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| | London open: Stocks nudge lower as dollar weakens on Trump comments |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks nudged lower in early trade on Tuesday as investors digested US President Trump’s latest attack on the Fed and looked ahead to US-China trade talks. At 0820 BST, the FTSE 100 was down 0.1% to 7,582.31, while the pound was up 0.2% against the dollar at 1.2826 and down 0.1% versus the euro to 1.1139. The US dollar weakened overnight after Trump criticised the Federal Reserve again for lifting interest rates. In an interview with Reuters, Trump said the Fed should do "what’s good for the country". Accendo Markets analyst Artjom Hatsaturjants said: "The Fed is independent in setting monetary policy and markets were spooked by yet another comment from Donald Trump criticising higher interest rates (his property magnate background seeping through?). "GBP strength this morning is pressuring the FTSE, though there is silver lining to this cloud, as the corresponding Greenback weakness is proving beneficial to USD-denominated commodities, as oil, copper and gold prices are higher this morning." Trump also accused Europe and China of manipulating their currencies again. The US President told Reuters that China was doing so to make up for having to pay US tariffs. He also said he does not expect much from the US-China trade talks and has no time frame for ending the dispute. As far as the UK is concerned, Jeremy Hunt will set off on his first trip to the US as foreign secretary on Tuesday. He is due to make a speech at a Q&A in Washington during which he is expected to warn Brussels that a failure to strike a Brexit deal would destabilise the international order and urge President Trump to impose wider sanctions against Russia. In addition, international trade secretary Liam Fox will launch Britain’s new export strategy, with a speech and Q&A at the Institute of Directors in London. On the data front, public sector net borrowing figures are due at 0930 BST and the CBI industrial trends survey is at 1100 BST. In corporate news, BHP Billiton was in the red even as it declared a record final dividend as higher prices and volumes sent the miner’s underlying annual profit up by a third. Persimmon advanced after it reported a 13% increase in profits from the first half of the year as the housebuilder sold 4% more homes and the average selling price increased 1% to £215,813. AstraZeneca ticked up as it announced that the Japanese Ministry of Health, Labour and Welfare has approved 'Tagrisso’ (osimertinib) for the first-line treatment of patients with inoperable or recurrent epidermal growth factor receptor mutation-positive non-small cell lung cancer, following priority review. Wood Group nudged higher as it posted a loss for the first six months of the year but a rise in revenues. Polymetal rallied as it reported a 46% jump in first-half net income, while Charter Court Financial Services gained ground after it posted a rise in first-half profit as loans roses and the company announced an inaugural dividend. In broker note action, Aggreko was upgraded to 'buy’ at HSBC, while Weir was lifted to 'outperform’ at Credit Suisse. Bodycote was downgraded to 'sell’ at Panmure Gordon. |
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| | eToro Daily Update 21/08/2018 | Today’s highlights - Crypto markets finding support: Traders trying to pinpoint the bottom of this bear market have opened the week with a smile, as Bitcoin remained above the $6300 support – now trades at around $6450. Ethereum is also trying to re-establish the $300 mark as key support, after falling from it a week ago.
- New Crypto on eToro – IOTA: Launched in 2015, the IOTA network and IOTA wallet quickly piqued the curiosity of several academic institutions and the cryptocurrency community. Moreover, the company was able to secure strategic partnerships with well-known brands, such as German automotive giant Volkswagen, with which it is developing an IoT solution for connected cars.
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| | US close: Street finishes green ahead of fresh talks with China | | Wall Street finished its Monday session in the green, as investors grew optimistic ahead of US-China trade talks later in the week. The Dow Jones Industrial Average added 0.35% to 25,758.69, the S&P 500 was ahead 0.24% at 2,857.05, and the Nasdaq Composite finished 0.06% firmer at 7,821.01. “Markets often find it difficult to focus on one topic, and thus with the focus now shifting away from Turkey and towards China, it comes as no surprise that the pessimism of last week is fading into obscurity,” said IG market analyst Joshua Mahony earlier. However, Mahony added that this newfound optimism was likely to be "ill-founded", noting that all the previous meetings between the two nations had shown "precious few signs of anything that looks like a breakthrough." Elsewhere, Turkey was also in focus after Standard & Poor's and Moody's downgraded the country's credit rating further into junk territory on Friday. CMC Markets analyst Michael Hewson said that while the move was largely expected, it could prompt a similar downgrade to Turkey's banks in the coming days, which were already struggling with the measures taken by Turkey's authorities to support the lira. "By making the currency more difficult to trade and limiting the ability of both domestic and overseas banks to hedge their currency exposure, the decline in the currency could well regain its pace in the coming days, after last week's late rebound," Hewson said. On the corporate front, PepsiCo reversed earlier gains to ended 0.1% lower, after the soft drinks and snacks giant agreed to buy Israel-based SodaStream for $3.2bn. SodaStream - which makes home fizzy drinks makers - saw its shares climb 9.44% on the news. Meanwhile, Tyson Foods clawed back from opening losses to add 1.6% after agreeing to buy Keystone Foods for $2.16bn. Cosmetics conglomerate Estee Lauder Companies was ahead 3.4% higher after turning in a set of fourth-quarter sales that beat analysts' expectations. Electric car maker Tesla was 0.96% higher, having earlier dipped following a report that Saudi Arabia's sovereign wealth fund, PIF, was in talks to invest in one of the company's rivals, Lucid Motors. |
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| | Tuesday newspaper round-up: Jeremy Hunt, hospitals, parcel delivery, Musk | | The British foreign secretary, Jeremy Hunt, is to urge Donald Trump to face down Moscow’s threat to western values by imposing wider economic sanctions against Russia and agreeing new rules to protect the legitimacy of democratic elections. In a speech in Washington on Tuesday during his first visit since taking over from Boris Johnson as the UK’s most senior diplomat, Hunt will specifically call for tighter regulation of online political advertising and new measures to prevent cyber attacks on electoral machinery. - Guardian Hospitals face running out of drugs in a chaotic no-deal Brexit, the group that represents NHS hospital and ambulance service has privately warned. Poor co-ordination by ministers and health service bosses means there has been a failure to prepare for the UK to be left without a Brexit deal, a leaked letter from NHS Providers said. - Guardian Communications regulator Ofcom has started an investigation into potential cartel activity in the business parcel delivery sector. The watchdog said it was investigating suspected market sharing and customer allocation deals in the industry, which could result in “prevention, restriction or distortion of competition in the UK and/or the European Union”. - Telegraph Apple is reportedly planning to launch a new, redesigned MacBook Air, answering fans' demands for a new low-cost laptop more than three years after the last significant update. The company is likely to unveil the new model at an event in October, separate to its annual September launch of new iPhones, according to Bloomberg. - Telegraph Mounting concern for Elon Musk’s health and his ability to follow through with a pledge to take Tesla private sent the company’s shares tumbling below $300 yesterday. The stock fell by as much as 6.7 per cent to a three-month low of $285 in morning trading in New York, some way off the $420-a-share take-private offer for which Mr Musk, the company’s co-founder and chief executive, claimed to have secured funding this month. They recovered later to $298.96, down 2.1 per cent. - The Times Britons owe a record £19 billion to the taxman and to the providers of household utilities such as water, electricity and gas, according to Citizens Advice. The charity is accusing the government of being indifferent to the debt problem, which it says is more destructive than missing a credit card payment. In a report called Hidden Debts, based on its own research, Citizens Advice warns that people face having essential services cut off if they fall behind with bills or even face prison if they get behind on council tax. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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