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| | London open: Oil majors lead rise after US withdraws from Iran deal |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks rose in early trade on Wednesday as investors mulled over US President Trump's largely expected decision to pull out of the Iran nuclear deal and sifted through a raft of corporate news, with bakery chain Greggs bucking the trend on the back of a cautious outlook. At 0840 BST, the FTSE 100 was up 0.4% to 7,599.20, while the pound was flat versus the euro at 1.1420 and 0.3% weaker against the dollar at 1.3512. Trump said on Tuesday that the Iran nuclear agreement was a "horrible, one-sided deal that should never, ever have been made" and that rather than protecting the US and its allies, it placed "very weak limits on the regime's nuclear activity". European powers, meanwhile, reiterated their commitment to the 2015 agreement, while Iranian President Hassan Rouhani said that for now, he considers the deal to be intact. Oil prices gained on the back of the announcement, with West Texas Intermediate and Brent crude up 2.7% to $70.98 a barrel and $76.98, respectively. CMC Markets analyst David Madden said: "The move will see the reintroduction of sanctions on Iran, and the various aspects of its economy, such as energy, insurance and finance could be targeted. Iran is one of the largest suppliers in OPEC, and traders are fearful the sanctions will weigh on global supply. The oil market has been in an upward trend for nearly eleven months, and given the Iranian development it is likely to continue." There are no major UK data releases due, with the week's highlights - the Bank of England rate announcement and manufacturing and industrial production figures for March - out on Thursday. In corporate news, Imperial Brands rallied as it said sales volumes continued to outperform the industry and doled out a 10% increase in its interim dividend of 56.87p, but posted a 7% drop in profits. Vodafone gained ground as it agreed to acquire assets in Germany, the Czech Republic, Hungary and Romania from Virgin Media owner Liberty Global for an enterprise value of €18.4bn. Liberty could use the cash to make its much-rumoured bid for ITV, suggested analyst Neil Wilson at Markets.com, though a purchase of mobile network o2 "may be the number one option". Challenger OneSavings Bank edged higher as it said the first-quarter loan book grew 5% and reiterated its guidance for the year, while pub chain JD Wetherspoon ticked up despite reporting a slowdown in sales growth in the 13 weeks to 19 April. Recovering doorstep lender Provident Financial racked up healthy gains as it hailed a solid start to the year and said it was on track to deliver 2018 results in line with its plans, while engineer Renishaw surged after posting a 12% jump in revenue for the first three quarters of the year. On the downside, luxury fashion brand Burberry was under the cosh after Groupe Bruxelles Lambert, the holding company of Belgian billionaire Albert Frere, sold a 6.6% stake in the group. FTSE 250 bakery chain Greggs fell a whopping 18% as it struck a cautious note and said underlying profits for the year are likely to be at a similar level to the previous year, with trading in March and April hit by weaker market conditions. Compass Group slumped even as it said profit rose 4.5% in the first half, driven by growth at the catering company’s North American business. Security company G4S was in the red as it said first-quarter organic revenue fell 2%, but that it expects growth to accelerate in the second half of the year. TUI was on the back foot despite posting a narrowing of its second-quarter loss and maintaining its full-year guidance while builders' merchant Grafton Group lost ground after saying it experienced a positive star to the year in January and February, but that March was weaker due to the bad weather. |
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| | US close: Markets mixed as Trump pulls US out of Iran nuclear deal | | Wall Street finished a mixed bag on Tuesday, as US President Donald Trump announced he had decided to pull out of the Iran nuclear deal. The Dow Jones Industrial Average eked out gains of 0.01% at 24,360.21, while the S&P 500 fell 0.03% to 2,671.92 and the Nasdaq 100 lost 0.09% to 6,815.48. Trump made a statement on Tuesday afternoon Washington time, confirming he was pulling America out of the deal struck between Iran and the Obama administration, and reimposing former sanctions on the Middle East state. It was a fulfilment of one of his election promises from the controversial 2016 campaign. In a joint statement released quickly on Tuesday evening, Britain, France and Germany expressed condemnation of the move from the White House, and reaffirmed their positions to stick to the agreement. The three European nations said they believed it was the only way to prevent a nuclear arms race in the Middle East. Trump had tweeted on Monday evening: "I will be announcing my decision on the Iran deal tomorrow from the White House." That tweet itself came as somewhat of a surprise, as the White House had imposed its own deadline for a decision of 12 May. “Oil prices have risen inexorably over recent weeks as the market has anticipated a decision by President Trump to abandon the anti-nuclear deal agreed between the west and Iran,” said Rebecca O'Keeffe, head of investment at Interactive Investor. “Everyone has known for months that Trump was adamantly opposed to the deal, but now we will, at last, discover whether he is prepared to abandon multilateral western diplomacy in favour of a return to unilateral US sanctions. "However, while oil is the focus of attention for markets, the prospect of increasing tensions in the region should President Trump follow through on his threats is also a concern, not least in terms of what Tehran might do in a region already beset by political risks.” Earlier, data out of China earlier showed the country's exports bounced back in April more strongly than expected. Exports were up 12.9% from a year earlier, beating expectations for a 6.3% jump and rebounding from a 2.7% fall in March. On the corporate front, US-listed shares of Shire picked up 1.45% after its board agreed to a takeover offer from Japan's Takeda Pharmaceutical in a mix of cash and shares that values the biotech at roughly £46bn. 21st Century Fox reversed earlier gains to fall 0.13%, after reports that Comcast was readying an all-cash offer for Fox assets that would trump Disney's. AMC Entertainment Holdings lost 2.33% despite better-than-expected first-quarter earnings late on Monday, and rental car company Hertz Global Holdings plummeted 18.73% after posting a bigger-than-expected quarterly loss. Dean Foods shot up 17.05% and Valeant Pharmaceuticals jumped 8.87% by the close, after both firms reported earnings beats ahead of the open. No major economic reports were scheduled for release on Tuesday. |
| | Wednesday newspaper round-up: Retailers, Facebook, Google, Vodafone | | Britain’s retailers suffered the sharpest drop in business in more than two decades last month as bad weather, the squeeze on household budgets and the timing of Easter led to a hefty cut in consumer spending. In the latest evidence of the slowdown in the economy since the turn of the year, the latest health check from the British Retail Consortium (BRC) and KPMG found that sales were down by 3.1% in April, the biggest decline since the survey was launched in 1995. - Guardian Green energy would be boosted if excess electricity from wind and solar farms was used to produce hydrogen for use in heating and other parts of the energy system, according to engineers. Renewables were the UK’s second biggest source of electricity in the last three months of 2017, and now provide about a third of the country’s power at certain times of day. National Grid has warned that at times this summer there will be more electricity being generated than needed; when demand is low, solar output is high and some inflexible power stations are hard to turn off. - Guardian Facebook is appointing new leaders to its main divisions, in the most substantial reshuffle in its history and in a move which reveals its blockchain ambitions. As part of the overhaul, Facebook has reorganised its operations into three units: 'Family of apps', new platforms and infrastructure, which includes virtual reality and artificial intelligence technology, and central product services, which comprises features used across products such as adverts and security. - Telegraph Google will set time limits on apps and make smartphones easier to ignore in response to fears that they are becoming too addictive. A software update to Android, the company’s smartphone operating system, is designed to make it easier to ignore mobile phones. - Telegraph Vodafone was on the brink last night of announcing a €19 billion (£16.7 billion) deal to buy a significant part of Liberty Global’s European cable business, as it seeks to become the continent’s leading telecommunications provider across television, broadband, mobile and landline telephones. Sources said that Liberty, the American owner of Virgin Media, is to give up its cable operations in Germany, the Czech Republic, Hungary and Romania, markets where Vodafone already has a foothold. - The Times The Bank of England should raise interest rates tomorrow despite weak economic data recently, according to The Times’ shadow policy committee. Six of the panel’s nine members called for an immediate quarter-point rate rise to 0.75 per cent and two said that the Bank should start winding down quantitative easing. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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