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| | London open: Stocks muted amid trade war fears; construction PMI eyed |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | London stocks were little changed in early trade on Wednesday despite a recovery on Wall Street overnight, amid ongoing concerns about a trade war. At 0830 BST, the FTSE 100 was flat at 7,032.60, while the pound was steady against the dollar at 1.4057 and 0.1% firmer versus the euro at 1.1467. The muted tone in London came after the Trump administration unveiled on Tuesday a list of around $50bn in Chinese electronics, aerospace and machinery products that it plans to target with steep tariffs. Spreadex analyst Connor Campbell said: "With the US retaliating to China’s own retaliation by revealing 25% tariffs on around 1300 different industrial technology, transport and medical products, the markets weren’t allowed a post-Easter clean slate this Wednesday. Instead investors now have to fret about what China will do in response to Trump’s most recent bit of trade war manoeuvring, a concern that will likely outweigh any other economic news as the day goes on." On the data front, the UK construction purchasing managers' index is at 0930 BST. Investors will also eye the release of the US ADP employment report at 1315 BST ahead of Friday's non-farm payrolls release. Analysts at TD Securities expects the March construction PMI to nudge back up toward its late-2017 levels, with a half-point gain to 51.9, versus market expectations of a decline 51.0. As far as the ADP report is concerned, FxPro expects that an additional 205,000 jobs were added to the economy in March following a series of releases over the last three months showing strong additions. In corporate news, advertising giant WPP was under pressure after saying it had appointed an independent counsel to investigate an allegation of personal misconduct against chief executive Martin Sorrell. The company said the allegation did not involve amounts material to WPP. Smith & Nephew slipped as it appointed former Johnson & Johnson director Namal Nawana as its chief executive, replacing Olivier Bohuon after a seven-year stint at the head of the artificial shoulders and knees group. Peppa Pig rights owner Entertainment One was little changed after it reported a "robust" profit performance in the year ended 31 March, with continued momentum in family and television, with an improved second half performance in film. Budget airline Ryanair was a touch higher after it posted a 6% rise in March traffic as the load factor edged up, but Wizz Air flew a little lower even as it said traffic jumped 25.2% in March. Morrisons and Tesco were both on the front foot as the latest data from Kantar Worldpanel showed they continued to outperform rival 'big four' supermarkets in the 12 weeks to 25 March, with both seeing sales growth of 2.4%. FTSE 250 waste-to-product company Renewi edged up after saying that results for the year to the end of March 2018 are expected to be in line with the board's expectations in terms of underlying trading and cash. In broker note action, Vodafone was lifted to 'buy' at Citi, while Goldman Sachs initiated coverage of Vesuvius and Bodycote at 'neutral', and Renishaw at 'buy'. Meanwhile, RBC Capital Markets adjusted its ratings on a slew of mining stocks. The bank upgraded BHP Billiton and Fresnillo to 'sector perform' and Glencore to 'top pick'. It also upped Polymetalto 'outperform' but downgraded Randgold Resources to 'underperform'. Market Movers FTSE 100 (UKX) 7,032.60 0.03%
FTSE 250 (MCX) 19,372.19 -0.13%
techMARK (TASX) 3,266.40 0.49% FTSE 100 - Risers Shire Plc (SHP) 3,576.50p 1.97%
Morrison (Wm) Supermarkets (MRW) 216.30p 1.88%
GlaxoSmithKline (GSK) 1,390.60p 0.91%
Vodafone Group (VOD) 195.26p 0.70%
National Grid (NG.) 800.40p 0.60%
BP (BP.) 482.10p 0.54%
Royal Dutch Shell 'B' (RDSB) 2,281.50p 0.46%
Royal Mail (RMG) 541.62p 0.45%
Ashtead Group (AHT) 1,934.50p 0.42%
Prudential (PRU) 1,754.00p 0.40% FTSE 100 - Fallers WPP (WPP) 1,089.50p -2.51%
GKN (GKN) 440.10p -1.37%
Anglo American (AAL) 1,620.60p -1.17%
Randgold Resources Ltd. (RRS) 5,816.00p -1.12%
Rio Tinto (RIO) 3,592.00p -1.06%
Micro Focus International (MCRO) 1,001.40p -0.95%
Mediclinic International (MDC) 568.40p -0.87%
International Consolidated Airlines Group SA (CDI) (IAG) 604.80p -0.79%
Sainsbury (J) (SBRY) 235.70p -0.76%
Paddy Power Betfair (PPB) 7,150.00p -0.69% FTSE 250 - Risers BTG (BTG) 666.50p 1.76%
Renishaw (RSW) 4,510.81p 1.73%
Halfords Group (HFD) 330.60p 1.66%
Card Factory (CARD) 195.00p 0.98%
IWG (IWG) 222.40p 0.86%
Redrow (RDW) 592.50p 0.85%
IP Group (IPO) 122.00p 0.83%
Rathbone Brothers (RAT) 2,466.00p 0.74%
Games Workshop Group (GAW) 2,332.00p 0.73%
Ferrexpo (FXPO) 244.71p 0.70% FTSE 250 - Fallers TalkTalk Telecom Group (TALK) 113.20p -2.67%
Pershing Square Holdings Ltd NPV (PSH) 863.00p -2.38%
Travis Perkins (TPK) 1,202.00p -2.36%
Clarkson (CKN) 3,030.00p -2.26%
Safestore Holdings (SAFE) 499.31p -1.61%
Melrose Industries (MRO) 224.00p -1.58%
Howden Joinery Group (HWDN) 456.00p -1.19%
Worldwide Healthcare Trust (WWH) 2,352.00p -0.97%
Fidessa Group (FDSA) 4,130.00p -0.96%
Nex Group (NXG) 975.80p -0.93% |
| | 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... |
| | Europe close: Gains for Oil&Gas, Basic Resources stem slide |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | Stocks on the Continent were mostly lower, after having started the day sharply lower, tracking Monday's drop in US stocks that saw the country's benchmark S&P 500 register its weakest start to the month of April since 1929. By the closing bell, the benchmark Stoxx 600 was down by 0.49% or 1.80 points to 369.07, alongside a drop of 0.78% or 94.28 points to 12,002.45 for the German Dax and a retreat of 0.29% or 15.18 points to 5,152.12 on the Cac-40. Overnight, the S&P 500 erased 2.2%, marking the worst rout at the start of the second quarter since 1929, when it lost 2.5%. Weighing on stockmarkets around the world the day before had been China's move to retaliate with its own tariffs against the levies on aluminum and steel imposed by the US, together with continued selling in the technology space as the US president weighed in again on social media against internet giant Amazon.com. From a sector stand-point, gains for Basic Resources (0.50%) and Oil&Gas (0.82%) helped to buoy the main equity indices. As did weakness in the single currency, ahead of Friday's monthly US jobs report and as US Treasury note yields bounced back. Meanwhile, technical analysts were keeping a close eye on so-called trend-line support for the German Dax dating back to 2009, which was to be found at around 11,400 points. "European stock markets have been moving higher in the afternoon and some of the earlier losses have been reversed. Traders are taking on more risk and are content to snap up relatively cheap stocks. Traders' attitudes may have changed, but the wider atmosphere of economic and political tensions haven't. "As of yesterday China has started imposing tariffs on a number of US goods, and the feeling that we are now in a trade war is still on the back of investors' minds," said David Madden at CMC Markets UK. Nonetheless, some strategists continued to have a constructive view on equity markets, with those at JP Morgan arguing that equity valuations were still undemanding. "Earnings to stay a support, with Q1 reporting season to be taken well. Even post some stalling, Q1 activity levels are still stronger than they were in Q4, while in contrast Q1 consensus EPS expectations (ex tax) are much more muted than they were in Q4. 4) Despite persistent concerns, bond yields are still within past ranges, central bank tightening is still in its early stages, and equity valuations are not demanding. "Eurozone to keep bottoming out vs the US as US tailwinds fade (Tech, earnings, USD)," JP Morgan said. Worth noting too, JP Morgan also sounded a positive note on Italian stocks specifically. On the subject of trade on the other hand, some economists' concern was palpable, with Adam Slater at Oxford Economicstelling clients: "Protectionist moves to date will have a small near-term impact on the global economy. "But the seeds of a more serious conflict are there. Possible warning signs would be US tariffs extending to Chinese industries such as consumer electronics and negative developments in the NAFTA negotiations and the US-EU trade relationship." Also on the economic front, earlier survey compiler IHS Markitconfirmed a 'final' reading of 56.6 on its euro area manufacturing sector purchasing managers' index for March, which was down from 58.6 in the month before. German retail sales on the other hand undershot forecasts, with the country's Ministry of Finance reporting that sales slumped by 0.7% over the month in February (consensus: 0.7%). Year-on-year, retail sales growth slowed from 2.5% in January to 1.3% for February. In corporate news, according to Der Spiegel, Deutsche Bank chair Paul Achleitner was pondering replacing the lender's then current boss Paul Cryan with ex-UBS wealth management head Juerg Zeltner. |
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| | US close: Stocks rise as investors put aside trade war woes; Spotify makes it debut | US stocks ended a choppy session higher on Tuesday, recovering from heavy losses the previous day as investors set aside concerns about a trade war. The Dow Jones Industrial Average rose 1.7% to 24,033.36, the S&P 500 closed up 1.3% to 2,614.45 and the tech-heavy Nasdaq ended 1% higher at 6,941.28. All three indices ended in the red on Monday as China hit back at President Trump's tariffs by imposing its own levies of up to 25% on 128 US imports including pork and wine. China said the tariffs, which affect around $3bn of imports, were introduced to "safeguard the interests of the country and its industry" and balance the losses caused by the US tariffs. The Dow closed down 1.9%, while the S&P fell 2.2%, but the Nasdaq suffered the heaviest losses as Amazon slumped after Trump accused the company of not paying its fair share of taxes and exploiting the US postal service. "Only fools, or worse, are saying that our money losing Post Office makes money with Amazon," he tweeted, adding that "this will be changed". The S&P 500 index ended the day more than 10% from the record high set in January, entering 'correction' territory for the second time this year. But stocks regained some poise on Tuesday and Amazon ended the session 1.5% firmer, while Alphabet and Netflix also gained. David Madden, market analyst at CMC Markets, said: "The tech industry was the darling of the market at the start of the year, but now with the Facebook data scandal, talk of an EU digital sales tax and accusations against Amazon in relation to "taxes, the sector has fallen out of favour with investors.” Elsewhere, music streaming service Spotify made its debut on the New York Stock Exchange, closing nearly 13% higher than its reference price of $132. 21st Century Fox was little changed after offering up more concessions in its bid for London-listed broadcaster Sky, proposing either to ringfence Sky News or sell it to rival Walt Disney. Shares in retailer Walmart rose following a CNBC report that it's in discussions about buying online pharmacy start-up PillPack. General Motors closed in the black following the release of its March sales figures and after the company said it would stop reporting monthly sales in future, while Ford Motor was also higher on the back of its March sales figures. Tesla ended the day with sharp gains after it posted a jump in quarterly production of its Model 3 and said it does not need to raise capital. Viacom fell following reports that the all-share offering being proposed by CBS as part of its merger will fall below the company’s current market value. |
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| | Wednesday newspaper round-up: Tariffs, Brexit, pay, Facebook | The Trump administration has raised the stakes in a growing trade showdown with China by placing 25% tariffs on some 1,300 industrial technology, transport and medical products to try to force changes in Beijing’s intellectual property practices. The US announcement targets about $50bn of estimated 2018 imports and is aimed at hampering China’s efforts to upgrade its manufacturing base. The goods include electronics, aircraft parts, medicine and machinery. - Guardian The influential Commons Brexit committee has urged the government to consider negotiating continued membership of the European Economic Area (EEA) or joining the European Free Trade Association (Efta) after the UK leaves the European Union. The Brexit secretary, David Davis, has previously ruled out both options, calling them “the worst of all outcomes”. - Guardian Shop prices are falling at the fastest pace in more than a year as retailers battle for a bigger slice of shrinking household incomes. Deflation in the shops accelerated to 1 per cent in March compared with last year, according to a monthly release by the British Retail Consortium and Nielsen. In February prices fell at annual rate of 0.8 per cent. - The Times Trade deals with China should be a “priority target” for Britain as it leaves the European Union because it can take advantage of the growing demand for drugs and medical equipment in the world’s second largest economy, the UK’s new trade commissioner for the country has argued. Richard Burn aims to persuade China to reform its highly regulated markets, such as pharmaceuticals, to make it easier for British exporters to sell products there. - The Times A woman opened fire at YouTube’s headquarters in California overnight, injuring at least three people before apparently killing herself. About 200 staff at the video-sharing site, which is owned by Alphabet's Google, fled the building after hearing gunshots at lunchtime. Three victims were taken to local hospitals, two women aged 32 and 27 and a 36-year-old man who was in a critical condition last night. - The Times Sports Direct, Savills and Foxtons are among the hundreds of British businesses yet to disclose their gender pay gap figures despite the government deadline being midnight on Tuesday. All UK companies with more than 250 staff have to publish their gender pay gap figures by April 4 under new laws, with around 9,000 businesses estimated to be eligible to do so. But hundreds of names were still missing from the register by Tuesday evening. - Telegraph The UK equality watchdog must be more aggressive to enforce changes that would reduce the size of the gender pay gap, Harriet Harman has said. The Labour MP – a key architect of the Equality Act 2010, which requies businesses with 250 or more employees to reveal the differences in what they pay men and women – said that the Equality and Human Rights Commission (EHRC)should set up a series of inquiries and force change. - Guardian EDF has threatened to abandon work on a proposed nuclear plant in Suffolk unless it receives assurances from the government this year that a viable funding model exists. Simone Rossi, EDF Energy’s UK chief executive, said that rapid progress was needed on the development of the sister project to its £19.6 billion Hinkley Point C plant in Somerset because promised cost savings would not materialise if there was a significant delay between work on the two. - The Times The RAC could be forced to offer refunds to up to 1 million breakdown recovery customers after its policy renewal letters failed to prominently display the previous year’s premium. Under transparency regulations introduced a year ago by the Financial Conduct Authority (FCA), companies have to clearly show the amount the customer paid the previous year alongside the renewal price. - Guardian Spotify's value shot up dramatically in its New York listing on Tuesday, pushing the music streaming giant’s market capitalisation as high as $30bn (£21bn) and making its flotation the third-biggest for a technology company on record. The Swedish company defied some predictions of a tricky first day on the markets to open trading at $165.90, well above the $132 “reference price” that had been set the night before, although shares later lost some ground to close at around $149. - Telegraph Facebook has removed 135 accounts which it believes are linked to the Russia-based Internet Research Agency (IRA), an organisation accused of spreading divisive messages across the internet, supporting the Russian government and attempting to weaken its rivals. The social media giant said the IRA - among those charged by a US grand jury with conspiracy to defraud the United States - has no place on Facebook after abusing the service. - Guardian Young's Seafood is planning to close its Pinney's site in Annan, in the south of Scotland, putting 450 roles at risk, saying it is "no longer financially sustainable" to keep the factory open. Under the proposals, the facility, which had been largely dedicated to producing seafood for Marks & Spencer, would close before the end of 2018. - Guardian | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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