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| | London open: Stocks edge up as US-China talks eyed, Qatar bails out Turkey |  | | 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 Thursday as the mood lifted after Qatar came to a wobbling Turkey's aid with a hefty investment pledge and news emerged of high level trade talks between US and China. At 0830 BST, the FTSE 100 was up 0.2% to 7,513.05, while the pound was up 0.1% against the dollar at 1.2707 and 0.1% lower versus the euro at 1.1178. Following a meeting with Turkish President Erdogan in Ankara on Wednesday, Qatar's Emir Sheikh Tamim bin Hamad bin Al Thani pledged to invest $15bm in the country's financial markets and banks. The move follows Turkey's recent support of Qatar following a stand-off with Saudi Arabia. Sheikh Tamim tweeted: "We stand by our brothers in Turkey that have stood with the issues of the Muslim world and with Qatar. "Today, in the framework of important negotiations with his excellency President Erdogan in Ankara, we announced a package of deposits and investment projects worth $15billion in this country, which has a productive, strong and robust economy." Neil Wilson, chief market analyst at Markets.com, noted that the Turkish lira has pushed below the 6 handle against the dollar to trade at its best level since Friday. Wilson said that while Qatar has emerged as a white knight, coming to Turkey's rescue and easing concerns, "in the wider market the push back against the dollar’s rally seems to be the result of news China and the US will hold high level trade talks later this month". China's Ministry of Commerce said on Thursday that a Chinese delegation led by vice commerce minister Wang Shouwen will travel to the US for talks in late August. The talks, which are at the invitation of the US, will be held with US Under Secretary of Treasury for International Affairs, David Malpass. On the data front, all eyes will be on the release of UK retail sales figures for July at 0930 BST, which are expected to have risen 0.2% month-on-month after unexpectedly falling 0.5% in June. "Whilst hopes had been high that the World Cup and hot weather would have boosted beer and BBQ sales in June, the lift didn’t materialise," said London Capital Group analyst Jasper Lawler. "July was the knockout phase and although England did well making it through to the semis, this is unlikely to have translated into strong retail sales. The British Retail Consortium retail sales figures painted a similar picture with concerns growing for the outlook." In corporate news, On the Beach rallied as it announced the acquisition of Classic Collection Holidays for £20m and said it continues to expect adjusted pre-tax profit for the year to be in line with management's expectations. Copper miner Kaz Minerals surged as it reported a rise in first-half profit, while Marshalls racked up healthy gains as it said interim profits rose 12% despite the 'Beast from the East' hitting sales by £9m. Bank of Georgia gained ground as it said first-half profit rose 11.2% as is banking and investment businesses performed well. Going the other way, B&Q owner Kingfisher fell despite saying that sales in the second quarter were boosted by the warm weather. Auto Trader slipped after entering into an agreement to create a joint venture with Cox Automotive UK, to provide a leading digital marketplace for wholesale vehicles in the UK. Oil services firm John Wood Group was in the red after announcing the sale of its 50% stake in the Voreas wind farm joint venture in Italy for $27m in cash, while gambling company Rank slumped as it posted a 41% drop in full-year pre-tax profit. On the broker note front, AstraZeneca and Petrofac were both downgraded to 'hold' at Jefferies, while Informa was cut to 'equalweight' at Morgan Stanley. Esure was upgraded to 'neutral' by UBS while Hikma Pharmaceuticals was lifted to 'add' from 'hold' at Peel Hunt. |
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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 red after tsunami of data | | Wall Street finished well into the red on Wednesday, after investors were kept busy wading through a slew of economic data, while also keeping a keen eye developments in the US-Turkey diplomatic standoff. The Dow Jones Industrial Average ended the session down 0.54% at 25,162.41, the S&P 500 was off 0.76% at 2,818.37, and the Nasdaq 100 slid 1.24% to 7,354.66. "The US index couldn't withstand the onslaught of negativity brewed during the European session,” said said SpreadEx analyst Connor Campbell earlier. “The Dow is now in serious danger of dropping below 25,000, something that hasn’t happened in almost 4 weeks.” The Turkish lira was gaining ground against the dollar after the country announced that it will implement retaliatory tariffs on a range of US products including automobiles, tobacco and alcohol. CMC Markets analyst Michael Hewson said the move was "unlikely to be well received by the US administration as they attempt to secure the release of their citizen.” “President Trump's reaction could well come by way of tweet later today,” Hewson noted. The two countries are locked in a spat over US pastor Andrew Brunson who was arrested almost two years ago and accused of plotting against the Turkish government. "Turkish President Erdogan appears to be playing a dangerous game if he thinks he can come out on top in this spat with the US. “Notwithstanding the fact that tariffs are always inflationary they will only increase the concerns of Turkish business who want the central bank to start getting to grips with the runaway inflation in the Turkish economy," he added. On a data-heavy day, the NY Empire State manufacturing index ticked up in August as business conditions in the area unexpectedly picked up, according to a survey conducted by the New York Fed. The Empire State manufacturing index rose to 25.6 from 22.6 in July, beating expectations for a reading of 20.0. It found that 42% of respondents reported an improvement in conditions over the month while 16% reported a worsening. Retail sales in the US rose a tad more strongly than expected in July, boosted by sales at department stores and for clothing. Total US retail sales volumes jumped by 0.5% month-on-month in July to reach $507.53bn, according to the Department of Commerce, much better than the 0.1% rise that economists had penciled-in, but was offset by a downwards revision of three tenths of a percentage point to June's reading, which was marked down to 0.2%. US industrial production edged only a tad higher last month, although the output of business equipment remained strong as mining activity cooled a tad. Total production increased by 0.1% month-on-month, according to the Federal Reserve and was up by 4.2% in comparison to a year ago, short of the 0.4% rise for July which economists had been expecting. Elsewhere, US business inventories barely rose in June and the inventory-to-sales ratio fell to a three and a half year low, suggesting businesses would need to ramp up the accumulation of stock, which would, in turn, boost economic growth in the third quarter. The Commerce Department said that business inventories had edged up 0.1% after a downwardly revised 0.3% increase in May. Lastly, the National Association of Home Builders revealed a modest deterioration in US homebuilder confidence throughout August. The NAHB/Wells Fargo Housing Market Index slipped to 67 from the 68 recorded a month earlier, matching estimates by economists. "The good news is the builders continue to report strong demand for new housing, fueled by steady job and income growth along with rising household formations," said NAHB chairman Randy Noel. In corporate news, electric car maker Tesla was down 2.57% following a Bloomberg report that chief executive Elon Musk had not officially hired Goldman Sachs as its financial adviser when he tweeted his plans to take the company private last week and said he had secured deal funding. Elsewhere, MoviePass owner Helios and Matheson Analytics recovered much of its earlier losses of more than 21%, to close 4% below the waterline after it reported a wider loss for the second quarter. Shares in department store Macy's fell 16.05% despite posting same-store sales that beat estimates and boosting its earnings and sales guidance. Macy's drop, its biggest in over a year, was seen by some as yet another indicator that retailers were still facing much scrutiny on Wall Street as consumers flock to e-commerce. |
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| | Thursday newspaper round-up: Brexit, railways, PwC, RBS, Uber | | Road haulage firms have accused Chris Grayling, the transport secretary, of failing to put in place any credible contingency plans for a 'no-deal' Brexit scenario, as well as "knowing nothing" about their industry. Speaking to the Telegraph, industry leaders said they were left astonished in recent meetings with Mr Grayling where he appeared to be unaware that British lorry drivers would not be able to carry goods on the continent if the UK crashes out of the bloc. - Telegraph European officials have poured cold water on hopes that Theresa May could negotiate Brexit with other EU leaders in September to break the deadlock over Britain’s departure. Diplomatic sources have rejected suggestions that May could hold direct talks on Brexit with the 27 other EU heads of state and government at a summit in Salzburg next month. - Guardian Railway companies have called on the government to stop micro-managing the industry and set up an arm’s-length body, similar to the disbanded Strategic Railway Authority that supervised train operators. After rows over rising fares, lack of trust in the industry and failing timetable changes, the head of the industry’s top trade organisation, the Rail Delivery Group, called for a fundamental overhaul of the way the railways are run and regulated. - The Times Elizabeth Warren, the Massachusetts senator tipped as a Democratic presidential candidate in 2020, has unveiled new plans for legislation aimed at reining in big corporations, redistributing wealth, and giving workers and local communities a bigger say. Warren will introduce the bill dubbed the Accountable Capitalism Act on Wednesday. The proposal aims to alter a model she says has caused corporations to chase profits for shareholders to the detriment of workers. - Guardian The senior auditor overseeing BHS before it went bust bragged of his relationship with Sir Philip Green while failing to flag up major risks in the firm’s accounts, a damning report has found. PwC partner Steve Denison, 53, signed off BHS as a going concern in March 2015 after just two hours of work on the audit. - Mail Royal Bank of Scotland was forced to put up posters in all its branches yesterday revealing that it was bottom of a new league table for customer service. The state-controlled bank came joint last with CYBG's Clydesdale Bank for overall customer service in an independent poll of 16 banks and building societies ordered by the Competition and Markets Authority. First Direct, the phone-based and online banking service, came top, followed by Metro Bank and the two biggest building societies, Nationwide and Coventry. - The Times Philip Day is in talks with landlords to take over several House of Fraser stores in a move that could infuriate the chain’s new owner, Sports Direct. The retail billionaire, who was a losing bidder in the battle for control of the department stores group, is talking to between 10 and 15 landlords about leasing the stores and running them under his Days fascia. - The Times Cuadrilla has received a formal warning from the Environment Agency after the regulator found that the fracking firm broke the law over the storage of waste from its Lancashire shale gas site. In a letter published yesterday, the regulator said it believed that Cuadrilla’s subsidiary had “committed . . . offences” by contravening the Environmental Protection Act 1990 and Hazardous Waste Regulations 2005. - The Times Warren Buffett’s Berkshire Hathaway has continued to build its stake in Apple, filings show. The Wall Street titan’s firm bought 12.4million shares in the second quarter, taking its holding to nearly 252million. It means it now owns about 5.2 per cent of the iPhone maker, which is the world’s most valuable company. - Mail Uber's losses widened in its second quarter as it poured cash into new services, such as food delivery and autonomous car technology, and aggressively expanded its core ride-hailing services overseas. The San Francisco-based company reported adjusted losses before interest, tax, depreciation and amortisation of $404m (£318m) for the three months to the end of June, compared to $304m in the first quarter. - Telegraph Fat Face said its sales have continued to grow over the past year, as the retailer brushed off the tough trading conditions on the high street which have weighed on its rivals. The company’s annual results showed increasing profits, as it expanded its US presence by opening five new stores. - Telegraph Crisis-hit bank TSB is recruiting hundreds of additional staff to tackle a backlog of complaints caused by its IT meltdown earlier this year. The lender said last month it had a team of 260 people handling complaints, but this could reach as many as 500 in the coming months, a source close to the bank said. - Telegraph The American drinks group behind Corona beer, Svedka vodka and Robert Mondavi wine is developing a taste for cannabis. Constellation Brands announced that it would be spending C$5.1 billion (£3.1 billion) to raise its stake in Canopy Growth Corporation, a Canadian supplier of medicinal cannabis products, from 9.9 per cent to 38 per cent. - The Times The chief executive of the Financial Times has been forced to hand back a £510,000 pay rise following an outcry among journalists, who are now threatening to ballot for strike action. John Ridding said he would return the money minus tax of around £230,000 and agree a new pay deal with Nikkei, the Japanese owner of the Financial Times. - Telegraph It is the airport that keeps trying to take off. Now Manston, an airfield on the Isle of Thanet, has been given the thumbs up by planning officials. An application to upgrade the airfield in Kent and reopen it primarily as a cargo airport was accepted by the government’s Planning Inspectorate. - The Times A trip by Boris Johnson to Afghanistan on the day of the government’s key vote on Heathrow expansion cost taxpayers nearly £20,000, official figures have revealed. The Foreign Office, in response to a freedom of information request from Scottish website The Ferret, said the cost of flights and visas for the three members of staff who accompanied the then foreign secretary on his trip was £19,366. - Guardian Would you buy a Chinese car in the next two years? It's a question British motorists will soon have to ask themselves with the first Chinese brand arriving in the country in 2020. And industry insiders have predicted that more Chinese-made motors will be arriving in Europe soon, with the country building more cars than any other in recent years. - Mail A divorcee seeking a wealthy boyfriend has won £13,100 in damages from an elite dating agency after it failed to introduce her to the match she hoped would be “possibly the man of my dreams, the father of my child”. Tereza Burki had sued Seventy Thirty, based in Knightsbridge, central London, for deceit and misrepresentation. On Wednesday the high court ruled it had misled the businesswoman about its “exclusive” membership. - Guardian | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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