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| | London open: Stocks edge down amid trade war worries; services data eyed |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks edged lower in early trade on Wednesday amid ongoing trade war jitters, as investors eyed the latest reading on the UK services sector. At 0830 BST, the FTSE 100 was down 0.4% to 7,566.05, while the pound was flat against the euro at 1.1321 and 0.2% higher against the dollar at 1.3216. Volumes were expected to a be a little lighter than usual as US markets will be closed for the Independence Day holiday. London Capital Group analyst Jasper Lawler said: "With just two days to go until the US-Sino trade war threats start to take effect, relations between the US and China remain hostile, rattling investors. Further blocks and red tape this time on the likes of Micron Technology and China Mobile, highlighted the likelihood of increased friction between the two nations, as we move towards Friday’s US imposed deadline." On the data front, Markit's services purchasing managers' index for June at 0930 BST is expected to be unchanged from May at 54. With the clock ticking until the Brexit deal October deadline, Lawler said the "mind-boggling" number of uncertainties to resolve meant the pound was likely to find any service sector PMI-inspired rally drastically limited by the lack of Brexit progress. "Alternatively a weaker-than-forecast services PMI print could see the pound plunge sharply lower, with Brexit uncertainty and concerns over the UK economy being too much for the pound to cope with, sending it back towards $1.31." Data released out of China earlier showed that services sector growth accelerated to a four-month high this month. The Caixin China services purchasing managers' index pushed up to 53.9 in June from 52.9 the month before, putting it comfortably above the 50 mark that separates contraction from expansion. On the corporate front, BP slipped as it entered into agreements with ConocoPhillips that will significantly increase its holding in the Clair field, a core asset of BP's North Sea business in the UK, while also selling its non-operating interest in the Kuparuk and satellite oilfields in Alaska. Building products supplier SIG was in the red after it reported a slight improvement in UK sales in the second quarter but a slowing of growth in Europe. Compass Group slid after announcing that Johnny Thomson will step down from his role as finance director and leave the catering company by the end of December. On the upside, Anglo American was the standout gainer following a report that Anil Agarwal, who owns 19.35% of the company, is preparing a plan to merge Vedanta Resources and Anglo American's South African business via a share swap. Sainsbury’s also gained despite saying that revenue growth slowed in the first quarter as the supermarket chain cut prices to sell more items to customers. FTSE 250 bus and rail operator National Express rose after saying that its Spanish and Moroccan division, ALSA, has been awarded a "major" bus contract worth €1bn that will see it become the largest transport operator in Morocco. There wasn't much to write home about on the broker note front, although Petra Diamonds did get a boost from an upgrade to 'outperform' at RBC Capital Markets. |
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| | US close: Markets reverse early gains to finish red | | US stocks ended in the red on Tuesday, a reversal of fortunes from the positive open as investors let worries about a trade war back on to their agendas. The Dow Jones Industrial Average finished down 0.54% at 24,174.82, the S&P 500 lost 0.49% to 2,713.22, and the Nasdaq 100 slipped 1.17% to 7,014.55. It was in stark contrast to the day’s open, when the Dow jumped 80 points after the bell. “The Dow hasn’t had too much to deal with this Tuesday, and has tomorrow off for the 4th July celebrations, so it’ll be hoping it can get to the end of the US session unscathed,” noted SpreadEx financial analyst Connor Campbell before the bourses turned sour. On Monday, stocks managed to reverse early losses to close up thanks to a rally in the technology sector. In currency markets, the dollar was flat against the euro after the common currency found some support from news that German chancellor Angela Merkel has secured a deal to prevent her coalition from collapsing. “German political concerns have been largely eradicated over the past week, with the recent EU deal on migrants clearly removing a key hurdle between Angela Merkel’s CDU party and their Bavarian sister party, the CSU,” said IG analyst Joshua Mahony. “With German leadership looking relatively stable under Merkel, the likely continuation of her leadership allows investors to look beyond domestic affairs and concentrate back on the global picture once again.” Escalating trade tensions were the theme of the day once again, however, particularly after it emerged that the Trump administration recommended to the Federal Communications Commission that China Mobile not be allowed to enter the US telecommunications market for reasons of national security. The National Telecommunications and Information Administration, a branch of the Commerce Department, said on Monday that China Mobile’s entry "would pose unacceptable national security and law enforcement risks". On the data front, the ISM NY index for business conditions showed conditions eased throughout June, dropping from 56.4 in May to 55. The fall, the second monthly decline in a row, was in stark contrast to the six-month outlook of 85.7 reported in December 2017, the highest level of optimism seen in over a decade. In other news, US factory orders rose 0.4% in May, led by an increase in demand for machinery and military wares. Economists had expected the reading, which followed a 0.8% decline in April, to come in flat month-on-month. On the corporate front, electric car maker Tesla dropped 7.23% after the Journal revealed that Elon Musk's top engineer Doug Field was leaving. Elsewhere, Micronet Enertec Technologies surged 28.57% following news that BNN Technology bought a 15% stake in the company last month. |
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| | Wednesday newspaper round-up: High streets, Brexit, business rates, Tesla | | The crisis on UK high streets could leave 100,000 shops empty within a decade, according to an independent review that argues struggling retailers should no longer be relied upon to prop up ailing town centres. The Grimsey Review 2 makes a series of recommendations including an overhaul of the business rates system and a ban on out-of-town developments. It predicts nearly 70,000 high street jobs will disappear this year. – Guardian Brexit will make people outside London worse off, two reports have found. Household bills will rise by between £245 and £1,961 a year after Brexit, with a disproportionately adverse impact on lower-income groups and people in Northern Ireland, Wales, the Midlands and the north-east, they say. The Institute for Public Policy Research found that a hard Brexit might reduce inequality between low- and high-income groups, by hitting higher earners in the pocket most. - Guardian The Government should consider abolishing the “hated and out-of-date” business rates system and give councils more power to penalise landlords who leave shops empty, according to a new review of how to revive Britain’s high streets by retail veteran Bill Grimsey. Writing exclusively for The Daily Telegraph, Mr Grimsey, who previously ran Iceland and DIY chains Wickes and Focus, called for “decisive action” from local authorities to help high streets adapt amid a shift towards online shopping and soaring costs. - Telegraph Tesla shares recorded their biggest drop since March yesterday, after a report suggested the electric car maker had removed a test from its Model 3 production process last week in a bid to hit its targets. The stock closed down 7.2pc, wiping more than $5bn (£3.8bn) from Tesla's market capitalisation and erasing all its gains from Monday,when it revealed it had finally met its Model 3 production target of 5,000 cars per week. - Telegraph A leading hedge fund manager has turned up the heat on the takeover watchdog, demanding that it put a higher “floor” under the share price of Sky. The pay-TV operator is enmeshed in a bidding war between Disney, the Hollywood film studio, and Comcast, one of America’s largest cable companies. The pair are vying to buy 21st Century Fox, which owns 39 per cent of Sky, and has a long standing bid to take full control of the British satellite broadcaster. Fox has agreed to sell the bulk of its business, including its American film studio and its stake in Sky, to Disney for $71.3 billion. - The Times British shoppers may face steep price rises after Brexit as supermarkets attempt to stop profits from sliding by more than £700 million. Household budgets will be squeezed after Britain leaves the EU, regardless of whether it strikes trade deals, according to a report by Oliver Wyman, the consultancy, as higher EU import costs put businesses under pressure. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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