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| | London open: Stocks steady after record highs; Inmarsat tumbles |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks were steady at the open on Tuesday after the top-flight index hit a record high the day before, as investors awaited Bank of England testimonies to the Treasury Select Committee and sifted through a raft of corporate releases. At 0850 BST, the FTSE 100 was flat at 7,860.72, after ending up 1% at 7,859.17 on Monday, which was a record closing high. Meanwhile, the pound was up 0.1% against the euro and the dollar at 1.1401 and 1.3438. Spreadex analyst Connor Campbell said: "It seems the market’s chunky relief rally following the latest US/China trade developments - namely that the tariffs hikes from both sides are 'on hold’ - was only good for one session. "Having rocketed to an all-time high on Monday, the FTSE slowed down as Tuesday got underway. The fact the pound mounted - an admittedly meagre - rebound after the bell likely helped prevent the FTSE from building on yesterday’s burst of momentum." On the data front, public sector net borrowing is at 0930 BST, while the CBI industrial trends survey is at 1100 BST. Before that, BoE Governor Mark Carney and three monetary policy committee members will give testimonies to parliament's Treasury Select Committee from 0915 BST. Investors will also be eyeing the next round of Brexit talks in Brussels, which could keep sterling on edge. Miners were generally the worst performers as copper and iron ore futures fell, with Rio Tinto, Antofagasta and Anglo American all lower. Inmarsat tumbled the most individually, as the satellite group lost exclusivity on maritime safety after the UN certified US rival Iridium Communications to provide global maritime distress safety system (GMDSS) services. Elsewhere, Balfour Beatty slipped as it said in an update ahead of its annual general meeting later in the week that trading was in line with its full year expectations and that it continues to make "good progress" on the second phase of its 'Build to Last’ transformation programme. Halfords skidded lower after the bike and car parts retailer reported lower annual profits due to increased cost of goods due to the weak pound, with a similar result expected this year as selling prices remain flat. Pets at Home ticked just a touch lower after saying full-year profit fell 12%, while UDG Healthcare also retreated on the back of a big drop in first-half profit. Galliford Try lost ground after the construction company said it is likely to face additional costs due to weather-related delays in the building of Aberdeen’s new ring road this year. Entertainment One slipped even after the TV group said revenues for the family division rose more than 50% to £139m driven by children's favourites 'Peppa Pig' and 'PJ Masks'. Financial technology company NEX Group edged down despite reporting a 9% increase in full-year trading profit, while HomeServe declined even as it posted a 25% rise in full-year statutory pre-tax profit. On the upside, Rank Group in the black after announcing the acquisition of QSB, the owner of Spanish digital bingo business YoBingo.es, for up to €52m in cash, while Intermediate Capital rallied after its final results. Greencore advanced despite reporting an operating loss for the six months to the end of March, while food producer Cranswick gained as it posted a 22% jump in full-year pre-tax profit as revenue grew, with strong volumes across all of its divisions. Shaftesbury edged up after posting a 21% increase in first-half profit, while merchant bank Close Bros was higher after saying it performed well in the third quarter. In broker note action, Next was lifted to 'reduce’ at AlphaValue, while Ashmore was upgraded to 'hold’ at HSBC. Royal Mail was cut to 'neutral’ at JPMorgan and Hunting was downgraded to 'hold’ at Kepler Cheuvreux. |
| | Market Analysis 21/05/2018 | | Trade MarketsYour capital is at riskUS-China trade war "on hold"Representatives from China and the US reached an agreement on Saturday, which US Treasury Secretary Steven Mnuchin... Read More.. |
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| | US close: Street finishes higher as investors express trade war relief | | Wall Street finished the first session of the week higher on Monday, as investors welcomed an easing of tensions between the US and China, with deal news in focus. The Dow Jones Industrial Average finished up 1.21% at 25,013.29, the S&P 500 was ahead 0.74% at 2,733.01, and the Nasdaq 100 added 0.57% to 6,905.53. Investors breathed a sigh of relief after US Treasury Secretary Steve Mnuchin said over the weekend that the US would hold off from imposing tariffs on China, which had originally sparked fears of a trade war between the two. Mnuchin said that a trade war was "on hold" as both countries agree to work on a wider trade agreement. Washington has lifted plans to impose tariffs on up to $150bn of Chinese imports in response to a promise from China to "significantly increase" its purchases of US farm and energy exports. “The Dow surged more than 300 points after the bell rang on Wall Street, a chunky addition that took the index back across the 25000, a level that had eluded the index last Monday, for the first time since mid-March,” noted Connor Campbell, a financial analyst at SpreadEx. “The dollar also remained chipper, its half a percent rise against the pound complimented by a similar 0.5% jump against the yen and a 0.2% increase against the euro.” London Capital Group analyst Jasper Lawler was warning caution over the US-China matter, however,, telling clients: "This is by no means the end of the matter, especially given the huge gap that remains between the two sides, as highlighted by the lack of any real detail in the announcement. “However, this was the encouraging start to talks that traders were after." On the data front, the Chicago Fed National Activity Index came in at 0.34 in April, up slightly from the 0.32 reading recorded in March, but short of the 0.48 projected by analysts, however, the index remained above the six and 12-month averages. It was below the three-month average but generally seen as being comfortably above the 0.0 level. Deal news was in focus, with General Electric picking up 1.87% in early trade after agreeing to sell GE Transportation to Wabtec in a deal valued at $11.1bn. Meanwhile, IT services provider Roper Technologies dipped reversed earlier losses to finish up 2.04% after announcing it was buying software company PowerPlan in an all-cash deal valued at $1.1bn, while Fifth Third Bancorp dropped 7.93% after agreeing to buy Chicago's MB Financial in a deal valued at $4.7bn. Caterpillar rose 2.11% to be among the Dow’s leading gainers. Elsewhere, shares of electric car maker Tesla picked up 2.77% after chief executive Elon Musk announced a new high-performance model 3 at $78,000. |
| | Tuesday newspaper round-up: Sainsbury's, defence spending, BP | | J Sainsbury is facing fresh scrutiny of its £12 billion merger with Asda after more than 100 MPs signed a letter criticising changes to the company’s staff pay that threaten to leave some workers more than £3,000 a year worse off. As many as 13,000 Sainsbury’s employees could take a hit to their pay packets, according to critics of the company’s plans, as it consults on a new deal meant to equalise pay among its 130,000-strong workforce. - The Times Britain’s nuclear submarine programme faces a potential £6bn funding gap over the next 10 years, with serious questions over whether the project can be delivered on time. A hard-hitting assessment by spending watchdog the National Audit Office (NAO) of the Defence Nuclear Enterprise (DNS) - which covers all the Navy’s submarines, their weapons, powerplants, as well as support and design work - highlights a series of risks to the programme.- Telegraph MPs have attacked one of the City's most prestigious law firms for being "entwined in the corruption of the Kremlin" after advising on a deal involving a Russian company with close ties to Vladimir Putin. Linklaters, which is in the UK's elite club of five so-called magic circle law firms, was named in a scathing report by the foreign affairs select committee on Monday for its involvement in the London float of energy group En+ last year. - Telegraph Boris Johnson has hinted that the UK could seek to take tougher action against Russian oligarchs in the wake of the poisoning of the former spy Sergei Skripal, saying he is looking closely at the approach taken by the Trump administration. Asked about the news of an apparent delay in processing Roman Abramovich’s visa, which kept the Chelsea football club owner away from Saturday’s FA Cup final, the foreign secretary said it would be “totally wrong” for him to comment on individual cases. - Guardian BP's outgoing chairman has warned against further tinkering with pay packages for senior executives if it is to attract top talent. In a parting shot at BP’s annual general meeting Carl-Henric Svanberg appeared to criticise the committee’s decision to cut the pay packet of BP boss Bob Dudley by $3.4m. - Telegraph The company behind the first fracking attempt in Britain since 2011 is hoping for a rather smoother ride this time, after applying for a court injunction to deter protesters from disrupting its work in Lancashire. Cuadrilla, a private equity-backed shale gas explorer, said yesterday that it also had applied to the government for final sign-off to frack the first of two wells at its Preston New Road site. - The Times Business leaders around the globe have said the rise of economic nationalism triggered by Brexit, Donald Trump and populist politics poses the greatest threat to their growth. According to a survey of 1,300 chief executives from some of the world’s biggest companies, carried out by the accountancy company KPMG, British business leaders are notably more pessimistic than their peers. - Guardian Aston Martin has taken a hit from sterling's fluctuating value caused by uncertainty over Brexit, with headline profits at the luxury car maker halving in the first quarter. Pre-tax profit dropped almost 50pc compared to the last time round on a statutory basis to £2.8m as sterling’s weakness hit the Gaydon-based business. Stripping out currency movements, pre-tax profit was up almost 50pc at £7.4m. - Telegraph Investors appeared to prefer the word of Elon Musk over media critics yesterday as the two sides both lauded and lambasted the Tesla Model 3 electric car. Mr Musk, the billionaire founder and chief executive of Tesla, said that a new $78,000 dual-motor, all-wheel-drive version of the Model 3 would “beat anything in its class on the track”. - The Times The world’s largest battery and vehicle-charging network could roll out across British roads through a new £1.6bn scheme due to start in Southampton next year. Pivot Power, a new energy start-up, has won the backing of a UK institutional investor, green energy multi-millionaire and National Grid for fresh plans to dot the UK with grid-scale 50MW batteries and rapid vehicle charging docks across 45 sites. - Telegraph Sony has announced a US$1.9bn (£1.4bn) deal to acquire EMI Music Publishing, one of the world’s largest music publishing companies with rights to songs by the likes of Queen and Pharrell Williams. The deal adds a catalogue of more than two million songs - including some of the greatest hits from the first half of the 20th century - to Sony’s already huge holdings. - Guardian Google has imagined a future where it uses enormous quantities of data it collects on individuals to manipulate their behaviour and achieve “desired results” for the whole species. In a leaked video from the company’s secretive X research division, the narrator cites Richard Dawkins’ book The Selfish Gene and depicts Google’s data as a “selfish ledger” which treats users as “transient carriers” or “survival mechanisms” for valuable data. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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