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| | London open: Stocks march higher as China's Xi calms trade tensions |  | | 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, taking their cue from a positive session in Asia as investors welcomed a pledge by Chinese leader Xi Jinping to open up the country's economy and lower import tariffs. At 0825 BST, the FTSE 100 was up 0.5% to 7,227.66, while the pound was up 0.1% against the dollar and the euro at 1.4138 and 1.1482, respectively. In a speech at the Boao Forum for Asia, seen by many as Asia's Davos, President Xi - who made no reference to the trade spat with the US - said he will "significantly lower" tariffs on car imports this year and ease restrictions on foreign ownership in the industry as soon as possible. He also said he would expand the protection of intellectual property. "The cold war and zero-sum mentality looks out of place in today’s world. Arrogance or only focusing one’s own interests will get nowhere. Only peaceful development and cooperation can truly bring win-win or all-win results,” he said. Rebecca O'Keeffe, head of investment at Interactive Investor, said: "President Xi’s speech overnight appears to have struck the right tone, providing some relief for investors who have been buffeted by the recent war of words between Trump and China over trade. While there was already an overwhelming sense that Chinese officials were keen to achieve a negotiated settlement before the proposed tariffs do any lasting damage to either the Chinese or US economies, today’s speech was the clearest indication yet that China is prepared to take concrete steps to address some of Trump’s chief criticisms. "The big question is whether President Trump will now take the olive branch offered by Xi’s conciliatory approach and dial down the rhetoric from his side too." In UK corporate news, Glencore, which took a beating on Monday on the back of Trump's sanctions against Russia, was the standout gainer as it said chief executive Ivan Glasenberg has resigned as a director of Russian aluminium producer Rusal, in which it holds a stake of just under 9%. In a statement, Glencore said it was "taking all necessary measures in order to mitigate any risks" to its business as result of the designation of Rusal and its parent company EN+ as Specially Designated Nationals (SDNs) by the Trump administration. Russian steel producer Evraz was on the front foot after heavy losses in the previous session, while miners also bounced back, with Anglo American, Antofagasta, BHP Billiton and Rio Tinto all stronger. Card Factory rallied as it promised to keep gifting investors more dividends and posted full-year results that showed growth in sales but smaller profits that are unlikely to improve much in the coming year. James Fisher & Sons gained after winning a £50m 10-year integrated marine services contract by an unnamed UK-based, international, integrated energy company. Workspace Group advanced after saying it has been given planning permission for a £15m major refurbishment at The Shaftesbury Centre in west London's Ladbroke Grove. Elsewhere, Informa's proposed acquisition of UBM has received a number of regulatory approvals and the companies said they are confident they can complete the deal by the end of the second quarter of this year. Shares in both companies rose. In broker note action, Ascential was downgraded to 'hold' at Berenberg, while Aviva was cut to 'add' at Alphavalue. Next was upgraded to 'reduce' at Alphavalue and Ted Baker was boosted by an upgrade to 'buy' at Goldman Sachs. |
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| | US close: Wall Street starts week up as trade fears cool | | Wall Street finished on a positive note on Monday, after stocks recovered from heavy losses at the end of last week as worries about a US trade war with China eased slightly. The Dow Jones Industrial Average ended up 0.19% at 23,979.10, the S&P 500 added 0.33% to 2,613.16, and the Nasdaq 100 was ahead 0.61% to 6,472.34. That positive tone followed a tweet on Sunday by president Trump, which was viewed by many as conciliatory and signaled that the US and China may be able to strike some sort of deal on trade. "President Xi and I will always be friends, no matter what happens with our dispute on trade,” the Donald wrote on his favourite information dissemination medium. “China will take down its trade barriers because it is the right thing to do. “Taxes will become reciprocal & a deal will be made on intellectual property. Great future for both countries! [sic]”. Also helping to keep the mood upbeat was confirmation from North Korea that it was prepared to discuss de-nuclearising the Korean Peninsula with the US. “Whether the moves we’re seeing at the start of the week in Asia and Europe - and in US futures - reflect optimism that a solution will be found or are simply a case of profit taking on Friday’s moves isn’t clear but a speech from Chinese President Xi Jinping scheduled for Tuesday may point towards the former,” noted Oanda analyst Craig Erlam. “China has been gradually opening up its markets for a long time now and there is hope that Tuesday’s speech may contain some commitments that will help kick-start negotiations between the world’s two largest economies.” Erlam said that the message from White House senior economic advisor, Larry Kudlow, and director of the White House's National Trade Council, Peter Navarro, in recent days had been that while Trump was willing to embark on tariffs, he was also "open to negotiations" in order to avoid them. Over the weekend, Trump's administration imposed sanctions on seven Russian oligarchs and 12 companies to punish the country for actions in Crimea, Ukraine and Syria, and for attempting to subvert Western democracies. The move sent Moscow-listed stocks tumbling on Monday. On the economic front, the main focus of the week was set to be the release of the latest US inflation figures and FOMC meeting minutes, both on Wednesday. In corporate news, clinical stage gene therapy company AveXis soared 81.57% after agreeing to be bought by Swiss drugmaker Novartis for $8.7bn in cash, or $218 per share. Investors were also likely to be looking ahead to the start of the first-quarter earnings season later in the week, with releases due from the likes of BlackRock, Wells Fargo and JPMorgan Chase. |
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| | Tuesday newspaper round-up: WPP, auditing, trade, food | | The outcome of an inquiry into the personal conduct of Sir Martin Sorrell could be published as early as next week as potential successors for the top position at WPP continue to emerge. WPP, the world’s largest advertising agency, hopes that publishing the findings of an investigation into its long-serving chief executive next week will draw a line under a scandal that has left the group and Sir Martin vulnerable. - The Times Tough new punishments are on the way for bad or dishonest auditors in an effort to crack down on shabby performance in an industry wracked by scandals. “Seriously poor audit work” will land big four auditors with fines of £10m or more, the Financial Reporting Council said. - Telegraph Criminal cyber-attacks on UK businesses increased last year, according to the annual report of the National Cyber Security Centre. Firms face a growing threat from ransomware, data breaches and weaknesses in the supply chain, according to the report, published on Tuesday. Emerging threats include theft from cloud storage, which the NCSC argues too many businesses put their faith in. Chinese leader Xi Jinping has issued a veiled warning to Donald Trump as the threat of a trade war with the US simmers, calling on other countries to refrain from “seeking dominance” and “reject power politics,” adding that “arrogance ... will get [you] nowhere”. The Chinese president did not directly address his country’s ongoing tit-for-tat tariff dispute with the US on Tuesday, but said that those who ignored the “trend of the times” toward openness would be “left behind and assigned to the dustbin of history”. - Guardian Britain may leaving but the European Union has provided UK businesses with the most revenue and the highest growth of anywhere in the world over the past two years, according to a survey of 800 leading directors. A report by the Institute of Directors said 63 per cent of business leaders that it surveyed said the EU was the largest source of revenue for their company of any global market, while 43 per cent said the bloc had provided the greatest growth for their business since the start of 2016. - The Times British businesses are shrugging off concerns about Brexit uncertainty, with almost three quarters expecting to see trade increase over the coming year as they capitalise on the cheaper pound and rising overseas demand. A survey by HSBC of more than 6,000 companies operating in 25 markets around the world found that 72 per cent of UK companies expect trade volumes to increase over the next 12 months. - The Times Junk food advertisements would be blocked on social media under plans being drawn up in the fight against obesity. Ministers are also looking at whether to force restaurants to label unhealthy foods as they finalise a strategy before the summer. - The Times More than £4.3m was wiped off the value of Mothercare as the troubled retailer desperately battles to survive. The struggling baby goods retailer is reportedly looking to enter into a company voluntary arrangement - a type of insolvency that allows it to stay in business - to avoid having to close its doors. The move could see it close up to 50 of its 143 stores and negotiate down the rents on others in a bid to slash its costs. - Mail Iceland is the first British supermarket to pledge a crackdown on palm oil by removing the environmentally devastating food ingredient from its own-brand food. The frozen food specialist said it had made an ethical decision to reformulate 130 food products to completely remove palm oil from its list of ingredients by the end of the year. - Telegraph Tens of thousands of men will be recruited to take part in a £75 million boost to prostate cancer research ordered by Theresa May to close the funding gap with breast cancer. The prime minister will acknowledge today that the disease is still identified too late for patients to be saved as she promises funds for better diagnosis and treatment. - The Times Facing a watershed week for Facebook, Mark Zuckerberg has shouldered the blame for failing to prevent damaging misuse of the social media network that he co-founded. In written testimony released yesterday before what is expected to be two days of gruelling testimony to Congress starting today, the chief executive of Facebook tried to highlight the constructive role that he said the company had played in society. - The Times A top City banker at Goldman Sachs has been sacked after allegedly threatening his pregnant boss during a row over his performance. The vice president - who is in his mid-30s and worked on Goldman’s operations team - is said to have been 'out of control’ during a meeting with her and another woman, according to a leaked letter from the bank. - Mail | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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