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| | London open: Stocks nudge down but IWG rallies on takeover approaches |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks nudged a touch lower in early trade on Monday, although serviced office provider IWG stormed ahead on the prospect of a bidding war. At 0840 BST, the FTSE 100 was down 0.1% to 7,717.06, while the pound was flat against the euro at 1.1340 and 0.2% firmer against the dollar at 1.3575. Mike Van Dulken at Accendo Markets said the muted open came despite a broadly positive start to the week in Asia, helped by US President Trump signalling compromise in Sino-American trade disputes, pushing for a rescue of telecom giant ZTE on President Xi’s request. "This has boosted prospects of a trade deal (despite last week’s setbacks in Beijing) which could support global FTSE equities," van Dulken said, highlighting miners and energy companies. Investors were digesting events in Italy, where the anti-establishment 5 Star Movement and hard-right League party reached an agreement on a government programme, likely clearing the path for the formation of a governing coalition. UK economic data was weighing on sentiment, with Visa's UK consumer spending index showed a fall of 2.0% year-on-year for April, the same as seen in Marc. High street visits declined 3.3% in April, according to the BRC-Springboard survey, following the terrible performance in March where shopper numbers declined 6%. The BRC also highlighted that nearly one in 10 town centre shops are lying empty. In corporate news, Entertainment One was in the red as it emerged that major TV series Designated Survivor has been dropped by US network ABC, which could affect revenue next year depending on the speed and size of a replacement deal. Victrex fell despite posting a 26% jump in first-half pre-tax profit, as it said FX would be less of a tailwind for the rest of the year. Centrica ticked up despite announcing it lost 110,000 customers in the UK in the first four months of the year, as it said the 'Beast from the East' snowstorm in February helped increase customer demand in a tough competitive environment. On the upside, IWG surged 20% after announcing late on Friday that it had received an approach from private equity group Lone Star and two separate indicative proposals from Starwood and TDR regarding a possible cash offer for the business. Technical products and services supplier Diploma edged higher as it said half-year revenue and adjusted operating profit rose 8% and 9%, to £234.9m and £40.6m respectively. Funeral services provider Dignity advanced as it reported a better first quarter than expected, while Indivior nudged up as it reached a settlement over its Suboxone treatment for opioid addiction with Par Pharmaceutical, allowing it to begin selling a generic version from 1 January 2023 in exchange for undeclared conditions. In broker note action, Compass was upgraded to 'outperform’ at Bernstein, while Zoopla and Uswitch owner ZPG was cut to 'equal-weight’ at Barclays. Cairn Homes was lifted to 'buy’ at Investec. |
| | Daily cryptocurrency Tracker 14.5.18: Bitcoin below $8,500 | | After mosty registering losses over the weekend, cryptocurrency markets were mixed over the past 24 hours, with 5 of the top 10 cryptos seen lower at the time of writing. Bitcoin... Read More.. |
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| | US close: Wall Streets caps off very strong week despite narrowing yield spread | | Wall Street capped off a strong week with further gains on Friday, with the Dow rising to its best mark in roughly eight weeks. By the closing bell, the Dow Jones Industrial Average was higher by 0.37% or 91.64 points at 24,831.17, alongside a 0.17% or 4.65 point gain on the S&P 500 to 2,727.72, although the Nasdaq Composite dipped 0.33% or 13.69 points to finish at 4,130.17. Pacing gains by sectors were: Mobile Telecomunications (2.63%), Biotechnology (2.01%), Telecommunications (1.99%) and Home Improvement Retailers (1.92%). To take note, the yield spread between two and 10-year Treasury notes fell to 43 basis points - its lowest in approximately a decade. Before the start of the session, Oanda analyst Craig Erlam had pointed out how US equity markets were on course for a perfect week - five consecutive daily gains - which when you consider the drop-off in sentiment and markets since the end of January was quite encouraging. "If the Dow can find a way above 25,000 in the process, it could signal a shift in sentiment in equity markets which have looked extremely vulnerable to another sharp decline. Of course, this may depend on whether the gains have been primarily built on the rally in energy stocks in response to the withdrawal of the US from the Iran nuclear deal, or an actual belief that the market sell-off has run its course," Erlam said. "It's interesting though that a very good earnings season has so far not been enough to trigger such a move which makes me question whether the recent move has legs." For the Dow, Friday marked its seventh consecutive close higher and for the week it added 2.3%, followed by a jump of 2.4% on the S&P 500 and of 2.7% for the Nasdaq Composite. On the data front, US import prices rose less than expected in April due to a bounce back in petroleum products prices was offset by declining food prices, indicating that inflation pressures were increasing moderately. Import prices rose 0.3% last month (consensus: 0.5%), said The Labor Department. Furthermore, data for March was revised down to show a 0.2% decrease, as opposed to the previously reported flat figure. The Labor Department also revealed that export prices had moved ahead 0.6% in April a month after having gained 0.3% as prices for agricultural products fell 1.2% last month, the first drop since December 2017, as a result of lower prices for soybeans, nuts and wheat. In terms of the year-on-year rate of change, import prices printed at up by 3.3% (consensus: 3.9%). Elsewhere, the University of Michigan consumer sentiment index was unchanged at 98.8 in the early May reading, just shy of economists forecasts for a reading of 99.0. On the corporate front, chip maker Nvidia was down 2.15% despite better-than-expected quarterly earnings. Nevertheless, its shares were trading just off their record highs. For its first quarter, Nvidia boasted sales of $3.21bn, up from the $1.94bn seen a year ago (consensus: $2.89bn). Adjusted earnings per share meanwhile came in at $2.05 (consensus: $1.46). The Trade Desk shot up 43.39% after stronger-than-expected quarterly earnings, whereas cloud storage company Dropbox lost 2.25% despite beating analysts' forecasts for quarterly earnings and sales. |
| | Monday newspaper round-up: High street, Carillion, Crossrail, WPP | | Shoppers are deserting the high street in greater numbers than during the depths of the recession in 2009, creating a brutal climate that is putting thousands more retail jobs at risk. The coming days will be crucial to the future of a handful of household names, including Mothercare and Carpetright, which are trying to persuade investors to make vital cash injections so they can jettison unwanted stores. There is also the spectre of job losses at Poundworld, the struggling discount chain, which is being cut adrift by its American owners. - Guardian Carillion used suppliers to “prop up a failing business model” and conceal true levels of debt, say MPs investigating the failed government contractor. The parliamentary inquiry into the collapse of a company that provided a host of vital public services, including catering in schools, prison maintenance and construction of new NHS hospitals will conclude on Wednesday with the publication of the MPs’ final report. It is expected to name and shame those responsible for the failure of the listed company, which had a UK staff of nearly 20,000 when it crashed into administration in January. - Guardian Crossrail faces an estimated £500m funding black hole as the Government struggles to keep the country’s most ambitious rail project on track in its final stages. With a budget of nearly £15bn, it is already one of the country’s largest infrastructure projects. It is understood the final cost is due to rise further, however, as unexpected problems have forced unscheduled engineering. - Telegraph President Donald Trump has waded into a row over Chinese telecoms equipment maker ZTE, promising to get the firm “back into business fast” after it was hit by a ban on buying American hardware and software. The company said it was halting all of its major business activities in the US last week after the country’s Department of Commerce issued a so-called denial order, prohibiting American exporters from doing business with it, but appeared to have been thrown a lifeline by Mr Trump yesterday. - Telegraph The chairman of WPP is facing a shareholder backlash over the advertising company’s secretive ousting of Sir Martin Sorrell after a leading advisory group recommended that investors oppose his re-election at next month’s annual meeting. In a report to investors, Glass Lewis, the proxy shareholder service, suggested that they vote against the re-election of Roberto Quarta as chairman, as its concerns about WPP’s failure to “adequately prepare” for the replacement of Sir Martin as chief executive had been heightened by the “opaque nature” of the investigation into the executive’s conduct and his “good leaver” status. - The Times One of the country’s biggest investment managers has warned that banks will be forced to raise mortgage rates as cheap money provided by a closed Bank of England scheme runs out. The £127 billion term funding scheme, which was closed in February, was launched in August 2016 to provide lenders with low-cost loans as an economic stimulus after the Brexit vote. M&G Investments believes that lenders will soon be forced to push up mortgage rates because of the higher costs. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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