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| | London open: Stocks nudge up amid US-Mexico optimism; focus shifts to Canada |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks nudged higher in early trade on Wednesday amid ongoing optimism about the US-Mexico trade deal, with the focus shifting to Canada. At 0830 BST, the FTSE 100 was up 0.1% to 7,628.21, while the pound was 0.1% higher against the dollar and the euro at 1.2879 and 1.1024, respectively, following a report that the deadline for Brexit talks has been pushed back again. According to Bloomberg, senior officials on both sides are now aiming to finalise the terms of the divorce by the middle of November, rather than the 18 October deadline. CMC Markets analyst David Madden said: "US stocks enjoyed a positive session yesterday as traders remained elated by the US- Mexico trade deal, and there is talk of Canada following suit, and that added to the bullish sentiment. There is speculation that a Canadian deal could be achieved in the next few days. There is a growing sense that trading relationships in North American are on the way up and this helped the Nasdaq 100 and S&P 500 reach new record-highs yesterday. "The trading relationship with China is still a work in progress. Steve Mnuchin, the US treasury secretary claims it goes far beyond tariffs. Mr Mnuchin would like to see business in China be opened up to foreigners, and have tighter protection for intellectual property. Given that China likes to keep it a bit of a closed when it comes to business, it is likely that the US-China trade spat will drag on." In corporate news, Micro Focus was the standout gainer after announcing the start of a share buy-back programme with an initial tranche of up to $200m, while James Fisher rallied after it posted a 20% increase in first-half profit. Oilfield services provider Petrofac rose after saying it swung to a net loss in the first half and announcing the provisional award of an engineering, procurement and construction contract worth $600m with Algeria’s Sonatrach. Listed infrastructure investment firm HICL Infrastructure nudged higher as it entered into an agreement to sell its 9.7% interest in the AquaSure Desalination PPP Project. Diploma slipped as it said chief executive Richard Ingram has left the technical equipment supplier after less than four months in the job. The company also said it was trading solidly and on track to meet expectations for annual profit. In broker note action, Capital & Regional and Intu were both initiated at 'buy’ at Berenberg, while Chemring was started at 'market perform’ by Raymond James. |
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| | eToro Daily Update 29/08/2018 | Today’s highlights: Global markets mostly higher - Moderate gains seen on Wall Street: The bull run in US markets continued yesterday, as the S&P 500 and Nasdaq added to their all-time highs, and the Dow Jones also finished higher. Several stocks reached new all-time highs, including tech giants Amazon and Apple.
- Bitcoin holds above $7,000: After crossing the milestone yesterday, BTC prices held above the mark this morning, joined by 9 other top 10 cryptocurrencies. EOS, currently ranked 5th by market cap, showed impressive gains, up more than 9% at the time of writing.
Read More.. |
| | US close: Street packs on even more gains after Mexico deal | | US stocks piled on more gains on Tuesday, following strong momentum on Monday, with Tiffany's on the rise following well-received results. The Dow Jones Industrial Average ended the session ahead 0.06% at 26,064.02, the S&P 500 added 0.03% to 2,897.52, and the Nasdaq 100 was 0.15% higher at 7,570.25. Donald Trump announced on Monday that the US and Mexico had agreed to the terms of a new trade deal which he hoped would replace the North American Free Trade Agreement (NAFTA). It was 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 at least $16 per hour. Stocks surged on the news on Monday, with the S&P 500 and the Nasdaq hitting fresh records and the Dow breaching 26,000 for the first time since early February. “The trade deal needs to be approved by Congress, but investors are clearly confident of it getting approved,” said CMC Markets analyst David Madden. “Trade tensions have been hanging over equity markets, and this is certainly a step in the right direction. “It is believed that Canada will be on the agenda next, and traders will be paying close attention to those developments.” Meanwhile, US-China trade relations were still in focus. Madden said it appeared that the trade spat would “rumble on”, with chatter in the markets that the US was eyeing up another round of tariffs on Chinese goods of up to $200bn worth of imports from the People’s Republic. "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.” On the data front, US wholesale inventories for July rose by a greater-than-expected 0.7%, well and truly topping estimates of a 0.2% reading. Retail inventories came in at 0.4% versus the 0.1% last month. Elsewhere, the US July advance goods trade deficit came in at $72.2bn, over and above the $69bn forecast by economists as exports dipped to $140bn and imports rose to $212.2bn. In other news, US home prices pumped the brakes in June, with the S&P Case-Shiller National Home Price Index coming in at 6.2%, down from the 6.4% recorded in the prior month, indicating that rising mortgage rates and growing affordability challenges may finally be slowing price gains. Lastly, service sector activity was "robust" in August, according to the Federal Reserve Bank of Richmond, who revealed that its manufacturing index was higher than expected at 24, versus estimates of 17, ahead of the prior month's reading of 20. In corporate news, Tiffany & Co was 0.99% higher at the closing bell, paring back some earlier gains which came after its second-quarter earnings and sales beat forecasts and the company lifted its outlook. Aspen Insurance was up 2.24% after agreeing to be bought by private equity firm Apollo Global Management in a $2.6bn deal. |
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| | Wednesday newspaper round-up: Brexit drugs, Didi, RBS, Aston Martin | | The health secretary’s plan to set aside six weeks’ worth of vital medicines to avoid supply disruptions in the event of a no-deal Brexit could cost up to £2bn, campaign group Best for Britain warns today. Matt Hancock wrote to healthcare providers last week, saying the government would set in motion plans to “ensure the UK has an additional six weeks’ supply of medicines in case imports from the EU through certain routes are affected”. Data collated by thinktank the King’s Fund earlier this year suggested the total drugs bill for the NHS in 2016-17 was £17.4bn. – Guardian Philip Hammond has been urged to scrap billions of pounds in tax relief for entrepreneurs, labelled the “worst tax break” in Britain for helping just a few wealthy individuals, and use the proceeds to increase spending on the NHS. The Resolution Foundation thinktank called on the chancellor to abolish entrepreneurs’ relief in the autumn budget later this year, generating annual savings of around £2.7bn that could be spent on the health service. - Guardian Business bosses are increasingly facing the wrath of angry shareholders as directors faced 237 revolts by investors in the first six months of 2018. There are now 120 companies on the 'public register’ of firms which have faced a vote against directors by at least 20pc of investors. This represents a 25pc jump in rebellions compared with the same period of 2017 and a 9pc rise in the number of companies facing unhappy shareholders, said the Investment Association, which tracks the votes. - Telegraph The Chinese car-hailing giant Didi Chuxing has slammed the brakes on its relentless expansion after the murder of a female passenger raised major safety concerns at one of Asia’s biggest technology companies. Didi, which is known as Beijing’s answer to Uber, has conquered cities in many emerging markets and chased its US rival out of China two years ago. - Telegraph A Royal Bank of Scotland manager who is subject to a police investigation into allegations that he solicited bribes from the owners of small businesses left the bank with a payoff, it can be revealed. The banker from the bank’s Global Restructuring Group was given a voluntary redundancy package in 2016. The claims of criminal conduct raise difficult questions for the bank about its oversight of the restructuring unit at a time when it was supposed to have been reformed after an earlier scandal. - The Times Only the few might be able to afford the £150,000 needed to buy an Aston Martin DB11, but from later this year the many might be able to buy a slice of the luxury sports car manufacturer, one of the last bastions of the golden age of British motoring. Aston Martin, indelibly linked with the glamour of James Bond, is set to become one of the sexiest stock market flotations in London in a long time. The owners — a mixture of Kuwaiti sovereign wealth funds, American- Italian private equity and Mercedes-Benz — are expected to announce the plans today. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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