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| | London open: Stocks steady amid earnings avalanche; US-EU pact digested |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks were steady in early trade on Thursday as investors waded through a veritable barrage of earnings reports and mulled over the progress made at the meeting between US President Trump and EU Commission President Jean-Claude Juncker a day earlier. At 0830 BST, the FTSE 100 was flat at 7,655.01, while the pound was unchanged against the euro at 1.1249 and 0.1% firmer versus the dollar at 1.3202. Sentiment was underpinned by news that the US-EU meeting in Washington had yielded some progress as the US agreed on Wednesday to work towards lowering trade barriers with the EU. The two sides said they would work towards zero tariffs, zero non-tariff barriers and zero subsidies on non-auto goods. In addition, they agreed to up trade in services and agriculture, which includes greater US soy bean exports to the EU. Accendo Markets analyst Mike van Dulken said: "Agreeing to no new tariffs (existing ones remain) on industrial goods while they work to reduce US-EU trade barriers, a trade war may have been averted. That said, cars (especially valuable for Germany) remain in the firing line as a potential focus for Trump protectionism." Corporate news came thick and fast. Royal Dutch Shell shares were in the red as oil giant launched a $25bn (£19bn) share buyback but its 30% increase in second-quarter profit fell short of expectations. Elsewhere, Sky ticked a touch lower as it posted 9% jump in full-year core earnings, while Anglo American fell after it reported a drop in first-half profit. Compass was on the back foot even as it posted a rise in third-quarter revenue and backed its full-year expectations, while asset manager Schroders slipped after reporting an increase in first-half pre-tax profit and assets under administration and net inflows and lifting interim dividend by 3%. Security software company Sophos was weaker as it said earnings in the first quarter were hit by slow billings growth and higher costs. Drinks maker Diageo was lower as it unveiled a fresh £2bn share buyback and said annual operating profit rose 3.7%. GSK slipped as its drug to treat chronic obstructive pulmonary disease was rejected by the advisory board of the US medical regulator. Johnson Matthey lost ground after saying first-quarter sales were in line with its expectations and reaffirming its full-year guidance, while Cobham was under the cosh after saying it will book at £40m charge in the first half over the KC-46 programme. Intu Properties was trading lower as it announced the departure of chief executive officer David Fischel and said it had experience a "resilient" first-half performance in a challenging market. On the upside, British American Tobacco was in the green after saying first-half revenue rose 57%, while medical pair Smith & Nephew and AstraZeneca rallied on the back of their half-year numbers. Business information provider Relx advanced after it said net profit and revenue in the first half fell but reiterated its outlook, while engineer Vesuvius bubbled higher as it posted a jump in first-half profit and revenue. Halfords, Royal Mail and SSE were among the companies who stock went ex-dividend. In broker note action, Beazley was upgraded to 'buy' at Berenberg, Drax was lifted to 'add' at AlphaValue and Ferrexpo was boosted to 'hold' by Liberum. Hammerson was cut to 'equalweight' at Morgan Stanley, Informa was downgraded to 'hold' at Kepler Cheuvreux and ASOS was reduced to 'sell' at Investec. |
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| | Europe open: Stocks rally as US-EU trade progress lifts mood | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | European stocks rose in early trade on Thursday as investors welcomed the progress made in the US-EU talks in Washington a day earlier and sifted through more earnings reports. At 0925 BST, the benchmark Stoxx Europe 600 index was up 0.5% to 389.06, Germany's DAX was 1.4% higher at 12,752.19 and France's CAC 40 was 0.7% firmer at 5,465.01. The mood was lifted by news that the US-EU meeting in Washington yielded some progress as the US agreed on Wednesday to work towards lowering trade barriers with the EU. The two sides said they would work towards zero tariffs, zero non-tariff barriers and zero subsidies on non-auto goods. In addition, they agreed to up trade in services in agriculture, which include greater US soy bean exports to the EU. Spreadex analyst Connor Campbell said the face-off went better than anyone would have expected. "While there isn't exactly much substance to what was announced, with the fact the relationship didn't worsen being more notable than the plans to negotiate, it was enough to lift the spirits of the previously fearful markets," he said. Investors were also eyeing the latest monetary policy announcement from the European Central Bank at 1245 BST, followed by the press conference with Mario Draghi at 1330 BST, with no change expected. CMC Markets analyst Michael Hewson said: "We're not expecting any surprises from today's ECB rate meeting coming as we do off the back off last month's decision to taper the asset purchase program by the end of this year. The governing council also is unlikely to shift on its desire to end the program, despite some concerns about weaker data, with the focus now on when the first rate hike is likely to arrive. "Currently markets are pricing October 2019 as the likely date for any move, and while some policymakers might feel a little uncomfortable about the timing being this far out, some of the more recent data does suggest that the economy is starting to decelerate, which in term would justify some caution on the part of the European Central Bank. "Any sharpening of the language to a more hawkish tone would be unwelcome at a time when inflation has just returned to target, but still looks a little on the softish side. " On the corporate front, Airbus rallied as the airplane maker said second-quarter profit more than doubled, although it also trimmed its operating earnings outlook for the year. Roche advanced after the Swiss drug maker upped its earnings and sales guidance for the year as its first-half sales and profit surpassed analysts' expectations. On the downside, Nokia slid as the telecom network equipment maker's quarterly earnings missed expectations, while Schneider Electric was weaker despite posting a 7% rise in first-half profit and lifting its fiscal year outlook. Daimler and AB InBev were also both lower following the release of their second-quarter numbers. On the data front, the advance GfK consumer sentiment index for Germany slipped to 10.6 in August from 10.7 in July, coming in below the consensus 10.7. Pantheon Macroeconomics economist Claus Vistesen said: "The headline in this survey has been extraordinarily stable in the past six-to-12 months, close to a cyclical high. Unfortunately, it is not very good leading indicator for spending, so we have to look at the details, which are released with a one month lag. The July numbers in this report were on the soft side. "The business expectations index fell sharply, to 15.7 from 23.3 in June, possibly due to the country's early World Cup exit, though this is speculation. The index had begun to roll over already in June, following a string of strong gains. Elsewhere, the income expectations and willingness to buy gauges fell trivially by 0.1 points, but continue to signal solid demand conditions. The willingness to save index increased significantly, reversing a decline in June, and inflation expectations fell slightly, although they have risen sharply this year in line with the jump in energy inflation." |
| | US close: Wall Street cheers outcome of Trump-Juncker chat | | Wall Street finished in the green on Wednesday as investors sifted through earnings reports and cheered the outcome of a key meeting between Donald Trump and European Commission president Jean-Claude Juncker. The Dow Jones Industrial Average added 0.68% to 25,414.10, the S&P 500 was ahead 0.91% at 2,846.07, and the Nasdaq 100 closed 1.38% higher at 7,508.59. The meeting between US president and Juncker came after the Trump administration decided to impose tariffs on all imported European cars. In a news conference after the meeting in Washington, Trump said that the US and the EU would keep a “close relationship” and spoke of “strong trade relations”. He said both countries would “win”, adding that Washington and Brussels would work toward having no tariffs, no non-tariff barriers, and no subsidies on non auto-industrial goods. According to the Wall Street Journal, the EC and Washington also agreed increase liquefied natural gas and soybean exports to Europe and to lower industrial tariffs on both sides. There was also an agreement to avoid tariffs on European carmakers said to be in the pipeline. “Trump has repeatedly threatened tariffs on the European car industry which would disproportionately hit Germany and is likely factoring into businesses less optimistic outlook,” noted Oanda analyst Craig Erlam earlier. Following Facebook and Alphabet pushing the Nasdaq into fresh highs a day earlier, US earnings also remained a core driver of market sentiment. “However, with the tech index remaining flat in early trade today, the focus is clearly shifting onto manufacturers, where the physical nature of their products are more likely to reflect strained trade ties,” said IG's Chris Beauchamp. “The early declines in Boeing and General Motors highlights the stark contrast that is likely to exist in the US, where trade tariffs drag manufactured goods while services remain relatively unscathed.” On the economic front, sales of new US single-family homes fell to an eight-month low in June, according to figures released by the Commerce Department on Wednesday. New home sales fell 5.3% from May's revised level to a seasonally-adjusted annual rate of 631,000. Economists had been expecting a level of 670,000. Compared to June 2017's rate of 666,000, sales were 2.4% higher. Meanwhile, the median price of a new home was $302,100, down from $309,700 in May and the average sales price slipped to 363,300 from $365,100 the month before. In corporate news, telecoms group AT&T lost 4.51% after its second-quarter numbers late on Tuesday revealed weaker-than-expected revenue. Chipmaker Texas Instruments dropped 0.51% despite its results and third-quarter outlook beating analysts' expectations. Boeing dipped 0.61% after its commercial airline revenue and earnings per share fell short of expectations, while United Parcel Service expanded 6.90% after beating expectations on the Street. Carmaker General Motors skidded 4.62% lower following its earnings announcement and the brakes were put on Ford too, slipping 0.43% a day after it unveiled a $4bn investment in autonomous vehicles through to 2023 in a division that will be spun out into a separate subsidiary. GM cut its full-year forecasts as it cited higher steel and aluminium as a result of the White House's trade tariffs, with a net impact of around $1bn on up from previous guidance of around $500m. Chief financial officer Chuck Stevens told reporters the automaker had put in a "solid performance" in the second quarter "despite some fairly significant headwinds that have built throughout the year". The Coca-Cola Company collected 1.83% after it reported second-quarter earnings and revenue that beat analysts' expectations, bolstered by its efforts to push its Diet option to the forefront. On the tech side, Facebook rebounded up 1.32%. |
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| | Thursday newspaper round-up: trade war, Brexit meeting, retail jobs, Facebook | | Donald Trump and European Union officials stepped back from a trade war on Wednesday as they struck a deal to work towards “zero” tariffs, barriers and subsidies. The EU also agreed to buy billions of dollars worth of American exports, including soya beans and natural gas, and work to reform international trade rules. - Guardian European leaders plan to let Theresa May sell her Brexit blueprint directly to member states in an effort to kickstart stalled talks on Britain’s departure. A meeting in Salzburg in September is being lined up as the venue where the prime minister can hold direct talks to avert a no-deal Brexit. The proposal emerged after the intervention of Angela Merkel, who is concerned at the apparent drift in the talks. - The Times Nearly a fifth of British retailers are planning to cut the number of people they employ in the next three months as the high street continues to suffer from rising costs and a shift to buying online. The number of people employed in the retail sector, the UK’s biggest employer, has already dropped nearly 3% in the past three months, according to the latest figures from the British Retail Consortium (BRC). Redundancies rose to three times the level this time last year. - Guardian The Scottish parliament’s Brexit bill is “perfectly practical” and in keeping with EU principles of legal certainty and continuity, the supreme court has heard. Backed by senior legal representatives from Wales and Northern Ireland, Scotland’s chief legal officer, James Wolffe QC, argued on Wednesday that the emergency bill - designed to sidestep Westminster by taking direct control over the repatriation of significant EU legislation - should not be struck down because it does not cut across EU or UK laws. - Guardian Facebook stock price tumbled more than 20% in after-hours trading, after the company’s chief financial officer said revenue growth would “continue to decelerate in the second half of 2018” as the company increased its investment in security and privacy. In its earnings report for the second quarter of 2018, Facebook just missed Wall Street’s estimates on revenues and user growth, though it still made $13.2bn - a 42% year-on-year increase. - Guardian Qualcomm chief financial officer George Davis said Apple likely won’t use its cellular modems in the next iPhones, cutting the chip maker out of one of the consumer electronics industry’s best-selling products. In prepared remarks during an earnings call with analysts Wednesday, the CFO said Qualcomm expects Apple to use a competitor’s modem in the new iPhones and will only use Qualcomm’s modems in older models. - Telegraph MPs have told the chancellor to take more responsibility for the poor state of family finances in a report that calls for the abolition of a “perverse” savings account that they claim discourages people from investing in pensions. The Treasury select committee warned Philip Hammond that the “health and sustainability” of households was under growing pressure because of years of weak income growth, a growing pile of personal debt, the emergence of the gig economy and an ageing population. - The Times Automatic pensions enrolment is key to funding a new era of retirement which is increasingly reliant on private savings rather than the public purse, MPs will say today - but it relies on contributions being raised. The pensions triple lock in particular will become too expensive for the state to bear and will have to be scrapped, leaving pensioners in need of more private incomes, the Treasury Select Committee said. - Telegraph ITV is preparing to remove programmes such as Broadchurch and Victoria from Netflix as it plans to launch a rival subscription streaming service alongside the BBC and Channel 4. Dame Carolyn McCall, ITV’s chief executive, said the broadcaster is ready to pull down its archive of hit shows from Netflix to support plans for a competitor backed by Britain’s main channels. - Telegraph | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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