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| | London open: Next and RBS lead stocks higher on Super Thursday |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | London stocks edged tentatively higher on Super Thursday as investors eyed the latest policy announcement from the Bank of England and waded through a deluge of corporate news. At 0850 BST, the FTSE 100 was up 0.2% to 7,677.49, while the pound was up 0.1% against the dollar at 1.3560 and down 0.1% versus the euro at 1.1419 as investors looked ahead to the Bank of England’s interest rate decision, the quarterly inflation report, meeting minutes and the latest economic projections. The BoE rate decision is at 1200 BST. Before that, industrial and manufacturing production figures and the trade balance will be released at 0930 BST. The probability of a rate hike has dropped to just 10% from around 90% at the beginning of last month following the release of some uninspiring UK data, which included first-quarter GDP. This rose just 0.1% in the first three months of the year, well below the 0.4% growth seen in the first quarter of last year. David Morrison, senior market strategist at GKFX, said: "Traders should now prepare themselves for the possibility of a big move in sterling. A rate hike may no longer be on the cards, but the Bank’s inflation outlook will be crucial. Headline CPI (including food and energy) has drifted back to +2.5% annualised. While this is well below the +3.1% recorded towards the end of last year it’s still comfortably above the Bank’s 2% target. "If the report suggests that the Bank is looking past the recent slowdown in CPI and sees inflation steadying above its 2% target, then this should be positive for sterling, at least in the short-term. But any indication that inflation is set to decline further, particularly given the slowdown in growth, would imply that rate hikes are off the table for this year. In this case we should expect the GBPUSD to retest support around 1.3500 in short order." Meanwhile, the monthly RICS survey released earlier showed that house prices dipped in April as sentiment in the London market dropped to a low not seen since the UK was in recession. The balance of estate agents reporting rising or falling prices was -8% in April after two flat months. Though the decline was slight, it was the most negative figure since November 2012, RICS said. On the corporate front, Next rallied after the clothing retailer upgraded its profit guidance for the year, as it posted a rise in first-quarter sales thanks to unusually warm weather in recent weeks. Royal Bank of Scotland was on the front foot as it agreed to pay $4.9bn (£3.6bn) to settle a long-running investigation by the US Department of Justice into the bank’s dealing in mortgage-backed securities before the financial crisis. Broadcaster badvanced after it posted a 5% rise in total first-quarter external revenue and said it’s on track to deliver double-digit growth in online revenue. Morrisons was on the front foot after it reported a strong start to the year, with group like-for-like sales in the 13 weeks to 6 May up 3.6%. Coca-Cola HBC rose despite saying that first-quarter net sales fell 1.7%, mainly due to currency hits from the Russian rouble and Nigerian naira. On the downside, BT slumped as it announced 13,000 back office job cuts as part of a new operating strategy that aims to cut £1.5bn of costs within three years, launch 'converged' products and increase full-fibre broadband. Outsourcer Capita nosedived as its stock went ex-rights, while Randgold Resources retreated after it said profit fell 22% in the first quarter. On the Beach was under the cosh even as it posted a jump in interim profit and revenue, while Superdry fell after it reported a 6% drop in full-year store sales. In broker note action, Schroders was downgraded to ‘hold’ at Berenberg, while Interserve was cut to ‘hold’ at Liberum and Lonmin was knocked down to ‘sell’ at Liberum. IMI was upgraded to ‘buy’ at Jefferies. Admiral, BP, Centrica, GlaxoSmithKline, Shell, Sage, Fidessa, Hochschild, Hiscox, Polymetal and Greencoat UK Wind all went ex-dividend on Thursday. |
| | Daily cryptocurrency Tracker 10.5.18: Bitcoin Cash jumps 9% | | The seesaw pattern seen in recent days continued in the crypto market, as 9 of the top 10 cryptos registered gains over the past 24 hours. Bitcoin one again climbed above $9,300... Read More.. |
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| | US close: Wall Street higher as oil prices continue climb | | Wall Street finished in the green on Wednesday, after energy shares were given a boost by Donald Trump's decision to withdraw from the Iran nuclear deal. The Dow Jones Industrial Average ended the session up 0.75% at 24,542.54, the S&P 500 added 0.97% to 2,679.79, and the Nasdaq 100 was 1.14% higher at 6,893.21. Trump said on Tuesday evening that the US would exit the 2015 multilateral agreement over Iran’s nuclear ambitions, and reimpose sanctions on the country. He said in a statement that it was a "horrible, one-sided deal that should never, ever have been made" and that rather than protecting the US and its allies, it placed "very weak limits on the regime's nuclear activity". European powers, meanwhile, reiterated their commitment to the 2015 agreement, while Iranian President Hassan Rouhani said that for now, he considers the deal to be intact. Although Trump had been widely expected to announce the withdrawal, analysts said the threat that he would also penalise anyone who helps Iran is likely to have a lasting impact on markets. Oil prices continued to gain on the back of the announcement, with West Texas Intermediate last up 3.1% at $71.27 a barrel, and Brent crude rising 3.27% to $77.38. “The geopolitical repercussions of this decision will no doubt be widely felt, and due to as many as one million barrels of crude supply per day being effectively taken off the market when these sanctions are enforced, it represents a large supply-side shock for crude and this has driven the price up to its highest level since 2014,” noted David Cheetham, chief market analyst at XTB. On the macroeconomic front, US wholesale prices rose by less-than-expected in April amid an unexpected drop in food prices. According to the Bureau of Labour Statistics, the US producer price index for final demand edged higher by 0.1% month-on-month and 2.6% year-on-year. Economists had forecast a dip in the year-on-year rate of price gains from the 3.0% observed in the month before to 2.8%. Elsewhere, wholesale trade continued its 2018 growth streak in March but fell short of analysts' expectations. The US Census Bureau's wholesale inventories gauge increased 0.3% month-on-month in March, totalling about $627bn, short of consensus forecasts of a 0.5% increase. In corporate news, stock in TripAdvisor surged 22.8% after better-than-expected earnings late on Tuesday, but energy drinks company Monster Beverage lost 7.48% after its earnings undershot forecasts. Security giant ADT was down 8.75% after reporting a net loss of $157m, and pizza chain Papa John's dropped 3.71% after it reported a drop in quarterly sales late on Tuesday. New York-based cosmetics manufacturer Coty picked up gave up earlier gains to finish down 5.6% even after topping earnings expectations, as luxury revenues offset a miss from its consumer beauty business. Medical diagnostics firm Mylan collected 3.82% after it upped its guidance despite having turned in results that fell short of Wall Street expectations for first-quarter revenues. |
| | Thursday newspaper round-up: FOBTs, Sky, trade plans, BP | | A cut to the maximum stake on addictive betting machines to £2 has been delayed after a senior minister led a cabinet revolt against the plans. The Department for Culture, Media and Sport planned to announce the reduction today after winning over sceptics in the Treasury but a source close to the cabinet says Esther McVey, the work and pensions secretary, has strongly objected to the plan. - The Times The chairman of 21st Century Fox, Lachlan Murdoch, said the media company planned to press ahead with plans to merge with Disney and take full control of Sky on Wednesday but said the company was considering its options as cable giant Comcast prepares a higher bid. Last December Fox agreed to sell most of its cable and studio assets to the Walt Disney Company. It is also looking to acquire the shares of Sky it doesn’t already own. - Guardian BP’s bid to sell the North Sea gas field it owns with Iran could face an eleventh hour delay as the threat of US sanctions raises concern for the industry regulator. The Oil and Gas Authority (OGA) is expected to pause the £300m deal agreed between the oil major and North Sea minnow Serica Energy late last year because the sale includes the Rhum gas field which is part-owned by Iran’s state oil company. - Telegraph Ministers are facing calls to reassure businesses in key sectors including manufacturing and farming that they will be adequately defended from unfair trading practices after Britain leaves the European Union. In a new report, the Commons international trade committee expressed “serious concerns” over whether the Trade Remedies Authority, which will handle trade disputes and consider how best to protect industries, will be operational in time for Brexit next March. - The Times Shoppers face a significant rise in food prices if the government fails to secure a free trade deal with the European Union, peers have warned. In a bleak assessment of the impact of Brexit, the Lords EU energy and environment subcommittee suggested grocery costs would rise, businesses could go bust and year-round supplies be put at risk. - Guardian ZTE, one of the world’s largest telecom equipment makers, may be the first major casualty of a trade war brewing between China and the US. The Shenzhen-based company said it had ceased “major operating activities”, in a filing late on Wednesday to the Hong Kong stock exchange. - Guardian Iran is “likely” to launch cyber attacks on Western businesses “within months” in retaliation for the US pulling out of the nuclear deal, security experts have warned. The businesses at greatest risk are banks and financial services, critical infrastructure providers and energy companies along with government departments. These are the same targets that felt the brunt of Iranian hacking in 2012 and 2014. - Telegraph Robert Mueller, the special counsel, has been investigating payments made by corporations to Donald Trump’s attorney Michael Cohen, two of Cohen’s clients said on Wednesday. AT&T and the Swiss pharmaceuticals company Novartis both said they were contacted by Mueller’s office in November last year, as Novartis confirmed it had paid Cohen $1.2m - significantly more than was initially disclosed. - Guardian BMW's Rolls-Royce will today unveil its first SUV which could be the most important vehicle for luxury car-maker since its acquisition by the German carmaker 20 year ago. At noon the covers will come off the 4x4 - called the “Cullinan” - officially launching one of the most anticipated, and quite probably most expensive, cars ever. - Telegraph Hundreds of British companies will face legal action after failing to comply with a new requirement to report the pay gap between male and female staff, Britain’s equality watchdog said this evening. All companies and charities with more than 250 employees are now legally required to publish those details on their own websites and a government site dedicated to the topic. - Telegraph/Reuters A digital advertising start-up used by Tesco Mobile customers to reduce their bills has won a High Court injunction against Google to prevent its technology being banished from hundreds of millions of smartphones. Unlockd, an Australian company backed by investors including Lachlan Murdoch, eldest son of media mogul Rupert, alleged that plans by Google to evict it from the Play Store and cut it off from an advertising clearing house amounted to monopoly abuse. - Telegraph | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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