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| | London open: Stocks rise as US and Mexico reach trade deal |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks rose in early trade on Tuesday, tracking gains in the US, where the S&P 500 and the Nasdaq hit record highs and the Dow broke above 26,000 for the first time since February after the US and Mexico reached a new trade deal. At 0825 BST, the FTSE 100 was up 0.7% to 7,626.61, while the pound was down 0.1% against the dollar at 1.2885 and 0.2% lower versus the euro at 1.1023 as Prime Minister Theresa May said a no-deal Brexit would not be the end of the world, but insisted she was working to get a good deal by October. US President Trump announced on Monday that the US and Mexico had agreed the terms of a new trade deal which he hoped would replace the North American Free Trade Agreement (NAFTA). It has been reported that the new deal would require 75% of auto content to be made in the NAFTA region, up from 62.5%, while 40% to 45% would have to be made by workers earning an average of $16 per hour. Rabobank said the glass half full way to view the announcement is that two of the three parties needed for a new NAFTA have come to an agreement which is a huge step in the right direction. The glass half empty view is that the US has come to an agreement with Mexico as tri-party talks had stalled and now it plans to use the agreement with Mexico as a way of strong arming Canada into an agreement. "We would argue that both views are correct," it said. "Today’s announcement does make a new NAFTA agreement more likely (even if it won’t be called NAFTA anymore) but it also increases the risk that an agreement will not be reached with Canada and eventually we’ll see a move to bilateral agreements. In short, one thing we can say for certain after today is that the tails have fattened." Meanwhile, investors will continue to keep an eye on US-China trade relations after last week's talks between the two failed to yield a breakthrough. "It would appear that the trade spat will rumble on and there is chatter in the markets that the US is eyeing up another round of tariffs on Chinese goods, but this time it could be up to $200bn worth of Chinese imports," said CMC Markets analyst Madden. "The US department of agriculture has plans to financially support farmers who have been targeted by Beijing’s tariffs, and this initiative suggests how determined Washington DC is to maintain a hard-line." Miners put in the strongest performance, with Anglo, BHP Billiton, Glencore and Rio Tinto all trading higher. Elsewhere, Bunzl rallied after it announced its first acquisition in Norway and reported a 4% increase in first-half profit as the distribution and outsourcing group’s growth in Europe more than made up for the weaker dollar's impact on its business in North America. Global plastic products design and engineering company RPC Group edged up after it reached an agreement to sell its foodservice business Letica Corp to Graphic Packaging International for a pre-tax cash-free, debt free consideration of $95m. Private healthcare operator NMC Health rose after it denied reports that it is looking to buy assets in India, while GoCompare was on the front foot following a report over the weekend that the comparison website has attracted interest from potential buyers including private equity firm KKR. Polymetal International advanced after securing a $250m long-term five-year fixed-rate loan with Alfa-Bank. Melrose Industries gained following a report over the weekend that the turnaround specialist has put the sale of its US subsidiary, Ergotron, on hold following the illness of its chief executive. On the broker note front, Coats was initiated at 'buy' by Citi, while Genel Energy was lifted to 'buy' from 'hold' at Canaccord. Petrofac was downgraded to 'hold' at Kepler Cheuvreux and TI Fluid Systems was boosted to 'oveweight' from 'neutral' at JPMorgan. |
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| | Europe open: Stocks mostly higher after US, Mexico strike deal on trade |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Stocks are extending the prior session's gains, with investors' concerns regarding international trade said to be receding on the heels of the trade deal struck by the US and Mexico the day before. On that note, according to the White House, the US President and Germany's Chancellor spoke on Monday with both said to have shown "strong support" for the ongoing talks between Brussels and Washington aimed at removing trade barriers. Against that backdrop, as of 0822 BST the benchmark Stoxx 600 was ahead by 0.26% or 1.02 points to 386.59, alongside a rise of 0.33% or 42.01 points to 12,580.25 for the German Dax, although Milan's FTSE Mibtel was off by 0.17% or 40.12 points to 20,759.41. Auto&Parts companies were clearly in the lead, with the corresponding Stoxx 600 sector gauge climbing 1.46% or 7.88 points to 548.59. On Monday, Merkel had also called on Germany to assume greater responsibility on the global stage, even as some from her junior coalition partner, the Social Democrats, were calling for a "new, balanced partnership" with the US. "Returning from her summer break German Chancellor Angela Merkel has said she plans to 'protect European interests'. If protecting European interests means standing up to Trump in a trade war, Europe and the euro stand to lose," said Jasper Lawler, director of Research at LCG. "However, if European interests were to be served by Germany spreading out some of its budget surplus across Europe, that could attract foreign investors back into European markets. Nevertheless, given Ms Merkel's weak standing in German parliament after the last election, the latter seems unlikely." Economic data on Tuesday was weak, with the European Central Bank reporting that the year-on-year rate of growth in he Eurozone's money supply slowed sharply, going from a 4.5% clip in June to 4.0% for July (consensus: 4.3%). In parallel, ISTAT reported that its monthly gauge of consumer confidence in Italy had slipped from a reading of 116.2 in June to 115.2 for last month. Later in the day, at 1330 BST, the focus would shift to the US, with the Department of Commerce due to publish data on the foreign trade balance, also for the month of July. On the corporate front, according to La Repubblica, authorities in Rome were reportedly investigating French media outfit Vivendi's failure to notify of the fact that it now had a controlling stake in Telecom Italia, possibly even forcing it to sell the company's Sparkle and Telsy units on national security grounds. Swiss fund manager GAM said it would begin making payments to investors in its crisis-hit funds in September, with plans to return up to 87% of the assets held in them. |
| | eToro Daily Update 27/08/2018 | Today’s highlights - Netflix jumps, tech stocks rally: Netflix rose 5.8 percent on Friday, closing out a strong week with total 10% gain. Nvidia, Square, and Salesforce all reached all-time highs.
- Tesla to stay public: CEO Elon Musk announced late Friday that he would be abandoning the controversial $72 billion bid to take the automotive company private.
- EUR, GBP, and JPY all strengthened against the falling dollar: The euro gained 0.7 percent, the British pound climbed 0.3 percent, and the Japanese yen rose 0.1 percent.
Read More.. |
| | US close: Stocks jump on the back of trade deal with Mexico | | Investors pushed stocks higher ahead of the Memorial Day weekend, with automobile-related sectors at the head of the pack after the US and Mexico inked a trade deal that will substitute the North American Free Trade Agreement. Commenting on the day's action, Jasper Lawler, director of Research at LCG, told clients: "If the deal with Mexico is a sign of things to come, emerging markets are more attractive from a valuation standpoint- but the US still has all the momentum. There is clearly bemusement amongst many economists that the rising tariffs are not causing greater concern for US investors. "We think, from the beginning it has been clear investors believe there can only be one winner any these disputes and that is the US. While emerging markets, including China have fallen into bear market territory, the record US bull market presses onwards." By the end of trading, the Dow Jones Industrial was ahead by 1.01% or 259.29 points at 26,049.64, alongside a gain of 0.91% or 71.92 points for the Nasdaq Composite that saw it rise past the 8,000-point threshhold for the first time ever to finish at 8,017.90. The S&P 500 meanwhile ended 0.77% or 22.05 points higher for the day a 2,896.74. From a sector standpoint, the best performing areas of the market were: Tires (2.79%), Auto Parts (2.66%) and Durable Household Products (2.54%) and Automobiles (2.45%). In parallel, the yield on the benchmark 10-year US Treasury note was two basis points higher to 2.85%. Under the terms of their revised trade agreement, the US and Mexico agreed to increase the proportion of all automotive content from the region from the 62.5% laid out in NAFTA to 75%. The new deal also requires that all production workers earn at least $16 an hour. The revised framework will be subject to an automatic review after six years, but still needed to be approved by Congress. There were no major economic releases in the States on Monday. |
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| | Tuesday newspaper round-up: Brexit, landowners, Uber, online VAT, | | Theresa May claimed that a no-deal Brexit “wouldn’t be the end of the world” as she sought to downplay a controversial warning made by Philip Hammond last week that it would cost £80bn in extra borrowing and inhibit long-term economic growth. The prime minister conceded that crashing out of the European Union without a deal “wouldn’t be a walk in the park” but went on to argue that the UK could make an economic success of the unprecedented situation if it proved impossible to negotiate a satisfactory divorce. – Guardian Britain should limit the windfall gains of landowners by freezing the value of plots newly designated for housing, according to a thinktank urging sweeping reforms to tackle a national shortage of affordable homes. Calling on the government to pursue land market reforms similar to the German model, the Institute for Public Policy Research said planning authorities should be given new powers to zone land for development and freeze its price. - Guardian Toyota is set to invest $500m (£388m) in Uber in a major bet on the future of driverless cars, it announced on Monday night. The funding from the Japanese carmaking giant, which values Uber at more than $70bn, will see the two companies work together on autonomous vehicles. It marks a significant show of faith in the US transport app, whose driverless car division has been beset by problems in recent months. - Telegraph "Brexit is insignificant. I’m not concerned at all. What’s important is that we ramp up manufacturing in this country, encourage more people to buy British goods, and keep money within our economy rather than boosting the coffers of China or Poland.” John Elliott is the outspoken, Brexit-backing multi-millionaire businessman who in 1974 founded Ebac, a manufacturer in County Durham best known for its dehumidifiers and water coolers, and most recently washing machines. These were launched in 2016, making it the first time in almost a decade that a domestic washing machine rolled off a British production line. - Telegraph Partners at one of the world’s largest accountancy firms are set for their biggest payday in nearly a decade in a move that could give more ammunition to critics of the four big audit firms. The 702 equity partners of Deloitte will receive an average payout of £832,000 for the latest financial year, a rise of 0.6 per cent year-on-year, their biggest in nine years. Last year they received an average of £865,000, but the figure was calculated using distributable profits before payment of corporation tax. This year the firm switched to a post-tax basis. - The Times VAT laws should be reformed to create a two-tier system for online and physical retailers in an attempt to save the country’s dying high streets. As calls grow for an “Amazon tax” on online retailers, one of Britain’s largest property consultancies has argued that an overhaul of the VAT regime would be a more effective way of saving shops. Colliers International suggests that charging 15 per cent sales tax for purchases in stores and 22.5 per cent VAT for online transactions would help to level the playing field. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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