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| | London open: Stocks nudge lower after China data; US earnings, geopolitics in focus |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks nudged lower in early trade on Friday as investors kept an eye on the geopolitical situation, with the latest Chinese trade data in focus and US bank earnings to look forward to. At 0835 BST, the FTSE 100 was down 0.1% to 7,252.47, while the pound was up 0.2% against the euro and the dollar at 1.1563 and 1.4259, respectively. Data out of China earlier showed a surprise monthly trade deficit in March for the first time in 13 months. China's trade balance swung to a deficit of $4.98bn from a surplus of $33.7bn the month before, versus expectations for a surplus of $19.6bn. London Capital Group analyst Jasper Lawler said: "A sharp drop in exports is of some concern for the country’s future path of economic growth. One data point does not make a trend, and this drop is likely a combination of exporters front-loading before possible tariffs and simply a pullback from a strong first two month of the year. "The deficit might have been welcomed by US President Trump, but China’s trade surplus with the US rose significantly in the first quarter. If investors were looking for empirical evidence to tempt the White House to back off from a trade war, it won’t be found here." Meanwhile, geopolitics remained in focus after UK Prime Minister Theresa May and US President Trump agreed during a late-night phone conversation that Syria’s suspected use of chemical weapons should not go unchallenged. Downing Street said Cabinet ministers had agreed "on the need to take action" to "deter further use of chemical weapons" after concluding that it was "highly likely" the Assad regime was behind the chemical attack. Transport Minister Jo Johnson later said there had been no decision to take military action at this point. Spreadex analyst Connor Campbell said: "News - well a tweet from Trump - that the US could re-join the Trans-Pacific Partnership appears to be countering the threat of military action in Syria following a unanimous decision from Theresa May’s Cabinet that the use of chemical weapons must be challenged." Across the pond later in the day, updates from JPMorgan Chase, Wells Fargo and Citigroup will kick off the US earnings season. In UK corporate news, London Stock Exchange edged higher as it appointed Goldman Sachs veteran David Schwimmer as its new chief executive. Elsewhere, software company Sage Group tumbled after cutting its full-year organic revenue growth guidance, reflecting inconsistent operational execution. Shopping centre owner Hammerson also suffered sharp losses as French real estate investment trust Klepierre said it does not intend to make an offer for the company after its second approach was rebuffed. Klepierre said it was abandoning its pursuit "after careful consideration" as Hammerson "did not provide any meaningful engagement with respect to the increase proposal". Rolls-Royce was in the red after saying that it plans to step up the number of inspections it carries out on the Trent 1000 jet engines, a move that will lead to more disruption for customers and higher costs There was a lot going on the broker note front. Fidessa was lifted to 'equalweight’ at Barclays, while British Airways and Iberia parent IAG was the standout gainer after being upgraded to 'hold’ at HSBC a day after revealing it had taken a minority stake in Norwegian, which it is considering making an offer for. Ultra Electronics also gained on the back of an upgrade to 'hold’ at Berenberg. Flybe was cut to 'hold’ at HSBC, while Royal Mail was knocked lower by a downgrade to 'underperform’ at RBC Capital Markets and TalkTalk was hit by a cut to 'sector perform’ at RBC. Lloyds was downgraded to 'hold’ at HSBC and Wood Group was cut to 'equalweight’ at Morgan Stanley. Halma and Hill & Smith were initiated at 'buy’ at Berenberg, while Renewi was initiated at 'hold’. Virgin Money was started at 'hold’ at HSBC. |
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| | US close: Stocks finish higher, traders monitoring Syria | | Shares on Wall Street finished higher on Thursday, albeit off their best levels, after enduring heavy losses during the previous session, after the US president toned down his remarks on Syria a day earlier. By the closing bell, the Dow Jones Industrials Average was ahead by 1.21% or 293.60 points at 24,483.05, alongside a rise of 0.83% or 21.80 points to 2,663.99 for the S&P 500, while the Nasdaq Composite finished 1.01% or 71.22 points ahead to 7,140.25. From a sector standpoint, the strongest areas of the market were: Hotel&Lodging (3.15%), Gambling (3.04%), Airlines (2.45%), Commercial vehicles (2.29%) and Semiconductors (2.24%). Lenders' shares also put in a strong showing, with the KBW index of bank shares jumping 2.17% to finish at 108.60, helped by a six basis point rise in the yield on benchmark 10-year Treasury notes to 2.83%. Following on from his very provocative tweet a day earlier, in which he told Russia to "get ready" for missiles coming at Syria, Trump tweeted on Thursday: "Never said when an attack on Syria would take place. Could be very soon or not so soon at all! In any event, the United States, under my administration, has done a great job of ridding the region of ISIS. Where is our 'Thank you America'?" Spreadex analyst Connor Campbell said: "This apparent de-escalation - however, temporary; the tone of Trump’s twitter is often a coin toss - has allowed the markets to shake off their initial reticence." He pointed out that the Dow is looking at a 100-point climb after the openng bell, a move that would send the index back towards 24,300, keeping it at the top end of its recent trading bracket. "There's nothing this afternoon to draw attention data-wise, so investors’ attention may well linger on their twitter feeds," Campbell said. On the corporate front, Bed Bath & Beyond tumbled 18.81% on the back of a bleak outlook. BlackRock was up 1.47% as it posted a 28% year-on-year jump in first-quarter earnings, while Delta Airlines advanced 2.93% after its first-quarter profit and sales beat expectations. Elsewhere, Rite Aid backtracked 0.61% after the drugstore chain's fourth-quarter results impressed, while housebuilder Lennar dropped 2.47% after it said chief executive officer Stuart Muller will become executive chairman and be replaced by current president Rick Beckwitt. On the macroeconomic side, US initial jobless claims were down 9,000 from the previous week's unrevised level to 233,000, meaning the number of Americans filing for unemployment benefits fell a little less than expected, according to data from the Labor Department. Economists had been expecting a slightly bigger drop to 230,000. The four-week moving average rose by 1,750 to 230,000. The four-week average is considered more reliable as it smooths out sharp fluctuations in the more volatile weekly figures, giving a more accurate picture of the health of the labour market. A separate report released by the Labor Department revealed that import prices remained unchanged throughout March after climbing by 0.3% in February, but export prices had increased more than expected by analysts. Economists had expected import prices to rise by 0.2%. Meanwhile, the Labour Department showed a 0.3% uptick in export prices in March after rising by 0.2% in the previous month. Export prices had been expected to rise by 0.2%. |
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| | Friday newspaper round-up: TPP, VW, FirstGroup, Facebook | | Donald Trump has said he would lead America back into the controversial Trans Pacific Partnership trade pact – but only if he was offered a better deal than that negotiated by the Obama administration. After reports that he was reconsidering his decision to pull out of the pact, Trump tweeted on Thursday night that he would only do so if he was offered improved terms from the 11 existing signatories, who include Japan, Australia and Canada. “Would only join TPP if the deal were substantially better than the deal offered to Pres. Obama,” he said. – Guardian Volkswagen has said that Herbert Diess will take over from Matthias Müller as its chief executive, adding fresh impetus to its efforts to slim down and reorganise the way its 12 brands are managed. On Thursday, the carmaker said it planned to create six new business areas and a special portfolio for China, its largest market, and split its brands into three new vehicle groups with categories for value, premium and super-premium nameplates. The announcement was made after Volkswagen directors ousted Müller and deliberated ways to reform an empire that includes motorbike, bus, truck and passenger car brands including Ducati, Bentley, Porsche, Audi, Scania and Skoda. - Guardian A US private equity firm’s plan to buy rail operator FirstGroup has already hit a hurdle due to the expected intense scrutiny from pension regulators and MPs keen to protect the retirement incomes of the Scottish company’s army of workers. FirstGroup, which runs the South Western Railway and Great Western Railway franchises, was identified last year as the company most under pressure from its pension schemes relative to its size because of its more than £4bn of pension liabilities against its £1.2bn market capitalisation. - Telegraph Vladimir Putin’s abusive stranglehold over European gas supplies has been laid bare by explosive EU documents, exposing deliberate violations of EU law and a pattern of political bullying over almost a decade. The longest investigation in EU history found that the Kremlin-controlled energy giant Gazprom has used its enormous power to pressure vulnerable states in Eastern Europe, and to fragment the EU’s unified energy market with coercive pricing policies. - Telegraph London’s growth as a major financial centre is set to stall as Britain leaves the European Union and the United States attempts to lure more firms to Wall Street, the boss of Spain’s biggest bank has warned. Ana Botín, executive chairwoman of Banco Santander, argued that Brexit has already disrupted the “huge upward trend” in businesses and workers arriving in the City. - The Times Facebook has seen no impact on consumer behaviour since the social network’s data privacy scandal broke four weeks ago and said it does not expect revenues to be affected. Carolyn Everson, vice-president of global marketing solutions, said there was little evidence people were changing their privacy settings after 87 million users had their personal information unwittingly harvested for advertisers working on Donald Trump’s presidential election campaign. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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