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| | London open: Stocks and sterling steady ahead of jobs data |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks were steady in early trade on Tuesday as investors refrained from making any big bets either way ahead of key UK jobs data. At 0840 BST, the FTSE 100 was flat at 7,710.95, while the pound was down 0.1% against the euro at 1.1355 and flat versus the dollar at 1.3553 ahead of the UK unemployment rate, average earnings and the claimant count rate that will be published by the Office for National Statistics at 0930 BST. Spreadex analyst Connor Campbell said the pound was as reticent as the FTSE for good reason. "That’s because the average earnings index for the three months to the end of March, including bonuses, is set to slip from 2.8% to 2.7%; higher than the 2.5% inflation reading from March, and a crucial boost to real wages, but not exactly the hawkish direction the pound wants to see things moving in. Campbell said the forecast is for underlying wage growth to hit 2.9%, so currency traders could be selective in what data they focus on. Investors were also digesting the latest data out of China, which showed industrial production was better than expected in April, although investment slowed. Industrial output was up 7% compared to a year earlier, versus expectations for a 6.4% rise, while retail sales expanded by 9.4%, undershooting expectations for a 10% jump. Fixed-asset investment was up 7% on the year in the first four months, compared to an estimated 7.4%. This saw London's miners slip lower, led by Anglo American and Glencore. In other corporate moves, budget airline EasyJet flew higher after saying that losses narrowed in the first half as revenues surged nearly 20% to over £2bn for the first time, with the company benefiting from the collapse of Monarch and Air Berlin and troubles at Ryanair. Housebuilder Taylor Wimpey gained after saying it plans to bump up its dividend payout, while Hargreaves Lansdown ticked higher as the financial services group reported a 3.1% jump in assets under administration in the four months to 30 April. Ascential edged up as the FTSE 250 specialist information company agreed to sell its exhibitions business to ITE Group for £300m in cash. Cairn Energy rallied on the back of an upbeat AGM statement, in which it said 2018 is set to be just as active as the previous year. Grainger was just a smidge higher as the residential landlord agreed to buy a 261-home private rented sector build to rent development in Milton Keynes. On the downside, Vodafone was the worst performer after saying that Vittorio Colao will step down in October after 10 years in the job. The mobile phone operator also announced a 40% rise in full-year pre-tax profit to €3.9bn. International marketing and support services group DCC was in the red even as it said that full year pre-tax profits rose 26.6% to £316.4m as revenues increased 16.3% to £14.2bn. Land Securities fell as the property developer reported a small drop in full-year adjusted net asset value per share and said it has appointed Cressida Hogg as its new chairwoman. BTG lost ground even as it posted 9% growth in annual revenue and an 18% jump in adjusted operating product, while Spirax-Sarco Engineering slipped after saying that a stronger pound could dent its annual sales and profits by 3% to 5%. In broker note action, Sainsburys was cut to 'underperform' from 'neutral' by Exane BNP Paribas while Petrofac was downgraded to 'hold' at Kepler Cheuvreux and Indivior was cut to 'neutral' at Citi. |
| | 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: Street finishes higher as China concerns ease | | US trading finished the first trading day of the week in positive territory on Monday, as worries about a trade war between the US and China eased, suggesting that stocks' recent gains were set to continue. The Dow Jones Industrial Average finished 0.27% higher at 24,899.41, the S&P 500 was ahead 0.09% at 2,730.13, and the Nasdaq 100 ended the session up 0.17% at 6,984.37. Traders continued to mull over developments in trade talks between the US and China, after Donald Trump said over the weekend that he would help Chinese telecom giant ZTE return to business after it suspended operations in April. That suspension was a direct result of US Department of Commerce ban on American firms selling components to the company after it admitted to making illegal shipments to Iran and North Korea. “Worries over the risk of a breakdown in negotiations between the US and Chinese are clearly fading after Trump showed a willingness to help out Chinese tech firm ZTE after they suspended operations off the back of US sanctions last month,” said Joshua Mahony, a market analyst at IG. “With Trump clearly holding the cards amid potential concessions over steel and aluminium imports alongside ZTE, there is strong grounds for further talks to result in a positive outcome for global trade.” Oil prices were in focus as the Organization of the Petroleum Exporting Countries said it had "all the tools" needed to balance the market following the US decision to withdraw from the Iran nuclear deal. West Texas Intermediate was last up 0.56% at $71.10 per barrel, while Brent crude was 1.63% higher at $78.40, reversing earlier losses. Investors were also digesting comments from Cleveland Fed President Loretta Mester, who said in a speech in Paris earlier that it's too soon to declare that inflation in the US has reached its goal on a "sustainable basis". "As the expansion continues, it could be that in order to maintain our policy goals, we may need to move the fed funds rate, for a time, a bit above the level of the funds rate that is expected to prevail over the longer run," she said. "Of course, 2020 is a long time away and the policy path actually followed will be responsive to changes in the outlook." Elsewhere, St Louis Fed President James Bullard said the growth in bitcoin and other digital currencies had created a "non-uniform" currency in the United States, which had existed in the past, but had ultimately been rejected and replaced. Speaking at the CoinDesk Consensus 2018 conference in New York, Bullard said consumers and businesses may not like a non-uniform currency system. "Cryptocurrencies may unwittingly be pushing in the wrong direction in trying to solve an important social problem, which is how best to facilitate market-based exchange," Bullard said. On the corporate front, shares in electric car maker Tesla gave up earlier gains to finish down 3.02%, following reports senior executive Matthew Schwall had left the company for Waymo. Technology group Xerox lost 4.31% after saying it would ditch its merger deal with Fujifilm. Software firm Symantec rose 9.63% a day after plummeting 35% as a result of its audit committee revealing that it had launched an internal investigation, which spurred a series of downgrades from several brokerages. Helios and Matheson Analytics, the majority owner of cinema ticket subscription service MoviePass, collected 4.75% after free falling almost 70% last week. |
| | Tuesday newspaper round-up: RBS, Brexit impasse, East Coast rail, FirstGroup | | Officials charged with managing the taxpayer’s stake in Royal Bank of Scotland have begun contacting City brokers to gauge interest in a potential share sale, only days after the lender agreed a provisional deal with American prosecutors over the sale of toxic mortgage-backed bonds. UK Government Investments began calling investment banks last week after RBS announced a $4.9 billion settlement on Thursday that cleared what is widely regarded in the City to have been the last hurdle to the state restarting the sale of its 71 per cent holding. - The Times Theresa May has admitted to Conservative MPs that Brexit negotiations are at an impasse because neither of her current options for a customs deal with the EU will work. The Prime Minister invited all 214 of her backbenchers to Downing Street to explain why she has had to go back to the drawing board in an attempt to find a replacement for the customs union. - Telegraph Theresa May confronted Jacob Rees-Mogg at a meeting with Tory MPs designed to break the deadlock over Britain’s future customs arrangements with the EU. The pair clashed yesterday over the impact of rival plans on the Irish border, in what witnesses described as the prime minister “sending a tough signal” to hardline Brexiteers that she was not prepared to jeopardise the Union. - The Times Chris Grayling is expected to make a decision “within days” to end the existing East Coast rail franchise operated by Stagecoach and Virgin Trains. The transport secretary was said to be preparing to either renationalise the London to Edinburgh line or negotiate a “not-for-profit” arrangement with Stagecoach and Virgin Trains before the end of the week. - Guardian Transport giant FirstGroup is facing a mounting activist campaign to put itself up for sale in the wake of a failed takeover bid from American private equity firm Apollo. The attack comes in a four-page letter from top shareholder West Face Capital that was sent to chairman Wolfhart Hauser on Friday, the latest assault on a major UK company from an activist investor. - Telegraph Investors must back 'green’ companies or risk huge losses from climate change, the Bank of England has warned. Efforts to stop global temperatures from climbing to dangerous levels require substantial changes to the structure of the economy, rendering older technologies worthless and rewarding companies that are more environmentally friendly. - Telegraph Private contractors used excessive restraint on low-risk asylum seekers on a removal flight out of the UK, inspectors have revealed in a damning report. Escort staff were led to believe by dire warnings during a staff briefing that they were dealing with a high-risk group, when the majority of passengers had no history of being disruptive, Her Majesty’s Inspectorate of Prisons (HMIP) said in a report. - Guardian Management at Centrica came under fire at the company’s annual meeting yesterday as frustrated shareholders demanded answers about the collapse of the British Gas owner’s share price. Investors accused Centrica’s directors of being “too sluggish, too ponderous [to deliver a] positive, sustained return”. - The Times Struggling Snap will use the incoming data protection crackdown to challenge Facebook, following a series of privacy scandals that has engulfed the social network. The parent company to popular photo-sharing app Snapchat today announced greater data controls for users ahead of the European-wide General Data Protection Regulation (GDPR), which will offer consumers greater privacy when it comes into force on May 25. - Telegraph Tesla is undergoing a major restructuring as the company battles to sort out its organisational problems and bottlenecks that are holding up production of its latest electric car, putting its financial targets in jeopardy. Elon Musk, the founder of the company, warned of a shake-up during California-based Tesla’s earnings call a fortnight ago. - Telegraph The Japanese drugs company poised to take over Shire in a £46 billion cash-and-shares deal is facing renewed questions about its strength after a profit forecast was weaker than expected. In full-year results published yesterday, the Osaka-based Takeda said that its operating profit was set to fall to 201 billion yen (£1.35 billion) from Y241.8 billion for the year ahead, behind market forecasts of Y216 billion, amid the prospect of generic competition to a blood cancer drug called Velcade. - The Times The House of Lords has once again voted to establish a fresh Leveson-style public inquiry into the conduct of the media, overturning a decision made by MPs last week and setting up another showdown with the government. Peers voted by 252 to 213 on Monday evening to back an amendment that called for a full investigation into unlawful conduct by newspapers, misuse of data by social media companies, and relations between the press and the police. - Guardian | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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