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| | London open: Stocks nudge lower amid deluge of corporate news; Trump-Juncker meeting eyed |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks nudged a touch lower in early trade on Wednesday as investors waded through a deluge of corporate news and broker notes and eyed a meeting between US President Trump and EU Commission President Jean-Claude Juncker. At 0830 BST, the FTSE 100 was down 0.1% to 7,699.45, while the pound was up 0.2% against the dollar at 1.3167 and 0.1% firmer versus the euro at 1.1262. The meeting between Trump and Juncker, due to take place at the White House, comes after the US administration decided to impose tariffs on all imported European cars. Tweets from Trump ahead of the meeting were doing little to calm nerves. "Tariffs are the greatest!" was one of his gems, while he also tweeted that the US and the EU should drop all tariffs, barriers and subsidies. "That would finally be called Free Market and Fair Trade!" he said. London Capital Group analyst Jasper Lawler said: "The unnerving headlines centred around trade tensions, which are showing no signs of evaporating anytime soon. In fact, Trump declaring that 'tariffs are the greatest' paints a picture of these levies becoming a permanent fixture to his administration, a point which was backed by a pledge of $12bn in aid for US farmers hit by Chinese retaliatory trade tariffs; showing that Trump has no intention of removing pressure." "Today the focus will switch to the more worrying scenario of a US-EU trade war, which, under a worst case scenario has the potential to spark a crisis, if not a full blown recession." On the UK data front, BBA mortgage approvals are at 0930 BST while the CBI distributive trades survey is at 1100 BST. Ahead of that, there was no shortage of news flow for investors to sink their teeth into. ITV ticked just a touch higher after unveiling a plan to focus on production and expand direct-to-consumer activities as the broadcaster announced a reduction in first-half earnings caused by the cost of the World Cup. Croda International was in the green as it posted a small rise in reported half-year profit even as sales dipped on the back of a stronger pound. 3i Group was higher as the private equity fund said net asset value for the quarter ending in June came in at 760p from 724p in the year to the end of March. Rathbone Brothers was on the front foot as it posted a 64% increase in first-half profits, while Metro Bank advanced after raising gross proceeds of around £303m in a share placing and reporting a four-fold jump in first-half profit. Tullow Oil gushed higher after saying it swung to a first-half pre-tax profit of $55m from a loss of $348m the year before. Capital & Counties edged up on the back of in-line interim results, while Brewin Dolphin gained ground as it reported a 6.5% increase in total funds under management for the quarter to 30 June. Qinetiq traded up as it maintained its expectations for the current year and said underlying trading for the group was as expected in the first quarter, while Victrex rallied after saying it has performed well since the end of the first half and that it remains on track for a strong full-year 2018. On the downside, budget carrier Wizz Air hit turbulence as it posted a 14% drop in first-quarter pre-tax profit, while Indivior tumbled after saying that the launch of a generic version of its opioid addiction treatment could have a much bigger impact on its 2018 results than it originally expected. Fresnillo was in the red even as it said gold production in the second quarter rose and slightly lifted its output guidance for the year, while Antofagasta fell as it said second-quarter copper production rose 6.1% to 163,200 tonnes compared with the previous three months that it expects it to increase throughout the year as grades improve. Things were just as busy on the broker note front, with Berenberg initiating coverage of a host of housebuilders. Taylor Wimpey, Redrow, Bovis and Bellway were started a 'buy', while Persimmon, McCarthy & Stone, Crest Nicholson and Berkeley were started at 'hold'. UBS initiated coverage of Thomas Cook at 'sell', while BT and Rio Tinto were cut to 'sector perform' and 'underperform', respectively, at RBC Capital Markets. B&M European Value Retail was lifted by an upgrade to 'buy' at Citi. Fast fashion retailer Boohoo was downgraded to 'neutral' at Citi, Kingfisher was lifted to 'neutral' at Citi and budget airline Ryanair was downgraded to 'reduce' at AlphaValue. |
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| | Europe open: Stocks mixed as investors await Juncker-Trump meeting | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | European stocks were mixed in early trade on Wednesday as investors sifted through earnings and awaited a key meeting between EU Commission President Jean-Claude Juncker and US President Trump. At 0850 BST, the benchmark Stoxx Europe 600 index was steady at 388.27, France's CAC 40 was 0.2% firmer at 5,444.87 and Germany's DAX was down 0.3% to 12,650.48. The meeting between Trump and Juncker, due to take place at the White House, comes after the US administration decided to impose tariffs on all imported European cars. Tweets from Trump ahead of the meeting did little to boost the mood, as he said "tariffs are the greatest!" and suggested that the US and the EU should drop all tariffs, barriers and subsidies. "That would finally be called Free Market and Fair Trade!" he tweeted. Lukman Otunuga, research analyst at FXTM, said: "With escalating trade tensions between the European Union and the United States still a key theme that continues to weigh on global sentiment, the outcome of today's meeting could leave a lasting impact on the markets. "If the talks prove unsuccessful and trade tensions end up escalating further, risk sentiment is likely to be negatively impacted. Market players should be prepared to expect the unexpected from the talks, especially when considering how highly unpredictable the Trump administration can be." In corporate news, Swiss drug maker Lonza racked up strong gains after lifting its 2018 sales growth target, while Telefonica Deutschland surged after reporting a narrowing of its net loss for the second quarter and backing its full-year guidance. Germany's Linde gained as the chemicals group said first-half operating income rose 3.5% thanks to a strong European industrial gases business, while luxury brand LVMH advanced on the back of solid first-half numbers. Swiss chemicals group Clariant was on the back foot despite reporting a rise in first-half net income and confirming its outlook for 2018. Deutsche Bank was in the red as it posted a 14% decline in second-quarter net profit, while Banco Santander was little changed after it reported a 3% drop in second-quarter net profit. Spain's Iberdrola lost ground as it said second-quarter net profit fell a touch even as revenue grew. |
| | US close: Markets finish higher as solid earnings season rolls on | | US stocks finished in the green on Tuesday as investors waded through a deluge of earnings, with solid numbers from Google parent Alphabet helping to push the tech-heavy Nasdaq Composite to a new record high. The Dow Jones Industrial Average ended the day up 0.79% at 25,241.94, the S&P 500 was ahead 0.48% at 2,820.40, and the Nasdaq 100 rose 0.47% to 7,406.25. Tech shares got a boost as Alphabet rose 4.6% after it posted better-than-expected quarterly results late on Tuesday. Earnings per share for the second quarter came in at $11.75 versus expectations of $9.59, while earnings of $32.7bn were ahead of the $25bn analysts had pencilled in. “It wasn’t just the headline figures impressing traders, but also a surprise drop in costs reported by Alphabet,” said London Capital Group analyst Jasper Lawler. “Costs had been increasing at a concerning rate over previous quarters as Alphabet played catch up in areas such as developing its cloud business and consumer business. "These higher costs had been squeezing margins causing concern particularly among short term traders.” On the macroeconomic front, data released earlier showed activity in the US manufacturing sector picked up a little in July. IHS Markit's flash purchasing managers' index ticked up to a two-month high of 55.5 from 55.4 the month before. Meanwhile, the services PMI fell to 56.2 from 56.5 in June, while the composite index - which measures activity in both services and manufacturing - slipped to 55.9 from 56.2. “The July survey data indicate that the US economy sustained strong growth momentum after what looks to have been a solid second quarter, representing a good start to the second half of 2018,” said Chris Williamson, chief business economist at IHS Markit. “Although down from June, the July flash PMI is in line with the average for the second quarter and indicative of the economy growing at an annualised rate of approximately 3%. "Buoyant domestic demand helped the service sector maintain particularly impressive growth and has helped cushion the goods producing sector from wilting demand in export markets, with goods export orders down for a second successive month in July.” Williamson added that trade frictions have become a major cause of concern, especially among manufacturers. Elsewhere, the Richmond Fed manufacturing index slipped one point to 20 in July, but remained in solid expansionary territory. In other corporate news, motorcycle maker Harley-Davidson surged 7.67% as its second-quarter profit surpassed analysts' forecasts, while drugmaker Eli Lilly was in the green by 5.03% on the back of solid second-quarter earnings and as it announced plans to file an initial public offering for its Elanco animal health unit. Biogen pushed 4.11% higher after the biotech company lifted its 2018 profit and revenue guidance and issued better-than-expected second-quarter earnings, while United Technologies added 3.76% as it raised its earnings outlook following a solid second quarter. Elsewhere, paper products producer Kimberly-Clark reversed earlier losses to manage gains of 0.68%, even after a second-quarter revenue miss and as the firm issued a profit warning, while defence contractor Lockheed Martin also turned around misfortunes from earlier in the session to rose 1.33% as it upgraded its 2018 earnings forecast. Whirlpool tumbled 14.52% after the appliances maker's earnings late on Tuesday fell short of expectations and the company cut its profit outlook for the year. Shares in Verizon and 3M were higher by 1.5% and 0.96% respectively, also following the release of quarterly earnings, while Celgene was up 2.46% after it reported positive results from a phase 3 cancer trial. |
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| | Wednesday newspaper round-up: Brexit talks, Facebook, Metro Bank, Eon | | Theresa May has taken back control of crucial negotiations with Brussels from her new Brexit secretary just hours after the government published its white paper on withdrawing from the European Union. The prime minister announced she would now lead the crunch talks with the EU while Dominic Raab, who was appointed two weeks ago, would be left in charge of domestic preparations, no-deal planning and legislation. – Guardian Ministers should introduce new laws to force employers to tackle sexual harassment in the workplace, MPs have said. Employees were being failed by the government, employers and regulators, with current laws insufficient to protect workers and often not available to them in practice anyway, according to a report from parliament’s women and equalities committee. It calls on the government to introduce a duty on employers supported by a statutory code of practice. - Guardian Facebook has quietly set up a subsidiary in China, as it attempts once again to penetrate the country following its 2009 ban. A Facebook spokesman said the US tech giant was setting up an "innovation hub" in Zhejiang, eastern China, to allow it to "support Chinese developers, innovators and start ups". - Telegraph Metro Bank has performed a U-turn by announcing it intends to raise around £300m in equity overnight, despite saying it wouldn't need to do this earlier in the year. The FTSE 250 challenger bank told investors after markets closed today that it was issuing 8.85 million of new shares representing around 10pc of the company's share capital. The lender has a market cap of close to £3bn. - Telegraph Up to 12,000 roles in financial services could leave the UK after Brexit, according to one of the most detailed forecasts yet of the impact of leaving the European Union on the City. Between 3,500 and 12,000 jobs are likely to be lost when Britain formally leaves the EU in March, with more potentially following later depending on the nature of the Brexit deal, according to Catherine McGuinness, the City of London corporation’s policy chairwoman. - The Times Eon is preparing to announce about 500 job losses as the energy company tries to cut its costs before the government imposes a price cap. The German-owned supplier, which employs 9,400 people in the UK, plans to inform staff of the redundancies next week, The Times has learnt. They are understood to be subject to final sign-off by Eon executives in the next few days and are being made in anticipation of a squeeze on prices and profits when the cap comes in later in the year. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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