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| | London open: Stocks rise as pound drops on Barnier's Brexit criticism |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks rose in early trade on Monday, helped along by a weaker pound amid growing concerns about Brexit, as investors kept an eye on global trade developments and looked ahead to the latest manufacturing data. At 0830 BST, the FTSE 100 was up 0.4% to 7,463.06, while the pound was down 0.4% against the dollar at 1.2912 and 0.3% lower versus the euro at 1.1135 after the EU's chief Brexit negotiator, Michel Barnier, said over the weekend that he "strongly opposed" parts of Theresa May's Brexit proposal but the UK PM pledged to hold her ground. Barnier said the British offer on customs was illegal, while its suggestion of a "common rulebook" on goods would kill the European project. In an interview with German newspaper Frankfurter Allgemeine Zeitung, Barnier also issued a warning to the UK car industry, claiming that EU firms should be prepared to disregard British manufacturers once the country leaves the bloc. "In order for EU carmakers to benefit from the tariff benefits of the EU-Korea agreement, only a certain proportion of the services may be provided in a car in a third country," he said. CMC Markets analyst Michael Hewson said: "This is to be expected as we head into what could be the final furlong of Brexit negotiations over the next two months as both sides push their own version of the narrative. In any case, Michel Barnier is the least of the Prime Minister's problems given that so many in her party oppose the so called Chequers plan, which means she’ll struggle to get it through the Commons anyway." As far as global trade is concerned, the US and Canada have yet to reach a deal after days of talks failed to yield any kind of breakthrough and the deadline was missed. Hewson said: "The optimism about a Canada deal may well be misplaced given reported private comments from the US President that appear to suggest he’s only interested in a deal on his terms, or no deal at all. "Further disparaging comments about Canada from President Trump on Twitter over the weekend don’t bode well in terms of progress in this week’s upcoming negotiations, however we’ll have to wait until tomorrow for a US stock market reaction, given US markets are closed for Labor Day." In macroeconomic news, Markit's manufacturing PMI at 0930 BST is expected to show a slight tick lower to 53.9 in August from 54 in July. On the corporate front, Melrose Industries was the top gainer following a report late on Friday that the turnaround specialist is talking to insurers about taking on one of its pensions schemes. The new GKN owner is also scheduled to update on the progress of its acquisition in half-year results on Thursday. Advertising colossus WPP nudged higher as it appointed Mark Read as it new chief executive officer. Royal Mail edged up as it announced the acquisition of parcel delivery company Dicom Canada from Chicago-based private equity firm Wind Point Partners for around CAD360m (£213m) on a debt and cash free basis. FTSE 250 specialist information company Ascential was a little firmer after announcing the acquisition of Brand View, a provider of price and promotion analytics to retailers and manufacturers, for up to £38m. On the downside, housebuilders Persimmon, Barratt Developments, Berkeley and Taylor Wimpey retreated following a Telegraph report suggesting that the help to buy scheme could be axed amid concerns it is pushing up house prices. Water companies Severn Trent, Pennon Group and United Utilities were all in the red as they submitted their business plans to Ofwat for the next five-year period, 2020-2025. Severn Trent's included a bill reduction of 5% in real terms, while UU claimed a reduction of 10.5% in average bills. Polypipe slipped a touch as it bought surface water management solutions supplier and designer Permavoid for up to £16.5m. Renewi fell as it completed its strategic exit from the UK organic sector with the sale of its Cumbernauld facility, while veterinary pharmaceutical business Dechra Pharmaceuticals slumped as its full-year revenues fell short of expectations. In broker note action, British American Tobacco was cut to 'underperform' at RBC Capital Markets, along with Imperial Brands. JD Wetherspoon and InterContinental were downgraded to 'sell' at Citi. Restaurant Group was upgraded to 'hold' at Berenberg, while Mitchells & Butlers was lifted to 'neutral' at Citi and Whitbread was upgraded to 'neutral' at Citi. |
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| | eToro Daily Update 03/09/2018 | Today’s highlights: Bitcoin rises to $7,200 - Bitcoin pushes above $7,200: The crypto market showed a correction over the past 24 hours, as 9 of the top 10 cryptos were seen lower, after registering gains over the weekend. Bitcoin reached as high as $7,300 yesterday, before correcting slightly to hold above $7,200 at the time of writing.
- Apple and Microsoft beat tech trend: The tech sector was seen mostly lower on Friday, as Facebook, Google, Netflix and other stocks were seen lower. However, the Nasdaq index was kept afloat due to gains seen in Amazon and new all-time highs recorded by Apple and Microsoft.
- US and Canada banks closed today: In observance of Labor Day, both US and Canadian markets and banks will be closed today, resulting in lower volatility and liquidity for instruments from these markets.
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| | US close: Stocks finish summer on a mixed note | | Wall Street headed into the long Memorial Day weekend on a mixed note amid news that the White House had failed to clinch a trade deal with Canada before its self-imposed deadline of Friday. Reports did indicate however that progress in talks had been made by Ottawa and Washington, with negotiations set to re-start on Wednesday. Nevertheless, US President Donald Trump reiterated his complaint of Canadian exporters, whom he said were "ripping us off". By the time of the closing bell in New York, the Dow Jones Industrial Average was off by 0.09% or 22.10 points to 25,964.82, albeit a faint advance on the S&P 500 of 0.01% or 0.39 points to 2,901.52, while the Nasdaq Composite was ahead by 0.26% or 21.17 points to 8,109.54. To take note of perhaps, the most severely-published emerging market currencies in 2018 won a slight reprieve, with both the Argentine peso and Turkish lira staging a small bounce. In the background meanwhile, strategists at Bank of America-Merrill Lynch were telling clients that support for stocks from investor positioning was slowly being eroded as the latter turned less bearish. At the sector level, the biggest gains were for Coal (2.39%), Clothing&Accessories (2.15%) and Food retailers (1.19%). On Friday, Trump also notified Congress of his intention to sign a deal with Mexico in the next 90 days, in turn putting in motion a 30-day deadline to publish his proposed agreement. Spreadex analyst Connor Campbell said: "There had been some hopes the US signing a trade deal with Mexico earlier in the week meant things were perhaps moving in the right direction. However, with reports that Trump is looking to impose additional tariffs on China, his threat to pull the US out of the WTO and the tense, terse situation with both the EU and Canada, the markets are back to fretting about his next move." Overnight, Trump had criticised the World Trade Organisation and the European Union. There were also reports that the administration was still intending on ratcheting-up the trade war with China with a public consultation period on its proposal for tariffs on an additional $200bn-worth of Chinese set to expire during the coming week. In corporate news, in the wake of recently-imposed US tariffs on Chinese auto imports, Ford announced that it was calling off plans to import a new SUV model manufactured at one of its plants in China. Coca-Cola shares meanwhile slipped 0.85% after agreeing to buy the Costa coffee chain from London-listed Whitbread for £3.9bn. Elsewhere, Lululemon Athletica surged after the company's second-quarter earnings topped expectations and it lifted its full-year outlook late on Thursday. American Outdoor Brands fared even better after its first-quarter earnings late on Thursday beat forecasts. The economic data published on Friday came in slightly ahead of forecasts, with the University of Michigan revising its August consumer confidence index from 95.3 to 96.2 (consensus: 95.7), although as Barclays Research noted, that remained its weakest reading year-to-date. "That said, consumers remain optimistic about future economic conditions, underpinned by their outlook on job security and future income prospects. [...] In addition, the expectation that the nation will have good times ahead held broadly steady in August. In all, higher after-tax incomes, a strong labor market, and above-trend economic growth continue to anchor sentiment." |
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| | Monday newspaper round-up: Brexit, equality, Finsbury Foods, Wonga | | Boris Johnson has used his first newspaper column of the new parliamentary term to attack Theresa May’s Chequers plan, saying it means the UK enters Brexit negotiations with a “white flag fluttering”. The declaration amounts to a significant escalation of the former foreign secretary’s guerrilla campaign against the prime minister and her Chequers plan a day before the Commons returns and at a time when party disquiet over the direction of the divorce talks is mounting. – Guardian Fewer than one in seven partners at hedge funds and private equity firms are women, and progress towards equality is slow. According to a report based on Financial Conduct Authority data, out of 9,957 partners at private equity firms, hedge funds and other financial services companies only 1,381 (14%) are women. The percentage has increased by only 2% in the past five years despite a plethora of initiatives to increase the participation of women in top finance roles, including the government’s women in finance charter. - Guardian Aim-listed baker Finsbury Foods has seized on the burgeoning popularity of gluten-free diets with a £25m takeover of family-owned specialist Ultrapharm. Ultrapharm, based in Pontypool, Wales, makes gluten-free bread, rolls, muffins and cake for clients including Marks & Spencer. - Telegraph Train operators should be forced to pay higher compensation for delays to “level the playing field” with airlines, the chief executive of Flybe has said. Christine Ourmieres-Widener said payouts should be set at three times the value of rail tickets. Ms Ourmieres-Widener said train companies enjoy a “different relationship” with the Government. - Telegraph Large multinationals are agreeing to pay hundreds of millions of pounds in additional corporation tax in the UK to avoid the stigma of being hit by the so-called Google tax, experts say. They point to Diageo, which agreed in July to pay an extra £190 million in conventional corporation tax in order for HM Revenue & Customs to return £107 million it had paid previously in diverted profits tax. - The Times Victims of mis-selling by Wonga may face an uphill struggle to get compensation from the company after it emerged that a Mayfair-based investment fund is in line to get paid ahead of all other creditors of the collapsed payday lender. Kreos Capital will have first rights over all the proceeds of the Wonga administration, having lent the company nearly €38 million two years ago in a deal that effectively gave it the right to seize all the company’s main assets, including its lucrative Polish operations, in the event that it was not repaid. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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