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| | London open: Stocks ping higher as Glencore and builders lead gains |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Share prices in London ping-ponged back higher on Thursday morning as the stock market continued its back and forth pattern as housebuilders and miners drove the gains, while the pound failed to react to Theresa May releasing details on her Brexit plans and traders looked ahead to the US markers reopening after their holiday. The FTSE 100 index had gained 21.42 points or 0.28% to 7,594.51 after almost an hour of trading, with the pound up 0.1% against the dollar at 1.3243 and down 0.2% on the euro at 1.1326. Brent crude was down 0.5% at $77.87 per barrel. Ahead of talks between the Prime Minister and German counterpart Angel Merkel on Thursday, 10 Downing Street released some details about a proposed new customs plan that offers "the best of both worlds". The new "facilitated customs arrangement" is designed around allowing the UK the freedom to set its own tariffs on goods arriving into the country, the BBC reported. Technological solutions would be put in place to determine beforehand where good will end up and whether UK or EU tariffs should be paid. "Traders returning to their desks after a relatively quiet 4th of July session will have their work cut out for them today with key events and important news to digest," said Konstantinos Anthis, head of research at ADSS. "The major event of the day will be the release of the FOMC minutes from Fed's last meeting and its impact on the dollar. At the same time, the euro and the pound will be in play. Comments from the ECB on the bank's tightening path and from Brexit minister Davies on the progress of negotiations will take their toll on the price action today." The build up to “T-day” tomorrow with the US and China set to impose import tariffs on each other will also be a major focus, said analyst Michael van Dulken at Accendo Markets. When America wakes up post Independence Day, it will also be an important day for US data, with a snapshot of the US labour market with the latest ADP employment report at 1315 BST, as well as the ISM services report at 1500 BST. The latest Federal Reserve policy minutes are due at 1900 BST and van Dulken said any shifts in market expectations about the path of US rate rises will have an impact on the dollar and a knock-on for most asset classes. Later on Thursday morning, Bank of England governor Mark Carney is due to speak in Newcastle, presenting a possible opportunity for questions about interest rates. In company news, Glencore was top of the Footsie leaderboard as it kicked off a share buyback of up to $1bn between now and the end of the year. The first part of the programme, worth up to £350m, will start now and end no later than close of dealings on 7 August. Anglo American was higher as its Anglo American Platinum subsidiary sold a 33% interest in the Bafokeng Rasimone joint venture for a roughly $135m. Superdry was bouncing super high after a break-neck fall since the start of the year. The faux-Japanese clothing retailer announced a special dividend and reported a rise of more than 11% in annual profit. A solid trading update from Persimmon for the first half of its financial year helped many other in the sector, even though business for the housebuilder was slowing. The group reported revenue up 5% as completed sales increased 3.6% and the average selling price rose 1.2%. Fellow builder Bovis was up slightly as it foreshadowed a "significant step up" in profitability for the half year, with completions up 4% and the sales rate improving. Electrocomponents was fizzing higher as it delivered first quarter sales growth of 10%, ahead of many analysts' expectations despite a more challenging comparative period last year. EasyJet was not quite taking off after posting a 2.3% improvement in passenger numbers year-on-year for June, while its load factor was up 0.5 percentage points over the same time last year. A month of heavy disruption saw 1,263 flights cancelled, with 900 due to extensive industrial action in France and Italy, with another 150 arising from air traffic control restrictions and adverse weather. Ryanair was flying slightly lower amid its own potential strike turbulence as cabin crews threaten to walk out along with pilots. Analyst Neil Wilson at Markets.com said: "Management needs to take this a lot more seriously than calling their demands 'pointless'. Failure to engage properly with staff led to the fiasco of cancellations last year and Ryanair cannot afford a summer of strike chaos." Shares in Associated British Foods were sliding after it said profits were improving at its Primark clothing retail arm but its sugar business was being hit by lower prices. |
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| | Europe open: Auto stocks jump on signs of possible thaw between EU and US |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Car stocks on the Continent are jumping higher after the US instructed its German ambassador to try and broker a solution between Berlin and Brussels on auto sector tariffs. The report from German daily Handelsblatt sent the Stoxx 600's auto and parts sub-index up by 2.95% to 564.39 and helped investors brush aside another session in the red on the Shanghai Stock Exchange - ahead of a 6 July deadline for the US to impose tariffs on $34bn-worth of Chinese goods - although the yuan was roughly stable. Against that backdrop, as of 0953 BST the Pan-European Stoxx 600 was advancing 0.37% or 1.41 points to 381.44, alongside an advance of 0.98% or 120.98 points on the German Dax to 12,438,89. In parallel, Milan's FTSE Mibtel was gaining 1.23% or 266.36 points to 21,952.52. Italy was also making headlines, with the country's Finance Minister, Giovanni Tria, telling Bloomberg the new government's budget would include both tax reductions and a universal basic income in order to demonstrate that it was not backing down from its electoral pledges. However, Tria also claimed - more or less - that Rome would continue on the fiscally prudent path. In the background, markets were also waiting on the result of a meeting between German Chancellor Angela Merkel and Britain's Prime Minister, scheduled for later in the day, the day before Theresa May is set to meet with her ministers at Chequers, in an attempt to rally support for her new proposal on a post-Brexit customs union arrangement with Brussels. May expected to press Merkel for Brussels support before she has to face the skeptics within her own ranks. The latest economic data out of the single currency bloc was also quite solid - for the most part. New factory orders in Germany shot up by 2.6% month-on-month in May (consensus: 1.1%), alongside net revisions to the readings for prior months of 0.9 percentage points. There was just one blot in the data, orders from countries outside the euro area fell by 1.6% on the month. |
| | 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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| | Thursday newspaper round-up: Trade, Brexit, North Sea oil, WPP | | Rising trade tensions threaten to derail global economic growth and signs of a slowdown have started to emerge, the World Trade Organisation has warned. Nations were urged to “show restraint” amid heightened fears of a full-blown trade war between the United States and other countries. President Trump is set to impose tariffs on $34 billion of Chinese products tomorrow. The government in Beijing is expected to strike back with retaliatory duties within hours. - The Times Donald Trump has ordered the entire world to cut off Iranian oil imports by early November. A few countries will be given slightly more time to adjust but there will be no waivers. It is a total blockade. If most of the world complies - and even China might find it hard to defy - it will reduce global spare capacity to zero by the end of the year. This is worse than during the oil shocks of 1979 and 2008. - Telegraph Theresa May’s fractious cabinet ministers are warning Downing Street not to skirt controversial issues, including freedom of movement and services, off the table at Friday’s Chequers meeting. As ministers were prepared for the all-day gathering with briefings in Downing Street, they told the Guardian they were concerned the focus on the details of future customs arrangement was too narrow, leaving out the crucial services sector and failing to address freedom of movement. - Guardian David Davis has written to the Prime Minister warning that her plan for Brexit to be presented to the Cabinet at Chequers on Friday is unworkable. The Brexit Secretary has sent a letter, setting out his opposition to Theresa May's so-called "third way" plan, amid concerns the EU will reject it out of hand. - Telegraph Almost 13,000 small retail businesses are at “high risk” of collapse if Britain leaves the European Union without a deal, industry leaders have said. A “hard Brexit” in March could break the supply chain, leaving food rotting at the border and limiting the choice and quality of products on supermarket shelves, according to the British Retail Consortium. - The Times The North Sea oil market is set for a significant reshaping after Chevron said that it was planning to sell several of its assets. The energy giant has been assessing its options for several months as part of a strategic review but is now marketing a large chunk of its British portfolio to potential buyers. - The Times WPP has sent a legal letter to Sir Martin Sorrell, threatening to prevent its founder and former chief executive collecting up to £20m in future payouts if he pursues a takeover bid for a company it is also seeking to acquire. The company’s law firm, Slaughter & May, has written to Sorrell’s lawyers saying that he is “likely to be in breach of his confidentiality obligations” if he succeeds in a €300m (£264m) takeover bid for Netherlands-based digital production business MediaMonks. Aviva's investment arm has pulled back from its favoured asset class of emerging market equities and invested in US and British shares. Its asset management division, which handles £350 billion of investments, said the risks of a trade war had grown and it would not be surprised to see “mini crashes” in the months ahead. The group said it now had neutral exposure to emerging market shares, which was previously “our highest overweight conviction”. - The Times England’s progress in the World Cup combined with an uninterrupted run of hot weather is giving UK supermarkets a multimillion pound sales fillip as shoppers stock up with beer, barbecue food and ice-cream. Retailers said their sales reflected the wider celebratory mood, with fans watching the games from home shelling out for football parties and al fresco gatherings before games. - Guardian Britain's largest car manufacturer Jaguar Land Rover has warned its future in the UK is at risk if the country crashes out of the EU with a bad Brexit deal, ahead of Theresa May presenting her "white paper" to Europe next week. JLR chief executive Ralf Speth said a restrictive trade deal between the UK and EU, without tariff-free access and frictionless trade, "would cost Jaguar Land £1.2bn profit each year". - Telegraph Nearly 600 more retail jobs are to go in the UK as the Jacques Vert, Windsmoor and Precis department store brands are wound down by administrators. Administrators said they had failed to find a buyer for Calvetron Brands, which had been restructured following a rescue deal last summer. The business entered administration in May and had already shed more than 400 jobs before Wednesday’s announcement. - Guardian Big technology companies may be partly to blame for weak wage growth across much of the advanced world, according to the Organisation for Economic Co-operation and Development. “Superstar” firms, such as Google and Amazon, share less of their income with staff than established rivals, the club of rich nations said. At the same time, they are taking market share. The result has been a break in the traditional link between productivity growth and wages in several countries. - The Times Britain’s haulage industry is “sleep-walking” — or perhaps that should be sleep-driving — into a shortage of drivers because of an ageing and increasingly unhealthy workforce, putting the health of the economy at risk. According to the Unite union, the industry’s failure to recruit younger workers means the average age of an large goods vehicle driver has increased from 45.3 years in 2001 to 48 in 2016, with 13 per cent aged over 60 and only 1 per cent under 25. - The Times Annual profits at The Daily Telegraph and The Sunday Telegraph have halved as a result of the continued slump in print newspaper advertising. Pre-tax earnings at Telegraph Media Group fell to £13.7 million last year, compared with £27.1 million in 2016 as the company scrambled to replace plummeting revenues from traditional sources, such as newsstand sales and print advertisements, with new digital income. - The Times Ryanair crew have warned they could join pilots in taking industrial action this summer after presenting the chief executive, Michael O’Leary, with a list of demands. Speaking after a summit in Dublin, representatives of cabin and ground crew from across Europe said there had been little progress since O’Leary reversed a long-held policy of refusing to recognise trade unions more than six months ago. - Guardian | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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