Morning Euro Markets Bulletin

ADVFN  Morning Euro Markets Bulletin Daily world financial news Wednesday, 07 March 2018 09:58:04 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 as Trump's economic chief resigns; Rolls-Royce flies 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 as investors reacted to the resignation of US President Trump's chief economic advisor, Gary Cohn. At 0830 GMT, the FTSE 100 was off 0.3% to 7,122.62, while the pound was down 0.1% against the dollar at 1.3871 and 0.2% weaker versus the euro at 1.1179.  Cohn, an advocate of free trade, quit over Trump's decision to impose tariffs on steel and aluminium imports. His resignation was announced after the close of US markets on Tuesday. London Capital Group analyst Jasper Lawler said: "The resignation of Trump’s top economic advisor Gary Cohn over fierce disagreement to Trump’s tariffs, goes some way to highlighting the rift that Trump is creating, not just on the global platform but also within his own administration. Furthermore, if Cohn, who has been actively opposing protectionism, is resigning, this naturally leads to the conclusion that Trump has won and is serious about his tariffs. "With Cohn’s steadying influence no longer steering economic policy in the Trump administration, in addition to Trump’s recommitment to his nationalist trade agenda, market participants are growing increasingly nervous of where the Trump administration is going." In UK economic news, house prices were revealed by Halifax to have risen 1.8% in the three months to February compared to the same three months a year earlier, slowing from the 2.2% annual growth recorded in January. In corporate news, NMC Health lost ground despite reporting a jump in full-year net profit and revenue, while Paddy Power Betfairdeclined after saying it swung to a net profit in 2017 as operating profit and revenue grew, but warning that sporting results favouring bookies have hit customer activity. DS Smith, whose shares rallied on Tuesday after peer Smurfit Kappa said it had rejected a takeover offer from International Paper, was a touch lower after saying its overall trading in the third quarter was in line with expectations. FTSE 250 recruiter PageGroup was weaker as it posted an 18% jump in pre-tax profit in a year that saw record gross profit in 22 countries, but warned of challenging conditions in the UK. Equiniti slipped as it said profit after tax declined 53% in 2017 to £15.6m, while Rank Group fell after announcing the resignation of its chief executive Henry Birch. On the upside, Rolls-Royce rocketed after it reported 25% profits growth thanks to solid revenues and the engine-maker's cost-saving programme. Legal & General ticked higher as it said its annual profit rose by almost a third as the insurer sold more pension services and released £332m from its reserves. Operating profit for the year to the end of December increased 32% to £2.1bn as new annuity and pension risk transfer business rose to £4.6bn from £4.1bn. Esure was in the black as it reported a 36% rise in full-year pre-tax profit, while CLS Holdings edged up as the property investment company posted a 17% increase in full-year EPRA net asset value. Hill & Smith surged after saying it delivered its "best ever" trading performance in 2017 and following an upgrade to 'buy' at Investec. Tritax Big Box gained as the real estate investment trust reported a 10.3% increase in 2017 EPRA net asset value. In broker note action, EasyJet and IAG were both initiated at 'neutral' at Citi, while Informa was lifted to 'add' by Peel Hunt. Superdry and Card Factory were both upgraded to 'buy' at Liberum. Metro Bank was cut to 'sell' at Investec, Diageo was downgraded to 'neutral' by Natixis and Hunting was cut to 'market perform' atBernstein. Market Movers FTSE 100 (UKX) 7,122.62 -0.34% FTSE 250 (MCX) 19,655.57 -0.18% techMARK (TASX) 3,334.60 -0.40% FTSE 100 - Risers Rolls-Royce Holdings (RR.) 916.39p 10.54% Smurfit Kappa Group (SKG) 3,148.00p 3.48% BAE Systems (BA.) 593.60p 1.12% Tesco (TSCO) 212.56p 0.74% Kingfisher (KGF) 350.80p 0.69% Ferguson (FERG) 5,192.00p 0.62% Marks & Spencer Group (MKS) 287.70p 0.38% Persimmon (PSN) 2,660.00p 0.38% Sky (SKY) 1,346.50p 0.30% Berkeley Group Holdings (The) (BKG) 3,817.00p 0.29% FTSE 100 - Fallers Paddy Power Betfair (PPB) 7,795.00p -5.17% NMC Health (NMC) 3,250.00p -3.22% Anglo American (AAL) 1,726.40p -1.92% Glencore (GLEN) 361.90p -1.76% WPP (WPP) 1,240.00p -1.55% Standard Chartered (STAN) 772.20p -1.51% Just Eat (JE.) 734.00p -1.45% BHP Billiton (BLT) 1,446.80p -1.44% Rio Tinto (RIO) 3,694.50p -1.43% Antofagasta (ANTO) 872.00p -1.38% FTSE 250 - Risers Hill & Smith Holdings (HILS) 1,346.00p 8.90% Superdry (SDRY) 1,815.00p 4.37% FDM Group (Holdings) (FDM) 920.74p 3.69% Euromoney Institutional Investor (ERM) 1,244.00p 3.67% Ibstock (IBST) 288.80p 3.22% Card Factory (CARD) 204.60p 2.35% Aggreko (AGK) 709.00p 1.96% Royal Mail (RMG) 561.60p 1.81% esure Group (ESUR) 227.80p 1.52% Tritax Big Box Reit (BBOX) 142.60p 1.49% FTSE 250 - Fallers Pagegroup (PAGE) 499.00p -4.68% Kaz Minerals (KAZ) 876.00p -2.62% Hochschild Mining (HOC) 205.50p -2.28% IP Group (IPO) 103.27p -2.21% Melrose Industries (MRO) 212.70p -2.03% Vectura Group (VEC) 78.35p -2.00% Petrofac Ltd. (PFC) 454.27p -1.95% Ferrexpo (FXPO) 309.60p -1.75% Tullow Oil (TLW) 183.95p -1.74% Vedanta Resources (VED) 732.80p -1.72% 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: Markets eke out gains on loosening of trade war tensions Wall Street managed to eke out minor gains on Tuesday after news from discussions between North and South Korea - reported to include plans for the first major summit between the two in over a decade - pointed to a de-escalation of tensions and the easing of one of the market's biggest geopolitical uncertainties. The Dow Jones Industrial Averageended the day 0.04% above the waterline at 24,884.12, the S&P 500was ahead 0.26% at 2,728.12, and the Nasdaq 100 finished 0.46% higher at 6,913.02. “Investors may have been rattled by the prospect of a trade war after Donald Trump’s recent tariffs announcement, but equity markets are once again recovering as it becomes clear that the US President does not have the full backing of his party of this one,” noted Craig Erlam, senior market analyst at Oanda. “Some Republicans, including House Speaker Paul Ryan, have warned against starting a trade war that could damage the economy and undo the benefits of the recently passed tax reforms, highlighting that Trump is lacking the full support of his party on this particular issue. “Trump’s comments linking the tariffs to NAFTA negotiations also suggested that they could be dropped if a new agreement is signed, suggesting he may simply be using the threat of tariffs to put pressure on others to deliver what he considers to be fair and reciprocal trade.” In terms of economic data, new orders for manufactured goods saw their largest drop in six months in January as business spending on equipment appeared to be reducing after strong growth in 2017, according to the Commerce Department's factory orders report. Factory goods orders fell 1.4% in the month following five straight monthly increases. January's drop was broadly in line with economists' expectations. Orders picked up 8.4% on a year-on-year basis. On the corporate front, shares of Ciena Corp gained 10.11% after its quarterly earnings beat expectations, but Target lost 4.45% after the ‘cheap-chic’ discount department store’s fourth-quarter profit missed analysts' forecasts. Deep discounter Dollar Tree finished ahead 1.68%, wine and spirits producer Brown-Forman was down 0.85% and membership warehouse retailer Costco slipped 0.01% - all three companies are due to report earnings before markets open on Wednesday. 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 Plus One Coin (PLUS1) 181,103 0.027095 -1.89% 2 Bitcoin (BTC) 178,897,162,500 10,462.69 -2.3% 3 Ethereum (ETH) 76,963,217,891 780.37 -4.2% 4 Ripple (XRP) 35,252,305,626 0.8861 -1.41% 5 Bitcoin Cash / BCC (BCH) 19,687,422,969 1,142.78 -4.71% 6 Litecoin (LTC) 10,577,159,027 189.4 -3.53% Atlantic Advisory - Share Tips of the Year 2018 Download Our Latest Report Here Losses can exceed deposits Wednesday newspaper round-up: Hammond, Debenhams, RBS, Beaufort Securities Philip Hammond will insist on Wednesday that Britain can overcome EU opposition and include financial services in a post-Brexit free trade deal. The chancellor is expected to use a speech in the City to challenge the idea – voiced strongly by France’s finance minister on Tuesday – that financial services have never been included in trade deals because of their complexity and the risks to stability. – Guardian In the latest sign of retailers battening down the hatches Debenhams is considering renting space in its flagship London department store to a hot desking firm. The retailer is in talks to rent floor space to flexible-office provider WeWork, as it looks to scale back its high street presence. - Guardian The Royal Bank of Scotland has agreed a settlement of $500m (£360m) with the state of New York for selling mortgage-backed securities ahead of the 2008 financial crisis. The settlement comprises of $100m in cash, with the remaining $400m to go towards consumer relief for communities and homeowners. This will include putting funds into construction projects to allow for more affordable housing to be built. – Telegraph Procter & Gamble is stepping up efforts to "take back control" from advertising agencies by investing more in internal analytics programmes – a move which will spell further trouble for ad giants WPP and Publicis. The chief brand officer of the American consumer goods giant, Marc Pritchard, told the ISBA conference that companies had "relinquished too much control" in their bid to expand into digital advertising, "chasing shiny objects, overwhelmed by big data, and ceding power to algorithms". He said this had resulted in "wasteful mass blasting". – Telegraph The administrator to Beaufort Securities, the failed City broker, has warned that it could take “many months” to return cash to investors. PWC confirmed that it expected to make substantial returns to clients after costs and that it had ringfenced £50 million in segregated client money accounts, alongside freezing close to £800 million in client assets. Nigel Rackham, joint administrator, said that the process of returning the money was unlikely to begin before mid-April. – The Times Melrose Industries is facing fierce pressure to reveal legally binding commitments to protect jobs and invest in research and development if it succeeds in its hostile takeover of GKN, the aerospace and automotive group. In a gruelling hearing yesterday, Simon Peckham, chief executive of Melrose, was forced to make concessions as the buyout group’s commitment and track record for growing British businesses was questioned by MPs on the business, energy and industrial strategy committee. – 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