY) 752.80p 1.65% Euromoney Institutional Investor (ERM) 1,208.00p 1.51% Hastings Group Holdings (HSTG) 278.80p 1.38% Coats Group (COA) 83.80p 0.96% Hikma Pharmaceuticals (HIK) 879.80p 0.94% FTSE 250 - Fallers IMI (IMI) 1,142.00p -7.08% Ocado Group (OCDO) 528.00p -2.48% Ferrexpo (FXPO) 304.50p -2.47% FDM Group (Holdings) (FDM) 830.00p -1.89% Polar Capital Technology Trust (PCT) 1,142.38p -1.69% Investec (INVP) 621.00p -1.68% SSP Group (SSPG) 590.00p -1.67% JD Sports Fashion (JD.) 370.70p -1.62% Kaz Minerals (KAZ) 834.10p -1.62% Renishaw (RSW) 4,666.00p -1.60% 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: Wall Street finishes lower after Powell's second testimony Wall Street finished lower on Thursday as investors sifted through a slew of economic data, and digested Fed Chair Jerome Powell’s second testimony this week. The Dow Jones Industrial Averagewas down 1.68% at 24,608.98, the S&P 500 lost 1.33% to 2,677.67, and the Nasdaq 100 was off 1.52% at 6,750.54.  Investors had been on edge since Tuesday when a hawkish first congressional testimony by Powell spooked markets by adding weight to expectations of four rate hikes rather than three this year. “Powell’s testimony in front of the House Financial Services Committee on Tuesday was very bullish on the economy and led many to believe that a fourth-rate hike is on the table this year,” Oanda analyst Craig Erlam said earlier in the day. “While this isn’t a million miles from what markets are pricing in, it did trigger another negative response from markets with US indices falling around two and a half percent since and positioned for further losses today.” On Thursday, Powell testified in front of the Senate Banking Committee, telling the senators that there weren’t yet any “decisive” signs of wage inflation. He also said more gains could be made in the US labour market without creating harmful levels of inflation. “We see wages by a couple of measures trending up a little bit, but most of them continuing to grow at two and a half percent,” Powell said. “Nothing is suggesting to me that wage inflation is at a point of accelerating. “I would expect that some continued strengthening in the labor market can take place without causing inflation.” Powell confirmed the Fed expected to continue its trajectory of gradual interest rate hikes, in a bid to keep economic growth under control while not putting the kibosh on the economy’s recovery. He also faced questions about why the central bank was lifting interest rates, when inflation continued to miss its own target. “At this point, we have 4.1% unemployment,” he explained. “The things we don't want to have happen is to get behind the curve, have inflation move up and have to raise rates too quickly and cause a recession.” In economic news, personal income and spending printed ahead of forecasts at the start of the year, alongside a hefty 0.9% jump in disposable incomes as recently approved tax cuts kicked-in, according to figures from the Department of Commerce. Despite that, key inflation gauges contained within the same report - including the Federal Reserve's preferred inflation index - came in just as expected, rising at the same clip as in December. At the headline level, the year-on-year rate of gain on the price deflator for personal consumption expenditures held at 1.7%, while at the 'core' level, excluding food and energy, the PCE price index came in at 1.5%. Meanwhile, personal income and spending rose by 0.4% and 0.2% month-on-month, respectively, which was ahead of economists' forecasts for a reading of 0.2% for both measures. Elsewhere, the number of Americans filing for unemployment benefits hit its lowest level in 49 years last week, according to data from the Labor Department. US initial jobless claims declined by 10,000 to 210,000 from the previous week’s level, which was revised down by 2,000. Economists had been expecting claims of 226,000. This marked the lowest level of claims since 6 December 1969, when it was 202,000. The manufacturing sector was also in focus following releases from the Institute for Supply Management and IHS Markit. IHS Markit’s final manufacturing purchasing managers’ index slipped to 55.3 from January’s 34-month high of 55.5, but data from the ISM showed growth in the manufacturing sector unexpectedly rose in February, to its strongest rate in almost 14 years. The ISM’s headline manufacturing index increased to 60.8 from 59.1 in January, beating expectations for a drop to 58.7. A reading above 50 indicates expansion, while a reading below signals contraction. “This indicates growth in manufacturing for the 18th consecutive month at strong levels led by continued expansion in new orders, production activity, employment and inventories, with suppliers continuing to struggle delivering to demand,” said Timothy Fiore, chair of the ISM. “The PMI at 60.8 is the highest level of expansion seen since May 2004, when it reached 61.4.” In corporate news, Best Buy added 3.95% after seeing its sales jump during its key holiday trading quarter, and Kohl's slipped 5.05% despite its own strong holiday sales fuelling a big earnings beat. AMC Entertainment ticked ahead 1.67% following the release of its quarterly earnings that showed a record fourth-quarter revenue. Elsewhere, Victoria’s Secret parent L Brands lost 13.87% after its quarterly outlook late on Wednesday left investors disappointed. Software company Salesforce.com picked up 2.72% on the back of better-than-expected quarterly results. Dow Jones - Risers Coca-Cola Co. (KO) $43.43 0.49% Verizon Communications Inc. (VZ) $47.96 0.46% Procter & Gamble Co. (PG) $78.70 0.23% Chevron Corp. (CVX) $112.04 0.11% Travelers Company Inc. (TRV) $138.97 -0.02% Walt Disney Co. (DIS) $102.57 -0.55% General Electric Co. (GE) $14.02 -0.64% Exxon Mobil Corp. (XOM) $75.20 -0.71% Unitedhealth Group Inc. (UNH) $224.45 -0.76% Merck & Co. Inc. (MRK) $53.70 -0.96% Dow Jones - Fallers Boeing Co. (BA) $349.69 -3.46% United Technologies Corp. (UTX) $130.30 -3.25% Intel Corp. (INTC) $47.84 -2.94% Caterpillar Inc. (CAT) $150.23 -2.85% American Express Co. (AXP) $95.14 -2.35% Goldman Sachs Group Inc. (GS) $256.78 -2.34% Cisco Systems Inc. (CSCO) $43.80 -2.19% Dowdupont Inc. (DWDP) $68.74 -2.13% Visa Inc. (V) $120.40 -2.07% Johnson & Johnson (JNJ) $127.28 -2.00% S&P 500 - Risers United States Steel Corp. (X) $46.01 5.75% NRG Energy Inc. (NRG) $26.92 4.10% Best Buy Co. Inc. (BBY) $75.30 3.95% Southwestern Energy Co. (SWN) $3.71 3.92% Range Resources Corp. (RRC) $13.77 3.61% Endo International Plc (ENDP) $6.53 3.57% Teradata Corp. (TDC) $38.13 3.56% Nucor Corp. (NUE) $67.53 3.26% Newell Brands Inc (NWL) $26.50 3.15% Cabot Oil & Gas Corp. (COG) $24.93 3.12% S&P 500 - Fallers Patterson Companies Inc. (PDCO) $24.10 -23.67% Brown Forman Corp. Class B (BF.B) $55.38 -20.65% Monster Beverage Corp (MNST) $54.22 -14.44% L Brands Inc (LB) $42.49 -13.87% Mallinckrodt Plc Ordinary Shares (MNK) $15.68 -6.00% Kohls Corp. (KSS) $62.75 -5.05% Discover Financial Services (DFS) $75.20 -4.58% Cummins Inc. (CMI) $160.76 -4.33% Henry Schein Inc. (HSIC) $63.44 -4.15% Nvidia Corp. (NVDA) $232.21 -4.05% Nasdaq 100 - Risers Shire Plc Ads (SHPG) $133.48 4.28% Liberty Global plc Series C (LBTYK) $30.86 2.76% Liberty Global plc Series A (LBTYA) $31.87 2.34% T-Mobile Us, Inc. (TMUS) $61.90 2.13% Walgreens Boots Alliance, Inc. (WBA) $70.20 1.90% CSX Corp. (CSX) $54.52 1.49% Dollar Tree Inc (DLTR) $104.09 1.41% Seagate Technology Plc (STX) $54.00 1.12% Mylan Inc. (MYL) $40.69 0.92% Comcast Corp. (CMCSA) $36.54 0.91% Nasdaq 100 - Fallers Monster Beverage Corp (MNST) $54.22 -14.44% Align Technology Inc. (ALGN) $245.55 -6.46% Liberty Interactive Corporation QVC Group (QVCA) $27.56 -4.55% Biomarin Pharmaceutical Inc. (BMRN) $77.67 -4.31% Henry Schein Inc. (HSIC) $63.44 -4.15% Nvidia Corp. (NVDA) $232.21 -4.05% Take-Two Interactive Software Inc. (TTWO) $107.54 -3.87% PACCAR Inc. (PCAR) $69.04 -3.56% Tesla Inc (TSLA) $330.93 -3.54% Intuitive Surgical Inc. (ISRG) $412.13 -3.36% Looking for early access to investment opportunities? Make your own informed investment decisions. Get the right tools and information at Master Investor Show 2018. Register for free today Cryptocurrencies Report Top Cryptocurrencies # Name Market Cap($) Price(%) Change Price Graph(3m) 1 Bitcoin (BTC) 184,990,660,470 10,870 -0.2% 2 Ethereum (ETH) 84,723,188,849 863.01 -0.9% 3 Ripple (XRP) 35,556,761,688 0.892 -3.37% 4 Bitcoin Cash / BCC (BCH) 21,619,630,683 1,264.59 -1.69% 5 Litecoin (LTC) 11,425,292,541 205.85 -1.77% 6 NEO (NEO) 8,238,880,000 125.8 -1.96% Atlantic Advisory - Share Tips of the Year 2018 Download Our Latest Report Here Losses can exceed deposits Friday newspaper round-up: Carillion, Rio Tinto, gas supply, Siemens The board of Carillion dismissed a proposal that could have poured £218m into the government contractor’s ailing pension scheme, believing a month before the company’s collapse that they could still revive its fortunes. Details of a plan drawn up by accountancy firm EY, but rejected by directors, emerged as MPs conducting an inquiry into Carillion’s failure released evidence they said proved “pervasive institutional failings” at the company. - Guardian The voice of Australia’s coal lobby is under renewed threat as the country’s second biggest miner, Rio Tinto, faces a shareholder revolt over its membership of lobby groups including the Minerals Council of Australia and the role it plays in Australia’s climate and energy debate. Global investors worth $84bn have joined together to file a shareholder motion calling on Rio Tinto to rethink its membership of the MCA, NSW Minerals Council (NSWMC) and the Queensland Resources Council (QRC). It demands Rio Tinto reveal all membership fees paid since 2012, review the consistency of the MCA’s lobbying positions with those held by Rio Tinto, and disclose what it would take for Rio to quit its membership of the MCA. – Guardian British factories are preparing to shutter some of their operations to help National Grid avert a national gas supply crisis, as freezing temperatures sweep the country. For the first time in almost a decade National Grid said gas supplies will not be enough to meet demand, unless energy-intensive industries agree to use less gas in return for hefty compensation payments levied on to consumer bills. – Telegraph UK lenders’ use of cheap Bank of England funding surged at the end of 2017, just weeks before the tap was due to be turned off The central bank’s £140bn Term Funding Scheme (TFS) was launched after the Brexit vote to boost the supply of cheap funding to the real economy. It closed on Wednesday this week. - Telegraph Siemens is to open Britain’s third train manufacturing plant - if it wins multibillion-pound rolling stock orders for either HS2 or London Underground. With the German engineering group bidding for more than £5 billion of orders for the 225mph high-speed HS2 trains and the next generation of Tube rolling stock, it has begun plans to build a manufacturing plant at Goole in the East Riding of Yorkshire. It will create 700 manufacturing jobs and 1,700 more in the supply chain. – The Times There are fears that other high-street retailers could follow Toys R Us and Maplin into financial crisis as City analysts warned that the gloom engulfing the sector was likely to persist. Shares in Mothercare lost more than 12 per cent of their value yesterday after falling heavily the previous day, and Next and Debenhams both suffered falls after Toys R Us, the American toy company, and Maplin, the electrical goods retailer, went into administration on Wednesday. – 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. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49