Morning Euro Markets Bulletin

ADVFN  Morning Euro Markets Bulletin Daily world financial news Monday, 13 August 2018 11:02:58 Monitor Quote Charts News CFD's Compare Brokers Free BB   Cryptolux easy profits with AI trading platform. Up to 45% profit per month, paid daily. Find out more London open: Stocks fall amid Turkey contagion concerns FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts London stocks fell in early trade on Monday amid growing concerns about the crisis in Turkey and the potential for contagion. At 0830 BST, the FTSE 100 was down 0.4% to 7,633.88, while the pound was down 0.1% against the dollar at 1.2744 and up 0.1% versus the euro at 1.1195. "After a tumultuous session on Friday, investors had been hoping to wake up to better news from Asia and a positive start to the week, but markets are continuing to fall," said Rebecca O’Keeffe, head of investment at Interactive Investor. "Turkey remains front and centre of concerns, but contagion is rapidly undermining other emerging market currencies across Asia, Africa and Latin America, many of which are now under significant pressure. In Europe, the contagious effect of the turmoil is taking its toll on the banking sector in particular and commodities are also suffering. She added that President Erdogan's failure to allow an independent central bank has put him in direct conflict with global financial markets. "You cannot run large fiscal and current account deficits if you have made your country uninvestable for foreign capital, and President Trump’s tariffs on Turkish steel and aluminium are merely helping to hasten the inevitable. While Erdogan remains intransigent, it is difficult to see international investors returning to Turkey any time soon." Measures announced by Turkey’s central bank, including a pledge to provide "all the liquidity the banks need" to ensure stability, did little to assuage investors. Domestic banks will also be able to borrow foreign-exchange deposits from the central bank at a one-month maturity and one-week maturities. The lira’s plunge continued, however, with the currency hitting a new record low in early Asian trading. The dollar was up almost 8% to TL 6.9362. In corporate news, shipping services company Clarkson rallied as it posted a drop in interim profits due a tough first quarter and a weaker dollar, but said conditions picked up in the second quarter. Wealth manager Brewin Dolphin lost ground as it announced the appointment of Siobhan Boylan - the current chief financial officer of Legal & General Investment - to the board as finance director. Shire was little changed after partner Shionogi applied to expand the use in Japan of co-developed drug Intuniv to treat adults for attention deficit hyperactivity disorder. Esure was on the front foot ahead of its earnings on Tuesday, while emerging markets-focused asset manager Ashmore slumped as Turkey woes spread. Outside the FTSE 350, Chemring tumbled nearly 22% after warning that a fatal explosion at its Countermeasures facility near Salisbury will reduce underlying operating profit for the year by between £10m and £20m. Online trading platform Plus500 slid after it reported a surge in first-half earnings as geopolitical events led to higher-than-expected market volatility, but cautioned that the performance was unlikely to be repeated in the second half. On the broker note front, Meggitt was cut to 'equalweight’ at Barclays, but BAE was upgraded to 'overweight’ at Morgan Stanley and Clarkson was lifted to 'buy’ at Liberum. Paddy Power was downgraded to 'sell’ at Citi and Ryanair was cut to 'reduce’ at AlphaValue. Invest in the revolutionary combustion technology that’s reducing emissions and cutting costs – with 400% Projected ROI by year 3 Find Out More Market Status   FTSE 100   change pct +0.18%   cur price 7,714.98   change +14.13   FTSE 250   change pct -0.13%   cur price 20,850.74   change -27.51   FTSE TechMARK   change pct -0.23%   cur price 3,576.88   change -8.25 Top 10 FTSE 100 Risers Sponsored by Interactive Investor   #   Name Change Pct Change Cur Price 1 International Consolidated Airlines Group +2.22% +15.40 708.80 2 Admiral Group +1.97% +37.50 1,941.00 3 Fresnillo plc +1.68% +16.70 1,013.50 4 Direct Line +1.59% +5.30 338.40 5 Tesco +1.33% +3.40 259.30 6 Next Plc +1.09% +64.00 5,924.00 7 Easyjet Plc +0.97% +15.50 1,613.50 8 Royal Dutch Shell B +0.96% +25.50 2,672.50 9 Royal Bank Of Scotland +0.95% +2.40 255.90 10 Royal Dutch Shell A +0.85% +22.00 2,620.00 Top 10 FTSE 100 Fallers Sponsored by Interactive Investor   #   Name Change Pct Change Cur Price 1 Centrica -5.11% -7.80 144.90 2 Kingfisher Plc -3.14% -9.70 299.50 3 Standard Chartered -2.93% -20.40 676.40 4 Mediclinic International plc -2.30% -12.00 510.20 5 Smith & Nephew -2.21% -30.00 1,328.00 6 Rentokil Initial -2.13% -7.30 335.30 7 Micro Focus International -1.48% -19.00 1,265.50 8 Reckitt Benckiser -1.40% -96.00 6,774.00 9 Relx Group -1.35% -22.50 1,649.00 10 Experian -0.93% -17.50 1,868.00 eToro Daily Update 13/08/2018 Today’s highlights: Global markets react to Turkey crisis Wall Street finishes lower: The situation in Turkey caused markets around the world to react nervously, as the Dow Jones, Nasdaq and S&P 500 all registered losses on Friday. For the Nasdaq, the negative closed marked the end of an 8-day winning streak, while the Dow Joneserased all of its gains for August. Crypto markets mixed: Following a volatile weekend, in which Bitcoin registered significant losses before recovering, the cryptocurrency market displayed a mixed trend over the past 24 hours, as the top 10 cryptos were evenly split in showing gains and losses. However, the past 24 hours were relatively less volatile, as no crypto showed losses or gains larger than 2%. Read More.. US open: Stocks push higher, but Morgan Stanley warns of weakness ahead Stocks are edging only slightly higher despite better-than-expected readings on jobless claims and factory gate prices, with investors apparently playing it safe as Wall Street's main market gauges continue to push nearer their record highs. Indeed, analysts at Morgan Stanley were reportedly reiterating that a correction in stocks might lie immediately ahead, pointing to factors such as declining breadth in the market. "The NASDAQ 100 is edging higher and isn’t too are far from retesting its all-time high. The tech-focused index has been the best performer of the major US indices. The Dow Jones and S&P 500 have experienced low volatility, but both have been broadly pushing higher recently," chipped in David Madden at CMC Markets UK. As of 1440 BST, the Dow Jones Industrial was edging higher by 0.01% or 2.37 points to 25,585.81, led by gains in shares of Apple and Dupont, while the S&P 500 was adding 003% or 0.86 points to 2,858.40, alongside an advance of 0.19% or 14.92 points for the Nasdaq Composite to 7,902.22. From a sector standpoint, the best performance was to be seen among the following industrial groups: Recreational services (1.98%), Clothing&Accessories (1.47%) and Media (1.22%). Significantly, the year-on-year rate of gains in factory gate prices slipped from 3.4% for June to 3.3% in July, even as at the core level the pace of gains picked-up from 2.7% to 2.8%, as expected. According to Mickey Levy at Berenberg Capital Markets, the main upshot of the figures was that price pressures remained moderate. "Despite the slight tick up in July, core PPI 12-mth inflation has remained in a 2.5-2.9% range since January, suggesting that the pipeline of broader inflationary pressures remains moderate," Levy said in a research note sent to clients. Reacting to the above, the yield on the benchmark 10-year US Treasury note was slipping by two basis points to 2.94%. In parallel, the Department of Labor reported that initial jobless claims dropped by 6,000 during the week ending on 4 August to reach 213,000 (Barclays: 220,000). According to Pantheon Macroeconomics, the figures might be indicative of another shift lower in the unemployment trend as companies try and retain workers, given how hard it is to replace them. Walt Disney was in the spotlight after the entertainment giant's latest quarterly earnings fell short of analysts' forecasts. However, Disney chief Robert Iger, said that paid subscriptions were strong and that subscription growth for its ESPN+ streaming service was exceeding its expectations. Elsewhere in the sector, Viacom shares were sharply higher despite the company's mixed update for its fiscal third quarter. Of interest as well, analysts at Morgan Stanley were reportedly speculating that Berkshire Hathaway might buy one of America's airlines, possibly Southwest Airlines. Norwegian Cruise Lines was one of the top advancers on the S&P 500 after the company lifted its guidance after posting better-than-expected profits and sales for its latest quarter. Stock in TiVo Corp. meanwhile was higher after management said they were exploring strategic alternatives, including a potential sale. The announcement helped to offset the impact of weaker than forecast second revenues of $160.2m, which were 8% weaker than a year ago. Worldpay was also trading sharply higher on the back of its second quarter update. Dow Jones - Risers Dowdupont Inc. (DWDP) $69.00 1.98% Apple Inc. (AAPL) $209.48 1.08% Unitedhealth Group Inc. (UNH) $260.92 0.82% Nike Inc. (NKE) $81.14 0.80% Home Depot Inc. (HD) $199.45 0.72% Caterpillar Inc. (CAT) $140.45 0.53% American Express Co. (AXP) $103.27 0.48% Microsoft Corp. (MSFT) $109.95 0.42% Intel Corp. (INTC) $50.10 0.28% Verizon Communications Inc. (VZ) $52.82 0.23% Dow Jones - Fallers International Business Machines Corp. (IBM) $145.57 -0.90% Pfizer Inc. (PFE) $41.06 -0.85% Boeing Co. (BA) $345.01 -0.80% Walmart Inc. (WMT) $89.43 -0.69% Procter & Gamble Co. (PG) $81.80 -0.67% Merck & Co. Inc. (MRK) $66.35 -0.51% JP Morgan Chase & Co. (JPM) $117.27 -0.45% Goldman Sachs Group Inc. (GS) $235.37 -0.42% Exxon Mobil Corp. (XOM) $80.39 -0.42% Johnson & Johnson (JNJ) $130.77 -0.30% S&P 500 - Risers Dun & Bradstreet Corp. (DNB) $141.99 15.63% Flowserve Corp. (FLS) $50.87 10.76% CenturyLink Inc. (CTL) $20.01 7.96% Viacom Inc. Class B (VIAB) $30.32 5.94% Frontier Communications Co. (FTR) $5.25 4.70% Coca-Cola European Partners Limited (CCE) $42.62 4.23% Monster Beverage Corp (MNST) $61.77 3.99% L Brands Inc (LB) $32.51 2.78% Royal Caribbean Cr (RCL) $114.11 2.72% Southwestern Energy Co. (SWN) $5.56 2.39% S&P 500 - Fallers Perrigo Company plc (PRGO) $71.89 -8.19% Murphy Oil Corp. (MUR) $30.11 -7.37% Apache Corp. (APA) $43.01 -6.74% Seagate Technology Plc (STX) $51.42 -6.58% Booking Holdings Inc. (BKNG) $1,911.73 -6.52% Occidental Petroleum Corp. (OXY) $78.07 -3.86% Mylan Inc. (MYL) $37.76 -3.75% Lam Research Corp. (LRCX) $183.63 -3.36% Endo International Plc (ENDP) $15.71 -3.20% Deere & Co. (DE) $140.65 -2.88% Nasdaq 100 - Risers Mercadolibre Inc. (MELI) $386.19 12.12% Monster Beverage Corp (MNST) $61.77 3.99% Workday, Inc. (WDAY) $137.84 2.09% Autodesk Inc. (ADSK) $136.54 1.79% Charter Communications Inc. (CHTR) $302.83 1.55% Intuitive Surgical Inc. (ISRG) $527.15 1.52% Qurate Retail Inc. (QRTEA) $23.34 1.50% Expedia Group Inc. (EXPE) $133.55 1.40% Comcast Corp. (CMCSA) $35.50 1.28% Gilead Sciences Inc. (GILD) $77.79 1.14% Nasdaq 100 - Fallers NetEase Inc. Ads (NTES) $232.74 -8.00% Seagate Technology Plc (STX) $51.42 -6.58% Booking Holdings Inc. (BKNG) $1,911.73 -6.52% Mylan Inc. (MYL) $37.76 -3.75% Lam Research Corp. (LRCX) $183.63 -3.36% Tesla Inc (TSLA) $359.99 -2.79% Costco Wholesale Corp. (COST) $219.18 -2.40% Micron Technology Inc. (MU) $52.34 -1.97% Applied Materials Inc. (AMAT) $49.25 -1.85% Western Digital Corp. (WDC) $65.81 -1.85% Atlantic Advisory - Share Tips of the Year 2018 Download Our Latest Report Here Losses can exceed deposits Monday newspaper round-up: Brexit, train fares, Harwood Capital, House of Fraser Companies are suffering from a “supply shock” as fewer EU citizens come to the UK, and companies struggle to fill vacancies, according to a survey of 2,000 employers. The Chartered Institute of Personnel and Development (CIPD) said the number of applicants per vacancy had fallen since last summer across all levels of skilled jobs, and said shortages were forcing many companies to raise wages. – Guardian Train passengers will learn of wage-busting fare increases this week, despite chaotic scenes at stations on the Northern network after a third successive wave of Sunday cancellations. The fare increases - expected to amount to 3.5% from next January - will add hundreds of pounds to the cost of many season tickets even though new figures from Which? reveal that punctuality and customer satisfaction with Britain’s railways has slumped. - Guardian Businesses are being urged to take more notice of older staff as a growing number of EU jobseekers steer clear of UK-based roles in the wake of Brexit. Millions of over-50s feel unsupported by their employer despite rising living costs and insufficient pension savings meaning they plan to retire later than once hoped, research shows. The study, conducted by Aviva, found over 6m over-50s currently in work planned to retire later than they thought they would a decade ago, but more than two fifths felt that their career ambitions were not being taken ­seriously. - Telegraph Harwood Capital, the fund run by JO Hambro founder Christopher Mills, is planning a £175m float of part of its property arm to capitalise on demand for rented homes. Harwood Real Estate is understood to be considering an initial public offering on the main market in the coming weeks for its private rented sector division, which would make it the first listed company to target pre-built housing units exclusively for renters. - Telegraph One of the losing bidders for House of Fraser has urged its new owner Mike Ashley to “do the right thing” and pay all its suppliers and concession holders in full because he clinched the deal so cheaply. Philip Day, the retail billionaire behind Edinburgh Woollen Mill, spoke out 48 hours after the Sports Direct owner snapped up the stores and assets within hours of House of Fraser entering administration. - The Times Theresa May’s plan for a bespoke customs deal with the European Union is based on flawed analysis described by trade experts last night as “fanciful”. Scrutiny of the proposal on behalf of The Times cast doubt over the central pledge that the vast majority of businesses would pay the right or no tariff at the border. Business experts also questioned another key part of the plan: that businesses would be able reliably to track goods to their final destination. This issue is critical to the EU, which fears the scheme could become a backdoor smuggling route into the continent. - The Times   To advertise in the Euro Markets Bulletin please contact advertise@advfn.com     ADVFN Disclaimer Although we have sent you this email, ADVFN does not endorse any product or company nor is it responsible for the content of this news bulletin. We have not independently reviewed the information; claims or testimonials provided within the news bulletin and make no guarantee or warranty regarding its content. The opinions and recommendations expressed in this email are not those of ADVFN. Add us to your address book Unsubscribe from ADVFN news bulletin Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gables, Fyfield Road, Ongar, Essex, CM5 0GA. Support Tel: 0207 0700 961 Company registered in England and Wales: Number 2374988 VAT No: GB 549 2130 49