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| | London open: Stocks drop amid trade concerns but Whitbread surges on Costa sale |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks fell early on Friday as trade concerns resurfaced, with US President Trump threatening to pull out of the World Trade Organization, but Whitbread was a bright spot as it agreed to sell its Costa coffee chain for £3.9bn. At 0835 BST, the FTSE 100 was down 0.3% to 7,490.63, while the pound was flat against the dollar at 1.3010 and 0.1% lower versus the euro at 1.1134. Mike van Dulken at Accendo Markets said: "Negative sentiment stems from reports that President Trump is mulling tariffs on another $200bn of Chinese imports. He also threatened to abandon the WTO, rejecting an EU olive branch on auto tariffs (zero) while new-NAFTA trade negotiations with Canada remain deadlocked." Trump claimed on Thursday that the WTO does not treat America fairly. In an interview with Bloomberg, he said: "If they don't shape up, I would withdraw from the WTO." His comments followed reports that Trump had told White House aides he wanted to withdraw from the WTO. There were also reports that the US President wants to ramp up the trade war with China and hit the country with tariffs on another $200bn worth of Chinese goods as early as next week. On the UK data front, the latest survey from Nationwide revealed that house prices suffered their biggest monthly fall in August since July 2012. House prices were down 0.5% on the month compared with a 0.7% increase in July, missing expectations for a 0.1% rise. On the year, prices ticked up 2%, down from a 2.5% jump the previous month and below expectations for a 2.7% increase. Nationwide's chief economist Robert Gardner said that despite the softening, annual house price growth remains within the fairly narrow range of around 2-3% which has prevailed over the past 12 months, suggesting little change in the balance between demand and supply in the market. "Looking further ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates. Subdued economic activity and ongoing pressure on household budgets is likely to continue to exert a modest drag on house price growth and market activity this year, though borrowing costs are likely to remain low." In corporate news, Whitbread surged 17% as it agreed to sell the Costa coffee chain to Coca-Cola for £3.9bn. The Premier Inn owner, which bought Costa back in 1995 for £19m, said the transaction represents an enterprise valuation multiple of 16.4x Costa's FY18 earnings before interest, taxes, depreciation and amortisation and the valuation is significantly higher than is currently reflected for Costa in Whitbread's market value. Nicholas Hyett, equity analyst at Hargreaves Lansdown, said: "This is a bitter sweet moment for Whitbread investors. "On the one hand £3.9bn is an undeniably rich valuation and likely far better than Costa could achieve as an independently listed company, valuing its earnings higher than those of the mighty Starbucks. On the other, Costa has long been the jewel in Whitbread’s crown and some will be sad to see it go at any price, especially given the growth potential in China and elsewhere." AstraZeneca ticked higher even as its experimental lupus drug anifrolumab failed to meet its main target in a late-stage clinical study, while John Laing Infrastructure nudged up as it said first-half pre-tax profit rose to £89m from £34.7m a year earlier. EasyJet flew higher after an initiation at 'buy' by Citi, while British Airways parent IAG was also on the front foot after Davy Research lifted the stock to 'outperform'. Gaming technology company Playtech rallied on news that New York hedge fund Springowl Asset Management has taken a $100m stake in the group. On the downside, Sage tumbled after announcing that chief executive officer Stephen Kelly was stepping down. Elsewhere, Admiral was downgraded to 'hold' at Peel Hunt, while ITV was cut to 'equalweight' at Morgan Stanley. Anglo American was lifted to 'reduce' at Alphavalue and Wizz Air was initiated at 'neutral' by Citi. |
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| | eToro Daily Update 31/08/2018 | Today’s highlights: Global markets mostly lower - US-Canada deal could lift markets today: Following several reports and statements throughout the week, the US and Canada could potentially announce a new free trade deal today. If they do, the announcement could have a positive impact on markets.
- Crypto market treads water: Slight losses were seen in crypto markets over the past 24 hours, as 8 of the top 10 cryptos dipped. Bitcoin was down about 0.1% at the time of writing, hovering around the $7,000 mark. EOS continued to beat the trend, showing gains while most other cryptos were in the red.
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| | US close: Markets in red ahead of Canada NAFTA deadline | | Wall Street trading finished in the red on Thursday, as investors continued to keep an eye on the latest trade talks between the US and Mexico and Canada. The Dow Jones Industrial Average ended the session down 0.53% at 25,986.92, the S&P 500 lost 0.44% to 2,901.13, and the Nasdaq 100 finished 0.23% weaker at 7,642.67. “Events weighing on investors include the continuing trade dispute between the US and China, which has flared its head once again, and the as-yet unsigned NAFTA deal is also leaving investors nervous,” said Kathleen Brooks, research director at Capital Index. Trump said on Wednesday that he was optimistic Canada will join the new US trade deal with Mexico that is intended to replace the North American Free Trade Agreement. "I think Canada very much wants to make the deal," he told reporters at the White House, adding that it probably "won't be good at all" if they don't. Canada's foreign minister Chrystia Freeland said it was a "very intense moment" in the negotiating process and that they were trying "to get a lot of things done very quickly". Canadian Prime Minister Justin Trudeau, meanwhile, said a NAFTA deal might be possible by Friday's deadline. "We recognise that there is a possibility of getting there by Friday, but it is only a possibility, because it will hinge on whether or not there is ultimately a good deal for Canada," he said, adding that no deal was better than a bad deal. On the data front, the number of Americans filing for unemployment benefits last week rose a little less than expected, according to data from the Labor Department. US initial jobless claims increased by 3,000 to 213,000, missing expectations for a slightly larger jump to 214,000. Meanwhile, the four-week moving average came in at 212,250, down 1,500 from the previous week and marking the lowest level since 13 December 1969. The four-week average is considered more reliable as it smooths out sharp fluctuations in the more volatile weekly figures, giving a more accurate picture of the health of the labour market. Elsewhere, personal incomes and spending in the States rose roughly as expected last month, albeit alongside slightly stronger price pressures. According to the Department of Commerce, personal incomes and spending in the US increased at a month-on-month clip of 0.3% and 0.4% in July, with the rate of increase in the former falling about a tenth of a percentage point below economists' forecasts. In corporate news, shares of Signet Jewelers surged 23.84% following its second-quarter earnings beat expectations and the company bumped up its guidance. Ciena Corp also shot up at the open, rising 12.45% as the networking company's third-quarter earnings and revenue topped analysts' expectations. Burlington Stores dipped 0.87% lower in early trade as the off-price department store retailer's second-quarter earnings impressed but same-store sales fell a little short. Dollar General lost 0.97% even as its quarterly same-store sales surpassed expectations, while Campbell Soup fell 2.05% after saying it would sell its international businesses and fresh food unit. |
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| | Friday newspaper round-up: WPP, Trump, Google, Playtech | | WPP will name company insider Mark Read as its new chief executive next week after the world’s largest advertising group decided against an external hire to replace its founder, Sir Martin Sorrell. Read has been running WPP on an interim basis since Sorrell resigned in controversial and acrimonious circumstances in April. Read is a WPP veteran whose time at the group includes 10 years on the board, and had been tipped as the favourite internal candidate for the job. He previously ran WPP Digital, the arm responsible for the group’s digital investments, and more recently served as chief executive of WPP subsidiary Wunderman, the international marketing network. – Guardian Donald Trump has threatened to pull the United States out of the World Trade Organization if it doesn’t “shape up” and treat the US better. The US president issued the threat against the international trade body during an interview with Bloomberg news. “If they don’t shape up, I would withdraw from the WTO,” Trump said, making public a proposal he has reportedly made to top aides in the past. According to Axios, Trump expressed consternation that the US was still a part of the global trade body. - Guardian The Government has been attacked by a mysterious group of former Ladbrokes Coral shareholders, which claim delayed reforms to Fixed Odds Betting Terminal (FOBT) stakes have left them £700m out of pocket. Ladbrokes Coral was acquired by GVC in March, creating a £5.3bn bookmaking powerhouse. The deal received regulatory sign-off before the Government finalised its decision on minimum FOBT stakes in May. - Telegraph A powerful US senator has urged competition regulators to investigate Google’s dominance, intensifying the pressure on the internet giant in Washington. Orrin Hatch asked the Federal Trade Commission (FTC) to re-open a probe into the company closed five years ago, saying Google had “harmed consumers” and failed to address monopoly concerns. - Telegraph The American investor who helped reshape the gambling industry by driving Bwin.party into the clutches of GVC Holdings has quietly built a $100 million stake in Playtech, the troubled gaming technology group. Springowl Asset Management, the New York hedge fund led by Jason Ader, is expected to use the holding to press for asset disposals or a sale of the company, although its initial focus is understood to be corporate governance. - The Times The struggling Manchester Building Society has been pushed deeper into losses after paying £2.3 million in damages and legal expenses to Grant Thornton, its former auditor, and warning that it is likely to incur further costs. The building society sank to a £1.6 million loss before tax in the six months to June 30, compared with a £700,000 loss in the same period last year. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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