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| | London open: Stocks flat as miners weigh; UK inflation data in focus |  | | 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 Wednesday as investors eyed the latest UK inflation data for July, with worries about Turkey receding for now as the lira regained some poise. At 0840 BST, the FTSE 100 was flat at 7,613.17, while the pound was unchanged against the dollar at 1.2727 and 0.1% higher versus the euro at 1.1224 ahead of the release of consumer, producer and retail price indices at 0930 BST. Although the mood was lifted by a strengthening Turkish lira - which rose against the dollar after the country announced that it will implement retaliatory tariffs on some US products - weakness in the mining sector weighed, with BHP, Glencore, Antofagasta, Anglo American and Rio Tinto all in the red amid weak copper prices. "Risk on sentiment returned and traders were once again in the mood for buying overnight," said London Capital Group analyst Jasper Lawler. "As the lira moved higher, Wall Street rebounded snapping a four-day losing streak on the Dow. "Whilst the markets have regained their cool towards Turkey for the time being, it is highly unlikely that the whole crises can now be swept under the carpet. These confidence issues are rarely a one or two-day event, never to raise their head again. Not only is it unlikely that hostilities between Turkey and the US will simmer down quickly, but fundamentals are stacked against emerging markets right now as they struggle in a rising US interest rates climate." As far as the UK data is concerned, the consumer price index is expected to print at 2.5% year on year in July, up slightly from June’s 2.4%, while core CPI is expected to remain constant at 1.9%. In corporate news, insurer Admiral topped the FTSE 100 as it racked up strong gains as its first-half pre-tax profit beat expectations. GlaxoSmithKline was not far behind as it reported positive results from clinical trials of its once-monthly injectable treatment for HIV, while generic pharmaceuticals maker Hikma Pharmaceuticals surged after lifting its full-year revenue forecasts for its top two businesses. RBS was on the front foot as it confirmed it will pay an interim dividend of 2p a share on 12 October after reaching a final settlement with the US Department of Justice. Europe focused property investment company CLS Holdings ticked higher as it said interim EPRA NAV increased 3.0% to 294.7p a share mainly through EPRA earnings and revaluation uplifts. FTSE 250 infrastructure group Balfour Beatty rallied after reporting a rise in first-half profit as its turnaround programme bears fruit, hiking its interim dividend by 33% and saying it was confident of meeting its full-year expectations. Hochschild Mining nudged higher as it raised its interim dividend by 42% following a solid first half. On the broker note front, Mitchells & Butlers and Greene King fizzed higher after upgrades at HSBC, while Esure was boosted to 'hold’ by Berenberg. |
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| | eToro Daily Update 15/08/2018 | Today’s highlights: Wall Street recovers while Asia dips - Turkish Lira recovery boosts Wall Street: After reaching an all-time low, the Turkish Lira bounced back yesterday, rising approx. 8%. In reaction, Wall Street finished higher, as the Dow Jones, Nasdaq and S&P 500 all closed in the green. Several stocks reached all-time highs yesterday, including Square, CSX and Sysco.
- Significant losses seen in Asia: Leading indices in the East were seen lower this morning. At the time of writing, the China50 index was down more than 2%, the Hang Seng lost more than 1.6% and the Nikkei was down about 0.8%.
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| | US close: Markets finish green as Turkey crisis cools somewhat | | Wall Street finished on a positive note on Tuesday, after investors cheered an easing to Turkey's woes, after the lira stabilised following a week of heavy losses. The Dow Jones Industrial Average ended up 0.45% at 25,299.92, the S&P 500 added 0.64% to 2,839.96, and the Nasdaq 100 rose 0.62% to 7,447.17. Although the mood in financial markets was a lot calmer than it had been of late, worries about the potential for contagion from the Turkish crisis remained, with investors keeping a close eye on any related headlines. Turkish President Erdogan said earlier that the country would boycott electronic products from the US, which has imposed sanctions and lifted tariffs on Turkey in a dispute over the detention of a US pastor. Speaking at celebrations of the 17th anniversary of his Justice and Development Party, Erdogan said: "We will boycott America's electronic products. If they have the iPhone, there is also Samsung on the other side. “We also have our own Venus Vestel. We will adopt these measures.” Neil Wilson, chief market analyst at Markets.com, said he could not imagine Apple would be “too worried” about the development. “It nevertheless points to a worrying deterioration in relations between Ankara and Washington. Erdogan doubling down like this won’t help market sentiment.” On the macroeconomic front, the National Federation of Independent Business' index of small business sentiment and activity rose to a cycle high of 107.9 in July from 107.2 in June, beating expectations for a reading of 106.8. Pantheon Macroeconomics economist Ian Shepherdson said the index was lifted by modest but broad gains in economic expectations, sales expectations, "good time to expand", and hiring plans. "The index is consistent with solid growth in business capex, but no acceleration. “Finally, selling prices rose two points, but this follows a drop in June; the trend appears to have levelled off and is consistent with little change in core CPI inflation over the next year," he said. In corporate news, Home Depot lost 0.54% despite releasing better-than-expected second-quarter numbers and lifting its full-year outlook. Advance Auto Parts leapt 7.79% after its second-quarter earnings and revenue topped expectations, while Tapestry shot up 12.01% after the bell as the luxury fashion company's fourth-quarter earnings impressed. Elsewhere, electric car maker Tesla dropped 2.46% after chief executive Elon Musk said that Goldman Sachs and Silver Lake would assist him in taking the company private. |
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| | Wednesday newspaper round-up: CEO pay, rail fares, Intel, House of Fraser | | Pay for chief executives at Britain’s biggest listed companies rose more than six times faster than wages in the wider workforce last year as the average boss’s pay packet hit £3.9m. Chief executive pay at businesses on the FTSE 100 index surged 11% on a median basis in 2017 while average worker earnings failed to keep pace with inflation, rising just 1.7%, according to the High Pay Centre’s annual review of top pay. – Guardian The transport secretary has opened the way for smaller annual rail fare increases by suggesting they could be pegged to a lower measure of inflation - but only if unions accept the same measure for staff pay. Chris Grayling made the suggestion in a letter to unions and the Rail Delivery Group (RDG), the industry body representing train operators and Network Rail. It came a day before the announcement of what was expected to be another round of high annual fare rises. - Guardian Intel has revealed another potential security flaw in its products which could expose sensitive data, the third time it has had to disclose a vulnerability in its systems since the start of the year. Intel said the flaw in its SGX technology, nicknamed Foreshadow, had been discovered by separate groups of researchers, and could be exploited to access data from a chip's memory. - Telegraph Employees at a key warehouse supplying products to House of Fraser stores and online shoppers have downed tools in a wrangle over delivery payment terms with Mike Ashley’s Sports Direct. The Times understands that workers at the chain’s distribution centre in Wellingborough have been told by XPO Logistics, which operates the site, to stop accepting goods and processing deliveries, leading to product shortages in some House of Fraser outlets. - The Times Scores of landlords are deserting the buy-to-let market after tax changes and tougher borrowing conditions that are now “really starting to bite”, experts have warned. The number of buy-to-let mortgages completed in June dropped by just under a fifth compared with a year earlier according to UK Finance, a trade association. -The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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