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| | London open: Stocks flat amid US-China tit-for-tat; CRH rallies on results |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks were flat in early trade on Thursday, with the US-China trade war very much in focus as they implemented 25% tariffs on $16bn worth of each other's goods, as talks between the two in Washington were set to continue. At 0840 BST, the FTSE 100 was steady at 7,575.22, while the pound was down 0.2% against the dollar at 1.2883 and flat against the euro at 1.1136. Lee Wild, head of equity strategy at Interactive Investor, said: "There’s a real risk to global economic growth if the US slaps duties on another $200bn of Chinese goods, and especially if other countries get sucked into this dispute. At a time when other economies are beginning to struggle, a sharp slowdown in US expansion could have a significant impact worldwide. "These developments come at a particularly sensitive time for a UK stock market range-bound for the past three months. September is statistically the worst month of the year for UK shares, but there have been wild swings either way in recent years, so don’t expect this stale period to last." Investors were also digesting the latest FOMC minutes released on Wednesday, which suggested that the Fed is likely to hike interest rates again next month and possibly in December. In the UK, ministers are due to publish the first tranche of documents setting out Britain’s preparations for a no-deal Brexit shortly before lunchtime. Before that, Dominic Raab will make his first big speech as Brexit secretary, during which he is expected to say that Britain will take unilateral action in the event of a no-deal Brexit in order to keep trade and transport flowing freely. On the data front, the CBI distributive trades survey is at 1100 BST. In corporate news, CRH was the top gainer after it reported a 5% increase in first-half profit as the building materials group benefited from recovering construction markets. Pre-tax profit from continuing operations rose to €497m (£446m) from €475m in the six months to the end of June as revenue increased 1% to €11.9bn. Playtech surged after it reported a drop in interim earnings but a rise in revenue as the gaming and casino software maker said Asian markets were increasingly competitive. John Laing was also in the green as the infrastructure investor said first-half profit and net asset value increased, while Southend airport owner Stobart Group pushed up as it made a series of new board appointments. Premier Oil gushed higher after well-received first-half numbers, while Phoenix Group also gained as its first-half operating profit beat expectations. TalkTalk racked up strong gains after an upgrade to 'overweight' at Barclays. On the downside, miners were in the red, with Antofagasta, Rio Tinto and BHP Billiton all lower as copper prices fell. AstraZeneca slipped as it said a clinical trial of its Bevespi Aerosphere drug combination for lung disease showed that it is not superior to an existing inhaler treatment. OneSavings Bank lost ground even as it upped its loan growth forecast and posted a jump in first-half profit, as it warned that competition is weighing on profit margins. Meanwhile, ex-dividends took 4.26 points off the FTSE 100 and 22.37 points off the 250. These included Berkeley Group, Carnival, Croda International, Imperial Brands, LSE, Mondi, Paddy Power Betfair, Prudential, RBS, CLS Holdings, Dixons Carphone, FDM Group, Ferrexpo, HICL Infrastructure, Hikma Pharmaceuticals, Jardine Lloyd Thompson, Quilter, Rotork and Stagecoach. |
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| | eToro Daily Update 23/08/2018 | Today’s highlights: Indices and cryptos down, gold reaches weekly high - Wall Street closes mixed: The SPX500 closed lower yesterday, while the NSDQ100 closed higher and the DJ30 closed nearly flat. Earnings reports had a positive effect on markets, while legal action taken against two former associates of President Trump had a negative effect, resulting in the mixed close.
- The SEC rejects Bitcoin ETF: The Securities and Exchange Commission once again rejected the proposal to issue an investable Bitcoin ETF, as well as 8 other crypto-based ETFs. The announcement erased yesterday’s gains and returned Bitcoin back to $6350, Ethereum to $272 and DASH to $135.
Read More.. |
| | US close: Markets finish mixed amid FOMC minutes, China meeting | | Wall Street finished as it started on Wednesday, on a mixed note, after the latest Federal Open Market Committee meeting minutes solidified market expectations for another 25 basis point interest rate hike come September, even while hinting at the possibility of a 'pause' thereafter should there be a "major escalation in trade disputes". Earlier in the day, markets suffered as Donald Trump was dealt a double blow, after his ex-campaign chief was found guilty of fraud and his former long-time lawyer pleaded guilty to campaign finance violations. The Dow Jones Industrial Average ended down 0.34% at 25,722.60 and the S&P 500 was off 0.04% at 2,861.82, while the Nasdaq Composite rose 0.38% to 7,889.10. According to the FOMC minutes, the Federal Reserve appeared to remain set on a gradual pace of rate hikes, although rate-setters conceded that it was hard to pinpoint what the exact neutral rate was. The minutes said that "all participants pointed to ongoing trade disagreements and proposed trade measures as an important source of uncertainty and risks. “Participants observed that if a large-scale and prolonged dispute over trade policies developed, there would likely be adverse effects on business sentiment, investment spending, and employment.” Paul Ashworth at Capital Economics said that there was nothing in the release to surprise the markets, with attention now shifting to chair Jerome Powell's Jackson Hole speech on Friday. “We expect him to deliver the same message on tightening evident in the minutes. “We doubt that President Trump's criticism is going to change anything.” Trade talks between the US and China were also kicking off in Washington late in the day, with a delegation from Beijing meeting with US officials in a bid 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 from the talks and that there was no time frame for an end to the trade war. Meanwhile, concerns that Trump could be vulnerable to impeachment began to emerge after his former lawyer, Michael Cohen, pleaded guilty to violating campaign finance laws for the purpose of influencing the election. Cohen implicated the president in his testimony, swearing under oath that the President had 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. “Cohen's plea, which puts the President under the spotlight even more, and opens him up to charges of criminal conduct, has raised concerns that he might be vulnerable to impeachment in the coming months,” said CMC Markets analyst Michael Hewson. “While this is unlikely in the short term, any shift in the balance of power after the midterms in November, could increase that prospect if the Republicans lose their majorities.” On the data front, existing home sales fell for the fourth consecutive month in July due to a shortage of properties on the market pushing up house prices and taking several potential buyers out of the mix. Existing home sales fell 0.7% to a seasonally adjusted annual rate of 5.34m units, according to The National Association of Realtors. Marking the longest streak of monthly declines since 2013. Economists expected existing home sales to gain 0.6% to a rate of 5.40m units in July. In corporate news, discount retailer Target was ahead 3.21% after its second-quarter profit and revenue beat analysts' expectations. Navigators Group shot up 8.79%, after agreeing to be bought by the Hartford Financial Services Group for $2.1bn, or $70 a share - a premium of just under 9% to its closing price on Tuesday. Mallinckrodt dipped 2.17% after it confirmed that the US Food and Drug Administration rejected its new drug application for a treatment for newborn babies at risk of developing severe jaundice. United Continental slid 1.32% after it named Gerry Laderman as its new chief financial officer, while Lowe's Companies surged 5.76% despite the retailer's second-quarter same-store sales missing expectations. |
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| | Thursday newspaper round-up: Brexit, Aramco, Uber, Sainsbury-Asda | | Britain would take unilateral action in the event of a no-deal Brexit to keep trade and transport flowing freely, Dominic Raab will pledge. In a speech coinciding with the publication of the first batch of technical notices laying out the government’s contingency plans for a no-deal scenario, the Brexit secretary will say that Britain would not risk triggering a tit-for-tat battle with Brussels by imposing new border checks or travel restrictions. – Guardian A partial float of the Saudi oil giant Aramco - the biggest public listing in history - has been “indefinitely postponed” because of fears that its valuation would be much less than expected, according to senior regional sources. The decision was made earlier in the summer but has been kept under wraps by officials who were worried that shelving what was intended to be the centrepiece of Saudi Arabia’s economic transformation plan may dent investor confidence in the Kingdom, two financiers with knowledge of deliberations revealed. - Guardian Theresa May must "believe in Britain" and "chuck Chequers", Jacob Rees-Mogg and more than 60 Tory Eurosceptics have said in a letter to grassroots Conservatives. Earlier this month the Prime Minister wrote a letter to all members of the Conservative Party defending her plan, saying that it "honours" the result of the referendum. - Telegraph Uber has agreed to pay tens of thousands of dollars to dozens of current and former employees for its role in a sexual harassment scandal. The US transport app will pay a total of $1.9m (£1.5m), or almost $34,000 per person, to 56 people who filed claims against the company, according to court documents filed in California this week. - TelegraphShare Being told that J Sainsbury was planning to merge with Asda was, Adil Majid recalls, a surprise, “a bit of an 'oh my god’ moment”. The 33-year-old Sainsbury’s store manager runs the Charlton Riverside supermarket in south London - and previously worked at Asda. It is a background that gives him an unusually close perpective on the proposed unification of Britain’s second and third largest supermarket chains. Indeed, if cleared by competition regulators, the tie-up will lift the combined Sainsbury’s and Asda above Tesco as the country’s biggest grocer, boasting a market share of more than 25 per cent and revenues of £51 billion. - The Times Jeremy Hunt has backed President Trump’s criticism of the European Union over trade and has questioned the “clear imbalance” between European and American car tariffs. The foreign secretary said that he “can’t justify” why the import tax set by Brussels of 10 per cent on American cars was four times higher than the US levy on European cars. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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