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| | London open: Stocks in the red as FANG selloff bites |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks fell in early trade on Wednesday, taking their cue from a selloff on Wall Street led by the technology sector. At 0830 GMT, the FTSE 100 was down 0.6% to 6,956.75, while the pound was flat against the euro at 1.1419 and 0.1% lower versus the dollar at 1.4141. Stocks in the US suffered heavy losses on Tuesday, with Facebook under the cosh as it emerged that chief executive Mark Zuckerberg would testify before Congress following the Cambridge Analytica scandal. This led to some of their biggest falls in years for the so called 'FANG' stocks of Facebook, Amazon, Netflix and Google owner Alphabet as concern spread about a crackdown on how these companies use personal data prompted a re-examination of how these companies are valued. Michael Hewson, chief market analyst CMC Markets, said: "With the increasing focus on what is going with respect to how Facebook has managed its users personal data, it must surely be only a matter of time before attention turns to the rest of the tech sector, and how companies like Alphabet, Twitter, Microsoft and Apple to name a few, manage their own users personal data. If lawmakers do turn their attention to the rest of the sector, which seems likely, then it is hard not to see how other tech companies will escape scrutiny on how they use this user data, raising the prospect that we could uncover other practices that invite scrutiny. "Third party data access is likely to be one area of interest along with what safeguards they have in place with respect to this data, which to all intents and purposes is people's intellectual property. If further malfeasance is uncovered then the out performance in tech stocks that has been so indicative of the recent run up could well be factor on any run lower, if investors lose confidence any further." On the data front, the CBI's retail-focused distributive trades survey is due at 1100 BST. Investors will also eye the release of fourth-quarter US GDP data at 1330 BST. In corporate news, Paddy Power Betfair was on the back foot after saying it has recruited Jonathan Hill from Saga to be the bookmaker's next chief financial officer. Hill, who will stay at the over-50s company until September, has been Saga's CFO since 2015. Miners were dented as the swing in the dollar hurt metals prices, with Antofagasta, Anglo American and Rio Tinto among the big fallers. Ahead of the acceptance deadline for the deal on Thursday, turnaround specialist Melrose Industries set out details of binding commitments for its proposed hostile takeover of GKN and launched a final effort to assert its credentials as a company committed to the wider UK economy. Shares in both companies were lower. Insurer Aviva was trading lower as the Financial Conduct Authority said it was considering whether to launch a formal investigation into its decision to ditch plans to cancel its preference shares. Diploma, the life sciences, seals and controls supplier, was in the red despite reporting "robust" trading in the first half of the year, as sales growth has slowed slightly in the second quarter. Shire was the standout gainer as it was mentioned in the Telegraph over reheated speculation of takeover rumours with Japanese peer Takeda. Outside of the FTSE 350, DFS Furniture racked up strong gains as it posted an expected drop in half-year profit and revenue but struck a confident tone on its outlook, bucking the downcast retail trend of late. Primark owner Associated British Foods gained as it was upgraded to 'overweight' at Morgan Stanley. Luxury fashion brand Burberry was in the black as Goldman Sachs lifted it to 'buy' and added the stock to its conviction list, while G4S rallied after an upgrade to 'hold' at HSBC. Hunting retreated after a downgrade to 'neutral' by Macquarie.
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| | Market Status | Top 10 FTSE 100 Risers Top 10 FTSE 100 Fallers |
| | Daily cryptocurrency Tracker 27.3.18: Bitcoin dips below $8,000 The bearish trend in the cryptocurrency market continued over the past 24 hours, as 47 of the top 50 cryptos registered losses. Of the top 10 cryptos, NEO suffered the heaviest losses, declining more than 14%. Other cryptos, such as Ethereum, Litecoin and Stellar also registered double-digit losses. At the time of writing, Bitcoin was seen more than 6.5% lower, trading below the $8,000 mark. Read More... |
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| | US close: Markets take a dip as consumer confidence drops | | Stocks on Wall Street finished in the red on Tuesday, despite a slightly more positive tone to news on the global trade front earlier in the session, as consumer confidence took an unexpected dip. The Dow Jones Industrial Average was down 1.43% at 23,857.71, the S&P 500 lost 1.73% to 2,612.62, and the Nasdaq 100 ended the session down 3.32% at 6,529.84. “Naturally, the prospect of a trade war between the world's largest economies has weighed heavily on risk appetite over the last couple of weeks with US equity markets posting significant losses on Thursday and Friday as things heated up,” said Craig Erlam, senior market analyst at Oanda. “The message over the weekend though was far less confrontational and suggested the US would be open to scrapping the tariffs in exchange for certain other concessions such as reduced tariffs on important cars.” Tuesday's economic schedule was rather sparse, although S&P reported that its 20-city home price index advanced at a 0.8% month-on-month clip in January, ahead of consensus forecasts for 0.6%, with a year-on-year rate of advance of 6.4%, also ahead of consensus, which was 6.1%. Separately, consumer confidence in the US deteriorated unexpectedly throughout March, the Conference Board institute said on Tuesday. It dipped to 127.7 from a downwardly-revised 130.0 in February, surprising economists who had expected the index to expand to 131.0 from the original 130.8 figure. "Consumer confidence declined moderately in March after reaching an 18-year high in February," said Lynn Franco, the Conference Board's director of economic indicators. On the corporate front, Linux provider Red Hat was reversed some earlier gains to finish up 0.87%, following the release of the company's stronger-than-expected fourth quarter figures overnight. McCormick also pleased investors, posting first quarter earnings per share of $1, ahead of a consensus $0.90, as management also guided towards full-year EPS in a range of between $4.85 and $4.95. Its stock was ahead 0.36%. Lam Research was also in the spotlight, losing 5.74% after analysts at Mizuho initiated coverage of the semiconductor equipment manufacturer at 'buy'. |
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| | Wednesday newspaper round-up: Philip Green, China, Tesla, Lloyds | | Sir Philip Green has escaped a ban from serving as a company director by the Insolvency Service over the deal to sell BHS for £1 in 2015, a year before the retailer collapsed. However, Dominic Chappell, who led the consortium that bought BHS, faces a lengthy boardroom ban after a government inquiry into the collapse of the retailer in 2016, which led to the loss of 11,000 jobs. – Guardian China has confirmed that the North Korean leader, Kim Jong-un, has visited Beijing, where he met the Chinese president, Xi Jinping, and pledged his commitment to denuclearising the Korean peninsula. Confirming several reports over the last two days, Xinhua state news agency said Kim had been in China on an “unofficial visit” from Sunday to Wednesday. – Guardian Shares in Tesla plunged to their lowest level in almost a year on Tuesday, as it faced news of a probe into a car crash last week, a downgrade by credit agency Moody's and as doubts were aired over its production targets. Tesla's shares dropped around 8.1pc to $279.18, dragged lower after it emerged that the US National Transportation Safety Board (NTSB) is launching an investigation into a fatal crash of a Tesla Model X, which then caught fire, in California last week. – Telegraph The energy regulator is under fire for overseeing a string of customer service blunders from energy supply minnows this week amid growing calls to tighten up standards for new market entrants. Ofgem resorted to banning Britain’s cheapest energy supplier from signing up more customers on Tuesday after repeated complaints against Iresa Energy over the past year. – Telegraph Lloyds Banking Group will have to pay nearly £3 million to its former chief executive and another director after losing a legal battle to withhold payments relating to the purchase of HBOS. A judge ruled yesterday that Lloyds had wrongly refused to hand over share awards to Eric Daniels, chief executive from 2003 to 2011, and Truett Tate, a former head of wholesale banking. – The Times The government turned back the clock and pushed an interventionist industrial strategy yesterday when Greg Clark, the business secretary, put himself front and centre of the £8.1 billion hostile takeover bid for GKN by Melrose. Not since Michael, now Lord, Heseltine pledged 25 years ago to intervene before breakfast, lunch and dinner on behalf of British industry has a business or trade and industry secretary moved to shape the future ownership of the UK manufacturing sector. – The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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