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| | London open: Stocks drop as Tui, ex-divs weigh; trade woes still in focus |  | | 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, dragged lower by ex-dividends and a sharp drop for travel group Tui as trade war woes continued to weigh on investors' minds. At 0850 BST, the FTSE 100 was down 0.6% to 7,730.20, while the pound was off 0.2% against the dollar at 1.2855 and flat versus the euro at 1.1096. "Trade concerns remain to the fore, and not just between the US and China, with Washington set to slap more sanctions on Russia," said analyst Mike van Dulken at Accendo Markets. "Ahead of mid-term elections, this may help Trump look tougher vis-a-vis the Kremlin, distancing himself from Putin and, he will hope, allegations of collusion." Data released earlier in China showed that consumer prices rose by 2.1% in July versus expectations for 1.9% and June's 1.9%, while the PPI for last month was 4.6% versus expectations of 4.4% and 4.7% in June. CMC Markets' David Madden said the reports suggest that demand in China is still firm, with no major impact yet from US tariffs, coming the day after Chinese exports and imports comfortably analysts’ forecasts to suggest the Chinese economy "is still holding up well". In corporate news, Anglo-German travel group Tui was under the cosh as it posted a drop in third-quarter underlying earnings but stuck to its guidance of at least 10% growth in underlying EBITA for the year. Peer Thomas Cook also lost ground. Randgold Resources retreated after reporting a drop in second-quarter profit, while Coca-Cola HBC lost some fizz despite saying that first-half pre-tax profit was up 14%. Card Factory tumbled as the greeting cards retailer warned that full-year underlying earnings to be between £89m and £91m, down from last year's £94m on the back of uncertainty about Brexit and "extreme" weather conditions. Security firm G4S was in the red as it reported a 3.2% decline in first-half profit before interest, tax and amortisation, while BTG was under pressure after the US Food and Drug Administration confirmed its Elevair treatment would not be approved. Savills was on the back foot as the estate agency's first-half profit fell amid challenging market conditions. On the upside, Legal & General pushed higher as it produced a first-half operating profit that was ahead of City forecasts. Cineworld racked up blockbuster gains after posting a surge in first-half profit, while Evraz rose as net profits increased in the first half of the year for the Russian steelmaker. Brick maker Ibstock advanced after its interim results, while AA gained ground after saying it was on track to deliver its targets for 2019 despite extreme weather conditions. On the broker note front, BBA Aviation was lifted to 'buy' at Liberum, while Capita and UDG Healthcare were upgraded to 'buy' at Jefferies. Virgin Money was cut to 'hold' at Investec. AstraZeneca, BT Group, Barclays, Diageo, Direct Line, Fresnillo, GlaxoSmithKline, Hiscox, IMI, Informa, Man Group, Jupiter Fund Management, Royal Dutch Shell and Virgin Money were among the companies whose stock went ex-dividend, taking 39 points off the FTSE 100 in total and 17.5 off the FTSE 250. |
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| | eToro Daily Update 09/08/2018 | Today’s highlights: New US and China tariffs impact markets - China and US exchange tariff blows: Both sides of the ongoing trade battle, China and the US, have yesterday announced new tariffs on imports from the other country, each side raising import costs for an additional $16 billion in goods.
- Nasdaq continues to post gains: While the S&P 500 and Dow Jones both closed lower yesterday, impacted by the US-China trade battle, the Nasdaqremained on its positive trajectory, as major tech companies such as Alphabet, Facebook and Amazon continued to climb.
- Crypto slump continues: The cryptocurrency market maintained its negative momentum, as 9 of the top 10 cryptos registered losses over the past 24 hours. At the time of writing, Bitcoin was down more than 2.5%, slipping below the $6,500 mark, to trade just above $6,300. Bitcoin Cash, EOS, Stellar and Litecoin all registered losses of at least 5%.
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| | US close: Street mixed on China trade anxiety | | US finished mixed but mostly weaker on Wednesday, after a session in which investors spent their time weighing up the latest trade developments between the US and China. The Dow Jones Industrial Average lost 0.18% to 25,583.75 and the S&P 500 fell 0.03% to 2,857.72, while the Nasdaq 100 managed gains of 0.09% to 7,469.54. “The Dow avoided a major decline after the bell, dipping 0.2% to duck back under 25,600. “That its losses weren't larger is notable given that Beijing unleashed a classic trade war tit-for-tat this Wednesday,” noted SpreadEx's Connor Campbell. Trade war concerns remained at the forefront of investors' minds after the US said that it would start collecting 25% tariffs on $16bn-worth of Chinese imports from 23 August. “Fears of a full-blown trade war between the world's two biggest economies are set to intensify after the Trump administration announced another round of tariffs on Chinese products on Tuesday,” said Lukman Otunuga, a research analyst at FXTM, earlier. “With Beijing expected to fight back by targeting $16bn worth of US goods with equal tariffs, the US-China trade saga could get even messier.” Market participants were also digesting trade balance data from China, which showed that exports rose at a year-on-year clip of 12.2% in July, up from 11.2% during the month before and beating expectations for a jump of 10%. Import growth, on the other hand, accelerated to a pace of 27.3% year-on-year, versus a 14.1% rise in June and ahead of analysts' forecasts for a 16.2% increase. Meanwhile, China's surplus with the US shrank a touch to $28.09bn last month from a record $28.97bn in June. In corporate news, shares in CVS Health finished 4.14% higher after the release of its second-quarter earnings as it upped its 2018 earnings per share guidance range to $6.98-$7.08 from $6.87-$7.08. Michael Kors picked up 6.72% at the open as the luxury fashion company's first-quarter profit and sales beat analysts' expectations and it lifted its full-year outlook. Electric car maker Tesla fell 2.43% after Elon Musk tweeted on Tuesday that he was considering taking the company private, sending the shares up 11%. Elsewhere, Walt Disney was down 2.21% after its quarterly earnings a day earlier missed analysts' expectations, while Match Group surged 17.28% after the dating website's second-quarter earnings and revenue topped estimates. |
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| | Thursday newspaper round-up: UK rents, Investec, 21st Century Fox, Barclays | | UK rents are expected to climb by 15% over the next five years, as the supply of rental accommodation dwindles while demand from tenants continues to go up, according to a survey. Rents are expected to increase by nearly 2% across the UK over the next 12 months, according to the latest survey from the Royal Institution of Chartered Surveyors (Rics). – Guardian A shipment of soybeans worth more than $20m (£15.5m) has been bobbing aimlessly in the Pacific Ocean for a month, a casualty of the escalating trade war between China and the US. Lingering uncertainty over the cargo’s fate offered a timely reminder of the fallout from a dispute that intensified on Wednesday, as the US president, Donald Trump, unveiled a second round of tariffs on $16bn of Chinese goods, prompting Beijing to respond in kind. - Guardian South African bank Investec suffered a shareholder revolt against its decision to reappoint KPMG as its auditor, following a spate of scandals at the Big Four accountancy giant which have seen it haemorrhage clients. Just under 20pc of Investec's voting shareholders rejected the resolution to stick with KPMG as one of its auditors in South Africa. - Telegraph 21st Century Fox's entertainment assets helped push earnings past Wall Street estimates last quarter, validating a plan by Walt Disney to acquire the business. Movies such as Deadpool 2 and cable-network subscriber fees contributed to earnings of 57 cents (£44p) a share in the fiscal fourth quarter, excluding some items. Analysts estimated 54 cents a share on average for the company, which is controlled by billionaire Rupert Murdoch. - Telegraph The Wall Street activist investor pushing Barclays to close parts of its investment bank has said that it wants to play a role in the lender’s search for a new chairman. Sherborne Investors said yesterday that it was “engaging” with Barclays on the “search process for and mandate of a new chairman” as the bank hunts for a replacement for John McFarlane, who is expected to leave at next year’s annual meeting. - The Times Thomson Reuters is looking to make deals after reporting quarterly earnings ahead of expectations and reaffirming its 2018 forecast. The information provider agreed in January to sell a 55 per cent stake in its financial and risk unit, which provides data and news primarily to financial customers, to Blackstone, the private equity firm. It expects to use $1 billion to $3 billion of the proceeds to make acquisitions in the legal and accounting sectors. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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