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| | London open: Stocks edge up but Glencore retreats after earnings |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks edged higher in early trade on Wednesday, taking their cue from a positive session overnight on Wall Street as trade war woes were put to one side. At 0850 BST, the FTSE 100 was up 0.2% to 7,730.55, helped by the continued softness of sterling. Despite the positive tone, trade war concerns were never far from investors' minds as Washington said it will start collecting 25% tariffs on $16bn worth of Chinese imports from 23 August. Meanwhile, Spreadex analyst Connor Campbell said the pound's abject August was showing no signs of turning around. "Though it managed to sit effectively unchanged against the dollar, cable still finds itself under $1.294, basically its worst price in 11 months. Against the euro, meanwhile, sterling continued to weaken, slipping 0.2% to duck below €1.114, a level not seen for 10 months." Market participants were also digesting trade balance data from China overnight, which showed that exports in July rose 12.2%, up from 11.2% the month before and beating expectations for a 10% jump. Imports increased 27.3% compared to a 14.1% rise in June and ahead of analysts' forecasts for a 16.2% increase. China’s surplus with the US shrank a touch to $28.09bn last month from a record $28.97bn in June. "If the US was hoping that its $34bn opening salvo of tariffs would have an effect on Chinese exports this morning’s China trade numbers would have been a disappointment to them," said CMC Markets analyst Michael Hewson. In corporate news, tech-led stocks led the Footsie on the back of the US session, with Micro Focus on the digital-focused Scottish Mortgage investment trust at the top of the leaderboard. Spirax-Sarco Engineering was on the front foot after posting better first-half operating profits, while recruiter PageGroup ticked up after saying that first-half revenue rose 12%. Insurer Hastings edged up after reporting a jump in first-half pre-tax profit as gross written premiums and net revenue grew and the insurer said it remains on track to deliver on its 2019 targets, while Quilter, formerly Old Mutual Wealth Management, advanced following the release of its maiden set of results as a standalone company. Going the other way, Glencore was in the red even as it increased earnings 12% in a half-year where the mining and commodities trading giant was beset by lawsuits and an ongoing investigation by US authorities. Paddy Power Betfair was also under the cosh as the bookmaker lowered its guidance for full-year earnings before interest, taxes, depreciation and amortisation to £460-480m from £470-490m, partly due to early losses from its newly added US-based FanDuel fantasy sports business Bellway was weaker even as the housebuilder said it has broken through the 10,000 homes barrier for the first time and reported a jump in full-year revenue amid "favourable" trading conditions. UDG Healthcare slumped as it released a third-quarter trading update and announced the sale of its Aquilant division for up to €23m. Hill & Smith tumbled as the motorway barrier maker posted a 12% drop in first-half core earnings and warned that it does not expect to make up for the fall in profits for the full year. In broker note action, Rio Tinto was upgraded to 'add' at AlphaValue and Countrywide was lifted to 'neutral' at Credit Suisse. Pendragon was boosted to 'neutral' at JPMorgan, while BBA Aviation was upgraded to 'buy' at Investec. Spire Healthcare was cut to 'sell' at Berenberg and Rotork was downgraded to 'hold' at SocGen. |
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| | eToro Daily Update 06/08/2018 | Today’s highlights: Markets higher while trade war concerns linger - Wall Street ends week on a high note: Markets in the US finished higher on Friday, as the Dow Jones, S&P 500 and Nasdaq all registered gains. Several companies registered all-time highs, including Apple, which continued to climb further above the $1 trillion market cap and gaming giant Take Two Interactive, which leaped nearly 9%. IBM showed impressive gains, rising 3% and GoPro skyrocketed a staggering 17.7%.
- Asia seen mostly higher: Despite the ongoing exchange of tariffs between the US and China, markets in the East registered gains this morning, as the China50 and Hang Seng indices were both seen higher. In contrast, the Nikkei declined this morning...
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| | US close: Markets higher as traders shrug off latest Trump rant | | US stocks finished in the green on Tuesday, with the S&P near record highs as investors sifted through more earnings and brushed aside the latest trade war rhetoric from president Trump. The Dow Jones Industrial Average ended the session up 0.5% at 25,628.91, the S&P 500 added 0.28% to 2,858.45, and the Nasdaq 100 rose 0.32% to 7,462.65. “Confidence has returned as the S&P 500 moseys its way to towards the January record high and it remains encouraging to see stock markets hold their ground despite a drumbeat of trade war headlines of late,” said Chris Beauchamp, chief market analyst at IG, earlier. “Earnings season is shaping up very well indeed, which accounts for why US equities remain comfortably ahead of the likes of Europe, but a rising tide lifts all boats and will reinforce the impression that this economic recovery and its associated bull market has further to run.” Market participants appeared to largely shrug off Trump's latest Twitter tantrum. A day after announcing the re-imposition of sanctions against Iran, Trump warned that anyone trading with the country would not do business with the US, as he claimed the sanctions were reinstated for the sake of world peace. “The Iran sanctions have officially been cast,” he typed. “These are the most biting sanctions ever imposed, and in November they ratchet up to yet another level. “Anyone doing business with Iran will NOT be doing business with the United States. I am asking for WORLD PEACE, nothing less! [sic].” Energy shares ratcheted up decent gains as oil prices rose on expectations that the US sanctions on Iran would squeeze supply, amid forecasts that supply losses could range from around 600,000 to 1.5m barrels per day. Chevron and Exxon Mobil both traded higher, by 0.71% and 1.36% respectively. On the data front, figures from the Department of Labor showed that US job openings in June nudged just a touch higher to 6.662 million in June, from 6.659 million the month before, beating expectations for a level of 6.646 million and marking third best level in history. Meanwhile, the quits rate was unchanged at 2.3% for the fourth month in a row. In individual corporate news, Office Depot surged 13.49% as its second-quarter earnings beat estimates, while Mallinckrodt rocketed 20.85% as the pharmaceutical products group posted better-than-expected second-quarter profit and sales and bumped up its full-year outlook. On the downside, Spark Therapeutics tumbled 27.83% after the biotechnology company said a small trial for an experimental gene therapy treatment for haemophilia led to one person being hospitalised. Dean Foods fell 15.1% after the food and drink company cut its full-year profit outlook and Zillow Group was 16.27 lower after its second-quarter earnings late on Tuesday disappointed, and the company announced the acquisition of a mortgage lender. |
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| | Wednesday newspaper round-up: Tesla, ITV, Sky, Provident Financial | | Elon Musk has launched a campaign to take Tesla private on a day that included several provocative tweets, a suspension (and resumption) of trading in the company’s shares, reports of a significant Saudi investment, a surge in stock price, and an evocative, Musk-tinged appeal to the Tesla faithful: “The future is very bright and we’ll keep fighting to achieve our mission.” The ride started with Tesla’s stock rising more than 7% after Musk tweeted he was “considering taking Tesla private” and had funding in place to do so at a price of $420 (£325) per share. Shortly afterwards, Tesla published a blogpost written by Musk entitled ‘Taking Tesla private’ that had been sent to all employees. – Guardian ITV has joined major Hollywood studios including Disney and Fox, two major Wall Street banks and the billionaire Walton family in a $1bn (£770m) investment to back an ambitious new video streaming service for mobile phones. NewTV, the temporary name for the new venture, aims to win over the smartphone generation in the same way that Netflix has transformed traditional TV viewing. - Guardian Rail companies have hatched a plan to mitigate the fallout of a hard Brexit on vital freight deliveries by creating single border customs checkpoints up and down the country. The failure to agree a customs deal could see trains, 2,000 of which delivered 1.22 million tonnes of freight last year, stacked up either side of the Channel Tunnel. With parts held up at a border points businesses may then be left standing idle waiting for deliveries. - Telegraph Disney and the Murdoch family could keep Comcast and the City guessing until autumn over the fate of Sky, after declining to raise their bid at a landmark moment in the takeover battle. Close to a regulatory deadline, Fox this evening published its offer documents but held its price at £14 per share, short of Comcast’s £14.75 per share offer. - Telegraph Senior bosses at Provident Financial discussed obstructing a disabled regulator from entering the company’s office, according to allegations by a former executive in an employment tribunal that was defended by Provident in a six-day hearing last month. Andy Parkinson, 53, sacked as acting head of Provident’s consumer credit division after a botched restructuring last year, is claiming unfair dismissal against the Bradford-based company. - The Times The auditing watchdog has come under increased pressure from Westminster to publish the details of its investigation into why PWC signed off BHS as a going concern only six days before the retailer was sold for just £1. Frank Field, the veteran MP who chairs the Commons’ work and pensions committee, has written to Stephen Haddrill, chief executive of the Financial Reporting Council, demanding to know why the regulator has not published its report. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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