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| | London open: Resources stocks lift FTSE after Trump knocks Fed |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks unexpectedly tiptoed higher in early trade on Friday, ignoring a downbeat Wall Street finish overnight and a recuperating pound as comments from President Trump weighed on the dollar. The FTSE 100 index climbed 0.2% to 7,702.52, having being called lower by City traders ahead of the open. Sterling recovered a little overnight from its battering at the hands of Parliament and the dollar, climbing back above $1.3, though losing 0.1% more to the euro at 1.1167, around its lowest levels against the single currency since March. Breaking with tradition, Donald Trump again attacked the European Union and China over their currency weakness and said he is "not thrilled" about the potential results of the Federal Reserve hiking of interest rates. "Because we go up and every time you go up they want to raise rates again... I am not happy about it. But at the same time I’m letting them do what they feel is best.” With President Trump long having made it clear that he wants a weaker dollar, market analyst Neil Wilson at Markets.com said the comments had the dollar on the back foot. "The comments in the interview may well worry Fed watchers and policymakers given the implicit meddling in their affairs. It may be that someone has just explained yield curve inversion and recession risk to him, but really you cannot help feel this is less about criticising the Federal Reserve for monetary policy decisions and more about attempting to cool the dollar’s ascent. In Jay Powell, his pick, is in the Fed chair and the pace of tightening has been no quicker than markets have been broadly anticipating this year." Elsewhere, Mike van Dulken at Accendo Markets said higher commodity prices, notably oil and copper rebounding from week’s lows, could offset this to help heavyweight resources stocks. "Note, however, shares in both Rio Tinto and BHP Billiton offside in Australia overnight on the back of China concerns." The prospect of further trade skirmishes between the US and Europe and China is keeping a lid on markets. Later in the day we will have public sector borrowing numbers at 0930 BST that are expected to a modest increase to £3.6bn for June from £3.4bn in May. Looking a bit further ahead, this weekend’s will see a G20 finance ministers meeting in Buenos Aires, where US Treasury Secretary Steve Mnuchin will be able to respond to questions on US trade policy. Currently there are no bi-lateral meetings planned with Chinese officials to move things forward on trade. In company news, oil companies, including BP and Royal Dutch Shell, breathed another sigh of relief after a federal judge dismissed a New York City lawsuit against the companies for their role in contributing to climate changes. As with similar rulings in San Francisco and Oakland last month, the district court judged that problems associated with climate change should be tackled by Congress. The price of oil was was also rebounding, with Brent Crude up 0.8% to $73.15. Sirius Minerals has signed a couple more supply agreements in China for its POLY4 fertilizer that it expects to produce once its North Yorkshie mine is up and running. The pricing was in-line with other contracts and the aggregate sales volume now stands at 5.7Mtpa as the company targets 6-7Mtpa to support its planned debt financing process. EasyJet flew a little higher is still interested in Italy's Alitalia after Italy's transport minister said the airline will remain the national flag carrier but needed an operational partner, according to a report in the Corriere della Sera. HomeServe was a little higher as the emergency home repairs group said trading has been as expected during its traditionally quieter first quarter. The FTSE 250 group reiterated that it saw good prospects for growth in the year ahead, with attractive opportunities in all its geographies. Unilever shares were upbeat as it confirmed the successful completion of the first half of its €6bn share buyback programme and said it would start the second on Friday, as it returns value to shareholders following the disposal of its Spreads business. On the downside, insurer Beazley tumbled after reporting lower first-half profits as it paid out more for claims and investment returns declined but top-line growth was strong as rates firmed. Experian dipped after the Competition & Markets Authority gave the company a week to propose measures to ensure its takeover of ClearScore does not harm consumers or face a full competition inquiry. The CMA said the companies were the leaders in credit checking services and each other’s main competitor. Premier Oil was lower after analysts at Investec downgraded its rating to 'hold' with a target price of 130p, while Nostrum Oil & Gas was up 5% after Panmure Gordon raised its recommendation to 'buy'. |
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| | US close: Markets weaker as trade concerns continue to build | | Wall Street finished Thursday’s session weaker, as concerns about international trade weighed on markets, eBay and American Express disappointed with second-quarter numbers and another twist in the battle for control of 21st Century Fox. The Dow Jones Industrial Average ended the day down 0.52% at 25,064.50, the S&P 500 was off 0.4% at 2,804.49, and the Nasdaq 100 was 0.51% lower at 7,352.36. Concerns had been growing that a trade war could erupt between the European Union and the US. EU officials were set to travel to Washington next week to discuss trade, but US president Donald Trump warned that the bloc faces “tremendous retribution” if the talks do not work out, with EU trade commissioners also saying they were drawing up their own naughty list of potential tariffs. Trump said he believed that the EU’s 10% tariff on cars was unfair compared to America’s 2.5% tariff, but the EU would only be able to reduce its rate if it did so for all World Trade Organization members or agreed a wide-reaching bilateral accord with the US. Washington had already imposed tariffs on a range of Chinese goods, prompting Beijing to respond with its own tariffs and a complaint to the WTO. The two sides were reportedly continuing to discuss trade, but there were growing concerns that the talks had stalled. “A transatlantic trade war stoked by Donald Trump poses the biggest threat to our modestly positive outlook for global growth and financial markets,” said Berenberg’s chief economist Holger Schmieding. “His disdain for rules, allies and multilateral institutions sows uncertainty that is bad for business.” Schmieding said he did not expect Trump to follow up on the worst of his threats, and was looking for businesses to get used to a “somewhat elevated” level of noise over time. “However, if these assumptions are wrong, escalating trade wars could push financial markets into risk-off mode, resulting in a more subdued outlook for equities, lower bond yields and further safe haven flows into the US dollar.” Adding to the economic picture was the key Philly Fed report, which provided a snapshot of American industry and was published before the opening bell. It showed a mixed picture, with the main index shooting up to 25.7 in July, from 19.9 - well above forecasts of around 21.5, while new orders rocked from 17.9 to 31.4. But Ian Shepherdson, chief economist at Pantheon Macroeconomics, pointed out that the data was not as strong as it initially looked. “Such gyrations are not unusual. “In contrast, the [Philly Fed’s] employment index, which tends to be much less volatile than new orders, dropped sharply to 16.8 from 30.4.” Shepherson said that could be nothing more than noise, but a second straight soft number next month would be “disconcerting”. Elsewhere, data from the US Labor Department showed that jobless claims dropped to 207,000 in the week ending 14 July, the lowest level since 1969 - though the 4 July holiday and the car industry’s annual retooling shutdowns were said to be making the numbers less predictable. On the corporate front, IBM beat Wall Street expectations with both earnings and revenues., leading to a 3.32% surge in its share price. Shares In eBay, which reported after close on Wednesday, plunged 10.12% on Thursday as the online marketplace missed analyst expectations for second-quarter revenues, and forecast underwhelming third-quarter numbers after a poor performance at its online ticket marketplace StubHub. Also missing expectations was American Express, slipping 2.73% after it posted forecast-beating earnings but revenues fell short. The biggest corporate story was Comcast’s bid for 21st Century Fox, with the US broadcaster and telecoms utility saying it was no longer pursuing Fox, and would instead focus on bidding for UK broadcaster Sky. Last month, Fox agreed to sell its entertainment assets to Disney for $38 a share, with the assets including Sky, of which Fox owned 39%. Last week Comcast upped its bid for Sky to £14.74 a share, trumping a sweetened £14 per share bid from Rupert Murdoch’s Fox for the 61% share in Sky it does not already own. Shares in Comcast were up 2.56%, while 21st Century Fox slipped 0.06%. |
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| | Friday newspaper round-up: No-deal Brexit, Virgin Media, BBC, Poundworld collapse, crime, Novichok | Theresa May is to put the country on a no-deal Brexit footing this summer as she prepares a series of public warnings about the impact of leaving the European Union without agreement. Consumers and companies will be given detailed advice in weekly “bundles” from the start of next week on how to prepare for “a disorderly Brexit”, under government plans. - The Times Millions of homes are due to be cut off from some of Britain’s most popular television channels this weekend after Virgin Media labelled the BBC a “dinosaur” with a “broken business model” in a bitter row over fees for UKTV, the broadcaster behind Dave and Gold. Ten channels run by UKTV, which is jointly owned by the BBC and Discovery, will be switched off in cable homes at midnight on Saturday and replaced in menus with new services. - Telegraph Theresa May is to tell the European Union it is time to drop what she feels is their inflexible view on an Irish border solution and “evolve” their position to break the impasse in Brexit talks. In a speech in Belfast on Friday she is expected to brand the bloc’s calls for regulatory alignment north and south of the border as a “backstop” solution in the event of no deal as “unworkable”, and repeat her assertion that a border down the Irish Sea is unacceptable to any British prime minister. - Guardian Thousands of jobs face the axe at budget retailer Poundworldas all of its 355 stores are set to shut by 10 August. The firm, based near Wakefield, had around 5,100 employees when it fell into administration in June after its majority owner, private equity group TPG Capital, failed to find a buyer. - Daily Mail Murder, knife crime and gun offences soared in England and Wales last year and nine in ten crimes overall did not result in any charges, figures have shown. The proportion of offences that led to a charge fell by two percentage points to 9.1 per cent in the year to March compared with 15 per cent three years ago. - The Times Russian agents responsible for the Novichok poisonings in Salisbury sent a coded message to Moscow which included the phrase, "The package has been delivered", it was claimed last night. A British intelligence listening station based in Cyprus, allegedly picked up the message shortly after former Russian double agent, Sergei Skripal, and his daughter, Yulia, were attacked in March. - Telegraph Donald Trump has asked his administration to formally invite Russian president Vladimir Putin to visit Washington later this year, the White House announced on Thursday. Sarah Sanders, the White House press secretary, said Trump asked his national security adviser John Bolton to extend the invitation to Putin for a “working level” dialogue between the two leaders. - Guardian Hundreds of passengers were left stranded at the wrong airport this morning after eight flights into Gatwick were diverted when a plane performed an emergency landing due to a hydraulic fluid leak. Four flights were sent to Birmingham, two to Stansted and two to Luton after the British Airways flight from Naples was forced to perform the emergency manoeuvre. - Daily Mail More than 70 per cent of shareholders in Royal Mail have voted against the pay of its new chief executive and his predecessor in what is one of the largest remuneration revolts at a British blue chip company. Rico Back was welcomed to the board with a £6 million “golden hello”, and Dame Moya Greene left with a near-£1 million “golden goodbye”. - The Times Gaucho Group will make 540 staff redundant at its UK Cau restaurants after collapsing into administration. Administrators at Deloitte have decided to close all of the UK Cau sites, which are loss-making, and instead “focus on maximising the value achievable in the Gaucho business, which is profitable and underpinned by a strong brand”, they said. - Telegraph Britain crashing out of the EU without a deal would inflict significant economic pain across Europe, leaving the region without any winners, the International Monetary Fund has warned. As the new Brexit secretary, Dominic Raab warned Europe to prepare for a no-deal exit, the IMF said such an outcome would hurt the UK most but would also have damaging economic consequences for Ireland and other EU nations. - Guardian England's World Cup heroics did little to boost the UK's struggling retail market, but the team's run to the semi-finals did give some industries a kick in the right direction. Latest Government figures found that consumers steered clear of fashion, home and electricals shops during the dizzy heights of England's World Cup match days. - Daily Mail Comcast has walked away from the takeover battle for 21st Century Fox’s entertainment empire, with the US cable group vowing to redouble its efforts to gain control of Sky. Its withdrawal from the fiercely contested bidding contest clears the way for Disney’s $71 billion acquisition of the bulk of 21st Century Fox, including its movie studio and its stake in the British pay-TV group. - The Times The billionaire boss of Sports Direct says he will start “smashing into" Debenhams for not listening to his advice after the sportswear seller’s profit took an £85m hit on its stake in the troubled department store chain. Chief executive Mike Ashley said bosses at Debenhams had ignored his recommendations to start charging customers for click and collect, a service that has seen double-digit growth at the trainers-to-hoodies retailer. - Telegraph If you are watching your weight but struggle to give up chocolate there may be some relief in view, because Cadbury is to launch a new version of its famous purple liveried Dairy Milk bars with 30% less sugar. The lower-sugar bar took a team of 20 scientists, nutritionists and chocolatiers almost two years to finesse, the company said. - Guardian Drivers have been warned to watch out for major traffic jams this weekend with 3.8million extra cars expected on the roads on Friday. The M40, M5 and the A303 in the south and south west are expected to be the worst hit by delays of up to an hour and a half, with nine million extra drivers on the roads over the whole weekend. - Daily Mail | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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