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| | London open: Stocks in the black as deal news provides a boost; inflation eyed |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks rose in early trade on Tuesday, with more deal news providing a boost as Fenner agreed to be bought by Michelin, while traders looked ahead to key inflation readings. At 0830 GMT, the FTSE 100 was up 0.4% to 7,071.97, while the pound was up 0.2% against the euro and the dollar at 1.1387 and 1.4051, respectively, still underpinned by news the day earlier that the UK and the EU had agreed the terms of a Brexit transition period. On the economic calendar, the consumer price index, retail price index and producer price index are all due at 0930 GMT. Analysts are expecting the headline CPI figure to fall to 2.8% month-on-month. Spreadex analyst Connor Campbell said: "If accurate, that would be the first time since last August that inflation has been below that landmark 3.0% level. And while 2.8% is undoubtedly still high, the big question is over how much hawkish clout such a figure would have, especially with a Bank of England meeting on Thursday." In corporate news, housebuilder Bellway rose after saying it was on track to build more than 10,000 homes in a year for the first time as half year pre-tax profits rose 16.6% to £288.7m. Engineering group Fenner surged after agreeing to be bought by French tyre manufacturer Michelin in a deal worth around £1.3bn. Under the terms of the transaction, Fenner shareholders will receive 610p in cash per share, which is a premium of around 31% to the closing price of 467p on 16 March. Glencore was higher after it agreed to buy Rio Tinto's 82% interest in the Hail Creek coal mine and adjacent coal resources, as well as its 71.2% interest in the Valeria coal resource in central Queensland for $1.7bn. Rio shares were also positive. Imperial Brands edged up after announcing the disposal of its other tobacco products business in the US as it simplifies its portfolio and looks to sharpen its focus on driving revenue growth from its core US tobacco brands. Industrial property investor Hansteen Holdings gained as it said it would return £145m in cash to shareholders and posted an 87% jump in full-year IFRS profit to £204.3m. Wood Group ticked up after saying it expects to see modest earnings growth in 2018 as it benefits from a tentative recovery in oil and gas markets and cost savings from the acquisition of Amec Foster Wheeler. Engineer GKN - which is currently fending off a hostile bid from Melrose Industries - was a little weaker as it said the turnaround specialist's claims about its pension schemes were "misleading". Ocado was on the back foot as it said first-quarter revenues fell from the preceding quarter but improved compared to the start of last year as heavy snow across Britain disrupted the final week. Online gaming specialist 888 Holdings retreated despite reporting full-year earnings ahead of expectations, while plastic pipe-maker Polypipe fell after it said that a strong UK performance against a challenging backdrop helped it to record a 3.9% rise in full year pre-tax profits to £55.6m. In broker note action, Gem Diamonds and Petra Diamonds were lifted to 'buy' at Citi, while Micro Focus was upgraded to 'neutral' at Credit Suisse and IMI was boosted to 'neutral' at UBS. National Grid was initiated at 'buy' at Societe Generale, while Fenner was lifted to 'hold' at Investec. Barclays was downgraded to 'hold' at Investec.
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| | US close: Markets finish lower as tech stocks take a beating | | Wall Street finished the first session of the week weaker, as technology shares faced steep selling pressure amid fresh worries tied to Facebook's policies over user data management emerged. Investors were also looking to the latest policy announcement and expected rate hike from the Federal Reserve on Wednesday. The Dow Jones Industrial Average finished down 1.35% at 24,610.91, the S&P 500 was off 1.42% at 2,712.92, and the Nasdaq 100 slid 2.21% to 6,864.88. Facebook shares dropped 6.77% - its worst daily decline in almost two years - cutting its market capitalisation to $537.67bn. The sell-off came after reports over the weekend that shadowy data firm Cambridge Analytica managed to acquire information on more than 50 million users of the social media platform, and used it to conduct micro-targeted political campaigns thought to have contributed to the election of Donald Trump and the UK's Brexit vote. On top of that, news broke during the morning that US Senators Amy Klobuchar and John Kennedy had issued a joint call to Senate Judiciary Committee chairman Chuck Grassley asking for a hearing with the chief executives of Facebook, Google and Twitter on their use of client data. "The latest data scandal might well be the straw that breaks the camel's back for tighter industry regulation," said Jasper Lawler at LCG. "Tighter regulation of how data is collected and used will inevitably curb growth for tech and social media companies that use the data to attract advertisers. "Reports that Apple is secretly developing its own micro LED screens for the iPhone has hurt the share prices of existing parts suppliers, notably in Asia." Traders were also keeping a close eye on the two-day G20 finance ministers meeting that kicked-off earlier on Monday, in Buenos Aires. As far as the Fed's latest interest rate decision due on Wednesday was concerned, with a rate hike expected, analysts said the main focus was likely to be on what the dot plot suggested the Fed might do going forward. Rabobank said much would be read into Fed chair Jerome Powell's interpretation of the economic outlook and how he chooses to address the fact that the Fed still remains some way from reaching its inflation goals. In other corporate news, Bloomberg reported that Apple was secretly developing its own micro-LED technology to equip displays on its electronic devices - news that sent shares in Asian display manufacturers, including Samsung Electronics and Japan Display, south during the Asian session. Shares in the Cupertino-based technology giant finished the day down 1.53%, however. Newell Brands stock dropped 6.52% after saying it would appoint four directors to its board picked by billionaire investor Carl Icahn. Icahn revealed on Friday that he had taken a 6.9% stake in the Sharpie pen maker. Elsewhere, Dana eked out gains of 0.11% after upping its 2018 sales outlook to between $7.75bn and $8.05bn and its adjusted earnings per share guidance to between $2.75 and $3.05. Chip equipment manufacturer KLA-Tencor lost 3.85% after confirming it had forked out $3.4bn for Israeli outfit Orbotech in a cash and shares deal that implied a 15% premium. The day was quiet on the economic front, with no major data releases scheduled. |
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| | Tuesday newspaper round-up: Consumers, Amazon, UK tourism, Facebook | | The most important driver of UK economic growth is likely to slow further this year as PWC predicts that consumers will continue to scale back their spending in the face of higher inflation and squeezed incomes. The accountancy giant has forecast that consumer spending growth will slow to 1.1 per cent this year, down from 1.8 per cent in 2017, before edging up only slightly to 1.3 per cent in 2019. - The Times Amazon is weighing up whether to buy sites from Toys R Us, reports suggested this evening, just days after the toy retailer announced plans to wind up its US business. Amazon would not keep the Toys R Us branding if it did buy the locations, but instead would be looking to turn those sites into its own facilities. - Telegraph The company at the centre of the Facebook data breach boasted of using honey traps, fake news campaigns and operations with ex-spies to swing election campaigns around the world, a new investigation reveals. Executives from Cambridge Analytica spoke to undercover reporters from Channel 4 News about the dark arts used by the company to help clients, which included entrapping rival candidates in fake bribery stings and hiring prostitutes to seduce them. - Guardian Politicians will be told today by a travel industry chief not to sacrifice governing "for the benefit of citizens" on the altar of Brexit. In a speech, the chief executive of the travel association Abta will accuse both UK and European politicians of being "long on rhetoric" but of failing to be straight about the potential consequences of leaving the European Union for ordinary voters. - The Times Scrapping EU tariffs on foreign imports after Brexit would do little to cut the cost of a weekly shop in the UK, according to a report. In new research contradicting Brexiters' claims that leaving the EU could lower the price of food on the shelves, the Institute for Fiscal Studies thinktank said consumers would see little benefit from the removal of trade tariffs, which are a form of tax applied on imported goods. - Guardian Council tax is "outdated, regressive and functions like a poll tax", according to a think tank which wants it replaced. The poll tax was abolished in 1992, in large part due to the unfairness of a flat-rate tax where families generally paid the same amount irrespective of the value of the property they lived in, features which the Resolution Foundation has found are shared by the council tax today, in particular in having only a very weak link to property values. - The Times One of the biggest institutional shareholders in GKN has come out against the £8 billion hostile takeover of the aircraft and car parts maker by Melrose, after another dramatic day of counterpunches between the rival parties. Columbia Threadneedle, which has a 3.4 per cent stake in GKN and more than £350 billion of assets under management, said it would vote against the Melrose deal and support GKN management. - The Times Offshore energy titans are vying for a Government support package worth hundreds of millions of pounds with both renewable power and fossil fuel industries making a case for a "sector deal". The offshore wind industry will kick start its bid for a "transformative" partnership with the Government on Tuesday by promising to attract £48bn in investment by 2030 and more than double the generating capacity in UK waters. - Telegraph Their photographs of holidays, clothes and beauty products inspire admiration, envy, and big bucks for the brands involved. Now celebrities who fail to make clear that they are being paid to promote products on social media could face heavy fines after the advertising watchdog announced a clampdown. - The Times Fake World Cup tickets and dubious Brexit investments could be the weapon of choice for scammers this year alongside a radical overhaul of Britain's banking sector, warned security experts at NatWest. Open Banking was launched in January, though few British banks are yet on board, and will allow consumers to securely share their banking data with third parties, such as price comparison and budgeting apps. - Telegraph Poor paternity pay and leave rights too often force new fathers to go back to work while pushing mothers to stay at home for longer, undermining the drive for gender equality, a major new report from MPs has warned. Fathers increasingly want to share more of the childcare duties, the Women and Equalities Committee found, but are unable to take part because policies focus on maternity rights. - Telegraph | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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