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| | London open: Stocks edge lower ahead of US-China trade talks; Trump in the spotlight |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks edged lower in early trade on Wednesday as investors eyed US-China trade talks, with US President Trump in focus after his longtime lawyer pleaded guilty to campaign finance violations. At 0835 BST, the FTSE 100 was down 0.3% to 7,539.93, while the pound was flat against the dollar and the euro at 1.2896 and 1.1153. The US-China trade talks are due to kick off in Washington later on Wednesday, with delegations from Beijing set to meet with US officials to try to find a resolution to the escalating tariff war between the two countries. Trump said in an interview with Reuters on Monday that he didn't expect much of the talks and that there was no time frame for an end to the trade war. Meanwhile, concerns were growing that Trump might be vulnerable to impeachment in the coming months after his former lawyer, Michael Cohen, pleaded guilty to violating campaign finance laws for the purpose of influencing the election and implicated the president, saying that he told him to arrange payments to silence women alleged to have had affairs with him. In addition, Trump's former campaign chairman, Paul Manafort, was found guilty on eight fraud charges. He was convicted of five counts of tax fraud, two counts of bank fraud and one count of failure to report a foreign bank account. Neil Wilson, chief market analyst at Markets.com said: "Trump’s used to stormy sessions but this was probably the worst day yet for his presidency. "This looks to have introduced an element of political risk to the USD which may be weighing on sentiment. The dollar index has retreated to just above the 95 handle having brushed 97 in recent days. Combined with the president’s swipe at the Fed, there are now some clear headwinds for the dollar bulls, but ultimately tariffs and yield differentials should support USD. US-China talks this week are not expected to produce much, but we could see it result in a date for a Trump-Jinping meeting." There are no major UK data releases due, but foreign secretary Jeremy Hunt is still in Washington and due to meet with Trump’s chief of staff John Kelly, son-in-law Jared Kushner and Secretary of State Mike Pompeo. In corporate news, Intertek slipped as it replaced chief financial officer Ed Leigh with group financial controller Ross McCluskey in a management shakeup at the product testing company. Diploma was a little weaker after announcing the acquisition of St Albans-based FS Cables for £18m in cash, in a deal that is expected to be immediately earnings-enhancing. Elementis was little changed after the speciality chemicals group said it had agreed to sell a site in Jersey City for $17m (13m). Miners retreated, with Antofagasta, Anglo American and Glencore all lower as copper prices fell. On the upside, builders' merchant Grafton Group rallied after it posted a 19% jump in first-half pre-tax profit to £90m, while transport operator Go-Ahead nudged up as it announced that chief financial officer Patrick Butcher would be leaving to join Capita as CFO there. On the broker note front, Wood Group was upgraded to 'equal-weight' at Morgan Stanley, while Lancashire and Provident Financial were upgraded to 'hold' at Berenberg and Rio Tinto was lifted to 'hold' at Liberum. |
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| | eToro Daily Update 22/08/2018 | Today’s highlights: Will the S&P 500 reach a new all-time high? - Bitcoin trading range tightens: Bitcoin has been trading in the past few days in tighter and tighter spreads – indicating it could break the stalemate in either direction any day now. Yesterday, Bitcoin failed to break resistance at $6500 and Ethereum failed to break $300, which caused a bearish retrace for all coins.
- Asia opens positive: The Chinese index – China50 has gained 1.95%, the Hang Seng is up 0.63% and the Nikkei is also by 0.08%.
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| | US close: Markets green as Trump undermines dollar | | Wall Street trading finished in the green on Tuesday, despite Donald Trump's best efforts to talk down the dollar earlier in the day. The Dow Jones Industrial Average added 0.25% to 25,822.29, the S&P 500 rose 0.21% to 2,862.96, and the Nasdaq 100 was 0.25% higher at 7,397.23. Earlier, the Dow climbed 80 points after the bell, knocking on the door of 25,850 - 900 points away from January’s all-time high. However, as SpreadEx's Connor Campbell pointed out, the index "really needs" the week’s US-China talks to go the right way, or "it could find its rise coming to an abrupt halt". 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". "Of course it helps that the dollar was dealt a Donald overnight, a Donald being any kind of blow stemming from President Trump’s irascible nature,” Campbell said. “With the POTUS complaining about the Federal Reserve’s recently rate-rising ways - remember, the central bank is still on track for 2 more hikes in 2018 - the greenback took a tumble, plunging 0.7% against the pound and 0.5% against the euro. “That left cable near $1.287 and the single currency above $1.15, both near fortnightly highs," said Campbell. Trump also accused Europe and China of manipulating their currencies again. The US President claimed China was doing so to make up for having to pay US tariffs. He also said he did not expect much from the US-China trade talks later this week and that he has no time frame for ending the dispute. “Two problems beset investors this morning, and both (unsurprisingly) emanate from the White House,” said Chris Beauchamp, chief market analyst at IG. “First, Trump's interview with Reuters regarding his low expectations for the China talks, while a sensible position to take ahead of the talks, seems to suggest the president is happy to keep this pot boiling over for the foreseeable future, applying pressure to a Chinese government that is trying to battle tariff wars and manage a fundamental realignment of the national economy.” In corporate news, Kohl's reversed earlier losses to rise 1.71% after the department store chain's second-quarter earnings beating profit and sales expectations, while food manufacturer JM Smucker lost 6.62% after its quarterly sales missed expectations. Coty tumbled 7.02% after the beauty products maker's quarterly sales fell short of estimates. Elsewhere, medical device company Medtronic picked up 5.7% after it reported a 6% jump in quarterly profit, while housebuilder Toll Brothers surged 13.82% after it lifted its revenue forecast following better-than-expected quarterly numbers. |
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| | Wednesday newspaper round-up: Brexit, Superdrug, Sainsbury/Asda, Slack | | Britain would face labour shortages in London and the south-east from a no-deal Brexit, according to a report calling for the government to extend freedom of movement for EU migrants to protect the wider economy. The Centre for Cities thinktank urged the government to extend freedom of movement for two years after the UK leaves the EU on 29 March 2019, in the event of no deal on the terms of exit and future relations with the union. – Guardian Jeremy Corbyn and Nicola Sturgeon may be big fans, but the rise of publicly owned energy companies looks like it is faltering in the face of tough market conditions. The movement was dealt a blow this month when a newly Lib Dem-controlled Portsmouth city council scrapped the former Conservative administration’s plans for an energy firm. - Guardian Superdrug has advised thousands of its online customers to change their passwords after hackers attempted to blackmail the high street retailer, claiming to have stolen personal information on thousands of people. In an email, the high street pharmacy and beauty chain said it had been contacted late on Monday by a group which claims to have obtained the personal details of 20,000 customers of Superdrug's online shopping service. - Telegraph Cameron and Tyler Winklevoss, the cryptocurrency millionaire twins best known for suing Mark Zuckerberg over the creation of Facebook, have launched a push to legitimise the controversial world of digital currencies such as Bitcoin. The Virtual Commodity Association, an industry group led by the Winklevosses’ own online cryptocurrency exchange, said it planned to “promote fairness, transparency, risk management, and liquidity” in the market. - Telegraph A leading shareholder in J Sainsbury has resoundingly backed its proposed £12 billion merger with Asda, saying that it would help the supermarket retailer to go “toe-to-toe” with Tesco. Martin Walker, UK equities fund manager at Invesco Perpetual, the third largest shareholder in Sainsbury, said that Mike Coupe, the boss of Sainsbury’s, was putting his job and reputation on the line for a merger that offered “huge” financial benefits. - The Times A five-year-old start-up that wants to kill off email in the workplace has raised more than $427 million from investors, including Baillie Gifford, the Scottish fund manager. The bumper funding round raises Slack’s valuation to $7.1 billion, a 40 per cent increase on its previous funding round last year. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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