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| | London open: Stocks creep higher as oil caps gains |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks made a tentative step higher on Tuesday morning as miners made gains but oil giants BP and Shell amid more sector angst. The FTSE 100 hopped up just seven points to 7,662.55 after an hour's trading. Sterling was up 0.1% against the dollar to 1.3112 Wall Street finished mixed overnight, as financials and tech stocks lifted the S&P into positive territory, whilst the Dow dipped a tad. The Asia session was led by China as Beijing said it would pursue a "more proactive" fiscal policy. In an announcement posted overnight, the State Council said China will adopt "a combination of fiscal and financial measures in an effort to boost domestic demand and bolster support for real economy", keeping the economy performing within a "reasonable range" with the more proactive fiscal policy including a focus on "introducing deeper tax and nontax fee cuts" and making more companies eligible for R&D spending tax cuts. Pressure on China and its currency had forced Beijing to intervene, said analyst Mike van Dulken at Accendo Markets. Looking elsewhere, he said financials stocks were the sector to watch. "Surging government bond yields (US, Japan), supported by Fed monetary policy tightening and BoJ tweaking are boosting Banks & Financials, while expectations of an upcoming meeting between US President Trump and European Commission President Juncker is smoothing some of the trade war concerns." Tuesday data includes the CBI Industrial Trends survey at 1100 BST, where the headline balance for July is expected to fall to 9 from 13. This will follow a swathe of preliminary purchasing managers' surveys for euro area countries for the manufacturing and services sectors. The eurozone PMI results will be published at 0900 BST, with both indices forecast to retreat modestly. Oil companies BP and Shell were lower, with Brent crude down 0.15% to $72.95. Oversupply concerns have dominated market sentiment, said Jasper Lawler at London Capital Group. "The big fear for oil traders is that Saudi Arabia and other large oil producers are ramping up production ahead of the November deadline to comply with US sanctions on Iranian oil, this comes at a time when concerns over demand are starting to rise owing to increased global trade tension; over supply and falling demand is not a good combination for the oil bulls." In company news, fizzy drinks maker Britvic bubbled higher as it reported solid third-quarter sales growth of 3.4% despite being held back due to the UK shortage of carbon dioxide. BT was a little higher as the telecoms group said it has offered discounts to encourage communication providers to upgrade customers to faster broadband over the next five years. The company said the offer, made by its Openreach infrastructure arm, should bring superfast and ultrafast broadband to most homes and businesses. AstraZeneca has agreed to sell the commercial rights to Atacand and Atacand Plus in Europe to Cheplapharm Arzneimittel for $200m on completion of the agreement, plus a time-bound payment of $10m and sales-contingent milestones. The deal is expected to complete in the third quarter. Sainsbury's fell as its sales were shown to continue lagging behind its big supermarket rivals as all of the big four enjoyed their best period of growth so far this year. Morrisons was higher but Tesco was down, while reported emerged from Sky News that it was examining plans to challenge German discounters Aldi and Lidl with a new retail format called Jack’s. Superdry shares slid as the fashion chain founder Julian Dunkerton sold a 6.7% stake for £71m. Drax tumbled even as it reported half-year pre-tax losses of £11.3m, an improvement on the previous year's loss of £103.7m. Spectris shares fell 7% despite half year results largely in line with expectations as like-for-like sales growth of 5% in the half-year. Analysts were disappointed that further details of management's Uplift programme will not be forthcoming until later in the year. |
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| | US close: Markets mixed as Trump continues Twitter tirades | | Trading on Wall Street finished mixed on Monday, as Donald Trump took a swing at Amazon and concerns over escalating trade wars dominated. The Dow Jones Industrial Average finished down 0.06% at 25,044.29, while the S&P 500 added 0.18% to 2,806.98 and the Nasdaq 100 rose 0.29% to 7,371.78. Trump earlier tweeted that “Amazon Washington Post” had gone “crazy against me” and was using the US Post Office "at a fraction of real cost, as their delivery boy for a big percentage of their packages." Amazon founder and chief executive Jeff Bezos owns the Washington Post. The president had long called for greater taxes on Amazon, saying at the start of this year that the online retailer’s dominance was hurting other American retailers. His latest outburst renewed concerns on Wall Street that Amazon could face antitrust claims, and the shares fell nearly 2% in early trading although they pared back some losses as the session continued. Tech stocks were in focus across Wall Street, ahead of Google parent Alphabet reporting second-quarter numbers after the bell and Facebook and Amazon following suit later in the week. International trade tensions were also a source of interest for Wall Street. The US and China had both recently imposed tariffs, with Trump making it clear he was prepared to extend that to all Chinese goods imported into the US, sending the dollar sky high. Meanwhile, Trump was due to meet the EU to discuss trade, having said he believed that the union’s 10% tariff on cars was “too high” compared to America’s 2.5%. 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. “Traders are nervous the strained trading relations could lead to a full-on trade war,” noted David Madden at CMC Markets. “The move to the downside hasn’t been too big and dealers will be look forward to Wednesday’s meeting between Trump and the president of the EU commission, Jean-Claude Juncker.” In economic news, data published Monday showed that sales of existing homes had fallen by 0.6% in June to a seasonally-adjusted annual rate of 5.38 from a downwardly-revised 5.41m in May. Economists have been expecting sales to pick up to 5.44m in June. On the year, sales were now 2.2% lower and have fallen for the fourth-straight month on an annual basis. In other corporate news, Halliburton shares fell 8.28%, despite second-quarter earnings narrowly beating expectations. Instead, traders decided to focus on a lack of information about possible transportation issues in the key markets and sent the shares down as much as 7%. Tesla Motors also saw its shares fall, by 3.31%, after reports in the Wall Street Journal that the electric car maker had reportedly asked some suppliers to return payments to the money-losing company. |
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| | Tuesday newspaper round-up: Trade, Brexit, takeovers, banks | | European Union officials have denied that Jean-Claude Juncker is set to make a significant concession during trade talks with President Trump tomorrow. The president of the European Commission hopes to “de-dramatise” a simmering transatlantic trade dispute during the White House meeting, in an attempt to avoid steeper American import levies on cars. - The Times Theresa May has been accused of handing the EU a "blank cheque" after new laws suggested Brussels will be able to determine how much of the £39billion Brexit divorce bill the UK will pay each year. Ministers will on Tuesday publish the Withdrawal Agreement and Implementation Bill which will enshrine Brexit divorce arrangements and any future deal with Brussels in law. - Telegraph Britain’s largest companies fear being scapegoated by Brexiteers for the consequences of an uncontrolled EU departure without a deal. Industry leaders told ministers at a meeting last week that there was a limit to what preparations they could make for such a scenario. - The Times Ministers will have the power to block foreign takeovers across all sectors of the British economy on national security grounds under new government proposals designed to protect some of the UK’s most important and technically advanced businesses. The business secretary, Greg Clark, wants to widen the scope of the current system, which is limited to large transactions and certain industries such as defence, to cover all UK firms including small businesses as he seeks to keep vital firms and technologies out of foreign ownership. - Guardian Wall Street banks are pressing the British government to cut taxes and regulation or risk financial services jobs and assets leaving the UK after Brexit. Senior American executives have warned ministers that the City is less competitive than New York, particularly in the wake of President Trump cutting corporation tax and moving to loosen regulation, according to reports. - The Times Britain’s poorest 30% of households saw an end to their post financial crash recovery last year as inflation and cuts to in-work benefits outweighed wage rises to leave them as much as £150 worse off. The Resolution Foundation, an independent thinktank, said its audit of income and poverty levels for 2017-2018 found that income growth slowed for all households last year. - Guardian More than a million public sector workers, including teachers, doctors and police officers, can expect wage increases of up to 3.5% a year as Theresa May moved to drop the government’s pay cap. Downing Street sources confirmed the prime minister was planning to announce that some state-employed staff would get the biggest increases in a decade. However, most would qualify for just 2%, which is below the rate of inflation. - Guardian Brussels has abandoned the millions of EU citizens living in Britain to an uncertain future, the3Million campaign group for European expats has said in an unprecedented attack on the European Commission and its planning for a no deal Brexit. The3Million was set up after the referendum to fight for the rights of EU citizens and their families who made Britain their home during its decades of membership of the bloc. - Telegraph The worst Greek forest fires in a decade have raged through holiday resorts near Greece's capital, killing at least 24 people and injuring more than 100. The fire in Mati village, 18 miles east of Athens, was by far the country's worst since blazes devastated the southern Peloponnese peninsula in August 2007, killing dozens. - Telegraph A hoped-for new era of competition that enables companies, councils and other public sector operations to lower their water bills has provoked a bitter row over switching accounts. Incumbent suppliers have been accused of trying to retrospectively charge customers that are switching, a move that “defies belief”, according to one furious new entrant to the market.- The Times Shoppers face a shortage of carrots early next year because the combination of the “Beast from the East” and the prolonged dry weather will cause the annual harvest to fall by about a third, farmers’ leaders are warning. Prices for carrots will rise and they may have to be imported from as far as Israel, the British Carrot Growers Association said. - The Times Orchards in one of Britain’s biggest cider-making regions face being bulldozed because the drinks giant Heineken is pulling the plug on apple-growing contracts. The Dutch brewer - which has owned Herefordshire-based Bulmers since 2008 - uses around a third of all the cider-apples grown in the UK. About 180 orchard owners, mostly based in Herefordshire, supply the fruit. - Guardian Google owner Alphabet batted off recent clashes with European regulators to post second quarter results which topped expectations, sending its shares surging in after-hours trade. Excluding the €4.34bn (£3.9bn) fine handed down from the European Commission last week, Alphabet's earnings per share came in at $11.75 (9p), up from $8.90 a year earlier. - Telegraph | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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