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| | London open: Stocks drop as pound holds above $1.30 |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks fell in early trade on Thursday despite a positive session on Wall Street, as the pound traded back above $1.30. At 0830 BST, the FTSE 100 was down 0.5% to 7,526.36, while the pound was up 0.1% against the dollar and the euro at 1.3041 and 1.1133, respectively, having shot higher on Wednesday after the EU’s chief Brexit negotiator, Michel Barnier, said he was prepared to offer an unprecedented partnership to the UK. Neil Wilson, chief market analyst at Markets.com, said: "Sterling is steady above $1.30, holding those gains inspired by Michel Barnier’s positive noises on Brexit yesterday. With that level holding overnight we could see a push up north towards 1.31 but the pair is encountering resistance at the 50-day moving average - a break to the upside would be a pretty bullish signal. Lots of pound shorts could get squeezed here. "The pound now looks susceptible to upside surprises on the Brexit front here on out, having had a lot of the bad news already priced in. Barnier’s softer language will be a positive but a) there is yet scepticism about what it all means with few details on any of this and b) we have heard this kind of language in the past - it’s just that the context to these comments lends it a more upbeat tone." Meanwhile, trade relations were still in focus after the US and Mexico agreed a preliminary deal and as Canadian Prime Minister Justin Trudeau and foreign minister Chrystia Freeland expressed optimism that a deal with the US would be reached in the near-term. On the data front, net lending, consumer credit and mortgage approvals are all due at 0930 BST. In corporate news, Hays was in the red despite reporting a 17% jump in full-year profit as the recruiter boosted its dividend after a "landmark" year that saw solid growth in its international businesses. Vodafone fell after agreeing to merge its loss-making Australian mobile joint venture with broadband provider TPG Telecom in a deal valuing the combined company at about A$15bn (£8.4bn). AstraZeneca slipped even as it said that the European Commission has approved a new formulation of its type-2 diabetes treatment. WH Smith rose after saying it expects results for the year to the end of August to be in line with expectations thanks to a strong performance from its travel business. SSE nudged higher as the Competition and Markets Authority provisionally cleared the proposed merger between its retail arm and Npower. Oilfield services provider Hunting surged after saying it swung to a profit in the six months to the end of June and reinstating its dividend. In broker note action, IWG was cut to 'underperform’ at RBC Capital Markets, while Intu was downgraded to 'underweight’ at Morgan Stanley. Vodafone was reduced to 'neutral’ at Bank of America Merrill Lynch and Glaxo was downgraded to 'hold’ at Liberum. Unite Group was lifted to 'overweight’ by Morgan Stanley, while Petrofac was upgraded to 'equalweight’ at Morgan Stanley. Bellway was lifted to 'buy’ by Deutsche Bank and Big Yellow was raised to 'neutral’ at Kempen & Co. Meanwhile, ex-dividend stocks took 0.5 points off the FTSE 100 and 17 off the FTSE 250, with John Wood Group, LondonMetric, Ascential, Auto Trader, Capital & Counties, Centamin, Elementis, Greencore, Hammerson, Hochschild, InterContinental Hotels, Polypipe, Ultra Electronics, National Express and St James’s Place all in the frame. |
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| | eToro Daily Update 30/08/2018 | Today’s highlights: Bitcoin holds above $7,000 during crypto correction - Cryptocurrency market shows correction: Following several days of gains, the crypto market took a step back over the past 24 hours, as 7 of the top 10 cryptocurrencies registered losses. Despite showing a correction, Bitcoin was able to hold above the $7,000 mark. EOS beat the trend and was one of the few cryptos to maintain positive momentum.
- Asia seen mixed: While the Nikkei registered gains this morning, the China50 and Hang Seng indices were seen lower.
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| | US close: Another green close for the Street | | Wall Street trading finished on a positive note on Wednesday, with investors digesting the latest GDP release. The Dow Jones Industrial Average finished the session up 0.23% at 26,124.57, the S&P 500 added 0.57% to 2,914.04, and the Nasdaq 100 was 1.19% higher at 7,660.18. Stocks rallied to fresh highs on Monday on the back of news that the US had agreed to a preliminary trade deal with Mexico, and although Tuesday's gains were only marginal, they still left the S&P and Nasdaq close to record highs. “With NAFTA negotiations finally making progress, there is a sense of relief that the risk of a global trade war is easing, which has been supportive for sentiment recently,” said Oanda analyst Craig Erlam. “There is still a long way to go with Trump recently again threatening tariffs on cars from Europe and the US preparing another $200bn of tariffs against China but any progress is welcome and it’s hopefully something we’ll see more of in the months ahead." Erlam noted that the Canadian dollar has gained ground in recent days on reports that it is rejoining talks and offering concessions that could result in an agreement by the end of the week. "Trump had previously threatened to proceed with a US-Mexico trade agreement as a replacement for NAFTA, in effect cutting Canada out, which could have had a significant impact on the Canadian economy. “While this was more than likely a bluff aimed at forcing the hand of the Canadians, it is a relief that no such move will likely be necessarily as it would have been harmful for all concerned.” On the data front, the US economy grew slightly more quickly than forecast over the three months to June, following upwards revisions to estimates for business investment and private inventories. According to the Department of Commerce, America's gross domestic product accelerated to a quarterly annualised clip of 4.2% to reach $18.514trn, which was up from the 4.1% pace observed over the first three months of 2018. A preliminary reading on import demand was also marked down, further boosting the estimated rate of GDP growth. Economists had been anticipating a slight downwards revision in the rate of GDP growth to 4.0%. Elsewhere, fewer Americans signed contracts to buy homes last month, with real estate sales continuing to slip despite solid economic growth. The National Association of Realtors' pending home sales index fell 0.7% last month to 106.2. Over the last 12 months, contract signings have tumbled 2.3% as home values climbed at roughly double the rate of average wage growth across the US. In corporate news, Hewlett-Packard was up 2.41% after its third-quarter earnings late on Tuesday topped expectations. Software company Box slumped 10.97% despite better-than-expected quarterly earnings, as its guidance fell short of analysts' estimates. Elsewhere, Salesforce was up 1.18% ahead of its earnings later in the day, while cannabis producer Tilray was 20.64% higher in after it said in its first earnings release since its IPO in July that second-quarter sales nearly doubled. |
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| | Thursday newspaper round-up: Dyson, Panasonic, Macron, Canada | | A dramatic rise in land values pushed Britain’s wealth to a fresh high of more than £10tn last year, highlighting the huge gains made by developers in property hotspots across the UK. From London and the home counties to Cambridge and popular parts of Devon and Cornwall, land values have become the single largest element of wealth, dwarfing household wealth locked up in property and financial savings. Official figures showed that the UK’s net worth rose by £492bn between 2016 and 2017 to £10.2tn, with the lion’s share of the increase accounted for by a £450bn jump in the value of land. – Guardian Sir James Dyson, the billionaire inventor and Brexit backer, has unveiled expansion plans to accommodate more than 2,000 workers at his Wiltshire research facility, more than doubling capacity for electric-vehicle testing. Coming despite severe warnings over lost jobs and investment from no-deal Brexit, his technology company is spending about £200m to expand the testing facility on a former second world war airfield at Hullavington, near Malmesbury in the west of England. - Guardian Panasonic plans to move its European headquarters from Britain to the Netherlands later this year over concerns about potential tax issues related to Brexit. The Japanese company's move is the latest sign of concern from the business community over the protracted Brexit negotiations. "We will move our European headquarters to the Netherlands," a spokeswoman for the firm told Agence France-Presse, confirming a report in the Nikkei business daily about the electronics giant's decision. - Telegraph Unseasonably warm weather can cost retailers £40m per week for each degree that temperature is raised, according to analysis by the Met Office and the British Retail Consortium (BRC). The effect is strongest from mid-August to early October when higher temperatures make consumers put off buying clothing for autumn and winter. In that period, sales growth is reduced by 1.1pc for each degree above temperatures seen a year previously. This equates to £40m a week in lost non-food sales. - Telegraph President Macron is preparing to throw Theresa May a lifeline by pushing other EU leaders to agree a close relationship with Britain after Brexit as part of his vision for a united Europe. The French leader wants to use a summit in Austria next month to spell out a new structure for European alliances. It would be based on “concentric circles”, with the EU and the euro at its core and Britain in a second ring, diplomatic sources have told The Times. - The Times Canada is considering making concessions as part of last-ditch efforts to save a trilateral trade deal with the United States and Mexico. If Canada does not sign up to a reformed North American Free Trade Agreement by tomorrow, the White House has said it will continue with its own bilateral deal with Mexico, which President Trump has championed as a “big hit”, claiming that it would bring scores of companies back to America. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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