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| | London open: Stocks muted as investors mull Trump-Kim meeting; jobs data eyed |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks were muted in early trade on Tuesday despite a seemingly successful US-North Korea summit in Singapore, as investors awaited the release of key UK jobs data. At 0840 BST, the FTSE 100 was up just 0.1% at 7,742.41, while the pound was down 0.1% against the euro at 1.1344 and flat versus the dollar at 1.3377. Donald Trump and Kim Jong-un signed a "comprehensive" document confirming that North Korea will begin dismantling its nuclear capabilities "very quickly", the US president said at a ceremony that followed a morning of negotiations. Kim said "we are leaving the past behind us" as he said "the world will see a major change". But Spreadex analyst Connor Campbell said investors were likely to have been left feeling "unimpressed by the flimsiness of the agreement" struck between Kim and Trump. "The relative lack of reaction to the US/North Korea situation means the UK jobs report may end up defining Tuesday, dependent on what kind of updates the market gets on the latest Commons Brexit vote," he said. "Worryingly for the pound, which already took a knock following Monday’s manufacturing mishap, wage growth for the quarter to April is set to slip to 2.5%, completely undoing the progress made in the last few months. An unchanged unemployment rate and a fall in jobless claims likely won’t matter in the face of that average earnings index regression." UK unemployment, claimant count and average earnings are due to be reported by the Office for National Statistics at 0930 BST, while US inflation figures are at 1330 BST. The House of Commons will also begin debating the 15 amendments to the EU Withdrawal Bill rejected by the Lords, with Prime Minister Theresa May having negotiated a compromise overnight with Tory party rebels over arrangements for a post-Brexit customs union. In company news, British American Tobacco edged higher after saying it was trading in line with expectations but that profit would be affected by significant currency fluctuations. Halma was also firmer as it posted a 9% increase in fiscal 2018 pre-tax profit and said revenue exceeded £1bn for the first time. Randgold Resources ticked up as it said it has nearly completed the feasibility study for its Massawa gold project in Senegal. AstraZeneca was a touch weaker after announcing that it and partner Eli Lilly are discontinuing the global Phase III clinical trials of lanabecestat, which is an oral beta secretase cleaving enzyme inhibitor for the treatment of Alzheimer's disease. Fashion brand Ted Baker was in the red even as it posted a 4.2% jump in group revenue for the 19 weeks to 9 June despite unseasonal weather across Europe and the East Coast of America and still-challenging external trading conditions across many of its global markets. Acacia Mining lost its shine after the gold miner announced a fatal accident involving an operator for one of its contractors at North Mara, while Rio Tinto fell after it appointed Jakob Stausholm, who recently stepped down as CFO of shipping group AP Moller-Maersk, as its new chief financial officer. Workspace was steady after saying it has been given planning consents for sites in Farringdon and Bermondsey. Housebuilder Crest Nicholson slumped as it reported a 2% drop in half-year pre-tax profit and warned that margins for the year would come in towards the lower end of its guidance range, squeezed by cost pressures. Fellow housebuilder Bellway was also on the back foot despite saying it was on track for strong earnings growth this year and predicting record annual sales of more than 10,000 homes. Domino's Pizza retreated after it announced that chief financial officer Rachel Osborne had left the group a day earlier. On the broker note front, Centrica was sitting pretty at the top of the FTSE 100 leader board, boosted by an upgrade to 'buy' at Jefferies, while IMI rallied on the back of an upgrade to 'overweight' at Morgan Stanley. Rotork and Tate & Lyle both retreated after downgrades by Morgan Stanley and Kepler Cheuvreux, respectively. |
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| | Market Analysis 11/06/2018 | | TradeYour capital is at riskToday's highlights: Global markets brace for historic Trump-Kim summit Historic Trump-Kim summit starts tomorrow: The US President will be meeting... Read More.. |
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| | US close: Markets higher at start of busy week | | Wall Street finished the first session of a busy week with moderate gains, ahead of a historic meeting between Donald Trump and North Korea's Kim Jong-un and a policy announcement from the Federal Reserve. The Dow Jones Industrial Average ended the day up 0.02% at 25,322.31, the S&P 500 added 0.11% to 2,782.00 and the Nasdaq 100 was 0.22% higher at 7,168.48. “The markets took news that Donald Trump will be leaving Singapore a day early, meaning there's just 11 hours for some kind of nuclear agreement between the US and North Korea to be hashed out, in their stride, the latest red flag planted in the macro-political and economic landscape that investors are keen to ignore,” noted Connor Campbell, financial analyst at SpreadEx. “While no pre-summit jitters have sunk it just yet, tomorrow could be a completely different story.” Earlier, North Korean state media confirmed that Jong-un would discuss denuclearisation and a "permanent and durable peace-keeping mechanism" on the Korean peninsula. “Trump's next meeting with North Korean leader Kim Jong-un on Tuesday will be of interest as the US president looks to score a victory and distract from the country's souring relationship with its Western allies,” said Oanda analyst Craig Erlam. “Whether the two leaders are actually on the same page in regards to the goals of the meeting could determine just how successful the talks are but Trump in particular will be keen to be seen making progress towards denuclearisation.” Trump tweeted earlier that it was “great” to be in Singapore and that there was "excitement in the air". Investors were also looking ahead to a very busy monetary policy week, including announcements from the Federal Reserve, the Bank of Japan and the European Central Bank. The Fed is expected to hike interest rates this week for the second time this year and lay the groundwork for at least one more, maybe even two given the progress made on its inflation goal, while the BoJ is expected to leave them on hold and the ECB is forecast to make an announcement on tapering. On the corporate front, Envision Healthcare added 2.31% following reports that private equity group KKR was nearing a deal to buy the company for around $5.5bn. |
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| | Tuesday newspaper round-up: Singapore, Brexit dealing, NHS, WPP | | Donald Trump and Kim Jong-un have signed a document that will see the denuclearisation of North Korea begin "very quickly", the US president announced. After a working lunch concluded a morning of negotiations in Singapore, the two leaders held a signing ceremony, with Mr Trump calling it a "comprehensive" agreement. Mr Kim said "we are leaving the past behind us" as he said "the world will see a major change". - Telegraph Pro-European Tory MPs handed Theresa May a stay of execution last night after they signalled that they would not use a crunch vote to demand that Britain remain in a customs union with Europe. In a compromise brokered after hours of talks, a leading Tory rebel said that she would drop her support for a Lords amendment to the Brexit bill that would force ministers to negotiate a customs union with Brussels and instead table a fresh amendment committing Britain to negotiating a new customs “arrangement” with the EU. - The Times The British economy is showing the greatest signs of stress since the eurozone crisis and fears of a double-dip recession six years ago, as worrying reports show the steepest fall in manufacturing output and the greatest degrees of pessimism among employers since 2012. Concerns over Brexit and a slowdown for high street spending are among the major factors contributing towards 2018 being the worst time in six years for British firms planning to take on new staff, according to a closely watched survey compiled by the recruitment firm ManpowerGroup. - Guardian Business leaders will attack ministers’ “lack of focus” on trade today as they launch a fresh attempt to make their voices heard in Whitehall as Britain prepares to leave the European Union. Senior chief executives are to join a new council, established to help the government to “get this right”, as Brexit negotiations continue and as officials draw up plans for trade deals with the the United States, Australia and New Zealand and others. - The Times Philip Hammond is preparing to raise up to £10 billion in extra tax to help to boost the NHS on its 70th birthday. Theresa May is also to lift a cap on skilled workers from outside the EU that blocks foreign doctors from coming to Britain. The move will precede the expected announcement next week of a package of measures to improve the health service. - The Times New Look has reported an operating loss of £74.3m for the year to March 24, with UK sales falling by 11.7pc on a like-for-like basis. Alistair McGeorge, New Look's executive chairman, said: "Last year was undoubtedly very difficult for New Look, with a well-documented combination of external and self-inflicted issues impacting our performance. - Telegraph/PA The purchase of Battersea Power Station, the biggest property deal in the UK, is under threat after the leader of Malaysia’s governing coalition said it would be investigated as part of “dubious” investments made by the previous administration. On a visit to London to meet British ministers, Anwar Ibrahim, who leads the recently elected Pakatan Harapan, said a series of deals paid for by Malaysian sovereign funds and pension funds had to be looked at again and renegotiated if there were any wrongdoing. - Guardian Home secretary Sajid Javid has said that Arron Banks’s Russian connections are being examined “very seriously” by two ministers in two departments who want to establish if there was an attempt to undermine parliamentary democracy during the Brexit campaign. Javid’s unexpected intervention came on the eve of what is expected to be a stormy select committee meeting in which the Brexit-backing tycoon and his colleague Andy Wigmore are expected to be questioned by MPs over their links to Russian officials and business leaders. - Guardian Citigroup has suggested that it will cut up to half of its 20,000-strong technology and operations staff in the next five years and replace them with machines, according to a report last night. Jamie Forese, the US bank’s president and chief executive of its institutional clients group, told the Financial Times that the technology and operations jobs, which account for almost two fifths of its staff, were the “most fertile for machine processing”. - The Times Challenger stock exchange Aquis will float on the junior Aim market to bolster its war chest to take on larger rivals, such as the London Stock Exchange and Deutsche Boerse. Aquis, which has been dubbed the Spotify of trading venues, will raise £12m as it attempts to lure investors with its subscription-based model. - Telegraph In Silicon Valley and Hollywood, Wall Street and the City, all eyes will tomorrow be focused on a courthouse in Washington DC for a decision that could the trigger a new wave of giant deals driven by sweeping technological change. The federal judge Richard J Leon is due to rule on whether the $85bn (£64bn) takeover of Game of Thrones maker Time Warner by the telecoms colossus AT&T can go ahead in the face of opposition from competition watchdogs and Donald Trump. - Telegraph Invesco, which owns 17 per cent of the Invesco Perpetual Enhanced Income trust, has taken a rare step of serving a requisition order to the trust, compelling it to hold a general shareholder meeting to decide the future of two of its board members within two months. It has called for Donald Adamson, chairman of the trust’s board, and Richard Williams, chairman of the management engagement committee, to go. - The Times Scientists have created the UK’s first ever "unhackable" fibre network in anticipation of the dawn of quantum computers, a technology that could render current security systems completely useless and leave critical infrastructure, banking and healthcare networks open to hackers. The network, constructed by researchers from BT, the University of York and the University of Cambridge over the past two years, is secured by the laws of quantum physics which dictate how light and matter behave at a fundamental level. Using this, it is able to block anyone attempting to crack into the fibre link. - Telegraph | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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