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| | London open: Stocks slide as profit warnings, US-China tensions weigh |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks fell in early trade on Tuesday as escalating tensions between the US and China and profit warnings soured sentiment. The FTSE 100 was down 0.9% to 7,560.48, while the pound was 0.3% lower against the dollar at 1.3206 and 0.1% firmer versus the euro at 1.1409. On Monday, US President Donald Trump instructed his country's trade representative to identify a new $200bn-worth of goods on which to levy 10% tariffs. He also called for a separate list to be prepared detailing a further $200bn-worth of Chinese goods that could be targeted if Beijing responded with countermeasures of its own. The moves overnight followed Beijing's decision to retaliate for the duties on $50bn worth of Chinese goods that Washington had announced last week. China's Ministry of Commerce responded immediately on Tuesday morning, describing the move as "extreme pressure and blackmail". Trump said in his statement that by retaliating with its own tariffs rather than altering its practices, China was "threatening US companies, workers, and farmers who have done nothing wrong". Analysts at Rabobank said: "In short, the markets had already been worried that another $100bn of tariffs could potentially be imposed, even if they were not actually pricing for that, but this has now doubled to $200bn, and perhaps to $400bn. Given China only exported $505bn of goods to the US in 2017, and that steel and aluminium are already subject to new tariffs, there is potentially around 90% of what China sells to the US might soon be subject to at least a 10% tariff. "As if that wasn't enough bad news for China, the US Senate also passed an amendment to the Defence Bill 85-10 that includes a measure to kill the recent deal Trump made to save Chinese tech giant ZTE. Of course, there is still the House of Representatives to pass first before the damage is done, but the firm's shares have tanked again, and the president is going to have to be very persuasive given the way the political winds are blowing on China in the US." In UK corporate news, profit warnings were the order of the day, with retirement housebuilder McCarthy & Stone and retailer Debenhams both in the frame. Shares in McCarthy tanked after it issued a profit warning amid increased caution from potential customers and announced the early retirement of its chief executive. An anticipated strong spring selling season failed to materialise and the FTSE 250 company said it now forecast flat or lower sales completions for the financial year ending 31 August, meaning profits could fall between 17% and 32% to an expected operating profit range of £65-80m. Debenhams was also sharply lower as it warned that annual profit will be at least 20% less than market expectations as the department store chain faces weak consumer spending and discounting by competitors. Pre-tax profit for the current financial year will be in the range of £35-£40m compared with analysts’ average forecast of £50.3m, it said. Elsewhere, Ashtead Group fell even as it reported a jump in full-year underlying pre-tax profit thanks in part to hurricanes boosting demand, while Telecom Plus dropped as it posted a 7.1% rise in full-year revenue. Housebuilder and urban regeneration partner Countryside Properties was in the red after saying it has expanded its strategic partnership with Sigma Capital Group to deliver a further 5,000 private rental sector homes over the next three years. Bucking the trend, satellite group Inmarsat rallied following a report that US rival EchoStar Corp is considering upping its offer for the company after its initial approach was rejected for being too low. According to Bloomberg, EchoStar is working with financial advisers on its bid. Ferguson gained after the plumbing and heating products distributor, formerly known as Wolseley, posted a 17.1% jump in third-quarter trading profit thanks to strong US residential markets. Capita rallied as it agreed to sell its Supplier Assessment Services unit for £160m in cash and after union Unite said a day earlier that the outsourcer had been awarded a British Ministry of Defence contract, beating rival Serco. In broker note action, Ferrexpo was upgraded to 'buy’ at HSBC, while Informa was cut to 'hold’ at Peel Hunt. |
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| | US close: Stocks end off lows as energy sector lends a hand; trade war fears weigh | | US stocks ended mostly down but off earlier lows on Monday as the energy sector lent a hand, with escalating tensions between the US and China undermining investor sentiment. The Dow Jones Industrial Average fell 0.4% to 24,987.47and the S&P 500 closed down 0.2% at 2,773.87, while the Nasdaq ended broadly flat but in positive territory at 7,747.02. On Friday, Trump announced 25% tariffs on up to $50bn worth of Chinese imports. China then retaliated by announcing 25% tariffs on $34bn-worth of imports from the US. Oanda analyst Craig Erlam said: "We're seeing a slightly risk-averse tone in financial markets at the start of the week after the trade spat between the US and China ramped up over the weekend. "Both countries have laid out plans to impose tariffs on one another on 6 July which is making investors a little uncomfortable, more so due to the potential for the situation to escalate further than the tariffs themselves. The question now is how much pain both sides will be willing to inflict on the other - and themselves in the process - before coming to an agreement that removes tariffs and eases investor concerns." Elsewhere, oil prices rallied ahead of the OPEC meeting at the end of the week, with the cartel set to discuss reducing or even ending the coordinated output cut that was imposed to try to bring inventories back in line with the five-year average. "An increase in production from the OPEC nations and others including Russia involved in the deal will be welcomed by Trump who has recently been berating them for pushing prices higher, despite the fact that part of this has been driven by US sanctions on Iran," Erlam said. West Texas Intermediate was up 1.2% to $65.82 a barrel, while Brent crude gained 2.4% to $75.26, helping to boost energy sector. In corporate news, electric car maker Tesla ended in the black after chief executive Elon Musk showed off the company's newest production line over the weekend on Twitter. Elsewhere, WP Carey closed lower after announcing a proposed merger with Corporate Property Associates in a stock-for-stock deal valued at around $6bn. Valeant Pharmaceuticals' US-listed shares slumped 12.3% after the US health regulator declined to approve the company’s plaque psoriasis treatment lotion. On the data front, the National Association of Home Builders' housing market index for June showed that sentiment among US housebuilders deteriorated due to sharply higher lumber prices. The NAHB/Wells Fargo housing market index slipped two points from May to 68. The index of current sales conditions fell one point to 75, while the component gauging expectations in the next six months and the metric charting buyer traffic also dropped one point to 76 and 50, respectively. Regionally, on a three-month moving average, the index for builder sentiment in the Northeast was up two points to 57, while the gauges for the West and Midwest were unchanged at 76 and 65, respectively, and the index for the South slipped one point to 71. NAHB Chairman Randy Noel said: "Builders are optimistic about housing market conditions as consumer demand continues to grow. However, builders are increasingly concerned that tariffs placed on Canadian lumber and other imported products are hurting housing affordability. Record-high lumber prices have added nearly $9,000 to the price of a new single-family home since January 2017." NAHB chief economist Robert Dietz said: "Improved economic growth, continued job creation and solid housing demand should spur additional single-family construction in the months ahead. However, builders do need access to lumber and other construction materials at reasonable costs in order to provide homes at competitive price points, particularly for the entry-level market where inventory is most needed." |
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| | Tuesday newspaper round-up: Trade, taxes, airline M&A, water companies | | Donald Trump directed the US Trade Representative to prepare new tariffs on $200 billion in Chinese imports Monday as the two nations moved closer to a potential trade war. The tariffs, which Trump wants set at a 10% rate, would be the latest round of punitive measures in an escalating dispute over the large trade imbalance between the two countries. - Guardian Philip Hammond has warned the cabinet that he has no more money for other policies after being forced to find £25 billion for the NHS. The chancellor used a presentation to senior ministers before Theresa May’s speech on the health service yesterday to rule out extra spending on areas including schools, defence, prisons and police. - The Times Theresa May is prepared to tear up the Tories’ tax pledges from last year’s general election to pay for her NHS funding plans, as she comes under growing pressure to explain how she will find the money. Government sources signalled that planned cuts to corporation tax and a pledge to increase the personal income tax allowance to £12,500 a year by 2020 could both be ditched, as could a promise to lift the higher rate threshold to £50,000. - Guardian The wings may be falling off the bid by the British Airways owner IAG to acquire Norwegian Air after it emerged that dithering by the chief executive, Willie Walsh, had allowed Lufthansa to begin its own takeover negotiations. Reports in the German press revealed that Carsten Spohr, chief executive of Lufthansa, Europe’s largest global airline group, had begun talks with Norwegian, two months after IAG began its own courtship. - The Times The water industry regulator has threatened to take action against four of the country’s largest water suppliers after homes were left without water in the wake of the "Beast from the East" storm. Ofwat said there is “no excuse” for how Thames Water, Severn Trent, Southern Water and South East Water failed to protect their customers from major water shortages in the aftermath of the severe weather earlier this year. - Telegraph Households enjoyed the fastest growth in labour income in nine years this month but still suffered a squeeze on their finances due to stubbornly high inflation, according to IHS Markit. Better wage growth and strong levels of job security could not shake the gloom, the research group’s monthly household finance index found. - The Times The accounting watchdog has released a damning report into Britain's big four accountancy firms, singling out KPMG in particular for the "unacceptable deterioration" in the quality of its audits. The Financial Reporting Council said 50pc of KPMG's audits of FTSE 350-listed companies required more than just limited improvements in the recent financial year, compared to 35pc a year earlier. - Telegraph Supermarkets and suppliers have warned the competition watchdog that Sainsbury’s £15bn tie-up with Asda could reduce choice and bump up prices at the checkouts. The Competition and Markets Authority (CMA) has published a summary of the responses it has received since firing the starting gun on a probe last month. - Telegraph The City watchdog is reviewing investment firms’ compliance with European rules brought in at the start of the year to ensure that fund managers could show they always sought the best prices for their clients when trading. The Financial Conduct Authority is examining “unbundling” that was intended to separate the commissions paid by funds for trading services from others offered by brokers, such as free research. - The Times Deliveroo is the latest company in the gig economy to be subjected to a high-profile probe into its working practices. Labour MP Frank Field, who has led investigations into pay and working conditions at Hermes, Uber, DPD and Parcelforce, said Deliveroo was “the next one on the list”. He plans to gather evidence from Deliveroo riders over the next five weeks. - Telegraph Britain is to announce plans to replace a fleet of ailing surveillance aircraft in a move that could cause a political row for Theresa May and an outcry from industry if a US model is selected without a competition. The Royal Air Force is in favour of buying between four and six planes from the US aerospace giant Boeing at a cost of £2 billion to £3 billion. - The Times Motorists have been overcharged at fuel pumps by an estimated £500 million in the past three months, research by a campaign group has shown. FairFuel UK said that diesel and petrol should be at least 5p per litre cheaper and that price increases have significantly surpassed those in the wholesale costs to retailers. - The Times The takeover of one of Britain’s leading financial software businesses is to face an investigation by the competition watchdog over concerns that its merger with a US private equity-backed rival could damage the market. The Competition and Markets Authority said yesterday that it was considering whether the £1.5 billion acquisition of Fidessa Group by Ion Trading could be bad for the financial software market, potentially delaying the deal by several months.- The Times Britain’s booming jobs market has been a source of pride for the government, with more people in work than at any time since 1971. However, a report by PWC, the accountancy firm, has revealed that its employment rate for those over the age of 55 is woeful compared with the international average. - The Times Despite being an early leader in online music, Google's YouTube has never quite found its place in the music streaming era. While YouTube has always been a huge source of plays and views for music videos, as a pure music streaming tool it has always been lacking. Which is why Google on Monday launched YouTube Music, its latest attempt to unseat Spotify from the top spot in music streaming. And it may well be its best effort yet. - Telegraph | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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