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| | London open: Stocks rise as Trump's Brexit comments weigh on sterling |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks rose in early trade on Friday as the pound took a hit after US President Trump said the Prime Minister's soft Brexit plan would "probably kill" any trade deal with the US. At 0830 BST, the FTSE 100 was up 0.5% at 7,692.43, while the pound fell 0.5% against the dollar to 1.3136 and 0.2% versus the euro to 1.1296. A weaker pound tends to benefit the top-flight index as around 70% of its constituents derive their earnings from overseas. Sterling slumped after Trump said in an interview with The Sun that if the UK goes ahead with the soft Brexit strategy revealed on Thursday - which would stick to a common rulebook with Brussels on goods and agricultural produce - any future trade deal with the US would likely be off the cards. "If they do a deal like that, we would be dealing with the European Union instead of dealing with the UK, so it will probably kill the deal," he said. "We have enough difficulty with the European Union. We are cracking down right now on the European Union because they have not treated the United States fairly on trading. No, if they do that I would say that that would probably end a major trade relationship with the United States." London Capital Group analyst Jasper Lawler said: "Let’s not forget that the hope of a quick trade deal with the US was a significant factor in Theresa May’s decision to invite Trump in the first place. Another embarrassment that May could have done without. "Trump’s words of no deal have confirmed the fears of Brexiteers and will have stoked the fire in the hard Brexit camp, making Theresa May’s future in charge look doubtful once more. This fear was reflected in the pound as it dropped sharply in late night trading. With no high impact UK economic data due for release today, pound traders will continue to watch political developments. Trump and May are expected to hold a joint press conference after lunch where they will both be pressed for trade comments. In the absence of any encouraging trade comments, gains in the pound going forward could be limited, and a meaningful move over $1.32 could be doubtful." In corporate news, DCC was the standout gainer after saying that first-quarter group operating profit was "well ahead" year-on-year, driven by completed acquisitions. It also announced the acquisition of a US distributor of professional audio-visual products and a UK distributor of mobile and accessory products for an undisclosed sum. Flexible office space provider Workspace was on the rise after it said it saw good customer demand in the first quarter, with enquiries up but lettings a touch lower, and that it is actively exploring acquisition opportunities. Antofagasta edged higher as it confirmed that its subsidiary Mineral Centinela was selling Centinela Transmisión, the company that holds its electricity transmission lines, for $117m. Recruiter Hays rallied as it said it expects full-year operating profit to be "marginally" ahead of current consensus market expectations following a record final quarter, while Ashmore rose even as it posted a drop in assets under management in the fourth quarter. Halfords gained after announcing the appointment of Waitrose finance director Loraine Woodhouse as its new finance chief. Diageo was boosted by an upgrade to 'buy' at Goldman Sachs while Evraz and IMI were up after upgrades by Renaissance Capital and HSBC, respectively. On the downside, credit checker Experian ticked a touch lower after reporting an acceleration in sales growth in the first quarter of its new trading year but saying currency swings looked likely to have a bigger impact on full year profits than first expected. |
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| | Market Status | Top 10 FTSE 100 Risers| # | | Name | Change Pct | Change | Cur Price |
|---|
| 1 |  | Micro Focus International | +4.79% | +58.50 | 1,280.00 | | 2 |  | DCC Plc | +3.04% | +210.00 | 7,110.00 | | 3 |  | Next Plc | +2.74% | +166.00 | 6,214.00 | | 4 |  | Ashtead Group | +2.30% | +54.00 | 2,397.00 | | 5 |  | Compass Group | +2.09% | +34.50 | 1,683.50 | | 6 |  | Burberry Group | +2.04% | +42.00 | 2,098.00 | | 7 |  | Ferguson | +2.03% | +125.00 | 6,273.00 | | 8 |  | NMC Health | +2.03% | +74.00 | 3,726.00 | | 9 |  | WPP Plc | +1.88% | +23.00 | 1,249.00 | | 10 |  | Croda International | +1.81% | +89.00 | 5,006.00 |
Top 10 FTSE 100 Fallers |
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| | US close: Stocks finish higher as inflation edges north | | US stocks bounced back from the previous session's losses on Thursday, as investors eyed the latest reading on inflation. The Dow Jones Industrial Average finished up 0.91% at 24,924.89, the S&P 500 added 0.87% to 2,798.29, and the Nasdaq 100 was 1.69% higher at 7,336.25. Stocks had fallen on Wednesday, after Donald Trump followed through with his threat to slap tariffs on an additional $200bn worth of Chinese imports. However, sentiment got a lift amid indications that the US and China could resume talks on trade, following a Bloomberg report suggesting that officials from both countries have shown willingness to do so. “Many agree that tariffs will ultimately be bad for the global economy and therefore markets but there still seems to be some hope that common sense will prevail and a full-blown trade war will be averted,” said Oanda analyst Craig Erlam. “With Donald Trump now pursuing another $200bn in tariffs against China though, we may have to wait a while as he is not easing up and China - and others - is determined to prove it will not be bullied into submission. “Perhaps if the economy starts to suffer or the Republicans do badly in the midterms in November Trump will be forced to consider an alternative approach.” The main focus on the data front was the release of inflation figures for June, which revealed that consumer price inflation in the US edged higher last month on the back of dearer cars and trucks and medical care services, although economists believed that for the moment price pressures might have peaked. Headline consumer prices in the States advanced at a 0.1% month-on-month and 2.9% year-on-year in June, according to the Bureau of Labor Statistics. So-called 'core' prices, which strip out the typically more volatile food and energy categories, were up by 0.2% versus May and by 2.3% on a year ago. Headline and core CPI rose by 2.8% and 2.2% in May. Konstantinos Anthis, head of research at ADSS, said the figures would play a significant role in extending the dollar's rally or stopping it in its tracks. “The US central bank is expected to raise interest rates two more times this year and a strong inflation printing today will solidify the odds for this scenario and send the dollar further to the upside. “In the opposite case, the greenback will give up some ground as traders will look to bank profits from yesterday's' rally.” Elsewhere, the number of Americans filing for unemployment benefits fell more than expected last week, according to data released by the Labor Department on Thursday. Jobless claims declined by 18,000 from the previous week’s revised level to 214,000, marking the lowest level since May and beating expectations for a smaller drop to 225,000. The previous week’s level was revised up by 1,000. Meanwhile, the four-week moving average came in at 223,000, down 1,750 from the previous week’s average, which was revised up by 250 to 224,750. In corporate news, software company CA surged 18.65% after Broadcom confirmed late Wednesday that it has agreed to take it over for $44.50 a share. Broadcom shares tumbled 13.76%. Tesla shares dipped 0.71% after an announcement that it had hit its key deliveries threshold, meaning the $7,500 federal electric vehicle tax credit for new owners is about to start being phased out. Amazon rallied 2.37%after analysts at Canaccord Genuity boosted their price target on the stock to $2,000. |
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| | Friday newspaper round-up: Brexit, Sky, Glencore, BT, banks | | President Trump has savaged Theresa May’s Brexit plan, saying that it would almost certainly kill a trade deal between Britain and the United States. He suggested that the prime minister’s proposal was a betrayal of those who voted to leave the European Union and said that Boris Johnson would make a great prime minister. - The Times Britain will fight moves by Brussels to secure the power to carry out raids on City of London firms after Brexit, despite a government White Paper conceding defeat on securing a European Union deal for smoother access for financial services to the Single Market. Officials said that any EU efforts to impose market surveillance on British territory would be a red line in the Brexit negotiations, which resume next week. - Telegraph Theresa May could suffer the defeat of a crucial Brexit bill as early as Monday after Eurosceptics reacted angrily to the white paper she published yesterday. Relations between Conservative MPs who support a hard Brexit and No 10 worsened after the publication of the 98-page document, which spelt out a series of detailed compromises. - The Times The City of London has said that banks, insurers and fund managers would accelerate their relocation plans having been dealt “a real blow” by Theresa May’s Brexit strategy. Ministers dashed the City’s hopes of maintaining easy trading access with the EU, conceding that plans for looser ties on services would lead to more barriers for British companies. - The Times Sky could change hands for as much as £30 billion amid an escalating takeover battle for the European pay-TV group, analysts have predicted. Jerry Dellis, an analyst at Jefferies, the investment bank, said: “Current offers fall well short of knockout levels. Comcast’s offer is merely the opening shot.” His £17.50-a-share price target values Sky at £30.1 billion. - The Times Living standards are in danger of being held back because a global resurgence in protectionism could undo the benefits brought about by slashing trade tariffs in the past, the Organisation for Economic Cooperation and Development (OECD) has warned. Countries pushing tariffs back up to the same level they were at in 1990 would cut growth in GDP per capita by around 0.5 percentage points per year, its economists estimate. - Telegraph Glencore is facing the threat of legal action being taken by its own investors after it emerged last week that American anti-corruption investigators were targeting the mining and commodities group. Quinn Emanuel, the London-based law firm that is leading action against Volkswagen over the carmaker’s emissions testing scandal, said that Glencore shareholders may be able to seek compensation over losses caused by alleged misleading statements or failures to disclose information. - The Times The US Department of Justice has sought to overturn a court decision which allowed A&T to acquire Time Warner, filing an appeal which, if successful, could reverse the $85bn merger, which completed last month. The DoJ had been given 60 days to decide whether it wanted to appeal Judge Richard Leon's ruling, from June 13, and lodged the appeal on Thursday evening. - Telegraph The value of Britain's housing market has fallen by £26.9bn, or 0.33pc, since the start of the year, as growth in the North East and Wales has failed to counteract falling prices in many other regions across the country. The nation’s homes decreased in value by an average of £927 each between Jan 1 and June 30 this year, and are now worth a collective £8.2 trillion, according to figures from property site Zoopla. - Telegraph Banks must speed up their efforts to move away from using Libor as a basis for their business after the rate was found to be inaccurate and open to manipulation, the head of the Financial Conduct Authority has said. Andrew Bailey said yesterday that “the pace of transition is not yet fast enough”. - The Times Investors hung up on BT amid reports that the telecoms group had lost the rights to broadcast Italian Serie A football, dealing a further blow to its sports plans. BT was understood to have lost the rights to broadcast Italian Serie A football matches in Britain to the rival Eleven Sports, which is owned by Andrea Radrizzani, owner of Leeds United FC. - The Times The government has come under pressure to revamp its apprenticeship scheme after figures showed the number of training places slumped by a third over the last nine months. In the first three terms of the 2017-18 academic year, the number of people starting an apprenticeship fell to 290,500, a 34% reduction on the 440,300 during the same nine-month period in the previous year. It is also nearly 25% down on the 384,500 apprenticeships started in the equivalent period in 2015-16. - Guardian The number of patients waiting for an operation on the NHS has reached 4.3 million, the highest total for 10 years, official figures show. Growing numbers are having to wait more than the supposed maximum of 18 weeks for planned non-urgent surgery such as a cataract removal or hip or knee replacement. - Guardian Internet giants such as Facebook and Google should be subject to independent regulation to combat fake news and harmful content, the head of Ofcom has said. Sharon White has urged technology companies to become more accountable and said that they could face penalties if they failed to prevent the spread of misleading and dangerous material. - The Times The US Securities & Exchange Commission is said to be investigating whether Facebook adequately informed investors about the Cambridge Analytica data leak when it first learned of it in 2015, as the technology giant comes under increasing pressure from regulators on both sides of the Atlantic. The Wall Street Journal, citing sources, said the SEC had requested information from Facebook over how much it knew about what Cambridge Analytics was doing with data harvested from its users and over its subsequent disclosures to the market. - Telegraph Tesla has hit a speed bump that will cut subsidies for customers buying its electric vehicles in the US, after Elon Musk’s carmaker hit a milestone of 200,000 sales. The US government subsidises purchases of electric cars with tax credits of up to $7,500 (£5,700), which apply to all of Tesla’s cars. - Telegraph | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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