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| | London open: Stocks climb ahead of jobs data; Esure agrees £1.2bn buyout |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks edged higher in early trade on Tuesday as worries about the Turkish crisis eased – at least for now – with investors looking ahead to the latest UK jobs data. At 0830 BST, the FTSE 100 was 0.2% firmer at 7,656.21, while the pound was up 0.2% against the dollar and the euro at 1.2801 and 1.1212, respectively. "There is a demand for profit-taking in the markets after powerful movements at the end of last week and a very aggressive trading start of the week," said analysts at FxPro. "On Monday afternoon there was a cautious demand for some risky assets, as investors considered recent sell-off as gone too far. However, investors should be cautions. The key problems that have caused pressure in the markets are still unresolved, which means that a new wave of flight from risks is likely to be in the near future." However, in the UK at least there is some important jobs data will that will be the main focus on Tuesday, with the Office for National Statistics publishing the unemployment rate, average earnings and claimant count at 0930 BST. Unemployment is forecast to remain constant at multi-decade lows of 4.2% in June, though several economists see a potential drop to 4.1%. London Capital Group analyst Jasper Lawler said: "Looking further behind recent figures, there have been employment gains of 160,000 on average over the last three months; an impressive number particularly given the uncertainties presented by Brexit. The fact that the labour market has managed to continue generating employment was one of the key factors behind the BoE interest rate hike in early August. "Whilst employment gains are expected to be in the region of 100,000, a decline from previous months, this would still be considered a solid generation of jobs and keep the pound happy. Looking at average earnings, both including and excluding bonuses no changes are forecast with growth expected to remain at 2.5% and 2.7% respectively." In corporate news, Esure rallied as it agreed to be bought by private equity firm Bain Capital for 280p a share in cash. The insurer also posted a drop in first-half pre-tax profit, partly on the back of adverse weather-related claims costs. Royal Mail was on the front foot even as investors shrugged off a £50m fine from Ofcom for a "serious breach" of competition law, after the regulator found the postal group had "abused its dominant position" in the letter delivery market. Plastic piping and ventilation systems manufacturer Polypipe advanced on the back of a resilient first-half performance, while builders merchant Grafton Group edged up after saying it was raising €160m (£144m) through a private placing in the US, with the proceeds set to be used for debt refinancing and general corporate purposes. Antofagasta was under the cosh as it said lower sales tonnages and copper grades hit interim profits, although the miner said it expected a better second half. On the broker note front, Citi replaced Rio Tinto with BHP Billiton on its 'focus’ list, while Spectris was lifted to 'add’ at Peel Hunt and Elementis was upgraded to 'buy’ at Berenberg. Card Factory was a big faller after it was cut to 'sell’ at Berenberg. |
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| | eToro Daily Update 14/08/2018 | Today’s highlights: Turkey’s financial crisis continues to impact US markets - Wall Street decline continues: As the financial crisis in Turkey continues, markets in the US were feeling its impact, as the Dow Jones, Nasdaq and S&P 500 closed lower yesterday. The losses suffered by the Nasdaq were somewhat curbed, due to Amazon and Apple continuing to show gains, both notching new all-time highs yesterday. Other companies also recorded new all-time highs, including Sysco, which climbed more than 6.2% and Square.
- Nikkei leaps while other Asian markets drag: Japan’s Nikkei index had a strong performance this morning, jumping more than 1.7% at the time of writing. In contrast, other indices in Asia, such as the China50 and Hang Seng were seen lower.
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| | US close: Stocks end lower as Turkey woes continue to weigh | | US stocks ended in the red on Monday, unable to hold on to earlier gains as worries about Turkey continued to undermine sentiment. The Dow Jones Industrial Average ended down 0.5% at 25,187.70, the S&P 500 fell 0.4% to 2,821.93 and the Nasdaq slipped 0.3% to 7,819.71. 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. Although the lira did pare some of its losses over the weekend, its slide soon resumed, with weakness spreading to other currencies, hitting the South African rand, the Russian ruble and the Indian rupee. Analysts argued that investors would have liked to see the central bank take more affirmative action, such as hiking interest rates. Rabobank said the measures announced were seen as just "a first step in several needed to limit further turmoil". Still, Pantheon Macroeconomics said the crisis in Turkey, while very bad for Turkish people and bad for some European banks, is not a serious threat to the US economy, or the banking system, or the Fed's plans to continue with the gradual normalisation of policy. "US banks' total claims on Turkey amounted to just $38bn at the end of March this year, not much more than claims on Finland and just 0.6% of all cross-border claims. Even if all these claims were to be written off - they won't be - the impact on the U.S. banking system would be minimal. It's a different story for Europe, where Spanish banks are very exposed, holding some $81bn of claims on Turkey." On the corporate front, electric car maker Tesla ended just a touch higher after chief executive Elon Musk said in a blog post that Saudi Arabia’s sovereign wealth fund had expressed interest in helping the company to go private. Chris Beauchamp at IG said: "Crucially, it looks like the 'funding secured’ reference was perhaps an exaggeration, since today’s details suggest a supportive stance from Saudi funds but not outright commitment." Over the weekend, it emerged that Tesla is being sued over Musk's Twitter claims last week that he was considering taking the company private. Elsewhere, clothing group VF Corp ended in the red after the Lee and Wrangler owner said it will spin off its denim business into an independent public company. Microsoft slipped on news that the company's chief executive officer Satya Nadella sold almost one third of his shares. Sysco rallied on the back of better-than-expected fourth-quarter results, while Twitter was boosted by an upbeat note from Citron Research, which said the stock could reach $52 within weeks. Hologic was lower after the company said its Cynosure division would suspend marketing and distribution of its Vitalia TempSure device, while Dycom Industries tumbled after downgrading its second-quarter profit and sales outlook. |
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| | Tuesday newspaper round-up: Pensions scam, Turkey, EasyJet, ports | | A TV advertising campaign to warn the public about pension scams is being launched by UK regulators as new figures show that victims are losing an average of £91,000 each. The Financial Conduct Authority (FCA) and the Pensions Regulator have joined forces on the campaign to raise awareness of the most common tactics used by fraudsters. – Guardian The amount polluters pay for emitting carbon in the EU has hit a 10-year high, in a blow for coal power station owners and a boost for renewable energy. The price of carbon in the bloc’s emissions trading scheme reached €18 (£16) per tonne on Monday, triple the level a year ago. About 12,000 factories and power stations have to pay for every tonne of carbon they emit under the scheme, but for years an oversupply of permits has meant the cost has languished at about €5 per tonne. That is too low to spur companies to lower emissions. - Guardian The UK will have 9million more pensioners within the next 50 years, official figures have shown. The number of people aged over 65 will nearly double to more than 20million by 2066, according to the Office for National Statistics. The biggest increase will be in the over-85s age group, which will more than treble. - Telegraph President Erdogan’s reaction to Turkey’s financial crisis was likened to King Canute trying to hold back the tide amid criticism of the country’s inadequate response to the threat of a full-blown economic debacle. Turkey is the latest in a growing list of emerging market economies to be sent into a tailspin, spooking overseas markets and leading to pressure on policymakers to step in with a more robust response to halt contagion. - The Times The Easyjet billionaire Sir Stelios Haji-Ioannou is pursuing two Latin American airlines, accusing them of brand theft for using the word “easy”. Easygroup secured an order in the High Court last month calling on the Honduran airline Easy Sky and its Mexican parent company Global Air to desist from using the Easy Sky brand on the side of its aircraft or from using the brand as a domain name on the internet or social media.- The Times Liam Fox’s trade department has attempted to bury the hatchet with Britain’s ports and shipping industries with talks over new government funding. Ministers have started work on a five-year plan for the maritime sector, just weeks after its leaders attacked a “chronic lack of direct industry experience” at the heart of government. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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