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| | London open: Stocks drop as nerves set in ahead of G7 summit |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks fell in early trade on Friday as investors adopted a risk-off strategy ahead of what could be a heated G7 summit in Canada. At 0840 BST, the FTSE 100 was down 0.7% to 7,650.88, while the pound was 0.1% lower against the dollar at 1.3416 and up 0.1% versus the euro at 1.1389. Spreadex analyst Connor Campbell said: "After ignoring the trade tensions for as long as they could, a rocky Asian session has left the European indices feeling rather tender. "A likely feisty G7 meeting in Quebec appears to be the main thing driving the markets lower. Investors are either worried that nothing will get resolved, or Trump will become more entrenched in his aggressive approach to trade. Regardless, with little else to focus on the FTSE and co. seem intent on undoing a lot of the good work seen in the last week." Investors are expecting US President Trump to find himself isolated from other leaders at the summit. French President Emmanuel Macron has already warned that he won’t sign the traditional joint statement unless progress is made on tariffs, while Germany’s Angela Merkel is expected to challenge Trump on trade, climate and security. Market participants will also be mulling over figures that showed China’s trade surplus for May came in at $24.92bn compared to consensus expectations of $31.9bn, while imports were up 26% versus expectations for a more modest increase of 18.7%. Meanwhile, exports were up 12.6%, also beating forecasts for a 10% rise. Mining stocks were being hit by a drop in copper prices, with US dollar strengthening fuelled by emerging market wobbles in the likes of Brazil, Mexico and Turkey, though safe-havens like gold are struggling, said analyst Mike van Dulken at Accendo Markets. He said this was "overpowering the benefit of a slightly weaker GBP as uncertainty prevails about UK PM Theresa May and Brexit." In UK corporate news, BT was initially the standout gainer as it announced that group chief executive Gavin Patterson will step down later this year after the telecoms giant's board wielded the axe after pressure from major shareholders. But after almost an hour's trading the shares were flat. Standard Life Aberdeen tumbled after Lloyds Bank sold its remaining 3.3% stake in for £344m, with Lloyds shares falling too. The sale comes after Lloyds cancelled its £109bn arrangement with SLA in February. Games Workshop slumped after saying that it expects sales for the year to be around £219m, with a pre-tax profit of no less than £74m and royalties receivable of licensing at around £10m. Chemicals maker Synthomer was in the red after saying it was included in an European Commission investigation into practices related to buying styrene monomer, a chemical used in making plastics, by companies operating in the European Economic Area. Kaz Minerals was under the cosh after announcing that Non Ferrous China has agreed to invest $70m into its Koksay project, giving it a 19.4% stake. The stock was likely being hit by a downgrade to 'neutral’ at JPMorgan. In broker note action, Auto Trader was upgraded to 'hold’ at Berenberg, while Capita was lifted to 'outperform’ by RBC Capital Markets. Pets at Home was cut to 'hold’ at Berenberg but upgraded to 'equalweight’ by Morgan Stanley. |
| | Daily cryptocurrency Tracker 7.6.18: Moderate gains in crypto market | | Moderate gains were seen in the crypto market over the past 24 hours, as 7 of the top 10 cryptos were seen higher. At the time of writing, Bitcoin was up just over 1%, holding... Read More.. |
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| | US close: Markets mixed as tech stocks tumble | | Wall Street finished mixed on Thursday as the Dow rose, while the Nasdaq Composite ended its four-day streak with technology declines sending the index lower. The Dow Jones Industrial Average was up 0.38% at 25,241.41, while the S&P 500 lost 0.07% to 2,770.37 and the Nasdaq 100 slid 0.79% to 7,152.83. Gains on the Dow were led by McDonald’s, which was ahead 4.39%, while among the biggest losers on the Nasdaq were Alphabet, Amazon, Facebook and Netflix, which declined 1.09%, 0.38%, 1.65% and 1.65% respectively. It was a break from the sharp rise in technology plays over the last few weeks, with the sector outperforming the market in the last month by adding 5%. Treasury yields bombed during the afternoon, with the 10-year benchmark rate sliding six basis points to 2.909%, from near 3% earlier, according to data from FactSet. “The selloff in the tech sector today appears to be technical, as these stocks had rallied a lot over the previous sessions, with many shares setting all-time highs,” said Prudential Financial chief market strategist Quincy Krosby. Krosby put the “skittishness” of the market down to important central bank meetings next week, as well as the G7 event - usually a market-neutral date, but different this year due to trade tensions. On the economic front, initial jobless claims fell slightly in the first week of June, with the rate of layoffs in the US staying near a 50-year low. Data from the Federal Reserve showed household wealth topped $100trn for the first time in the first quarter of the year, while consumer credit slowed in April to a seasonally-adjusted 2.9%, or $9.3bn. That was down from a figure of 3.8% in March. In corporate news, discount retailer Five Below surged 21.86% after its expectation-beating earnings report late on Wednesday, while furniture chain Conn’s was 24.56% higher after also reporting earnings that shot past forecasts. Johnson & Johnson eked out gains of 0.02% after the consumer products giant agreed to sell its advanced sterilisation products unit to Fortive for $2.7bn. Shares in Fortive were up 4.03%. General Electric was up 1.03% after it took the wraps off a new company, AiRXOS, which it said would integrate airspace and ground space in an effort to manage unmanned vehicle traffic. Twitter was off 0.15% after it announced plans to sell at least $1bn in convertible bonds on Wednesday. |
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| | Friday newspaper round-up: CBI, G7, Pfizer, TSB, Thames Water | | Britain’s leading employers’ organisation, the Confederation of British Industry, has warned the UK economy will shift down a gear this year and risks remaining in the slow lane because of Brexit. Cutting its growth forecasts for the year, owing to heavy snowfall in the opening months of 2018 and lingering fears over Brexit, the CBI said it expected the growth rate for the British economy to slow to 1.4%, from 1.8% last year. – Guardian Emmanuel Macron has called on other members of the G7 to stand up to Donald Trump’s trade policies in the face of what he described as the threat of a new US “hegemony”. The French president was speaking alongside the Canadian prime minister, Justin Trudeau, who is hosting the G7 summit in Quebec amid sharp disagreements between the US president and the six other leaders of industrialized liberal democracies over trade, climate change and the nuclear deal with Iran. - Guardian US drug giant Pfizer has won its appeal against a record £90m fine levied against it and UK manufacturing partner Flynn for allegedly 'price gouging’ the NHS by jacking up the price of an anti-epilepsy drug by more than 2,000pc. Watchdog the Competition and Markets Authority (CMA) - which first levied the fines on the firms in December 2016 - said it was “disappointed” by the verdict and was considering an appeal. - Telegraph The City watchdog has come under pressure to reconsider the legitimacy of Russian oil major Rosneft’s listing on the London Stock Exchange from Labour MP Stephen Kinnock. In a letter to the Financial Conduct Authority boss Andrew Bailey, Mr Kinnock said: “When British institutions become targets of foreign aggression, our regulators have a duty to sharpen their scrutiny, and take firm action.” He questioned whether the City watchdog had assessed “the legitimacy and legality of Rosneft’s position on the LSE, not least following the decision to suspend EN+”. - Telegraph MPs have told TSB to consider sacking its chief executive Paul Pester after losing confidence in his account of the bank’s IT problems. The Treasury select committee made the extraordinary intervention after a three-hour session on Wednesday at which the banker repeatedly frustrated MPs with his responses to questions about fraud, compensation and how many customers were still experiencing difficulties almost seven weeks after TSB’s botched IT upgrade. - The Times Thames Water customers will receive rebates and discounts totalling £15 over the next two years because of their supplier’s poor record in fixing leaking mains in and around London. The figure represents a £120 million penalty for Britain’s largest water company, though for customers it is the equivalent of the price of 15 large bottles of Highland Spring water. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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