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| | London open: Stocks get clobbered as Trump ramps up China trade war |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks took a beating in early trade on Wednesday as trade war concerns reared their head once again after Washington announced plans to impose tariffs on an extra $200bn of Chinese goods. At 0840 BST, the FTSE 100 was down 1.2% to 7,601.94, while the pound was off 0.1% against the dollar at 1.3270 and 0.1% firmer versus the euro at 1.1315. All major European equity benchmarks were down at least 1%. Overnight, US officials released a list of thousands of Chinese imports that will be hit with the additional tariffs, including hundreds of food products, tobacco, chemicals, coal, steel and aluminium. The list also includes a number of consumer goods, including car tyres, bicycles, furniture and handbags, that are due to be hit with a 10% tax as early as September, on top of the 25% tariffs on $34bn worth of Chinese imports that came into effect last week. China will definitely take trade counter-measures and protect its "legitimate rights", the Ministry of Foreign Affairs told reporters. Spreadex analyst Connor Campbell said: "That’s a significant ramping up of the measures put in place last Friday, when the two nations tit-for-tatted tariffs on $34bn in respective imports, and has once again shoved the issue - which the markets often seen keen to avoid - back in investors’ faces, causing a return to the nuance-free trading that plagued parts of May and June. "Now nervously waiting for whatever China’s retaliation will be - beyond the immediate criticism of the proposal by Beijing - the markets went into panic mode on Wednesday. "There doesn’t appear that could challenge this latest trade war twist for market dominance on Wednesday, though any further political chaos in the UK could make things worse for the FTSE and pound. How things are by the day’s end may well depend on what, if anything, China does in the next few hours." In UK corporate news, Burberry was under the cosh after the luxury brand reported a flat first quarter of sales due to currency headwinds but 3% growth at constant currency rates. There was no change to full year guidance for underlying sales but some easing of currency effects was expected at current rates. Software group Micro Focus International retreated despite reiterating its full-year revenue guidance. Down on the FTSE 250, Indivior tanked more than 30% after warning that sales and profits would be lower than expected this year due to generic versions of its products. Glencore lost ground after saying it has set up a board committee to oversee its respond to the US authorities' demands for documents on its business in the Democratic Republic of Congo, Venezuela and Nigeria as part of a corruption probe. Sky shares fell as Rupert Murdoch's 21st Century Fox upped its offer for the shares it does not already own to £14 per share, trumping the latest offer from Comcast by around 12% but below the previous day's £15.01 close. On the upside, housebuilder Barratt Developments was the top gainer after saying it expects annual pre-tax profits to come in at a record £835m, up from £765.1m in 2017 after reaching its highest level of completions for a decade. Pub group JD Wetherspoon fizzed higher after reporting a jump in like-for-like sales in the 10 weeks to 8 July and saying results for the year should be in line with previous expectations. Builders' merchant Grafton Group was higher as it posted a rise in first-half revenue thanks to the warm weather. On the broker note front, Playtech was cut to 'neutral' at Credit Suisse, while CYBG and Virgin Money were downgraded at KBW. BHP was cut to 'hold' at Renaissance Capital. Next and Equiniti were lifted to 'neutral' at Credit Suisse, while Coca-Cola HBC was upgraded to 'buy' at Jefferies. HSBC was boosted to 'overweight' at JPMorgan and Drax was upgraded to 'outperform' at Macquarie, while Vodafone was initiated at 'reduce' by Kepler Cheuvreux. |
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| | Daily cryptocurrency Tracker 11.7.18: Negative momentum persists | | All top 10 cryptos registered losses over the past 24 hours as the negative trend in the cryptocurrency market continued. At the time of writing, Bitcoin was down more than 5%,... Read More.. |
| | US close: Street finishes higher as earnings season begins | | Wall Street managed moderate gains on Tuesday, as investors turned their attention to the start of earnings season as a welcome distraction from recent trade war concerns. The Dow Jones Industrial Average ended the day up 0.58% at 24,919.66, the S&P 500 added 0.35% to 2,793.84, and the Nasdaq 100 was 0.09% higher at 7,282.60. In data, the latest survey from the National Federation of Independent Business revealed that activity among small firms dipped a touch in June. The NFIB business optimism index slipped to 107.2 from 107.8 in May, but remained historically high and was above the 106.9 economists had pencilled in. “The decline in the headline index mostly is due to small falls in the expectations components - economy, sales, and earnings - though they all remain quite high,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics. “Capex intentions dipped a point, and remain below last August's cycle high, despite the business tax cuts passed in December.” Shepherdson said the upward trend in earnings expectations should lift capex plans to new highs over the coming months, with labour market numbers - released last week, ahead of the main report - tightening further, and the jobs-hard-to-fill reading rising three points to 36, matching the all-time high recorded in November 2000. “This unambiguously points to faster wage growth,” he said. “Finally, selling price expectations dropped five points to 14, reversing the May spike. “It's now consistent with little change in core inflation, net, over the next year, though it has recently under-predicted the official data.” Elsewhere on the data front, June's JOLTS job openings data revealed a solid number that should keep the Fed confident that the jobs market is in great shape. The report revealed that 6.84m new jobs were created in the US during June, with hirings increasing to 5.75m from 5.42m and layoffs dipping to 1.1% from the 1.2% figure a month earlier. In corporate news, PepsiCo gained 4.76% after its second-quarter earnings beat analysts' expectations. Twenty-First Century Fox ticked ahead 0.42% following a Financial Times report that it was preparing to counter Comcast's latest offer for London-listed broadcaster Sky with a new and improved bid. As earnings season gets into full swing, this week will see earnings from banking giants JPMorgan Chase, Wells Fargo and Citigroup on Friday. |
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| | Wednesday newspaper round-up: M&S, Ocado, Facebook, Trump tariffs | | The chairman of Marks & Spencer has given his starkest warning yet about existential threat faced by the high street giant as he refused to rule out further store closures and job losses. This business is on a burning platform,” said Archie Norman, who took over as M&S’s chairman last year. “We don’t have a God-given right to exist and unless we change and develop this company the way we want to, in decades to come there will be no M&S.” – Guardian A 56-storey tower called The Diamond is set to join the growing cluster of skyscrapers in the City of London and will be the financial district’s third-tallest building when completed. The planned 263.4m tower at 100 Leadenhall Street will rank behind 1 Undershaft at 290m, nicknamed the Trellis, where work is yet to start, and 22 Bishopsgate, the reworked Pinnacle at 278m, which is under construction. All three will eclipse the nearby Heron Tower, currently the tallest building in the Square Mile at 231m. - Guardian The online grocer Ocado has outlined ambitious expansion plans that include a move beyond groceries into using its hi-tech warehouses to sell clothing and homeware. The company was dubbed the “Microsoft of retail” by one analyst after recently signing a blockbuster deal with the US supermarket Kroger which propelled the company into the FTSE 100. - Guardian Facebook has been slapped with a £500,000 fine for the role it played in the Cambridge Analytica scandal, in which the data of 87m users was harvested for political purposes. The data regulator found that the social network failed to safeguard users’ information and allowed people’s personal data to be harvested by others, constituting a breach of the Data Protection Act 1998. Had the breach occurred after May this year, Facebook may have faced a far greater fine under the new data protection law, a maximum of 4pc of global turnover or €20m (£18m), whichever was highest. - Telegraph German consumer goods and automotive giants Bosch and Daimler are to launch a citywide pilot in the US to test autonomous vehicles in a challenge to US tech firms like Waymo and Uber. The driverless car project will see Mercedes Benz cars designed for a driverless car shuttle service. The project will aim to develop Level 4 and Level 5 capabilities of autonomous driving, meaning cars will be able to drive without any human interaction. - Telegraph Theresa May was hit by two further resignations yesterday as bitter splits emerged among Tory Brexiteers over her plans for leaving the European Union. In a further blow, President Trump said that he wanted to speak to his “friend” Boris Johnson during his three-day visit, which starts tomorrow. He declared Britain to be “in turmoil”. - The Times President Trump was reported last night to be preparing a list of an additional $200 billion in Chinese products to be hit with tariffs. The list could be made public this week and start a weeks-long process that includes a public-comment period and hearings, according to Bloomberg. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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