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| | London open: Stocks slip as Trump threatens more China tariffs; payrolls eyed |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks edged lower in early trade on Friday after US President Donald Trump said he would slap $100bn more tariffs on China, with investors looking ahead to the latest non-farm payrolls report. At 0830 BST, the FTSE 100 was down 0.3% to 7,178.95, while the pound fell 0.1% versus the dollar to below 1.4 for the first time in nearly three weeks and flat against the euro at 1.1443. After the close of US markets on Thursday, Trump said in a statement that the further tariffs were being considered "in light of China's unfair retaliation". China Ministry of Commerce then said: "The Chinese side will follow suit to the end and at any cost, and will firmly attack, using new comprehensive countermeasures, to firmly defend the interest of the nation and its people." London Capital Group analyst Jasper Lawler said Trump's announcement ended any hopes of an amicable conclusion to the escalating trade tensions between the US and China. "Thursday's impressive rally is under threat as Trump retaliates to China's tit for tat tariffs and its willing to escalate its trade problems with Trump to the World Trade Organisation, in the clearest sign yet that the world's two largest economies remain teetering on the brink of a trade war.. "The message from the White House has been mixed at best this week, with White House advisor Larry Kudlow and other officials playing down any trade war fears, which worked to boost the markets. However, much of the good work by Kudlow & Co. was undone by Trump on Thursday evening, who is showing an increasingly hard-line approach." Investors will also be eyeing the release of the latest US non-farm payrolls report, unemployment rate and average hourly earnings at 1330 BST. Analysts are expecting the March payrolls to come in at around 190,000, which would keep the six-month average around 186,000. Meanwhile, the unemployment rate is expected to tick down to 4.0% from 4.1% and average hourly earnings are seen rising 2.7% year-on-year, representing a modest pick-up from February's 2.6%. Hourly earnings numbers will be under close scrutiny, said market strategist David Morrison at GKFX, after previously strong prints have fed straight through to inflation expectations, raising concerns that the Fed may raise their anticipated pace of monetary tightening, with February's spike to an eight-year high of 2.9% alongside a better-than-expected payroll report, which in turn helped trigger a spike in bond yields and volatility, catalysing the biggest sell-off in global equities in two years. In London's corporate news, EasyJet flew a little lower as it said passenger numbers continued to grow in line with the board's forecasts in March, with a total of 6.56 million people choosing to fly with the airline during the month - an increase of 3.4% year-on-year. Online electrical goods retailer AO World was on the front foot after saying that its full-year results should fall within the range of current market forecasts. LondonMetric Property edged up after selling one of its oldest regional warehouses and snapping up five 'urban' logistics warehouses for £25.6m. Big Yellow Group was in the red after confirming it has been granted planning consent for a new 72,000 square foot store in Camberwell, London. Retailers were in focus amid notes on the sector by Citi and Berenberg. Tesco and Morrison were boosted by upgrades from Berenberg, while Halfords was lifted by an upgrade at Citi. On the downside, Next, Marks and Spencer and Pets at Home were all down after Citi cut its ratings on the stocks. |
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| | Europe open: Stocks sag as White House ups ante in China trade dispute |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Stocks are sagging at the open after the US president 'upped the ante' overnight, opening the door to even heavier US tariffs on Chinese made goods after Beijing responded to Washington's proposed list of tariffs on up to $60bn-worth of goods with its own. After the close of markets in New York, Donald Trump instructed the US Trade Representative to consider whether $100bn of further sanctions would be "appropriate". Withing the context of a research note focused on the metals market, that prompted analysts at Goldman Sachs to tell clients: "We acknowledge that there remains significant uncertainty and that tariff talks may continue to drive the market." Against that backdrop, as of 0951 BST, the benchmark Stoxx 600 was lower by 0.51% or 1.91 points to 374.22, alongside a 0.62% or 77.99 point fall to 12,227.78 for the German Dax and a dip of 0.18% or 42.33 points to 22,927.17 on the FTSE Mibtel. In parallel, euro/dollar was little changed, edging lower by just 0.03% to 1.22359. Meanwhile, economic news out on the Continent was mixed. France's trade deficit narrowed slightly in February, slipping from -€5.4bn in January to -€5.2bn in February (consensus: -€5.3bn), as imports declined by 1.4% month-on-month, according to INSEE. Separately, it was reported that France's current account deficit increased marginally in the fourth quarter to reach 1.2% of gross domestic product. In Germany meanwhile, the Ministry of Finance said that the country's industrial production shrank by 1.6% month-on-month in February (consensus: 0.2%). Spanish industrial output on the other hand bounced back by 1.6% during the same month, following a drop of 2.9% in January, INE said. In corporate news, Saudi Aramco and Total were expected to ink a deal to expand their joint-venture refinery in the Kingdom, Reuters reported. On the broker front, analysts at Barclays Research weighed in upgrading their recommendations on shares of Unicredit and Banca Monte dei Paschi di Siena by one notch, to 'overweight' and 'equalweight', respectively. However, their preferred lenders in that country were Banco BPM and Intesa. |
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| | US close: Markets finish higher as investors shrug off trade concerns | | US stocks finished firmer on Thursday after Wall Street added to the gains seen in the previous session, as investors shook off concerns about a trade war between the US and China. The Dow Jones Industrial Average finished up 0.99% at 24,505.22, the S&P 500 added 0.69% to 2,662.84, and the Nasdaq 100 was 0.53% above the waterline at 6,594.84. Shares had ended higher on Wednesday despite worries about a trade war between the US and China erupting, following reports that President Trump might be a little flexible on one point of the North American Free Trade Agreement. Analysts were also quick to point out that the measures announced by both the US and China were not a done deal, meaning there was room for negotiation between the two counties. "Now that China has hit back with proposals of sizeable tariffs on US imports, room to renegotiate a new trade relationship has opened up before the levies will actually be implemented," said David Madden, market analyst at CMC Markets. "Beijing has indicated it is open to softening its stance, and this has boosted investor sentiment. Dealers love snapping up relatively cheap stocks, and now the mood is optimistic, they are wasting no time." Also helping to underpin the risk-on tone in markets were conciliatory comments from a number of senior US officials. National Economic Council director Larry Kudlow suggested on Wednesday that it was possible the tariffs on China might not ever actually come into place, insisting that for now, they were just proposals. Meanwhile, Commerce Secretary Wilbur Ross said that "even shooting wars end with negotiations". On the data front, initial US jobless claims increased by 24,000 to 242,000 in the week ended 31 March, beating forecasts for a reading of 225,000, but were still relatively low when compared to recent years, reflecting the best labour market in decades. The US trade deficit rose 1.6% in February and remained at 10-year high, yet again highlighting the Trump administration's near impossible task of drastically reducing the gap, something the president had campaigned on quite heavily. Traders were still looking towards the main highlight of the week on Friday, with the release of the monthly US non-farm payrolls report. Morgan Stanley's forecast called for the US labour market to have generated 180,000 new jobs in March and for the unemployment rate to hold steady at 4.1%. The broker was also expecting to see a 0.2% monthly increase in average hourly earnings, raising the year-over-year rate to 2.7% from 2.6%. In corporate news, J M Smucker finished up 0.16% after saying late on Wednesday that it will pay nearly $2bn for pet food company Ainsworth Pet Nutrition. Conatus Pharmaceuticals shares plunged 31.45% after its announcement regarding a failed drug study, while shares of Sonoma Pharmaceuticals gained 14.60% after the Food and Drug Administration approved its antimicrobial skin gel. |
| | Friday newspaper round-up: Global confidence, apprentices, BP, sugar | | A blizzard of weak economic data from across the world has begun to infect global confidence, indicating that surging loan costs and monetary tightening by major central banks are inflicting damage. JP Morgan’s composite index of global economic growth fell abruptly to a 16-month low in March. While it remains in expansion territory, the steepness of the drop matched the slide in early 2016 at the onset of the Chinese currency crisis. - Telegraph US President Donald Trump has said he would take a serious look at policies to address what he says are the unfair business advantages of online retailer Amazon. Speaking to reporters while travelling back to Washington from West Virginia on Air Force One, he accused Amazon of not operating on a level playing field. - Telegraph The Government's flagship apprenticeship scheme could end up cost businesses millions of pounds, a report has found. More than £1.28 billion of the cash that has been paid into the apprenticeship levy by companies is "languishing" in National Apprenticeship Service accounts, according to analysis by the Open University. - Telegraph Housebuilders have bought land for £1bn worth of homes in the latest phase of the development of the new Government-backed garden city at Ebbsfleet - the largest land purchase since the project's inception. Countryside Properties, Clarion Housing Group and Barratt have struck a deal to buy land for 2,900 homes from landowner Henley Camland, which confirmed it had taken over the sites from original owner Land Securities just last week. - Telegraph The owner of the New York Stock Exchange is to buy its much smaller rival, the Chicago Stock Exchange, in a deal thought to be worth $70 million. Intercontinental Exchange, which owns the New York exchange, announced the deal yesterday, six weeks after American regulators blocked the sale of the 136-year-old Chicago exchange to China-based investors. - The Times Petrofac's chief executive was given a $1m bonus last year despite slashing the dividend and presiding over a 41% collapse in its share price after the company was hit by a Serious Fraud Office investigation. Ayman Asfari, who has been questioned under caution as part of the investigation into alleged bribery, corruption and money laundering, was paid a total of $1.95m in 2017, up from $1.82m in 2016 because of the bonus. He denies any wrongdoing. - The Times Sainsbury's is planning to punish customers for shopping at other supermarkets through a major change to its Nectar card. The supermarket is trialing an overhaul of the system where customers no longer receive a point for each pound spent, but instead receive larger rewards the more they shop at Sainsbury's. - Telegraph The Government's sugar tax has prompted the manufacturers of most leading soft drinks to cut sugar, with more than half of all soft drinks have been reformulated since the policy was announced. The vast majority of soft drinks and dilutable squashes sold in the UK will avoid the sugar tax, which comes in on Friday, according to a survey of major drink brands and supermarkets. Exceptions which will be hit by the new tax and therefore rise in price, include classic Coca-Cola, Pepsi, 7Up and Britvic Indian Tonic Water. - Telegraph Anglo American has been fined by a regional environmental regulator in Brazil for a leak from its Minas Rio iron ore mine. Semad said the leak "caused pollution and environmental degradation that resulted in damage to water resources and may have caused harm to public health and the wellbeing of the population". - The Times BP is used to fielding complaints from shareholders at its annual general meeting over executive pay, its environmental record and the quality of the free lunch. Now the oil giant is risking the ire of regular guests on a new front after breaking with tradition and deciding to hold its meeting outside London. Broadband speeds in rural areas are up to three times slower than those in neighbouring cities, analysis has found. Statistics published by the county councils network show that more than two-thirds of England's counties are below the national average download speed of 45mbit/s. - Telegraph | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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