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| | London open: Stocks flat as investors eye UK jobs data; AB Foods rallies |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks were flat in early trade on Tuesday as investors eyed a slew of key UK jobs data and the pound continued to gain ground. The FTSE 100 was steady at 7,198.18, while the pound was flat against the euro at 1.1584 and 0.2% firmer versus the dollar at 1.4371 after hitting its strongest level since the Brexit vote on Monday, ahead of EU negotiations this week. Average earnings, the ILO unemployment rate and the claimant count are all due to be published by the Office for National Statistics at 0930 BST. Analyst Connor Campbell at Spreadex said: "Whereas Monday’s rather sparse economic calendar left sterling to its own devices, the next few days may provide a challenge to the pound’s recent push. As it has been since inflation - which is updated tomorrow - started to sky rocket, the focus of Tuesday’s jobs report will be wage growth. "And things are looking up - after months and months of stagnation, the average earnings index is set to build on the gathering momentum seen in March, with analysts forecasting a near two and a half year high of 3.0%. If accurate that reading may give sterling another hawkish boost, and could see cable tease $1.44." Ahead of that though, investors were digesting the latest figures out of China, which showed the economy there grew more than expected in the first quarter. China's economy grew 6.8%, surpassing estimates for 6.7% growth on the year. Other data was mixed, however, with Chinese retail sales for March better than expected but industrial output growth for March and fixed asset investment for the first quarter both missing expectations. In corporate news, Primark owner Associated British Foods rallied after it left its annual outlook unchanged as falling profit at the company’s sugar business caused a 1% decline in first-half profit. Melrose Industries' was in the black as its takeover of GKN will be declared wholly unconditional later this week after the turnaround specialists received acceptances over more than 81% of the engineer's shares. Specialist emerging markets asset manager Ashmore Group racked up strong gains after posting a 10% rise in third-quarter assets under management as net inflows were at their best level since June 2013. JD Sports surged after the retailer posted a 24% jump in full-year profit as sales grew and the company's international expansion paid off. Intu Properties - which is set to be taken over by Hammerson - edged higher after saying it saw record retailer demand and a strong operating performance in the first quarter. Roadside assistance and breakdown cover provider AA was sharply higher as its full-year adjusted earnings per share beat forecasts. InterContinental Hotels ticked up as it restated its results for the last two years, with revenue for 2017 more than doubling. Anglo American advanced as it said rough diamond sales at De Beers fell in the third cycle of 2018, but demand remained "good". Tate & Lyle nudged down after announcing the appointment of Mondelez's Imran Nawaz as its new chief financial officer, with effect from 1 August, while Reckitt Benckiser was hit by a downgrade to 'underperform' at Credit Suisse.
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| | US close: Stocks rally as Syria worries ease; Bank of America beats expectations | | US stocks ended higher on Monday as worries about Syria began to ease following the US-led airstrikes over the weekend, with better-than-expected numbers from Bank of America and solid retail sales data helping to underpin the tone. The Dow Jones Industrial Average rose 0.9% to 24,573.04, the S&P 500 gained 0.8% to 2,677.84 and the Nasdaq closed up 0.7% at 7,156.28. Over the weekend, the US, France and Britain launched more than 100 missiles targeting facilities linked to Syria's chemical weapons programme, in what was called a "one time shot" by the Pentagon. Oanda analyst Craig Erlam said: "It was feared that a Western response could trigger an escalation in the region, further damaging relations with Russia in the process due to its backing of the Assad regime. Instead, an apparent one-off limited strike by the three countries on chemical weapons sites in an attempt to prevent further attacks in the future has not yet stoked such fears and instead, investors appear relatively at ease. "Of course, we’ll find out in the coming days just what the response to the strikes will be, assuming there will be any. For now, investors appear at ease with the situation and as long as no further escalation occurs, attention may now switch to other matters such as first-quarter earnings season which got underway late last week." Earnings were in focus again after JPMorgan, Wells Fargo and Citigroup failed to impress last week. Bank of America fared better on Monday, however, ending in the black after posting record net income for the first quarter. Gaming and Leisure Properties advanced as Icahn Enterprises announced that its majority-owned Tropicana Entertainment had agreed to purchase GLP's real estate for $1.85bn. Icahn also said it would merge its gaming and hotel business into Eldorado Resorts, which was also higher. Navistar surged after Volkswagen said it was mulling over the idea of increasing its stake in the company to more than 17%. NewLink Genetics slumped after confirming it would not proceed as planned with a late-stage trial of its indoximod drug for advanced melanoma. On the macro front, data form the Department of Commerce showed US retail sales rose for the first time in four months in March, boosted by a large increase in automobile purchases. Total sales grew at a 0.6% month-on-month pace in March to reach $509.4bn, comfortably beating consensus expectations of a 0.2% increase. Joshua Mahony at IG said: "US consumer data continues to improve, with the March retail sales figures providing a welcome boost for the first quarter economic outlook. With 2017 hurricane season proving the most expensive in US history, we are seeing spending rise in a bid to repair and replace damaged homes. With consumer confidence rising, and the impact of the tax reforms gradually taking hold, it is likely that we will see a greater confidence from US shoppers to invest in big ticket and luxury goods as we move through 2018." Elsewhere, the New York Federal Reserve's Empire State Manufacturing index fell to 15.8 in April from 22.5 in March, nearly three whole index points below consensus estimates. Lastly, builders' confidence in the market for new single-family homes maintained its high levels as the National Association of Home Builders' housing market index dipped to 69 in April from 70 in March. "Strong demand for housing is keeping builders optimistic about future market conditions," NAHB chairman Randy Noel said. "However, builders are facing supply-side constraints, such as a lack of buildable lots and increasing construction material costs. Tariffs placed on Canadian lumber and other imported products are pushing up prices and hurting housing affordability," he added. |
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| | Tuesday newspaper round-up: Trade, China, housing, UK tech | | The threat of a trade war between the United States and China is unnerving business leaders and hitting the entire global economy, the head of the World Trade Organisation has warned. Roberto Azevêdo, the WTO director-general, said that “just the possibility” of an escalation in the dispute between the two countries was having an impact on corporate investment decisions. - The Times One in three of Britain's millennial generation will never own their own home, with many forced to live and raise families in insecure privately rented accommodation throughout their lives, according to a report by the Resolution Foundation. In a gloomy assessment of the housing outlook for approximately 14 million 20- to 35-year-olds, the thinktank’s intergenerational commission said half would be renting in their 40s and that a third could still be doing so by the time they claimed their pensions. - Guardian China's economy grew more than expected in the first quarter as it withstood headwinds from Beijing's fight against financial risk and pollution, and trade tensions with the United States. While acknowledging the potential negative impact of a US trade war officials on Tuesday warned the country faced greater risk at home, citing the need for reforms. - Telegraph Silicon Valley investors put a record £1.1bn into British technology start-ups last year, boosting claims that the UK is spreading its wings as a global tech hub. The figures, revealed in a report from law firm Pennington Manches, appear to knock back claims that international investors would turn their backs on the UK’s technology companies after the Brexit vote. - Telegraph British companies should do more to employ marginalised young adults if they want to arrest the looming labour shortage, a new coalition of major businesses including Marks & Spencer, BAE Systems and Berkeley Group will say on Tuesday. Fears that an exodus of foreign workers will hit the construction, agriculture and retail industries could be dealt with by targeting the nearly 500,000 people aged 16-24 who are not currently in education, employment or training, the group says. - Telegraph Vauxhall is terminating the contracts of all its 326 dealerships in Britain as the company battles to deal with plunging sales and a changing market. The marque is ending all dealer contracts in the UK - a move also happening with sister brand Opel across Europe - as the entire sales network is reorganised. - Telegraph Netflix’s willingness to take risks appeared to be paying off last night when it reported record revenue growth in the first quarter. As the on-demand video company continues to attract new subscribers, it said that its revenue had hit $3.7 billion in the first three months in the “fastest pace in the history of our streaming business”. - The Times Employees who blow the whistle on corporate tax avoidance or cheating on product standards would be entitled to special legal status under a draft EU law. The European commission will next week propose legislation that intends to protect whistleblowers. Recent scandals have exposed the limited help available for people seeking to expose corporate behaviour in the public interest. - Guardian Almost £1 billion was wiped off the value of WPP yesterday as the advertising giant launched a hunt for a chief executive to succeed Sir Martin Sorrell amid mounting fears that his exit could precipitate a break-up of the company. As well as uncertainity about the future of WPP, there is anger about the company’s use of non-disclosure agreements, which mean that allegations of personal misconduct and abuse of company funds against Sir Martin, which he denies, are unlikely to be publicly aired. - The Times Sir John Kingman has been appointed chairman of a new “root and branch” review into the Financial Reporting Council, the accounting watchdog. The chairman of Legal & General and former second permanent secretary at the Treasury would investigate the governance, impact and powers of the FRC, Greg Clark, the business secretary, said. Britain’s cyber-security watchdog has warned telecommunications companies against dealing with the Chinese manufacturer ZTE, citing “potential risks” to national security. The US commerce department has imposed a seven-year-ban on companies selling products and services to ZTE - which makes mobile phones and network equipment - alleging it failed to crack down on personnel who sold sensitive US technology to Iran and North Korea. - Guardian BP has taken its first clear steps in the battle to tackle climate change by vowing to cap its greenhouse gas emissions until 2025 as pressure grows on Big Oil to clean up its act. The super-major will hope to see off a rebellion from worried shareholders and activist investors at next month’s AGM with a fresh plan to cut 3.5 million tons of carbon from its operations every year. - Telegraph A London-based company has cashed in on the boom in DNA-testing kits by selling itself to a Hong Kong firm backed by Alibaba. Prenetics, which the Chinese internet retail behemoth invested in last year, has paid $10m (£7m) to acquire DNAFit, a five-year-old company that sells tests designed to determine a person’s suitability to different diets and exercise regimes. - Telegraph Documents showing that bribes worth millions of dollars were allegedly paid by BSGR, a company controlled by an Israeli billionaire, to secure vast iron-ore deposits at the Simandou concession in west Africa appear to be genuine, according to a leading forgery expert. At a tribunal hearing in Paris last month, lawyers considered evidence from Riley Welch, an American forensic laboratory appointed to offer an independent and impartial assessment. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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