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| | London open: Stocks flat as bookies tumble over betting machine stake cut |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks were little changed in early trade on Thursday, but bookies were under the cosh as the government confirmed it will cut betting machine stakes to £2, while sterling was in focus following a report that the UK could stay in the European customs union. At 0850 BST, the FTSE 100 was flat at 7,731.83, while the pound was up 0.1% versus the euro at 1.1437 and 0.2% firmer against the dollar at 1.3510, off earlier highs but still underpinned by a Telegraph report suggesting that the UK is set to tell Brussels it is prepared to stay in the customs union beyond 2021. On the corporate front, bookmakers were in the red as it emerged that the maximum stake on fixed-odds betting terminals (FOBTs) will be reduced to £2 under new rules unveiled by the government. Paddy Power, William Hill, 888 Holdings and GVC were all under the cosh. Neil Wilson, chief market analyst at Markets.com, said: "What regulators on one side of the Atlantic give, those on this side of the pond taketh away. Just as we get enthusiastic about the potential for bookmakers in the US, the UK government has decided to go ahead with the worst-case £2 limit on fixed odds betting terminals. "The expectation is that this worst-case outcome could hit revenues by something like a fifth to a quarter at William Hill and Ladbrokes-Coral (GVC) although it is unclear to what extent punters will simply switch to alternative forms of gambling. The loss of shops (over-egged?) could hit revenues more broadly but at least online looks set to benefit. FOBTs account for around half of Ladbrokes retail revenues but the merger with GVC offers plenty of insulation." Royal Mail was on the back foot despite new chief executive Moya Greene delivering better-than-expected final results, as the company warned that general data protection regulation laws may lead to a steeper decline in letter deliveries this year. Hill & Smith was under pressure after saying that the stronger pound against the dollar meant that revenue at the start of the year fell versus the same period in 2017, while Sophos lost ground as the cyber security firm said it expects invoiced sales to slow to the mid-teens per cent this year. Travel operator Thomas Cook retreated after posting a narrowing of first-half losses but saying that the UK remains a drag. On the upside, credit checker Experian was the standout gainer as it said full-year profits fell but revenues were up, while National Grid followed close behind after reporting a 4% rise in full-year underlying pre-tax profit. British Land was also higher after posting a drop in full-year underlying profit but a jump in its net asset value and Countryside Properties pushed up as it posted a rise in half-year completions, revenue and profit and expressed confidence in the medium term. Ocado Group rocketed as it won a contract with US grocery giant Kroger to exclusively provide its online grocery expertise across multiple distribution warehouses across America, while Just Group racked up healthy gains after hailing a strong start to the year. In broker note action, Restaurant Group was cut to 'sell' at Peel Hunt, while Vodafone was downgraded to 'neutral' at Citi, and Mondi was cut to 'neutral' at Goldman. National Express was knocked down to 'neutral' at JPMorgan, while Premier Oil was upgraded to 'overweight' at Barclays and Gem Diamonds was lifted to 'buy' at Canaccord. As is usual on a Thursday, ex-dividends stocks were in play, taking 6.8 points off the FTSE 100 and 13.5 points off the 250. HSBC Holdings, Intertek, Saga, Ascential, Clarkson, Dignity and Tesco were among the companies whose stock went ex-div. |
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| | US close: Stocks and oil prices move higher as crude inventories fall | | Wall Street ended Wednesday in the green, even as investors keep an eye on bond yields and geopolitical concerns weigh on sentiment. The Dow Jones Industrial Average was ahead 0.25% at 24,768.93, the S&P 500 added 0.41% to 2,722.46, and the Nasdaq 100 rose 0.6% to 6,929.97. Stocks ended lower on Tuesday as the yield on the 10-year Treasury note crept back above 3% - to its highest point since 2011. “Though the Fed's Williams reiterated his stance as regards the need for three to four rate hikes from the Fed this year, the move looks to have been prompted by a firm retail sales print for April (+0.3%) while March figures were revised to show growth of 0.8%,” noted analysts at Rabobank. They added that the joint probability of a September and a December hike is now around 50%, higher than it has ever been this year. Also weighing sentiment was 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. In economic news, the rate of US new home construction fell for the second time in four months, dragged down by starts on apartment buildings, adding to concerns for a housing market already weighed down by tight supply and rising prices. New housing starts fell 3.7% in April to an annualised pace of 1.287m, according to the Census Bureau, a steeper decline than the 0.7% drop to 1.31m predicted by analysts. Elsewhere, a report released by the Federal Reserve revealed that industrial production in the US increased a touch more than anticipated last month. The Fed said industrial production climbed by 0.7% in April, just above the 0.6% rise predicted by economists. Oil prices were higher, after reports confirmed a fall in US stockpiles last week, as well as a record high rate of exports. Gasoline inventories also dropped more than expected ahead of the summer driving season, according to the fresh data from the Energy Information Administration. The figures came after OPEC published data showing that inventories in OECD countries had dropped to 9m barrels above the five-year average from 340m at the start of last year. Brent crude was last up 1.14% at $79.33 per barrel, and West Texas Intermediate added 0.36% to $71.57. In corporate news, department store chain Macy's surged 10.83% after reporting earnings before the opening bell, and Helios and Matheson Analytics gained 4.43% after the MoviePass owner recorded an earnings beat on a revenue miss. Cisco Systems was down 3.79% in after-hours trading, as it reported third-quarter numbers slightly ahead of market forecasts. |
| | Thursday newspaper round-up: Rail franchises, customs deal, Capita, buy-to-let | | Britain will tell Brussels it is prepared to stay tied to the customs union beyond 2021 as ministers remain deadlocked over a future deal with the EU. The Prime Minister's Brexit war Cabinet earlier this week agreed on a new "backstop" as a last resort to avoid a hard Irish border, having rejected earlier proposals from the European Union. - Telegraph The transport secretary was under pressure to act over at least four struggling rail operators last night after announcing plans to renationalise services on the east coast main line. Chris Grayling was warned that other companies were in trouble after failing to improve rail services or attract enough passengers, amid suggestions that the entire privatised system must be overhauled. Those in the firing line include Northern Rail, South Western, Transpennine Express and Greater Anglia. - The Times President Trump will use post-Brexit trade talks to force the NHS to pay more for prescription drugs in an attempt to lower prices for American patients that could cost Britain billions. A few weeks ago Theresa May refused to rule out opening up NHS services to private American companies as part of a trade deal. - The Times Theresa May is under pressure to row back on a multi-billion-pound deal to buy the new generation of US fighter jets in a row being likened to the Westland affair. The British Government is committed to buying 138 F-35 fighter aircraft from US manufacturer Lockheed Martin. The Ministry of Defence (MoD) has so far bought 48 aircraft at a cost of £9.1 billion but is now reconsidering its pledge to buy a further 90 F-35s. - Telegraph The outsourcing giant Capita has put patients at risk of serious harm after taking over NHS England’s administration service, Whitehall’s spending watchdog has found. Failures resulted in 87 women being notified incorrectly that they were no longer part of the cervical screening programme and may have compromised patient safety, according to the National Audit Office (NAO). - Guardian British-based clearing houses should not be forced to move to the European Union after Brexit, a senior European Parliament lawmaker has said in a sign of a softening of Brussels’ hardline stance over the institutions' euro transactions. The EU is mulling changes to its rules for clearing houses, the majority of which are in London, which could lead the biggest being forced to establish EU headquarters. - Telegraph Buy-to-let lending has fallen by a fifth over the past year as taxes on second homes, the removal of interest relief and tougher standards for lenders drained credit from the market. Lenders issued 5,500 buy-to-let mortgages for new purchases in March, a drop of 19.1 per cent on a year earlier, according to UK Finance, the umbrella organisation for banks and building societies. The value of loans fell by 20 per cent to £800 million. - The Times The government will announced its final decision on whether to curb stakes on fixed-odds betting terminals (FOBTs) on Thursday, with the maximum bet widely expected to be cut to £2. The machines have become a focal point for campaigners’ concerns about problem gambling and the potential for racking up large losses on machines that currently allow players to bet £100 every 20 seconds. - Guardian James Murdoch will leave 21st Century Fox after most of its assets are sold to Disney, handing executive responsibilities to his elder brother Lachlan. The maker of Family Guy and The Simpsons confirmed the operations of the “New Fox” due to be formed by the sale of its film and television studios, and a clutch of international assets including Sky, will be led by 46-year-old Lachlan. Rupert Murdoch will remain joint chairman. - Telegraph Mothercare will tomorrow reveal it has rehired former boss Mark Newton-Jones just over a month after he was sacked, in a surprise move which will see him take the helm of the troubled retailer as it embarks on a major restructuring. The baby chain, which will lay out details of the overhaul in its results on Thursday, ditched Mr Newton-Jones as chief executive last month, with then-chairman Alan Parker having said although he had "done a good job, we think we can do even better going forward". - Telegraph David Cameron is in talks to take on a third private sector job since his departure from Downing Street nearly two years ago. The former prime minister is discussing an as yet unspecified role with Greensill Capital, a London-based provider of specialist financial services, six months after it was confirmed that he would lead a new £750 million “UK-China” private equity fund. - The Times Mark Zuckerberg has agreed to appear before the European parliament at a closed-door meeting possibly as soon as next week, according to the parliament president, Antonio Tajani. The Facebook founder’s decision to meet MEPs will be seen as a snub to the UK parliament. British MPs have asked him to appear to explain the company’s role in the Cambridge Analytica scandal where the personal data of tens of millions of people was used without their permission. - Guardian The Co-op is to end “last-minute” sales of fresh produce to reduce the volume of edible food going to waste in its stores every day. Two hours before closing time, the national supermarket chain will remove items with a use by or best before date for that day, so they can be donated to thousands of charities and small community groups in time for them to be frozen or turned into meals. - Guardian | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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