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| | London open: Miners drag Footise lower amid renewed trade angst |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks got off to a shaky start on Thursday as miners felt the heat from the renewed trade tensions between the US and China, with the pound down ahead of the Bank of England meeting later in the day. The FTSE 100 fell 44.4 points or 0.6% to 7,608.49 after around half an hour of trading, its worst price in more than a fortnight, even though the pound was down almost 0.4% against the dollar to 1.3079 and 0.1% lower versus the euro at 1.1247. This was despite an interest rate hike being expected when the BoE's monetary policy committee announces its decision at midday, with the market looking for a 25 basis points increase to 0.75%, the first time the Bank Rate has topped 0.5% in a decade. The MPC will also publish its quarterly Inflation Report. The MPC vote split and forward guidance will be closely scrutinized, said market analyst Jasper Lawler at London Capital Group. "A close vote and a dovish Carney could see the pound move through $1.3090 towards $1.3045. Meanwhile a more convincing vote split could see the pound target $1.32, whether such a rally would have any staying power would depend on Friday’s pmi figures and Brexit headlines." With economic data not wholly supportive of a hike, CMC Market's Michael Hewson said one thing was certain, that whatever the bank does today it is likely to be criticised. "We could well see some sterling weakness in any case if the bank is overly dovish in its guidance, or its inflation and growth outlook, as that might suggest that the Bank is not entirely convinced that a rate rise is the right thing to do, but it is important to note that if the MPC fails to deliver today it is unlikely to have the opportunity to do so again much before March next year," Hewson added. The weight on the Footsie's neck was coming from the mining sector as investors continued to fret about the potential effect on demand from China from the White House's renewed trade tariff threats, including considering hiking import tariffs on $200bn of Chinese goods from 10% to a more confrontational 25%. Overnight, the trade spat had depressed the Dow Jones and S&P 500, though Apple's tasty results helped inspire a higher finish for the tech-heavy Nasdaq. The US Federal Reserve made no immediate policy changes but gave bullish signals that another hike is imminent, which boosted the dollar and supported 10 year US treasury yields at around 3%. "The expectation was for a slightly more hawkish tone from the Fed in their statement and that was exactly what was given," said Lawler. "No surprises and talk of a strong economy has cemented expectations of a rate rise in September, with a second hike before the year is out, being priced in at 64%." In company news, with Glencore, Antofagasta, Rio Tinto, Anglo American, Evraz, Fresnillo and BHP Billiton leading the fallers, iron ore producer Ferrexpo was the biggest loser as it reported stronger revenue but falling profits. Barclays rose initially as the bank's underlying performance beat market forecasts but the shares soon fell into the red as first-half profits fell due to £2bn paid out in litigation and conduct charges. Also moving lower after an initial spike was Aviva as first-half profit fell but the life insurer said conditions would improve and stuck to its target for a 5% rise in full year annual earnings per share. Corporate services provider Sanne was lower despite reporting that its core business lines had continued to see both good growth in revenues on a constant currency basis, as well as further momentum in securing new business. Outside the FTSE 350, estate agent Countrywide was another big faller as it announced plans to raise £140m from shareholders to strengthen its finances after losing more than £200m in the first half. On the upside, Rolls-Royce climbed on the back of improved guidance for full year profits and cash flow, though a £554m exceptional charge was unveiled due to problems with its Trent 1000 aeroplane engine. London Stock Exchange Group rose as it hiked its interim dividend increased 19% after growth across all business areas led to first half earnings per share increasing 25%. Business software provider Sage was higher as it said group organic revenue increased by 6.8% in the third quarter, delivering growth of 6.5% in the first nine months of the year as recurring revenue growth accelerated. Egyptian gold miner Centamin gave its shares some extra glister as EBITDA swelled 16% and full-year production guidance reiterated as revenues came in lower, as expected. Merlin Entertainments, the operator of attractions including Legoland, Alton Towers and Madame Tussauds, cast a spell over investors as profits declined 14% in its traditionally weaker half of the year but revenues grew 4.5% and it said it was on target to meet full year results. |
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| | US close: Gains in tech and lenders' shares prop up main indices | | Wall Street kicked-off the month of August on a mixed note following reports that the White House might be set to ratchet up the pressure on Beijing on trade. The news weighed on stocks, despite sharp gains for shares of Apple after the company's latest quarterly update and guidance, which buoyed all the main indices. Donald Trump was said to be preparing to raise proposed tariffs on another $200bn-worth of Chinese goods from 10% to 25% with an announcement possible in the next few days. While the tariffs were not set in stone, the rumours led to a swift response from China, where officials warned the White House against "bullying". Against that backdrop, the Dow Jones Industrials declined 0.32% or 81.37 points to 25,333.82, with the S&P 500 dipping 0.10% or 2.93 points to 2,813.36 but the Nasdaq moved ahead 0.46% to trade at 7,707.29. From a sector standpoint, the best performance was seen in the following industrial groups: Computer hardware (5.03%), Brewers (3.48%) and Technology hardware (2.13%). Lenders' shares also performed well, with the KBW index gaining 0.44% to 109.42 after after the Treasury announced its funding needs and auction calendar for the third quarter, including a shift towards more 10-year debt sales. That saw 10-year US Treasury notes trade on the back foot, pushing their yield higher by three basis points to 2.99% In the background meanwhile, policymakers at the US Federal Reserve stuck to the script, reiterating their stance from June for a gradual pace of rate hikes going forward, while keeping the target range for the Fed funds rate at 1.75%-2.0%, much to the chagrin of the minority of analysts who thought they might drop a dovish hint. Commenting on the Fed's decision, and on the more 'hawkish' side of views, Jasper Lawler at LCG Research said: "Overnight the Fed, as expected kept rates on hold. The expectation was for a slightly more hawkish tone from the Fed in their statement and that was exactly what was given. No surprises and talk of a strong economy has cemented expectations of a rate rise in September, with a second hike before the year is out, being priced in at 64%." On the corporate front, Apple offered support to all the main indices as its shares climbing 5.89%, taking the company's market value to roughly $973bn. On Tuesday evening, Apple had beat analysts' forecasts for its second quarter and guided higher for the next three months, even as both analysts and market watchers highlighted the potential for new products to act as a catalyst for the stock. Elsewhere in corporate news, Campbell Soup was up 1.08% after the Journal reported that activist investor Third Point had built a stake in the company worth over $300m. Sprint shares slipped even after the telecommunications carrier posted first-quarter earnings per share and sales of four cents and $8.13bn, respectively, managing to edge past analysts' forecasts on both counts. Humana added 1.26% after reporting adjusted earnings per share of $3.96 for the latest three-month stretch, easily beating the consensus estimate for $3.77. Shares of Tesla, which reported after the close of markets, jumped nearly 10% despite reports that an ex-employee accused of sabotage was countersuing the firm. Economic news was decidedly mixed on Wednesday, with consultancy ADP reporting that private-sector payrolls in the US expanded by 219,000 last month - well ahead of the consensus 180,000 figure. However, American manufacturers grew at a slower pace in July, held back by shortages of skilled labour, increased costs for raw materials as a result of tariffs and transportation issues. The Institute for Supply Management's index slipped to 58.1% from 60.2% - the lowest level in 12 months. |
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| | Wednesday newspaper round-up: Spending cuts, Brexit, Apple, deficits | Philip Hammond has told Whitehall to plan for another round of cuts before next year’s spending review, putting him on a collision course with some cabinet colleagues who want tax rises instead of austerity. The chancellor wants ministries without protected budgets, including public health, further education, local government and transport, to work with the Treasury in the summer to identify potential areas for savings. - The Times Apple is on the cusp of becoming the world’s first trillion-dollar company after smashing Wall Street forecasts with a leap in profits. The US tech giant unveiled quarterly results revealing that iPhone sales had jumped to 41.3m, a slight increase on last year. However, total iPhone revenues increased significantly, suggesting the company has lured its customers into paying more for its devices even in a slowing smartphone market. - Telegraph Theresa May is cutting short her summer break in Italy to meet the French president, Emmanuel Macron, to try to persuade him to soften his approach to Brexit. The prime minister will become the first foreign leader to meet Macron at his summer home, Fort de Brégançon, in the south of France on Friday in an attempt to convince him to sign him up to her Chequers deal. - Guardian Theresa May will be forced to offer further politically difficult concessions to the EU to minimise damage to the economy caused by Brexit, said one of the UK’s leading economic thinktanks. The National Institute for Economic and Social Research (NIESR) said Britain was gripped by an epidemic of uncertainty about the terms of its EU departure, and warned that the government would have to pay a bigger financial contribution or accept higher migration to get the deal it wanted. - Guardian The Bank of England should raise interest rates tomorrow to combat inflation - but should also be prepared to cut them again if the economy needs more support in the autumn, NIESR also warned. Mark Carney and the rest of the Monetary Policy Committee have a tricky decision to make as they assess the need for higher rates at a time of economic and political uncertainty. - Telegraph MPs and business groups have called for the law to be changed to give small companies greater protection after the City regulator declined to take any disciplinary action against Royal Bank of Scotland for systematically mistreating thousands of businesses. A cross-party group warned that banks were effectively “untouchable” after the Financial Conduct Authority concluded that it did not have the powers to tackle RBS over the scandal at its global restructuring group. - The Times The US fiscal deficit is ballooning at an alarming pace as Donald Trump's tax cuts eviscerate federal revenues, forcing Washington to borrow epic sums on the global bond market at an increasingly delicate juncture. The US Treasury revealed this week that it expects to issue $769bn (£590bn) of new debt in the second half of the year, far higher than expected just months ago. - Telegraph Savers have pulled a record £2.3 billion out of their pension pots in the space of three months, raising fears that George Osborne’s reforms could leave people without enough cash for retirement. Under the terms of the pension freedoms introduced by the former chancellor in 2015, anyone aged over 55 can take out as much cash as they wish from their retirement pot and reinvest it, put it in a savings account or spend it. - The Times Lenders are to help thousands of “mortgage prisoners” who have been stuck with loans with high interest rates since the financial crisis and have been unable to secure a better deal. An estimated 150,000 homeowners who took out mortgages before strict affordability criteria were introduced in 2014 are now stuck paying their lender’s standard variable rate of interest, which can be up to 5 per cent. - The Times Greece has been urged to cut taxes and increase government spending amid claims years of austerity risk undermining its long-term economic prospects. In a stark turnaround the debt-laden government in Athens has achieved an unexpectedly large primary budget surplus of 4.2pc in 2017 and is on course for another of 3.5pc this year. But the International Monetary Fund said this risks sucking too much money out of the economy, paying down debts at an excessive cost to workers, businesses and those in poverty. - Telegraph The Gatwick Express rail service, run by Go-Ahead Group's Govia Thameslink joint venture, can no longer claim it can get passengers from the airport to London “in just 30 minutes” after the advertising watchdog found that more than a fifth of its services are delayed. The Advertising Standards Authority received complaints about a poster campaign that had the strapline “Glide out of Gatwick”, and a website promoting the journey from Gatwick airport to Victoria station, London. - Guardian Facebook has revealed a suspected plot to meddle in November’s US midterm elections that echoes Russian efforts to subvert American democracy in 2016. The technology and publishing company said that it had identified several “inauthentic” accounts and pages that were linked to attempts to organise dozens of politically divisive rallies and other events across the US. - The Times Water companies have promised to do more to fix leaks this summer and cut the three billion litres they lose each day. Chief executives and directors of eight companies that have missed their targets for repairing leaks or have very high leakage rates met Michael Gove, the environment secretary, yesterday. - The Times Britain’s biggest carmaker has blamed Chinese manoeuvres on trade, uncertainty from Brexit and a backlash against diesel engines after slumping to a £264 million pre-tax loss in the second quarter. The slide into the red represents the first quarterly loss for Jaguar Land Rover in three years. - The Times Ryanair boss Michael O’Leary waived his hefty yearly bonus for 2017-2018 following the flight cancellations crisis that gripped the Irish carrier last year. In the low-fares airline’s annual report released on Monday, Europe’s largest low-cost carrier said that despite record profits in the financial year 2017-2018, chief executive O’Leary decided not to take the bonus he was entitled to. - Telegraph The housing market in London’s most expensive postcodes is beginning to rebound after Knight Frank reported a sharp rise in interested buyers in June. The upmarket estate agent said that the number of new prospective buyers in prime central London was 31 per cent higher in June than the same month last year. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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