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| | London open: Stocks edge up despite geopolitical concerns as Micro Focus, Burberry gain |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks edged higher in early trade on Wednesday, with solid updates from the likes of Micro Focus and Burberry and deal news for Paddy Power helping to offset geopolitical worries. At 0845 BST, the FTSE 100 was up 0.2% to 7,734.27, while the pound was down 0.1% against the euro and the dollar at 1.1398 and 1.3490, respectively. Investors were digesting news that North Korea has suspended talks with South Korea over the continuation of military drills with the US, and threatened to pull out of a planned summit with the US if it continues to pressure it to unilaterally abandon its nuclear weapons programme. Mike van Dulken at Accendo Markets pondered whether this was merely game-playing for Kim, "taken straight from Trump's negotiation playbook". In UK corporate news, luxury fashion brand Burberry rallied as it presented a smart but not swanky first set of full-year results under new chief executive Marco Gobbetti, beating City forecasts despite a 1% fall in revenues. The group also announced a new £150m share buyback. Paddy Power Betfair was in the black after it confirmed it is in talks over a potential merger of its US business and US-based FanDuel to target the market that will open up following the Supreme Court's overturning of a federal ban on sports betting. Neil Wilson, chief market analyst at Markets.com, said: "A FanDuel tie-up would give PPB the ability to rollout ops more quickly and scale up. It would also remove some potential local competition. After some pretty murky numbers in the PPB Q1 update, it's clear that this particular bookmaker-friendly result has come at the right time for the share price. Investors will need of course to be cautious about the scale of investment needed to roll out operations and the speed with which states open up their markets. "There is also a risk that incumbents like FanDuel are able to plant their flag in the new market before the Europeans can land, which is why it would appear to make sense for PPB to go down this route." Paper products maker Mondi edged higher after saying it expects first-quarter underlying operating profit to be 15% higher year-on-year at €295m and 6% up on the fourth quarter of 2017. Software group Micro Focus International surged after it said that a new $40m licensing deal will help to boost its first-half revenue, which is now expected to be better than the guidance of -9% to -12% at constant currency. Food and beverage outlets operator SSP was on the rise after it posted a jump in first-half profit and revenue as it reaped the benefits of growing air passenger numbers, new contract openings across the world and its ongoing programme of operational improvements. Brewin Dolphin ticked up as the wealth manager posted a rise in first-half funds under management and profit. National Express advanced after the transport operator reported 6.2% growth in first-quarter revenue thanks to a solid performance from its North American business. On the downside, Crest Nicholson was sharply lower as the housebuilder cut its margin forecast on the back of pricing pressure, while Cineworld lost ground despite saying it was on track to deliver a full-year performance in line with its current expectations. Pub operator Mitchells & Butlers tumbled after posting a drop in half-year profit, while peer Marston's was also in the red after its interim numbers. Playtech declined as it said in an AGM trading statement that revenues at the B2B gaming division in Asia were lower than in the same period a year ago. Thomas Cook was lifted by an upgrade to 'buy' at Panmure Gordon, while Tullow Oil gushed higher after an upgrade to 'overweight' at Morgan Stanley. Evraz was downgraded by both Goldman and Citi, while Centrica was downgraded to 'underweight' by Morgan Stanley and Zoopla and PrimeLocation owner ZPG was cut to 'hold' at Shore Capital. |
| | Market Analysis 16/05/2018 | | Trade Markets Your capital is at risk Global geopolitical tensions could weight on markets today North Korea has issued a statement saying President Kim Jong Un might not... Read More.. |
| | Market Status | Top 10 FTSE 100 RisersTop 10 FTSE 100 Fallers |
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| | US close: Markets red as Treasury yields surge | | Wall Street finished with all three main indices in the red on Tuesday, ending a lengthy streak of gains, as the yield on the 10-year Treasury note crept to 3.08%, its highest level since 2011, amid ongoing worries about trade talks between the US and China. The Dow Jones Industrial Average ended down 0.78% at 24,706.41, the S&P 500 slipped 0.68% to 2,711.45, and the Nasdaq 100 was off 1.09% at 6,888.54. Comments from US Commerce Secretary Wilbur Ross expressing confidence that the US had the upper hand in trade talks with China, claiming that the gap between the two "remains wide", did very little to help sentiment. In economic news, the Empire State manufacturing index rose from the 15.8 recorded in April to a reading of 20.1 in May, the New York Fed said Tuesday. The figure was considerably better the 15.5 reading expected by economists, with one analyst describing it as "solid". A reading on US retail sales volumes for April edged past forecasts, thanks to upwards revisions to data for prior months. US business inventories for March on the other hand came in below forecasts, falling to their lowest level since October 2017, according to the Commerce Department. Inventories were flat in comparison to February, versus an expected 0.1% rise, while wholesale inventories rose 0.3%. Lastly, homebuilder sentiment rose in May thanks to strong demand and a slim supply of affordable, existing homes for sale across the US. The National Association of Home Builders sentiment index rose two points in May, one point higher than analysts had forecast. Anything above 50 is considered positive. Aside from the data, Dallas Federal Reserve Bank President Robert Kaplan on Tuesday said he wasn't concerned with the rise in the yield on the 10-year Treasury note, but added that he was "very carefully watching the shape of the curve". Investors were still waiting on a speech by San Francisco Fed President John Williams set for later in the day. In corporate news, shares of Home Depot were 1.67% weaker in early trading as first-quarter earnings beat expectations, but sales were a miss. Medical instruments maker Agilent Technologies plunged 9.66% lower despite its quarterly earnings coming in line with analysts' expectations. |
| | Wednesday newspaper round-up: Carillion, Amazon, Thomson Reuters | | Carillion collapsed as a result of “recklessness, hubris and greed” among directors who put their own financial rewards ahead of all other concerns, according to an excoriating report into the firm’s demise that spreads the blame between board members, the government, accountants and regulators. The company, which managed huge construction projects and provided government services ranging from school meals to prison maintenance and NHS cleaning, slumped into insolvency in January. More than 2,000 people have since been made redundant. - Guardian Amazon has threatened to move jobs out of its hometown of Seattle after the city council introduced a new tax to try and address the homelessness crisis. The world’s second-biggest company has warned that the “hostile” tax, which will charge firms $275 per worker a year to fund homelessness outreach services and affordable housing, “forces us to question our growth here”. - Guardian Energy bill payers will be forced to stump up an extra £1.5bn for their energy over the next fifteen years after a tweak to the Government’s auction for low-carbon power subsidies backfired. The National Audit Office said the rule changes made to last year’s auction for contracts to support new, low-carbon power projects mean that energy users will be on the hook for an extra £100m a year. - Telegraph Thomson Reuters is shifting its $300bn-a-day foreign exchange derivatives trading business from London to Dublin, in a bid to ensure the company can continue to sell services into the European Union after Brexit. The move, to take place before the UK leaves the EU next year, will not result in any jobs being cut in London and the computer systems will remain in London, the company said. More jobs will, however, open up in Dublin. - Telegraph The United States has threatened the European Union with billions of dollars of import duties if it fails to honour a World Trade Organisation ruling to stop providing illegal subsidies to Airbus. The WTO said in a report yesterday that Britain, Germany, France and Spain also had provided illegal subsidies to the aircraft maker and, like the EU, had failed to comply with a ruling two years ago to stop. The report came nearly 14 years after America brought the dispute to the WTO at the behest of Boeing, Airbus’s closest rival. - The Times Concerns have been raised over plans by the former director of the Serious Fraud Office to join a law firm that has represented some of the biggest companies he has prosecuted. Legal sources said that David Green, who stepped down as head of the fraud office after six years in March, will have to be “ringfenced” if he joins Slaughter and May, to prevent possible conflicts of interest. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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