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| | London open: Stocks flat as trade concerns remain; AB Foods slumps on update |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks were steady in early trade on Monday ahead of a slew of data releases, with worries about global trade still very much at the forefront of investors’ minds. At 0830 BST, the FTSE 100 was flat at 7,279.68, while the pound was down 0.1% against the dollar at 1.2913 and unchanged versus the euro at 1.1186. The subdued start in London followed a mostly downbeat session in Asia, after data revealed that China's surplus with the US hit a record high of $31bn in August. CMC Markets analyst Michael Hewson said the data only puts further strain on the trading relationship between Beijing and Washington DC, adding weight to President Trump’s argument that there is a trading imbalance between the two nations. "In Mr Trump’s eyes, China is taking advantage of the US, and it is up to him to redress the situation," said Hewson. "The trade numbers from Beijing are likely to have struck a nerve with Mr Trump, and given that he thinks the US are winning the trade spat on account of the recent weakness in the Chinese stock market, he is likely to stick to his protectionist line. Beijing said they would retaliate should the US impose fresh tariffs, and traders are fearful they might weaken the yuan or target US firms operating in China," Hewson said. The possibility that Trump could slap tariffs on a further $200bn worth of Chinese goods was also weighing on investors’ minds, along with a new threat from the US President that levies on a another $267bn of products were "ready to go on short notice". "The $200bn we are talking about could take place very soon depending on what happens with them," Trump said in comments made on Air Force One, as he travelled from Montana to South Dakota. "To a certain extent it's going to be up to China. And I hate to say this, but behind that is another $267bn ready to go on short notice if I want. That changes the equation." On the UK data front, industrial and manufacturing production data are due at 0930 BST, along with the goods trade balance and gross domestic product for July. In corporate news, RPC Group surged 23% as it confirmed that it was in "preliminary discussions" with private equity groups over a potential offer for the plastics manufacturer. The FTSE 250 group, which has come under pressure from investors over its growth plans, said talks were taking place with both Apollo Global Management and Bain Capital. 888 Holdings was on the rise as it launched its online sports betting brand in New Jersey, while LondonMetric Property ticked higher after selling its retail park in Launceston for £21.9m, reflecting a net initial yield of 5.6%. Department store group Debenhams was heading the wrong way, again, as newspaper reports emerged that it has appointed advisers from KPMG to explore restructuring plans, including handing back excess store space to landlords or a company voluntary arrangement. Sports Direct, which holds a near 30% stake in Debenhams, was little moved. Associated British Foods was under pressure after it reiterated its outlook for the year as a strong performance from Primark, grocery, agriculture and its ingredients business should more than offset the impact of lower EU sugar prices, but warned it would take a £20m hit from the stronger pound. GlaxoSmithKline slipped as it said the US Food and Drug Administration said it needs more clinical data to support the approval of mepolizumab as an add-on treatment for exacerbations in patients with chronic obstructive pulmonary disease. Student accommodation manager and developer Unite edged lower as it exchanged contracts for the disposal of 14 properties for £180.5m, its share of which is £84.7m, to Singapore Press Holdings. In broker note action, Morrisons was the biggest gainer after an upgrade to 'buy’ at HSBC, while Rio Tinto was lifted to 'overweight’ at JPMorgan but Glencore was cut to 'neutral’ at JPM. Bakkavor was upgraded to 'buy’ at HSBC, Lonmin was boosted to 'hold’ at Liberum and Standard Chartered was upgraded to 'buy’ by Investec. |
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| | eToro Daily Update 07/09/2018 | Today’s highlights: Crypto markets bounce back - Cryptocurrency markets show slight recovery: Following devastating losses in the previous session, which saw 9 of the top 10 cryptos registering double-digit losses, the cryptocurrency market showed a slight recovery, as all top 10 cryptos registered small gains over the past 24 hours. The recent downward trend was instigated by reports that financial powerhouse Goldman Sachs is scrapping its plans of opening a cryptocurrency dealing desk.
- Negative momentum on Wall Street continues: For the second day in a row, the Nasdaq composite registered losses, joined by the S&P 500. Tech stocks weighed on US markets, as Amazon, Google, Facebook, Apple, NVIDIA and other stocks registered noticeable losses. In contrast, the Dow Jones index was able to stay afloat.
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| | US close: Stocks dip amid trade worries, despite strong jobs report | | US stocks finished in the red following the release of a solid report on the state of the US jobs market in August but with investors warily eyeing the news headlines for the announcement of a fresh round of trade tariffs against the People's Republic of China. By the end of trading, the Dow Jones Industrials was down 0.31% or 79.33 points at 25,916.54, the S&P 500 off by 0.22% or 6.37 points to 2,871.68 and the Nasdaq Composite had fallen 0.25% or 20.18 points to 7,902.54. Figures on non-farm payrolls growth for last month fell short of economists' forecasts if downwards revisions to data for June and July are taken into account, but wage growth picked-up to its fastest since November 2009. Furthermore, as Mickey Levy at Berenberg Capital Markets pointed out, at 207,000 per month, Friday's report revealed that the monthly pace of job hiring had in fact accelerated from the 182,000 per month clip seen over 2017. Reacting to the August figures on wages, short and longer-term Treasury note yields bolted higher. On the trade front, shortly after the start of the session, National Economic Council director, Larry Kudlow, appeared to indicate to CNBC that an announcement from the White House on proposed levies on a further $200.0bn-worth of Chinese goods might not be forthcoming on Friday, as some reports had suggested. He was proved correct, but shortly after he spoke US President Donald Trump was reported to have said that tariffs on yet another $267.0bn of Chinese goods were already in the offing. To take note of as well, there was some 'market chatter' in the background regarding what some believed might be positive signals from Beijing. There was also a fair bit of Fedspeak at the end of the week, with the Presidents of the Federal Reserve banks of Boston and Minneapolis both making the case for a continued tightening in policy, with the latter, Loretta Mester, reportedly also joining those who favour an increase in US lenders' so-called counter-cyclical buffers. Their opposite number at the Dallas Fed Robert Kaplan was of a similar mind, but less so, saying interest rates should be hiked three or four times over the course of the next 9 o 12 months. As of 13 June, the median forecast from rate-setters at the Fed was for between four or five hikes over the next 12 months. Kaplan also weighed-in on trade, saying that talks with China might even take years to reach a resolution. According to the Department of Labor, US non-farm payrolls increased by 201,000 in August, following a downwardly-revised print of 147,000 for July and of 208,000 for June. Economists had forecast a rise of 191,000. That came alongside a rise in average hourly earnings of 2.9% year-on-year (consensus: 2.8%), versus July's pace of 2.7%. The labour force participation rate meanwhile declined by two-tenths of a percentage point to 62.7%, with the rate of unemployment unchanged from the month before at 3.9%, as expected. In corporate news, Marvell Technology gave up early gains following the release of its second-quarter results late on Thursday to finish the session just a tad higher. Elsewhere, Broadcom was up 7.69% after its third-quarter numbers late on Thursday, while Apple was 0.81% lower after the European Union approved the tech giant's acquisition of music discovery app Shazam on Thursday. Tesla shares were down 6.30% following controversial CEO Elon Musk's appeared on the Joe Rogan podcast with everything from whiskey to weed to samurai swords to flamethrowers. |
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| | Monday newspaper round-up: Brexit, Debenhams, Tui, IAG | | European leaders are expected to agree to modify the EU’s formal Brexit negotiating mandate in a move that acknowledges Theresa May’s Chequers compromises. The heads of the 27 member states will discuss updating their guidelines in Salzburg next week in an attempt to provide impetus to the talks. - The Times Leaving the European Union to operate under World Trade Organisation rules could boost Treasury revenues by £80 billion over 15 years, a report backed by leading Tory Brexiteers will claim this week. The hard Brexit group Economists for Free Trade argues in its study that leaving without a deal could increase growth and allow the government to cut taxes and raise spending. - The Times A sharp fall in consumer spending and business investment is expected to drag Britain’s growth rate down to just 1.3% this year, dispelling hopes that the UK’s sluggish rate of expansion in the first six months will recover in the second half of the year. According to the consultancy KPMG, Brexit uncertainty will take a bigger toll on the economy than many forecasters, including the Bank of England, expect following a slump in consumer spending from 1.9% last year to 1.2% in 2018 and an even bigger drop in business investment, from 3.4% in 2017 to 0.8% this year. - Guardian Travel titan Tui, which operates the world’s largest charter airline, is in talks with aviation regulators over a bespoke 12-month transition deal to mitigate the fallout of a no-deal Brexit. Industry sources said the London-listed travel company is negotiating a “letter of comfort” with the Civil Aviation Authority (CAA) to allow flights to continue as normal, despite Tui in theory falling foul of EU ownership rules. - Telegraph British Airways is facing a £500m group action lawsuit over its handling of last week’s cyber attack that accessed 382,000 customers’ personal data. SPG Law is launching legal action over claims that BA was compensating customers for “direct financial losses” but not for the “inconvenience, distress and misuse of their private information”. - Guardian The American investment giant that provides a vehicle for Warren Buffett to dispense his homespun financial wisdom is coming to Britain’s high streets. Berkshire Hathaway will say today that its property division has signed a franchise deal with Kay & Co, the London-based estate agent. - The Times Former Just Eat employees have accused the company of failing to stamp out sexism and harassment in the workplace, after management were made aware of incidents. An investigation by The Daily Telegraph discovered that female workers were subject to sexist comments and harassment, with claims that management had dissuaded them from pursuing any action against their male colleagues. Fresnillo has come under pressure from one of London’s most high-profile hedge funds, which is betting that the miner could be hit with higher taxes in its home market. Odey Asset Management has built a sizeable short position in the Mexico-based, FTSE 100 miner over recent months equivalent to 0.5 per cent of its market value. - The Times Cuadrilla and its partners have burnt through at least £60 million in their Lancashire shale gas operations before even beginning fracking. The private equity-backed shale gas explorer has tapped its shareholders for a further $6 million in recent months after exhausting the funds provided under a deal with Centrica, the British Gas owner. - The Times The pressure on Britain’s struggling department stores chains is intensifying, with Debenhams working with restructuring experts and John Lewis & Partners set to report weak interim results this week. Debenhams has asked KPMG to help to compile a list of options, which could include plans to hand back excess store space to landlords and a company voluntary arrangement, an insolvency process that allows retailers to close shops and reduce rents to cut costs. - The Times The number of people in the UK earning more than £1m a year has jumped to over 18,700, with more than one in 10 of them living in Kensington and Chelsea, according to figures released by HM Revenue & Customs. The total increased by 3,700 in the latest available tax year, but there are concerns that many of the “highly mobile” high-earners could quit the UK in the wake of a messy Brexit. - Guardian The chairman of John Lewis has rejected growing calls for online retailers to be hit with a so-called “Amazon tax”, instead urging traditional players to adapt more quickly. Sir Charlie Mayfield said he “struggled” with the belief that internet companies should be penalised because they have managed to carve out a leaner business model. - Telegraph Google has been urged to stop accepting money from Viagogo to place the ticket website at the top of its search rankings, in an open letter signed by the Football Association, several MPs and trade body UK Music. The letter, sent to senior Google executives on Friday and seen by the Guardian, says that Viagogo’s prominence in search rankings is leading to consumers buying sports, music and theatre tickets that may be invalid. - Guardian A superfast internet link between France and England will be built across the English channel, boosting high-speed financial trading between Paris and London after Brexit. Equinix, the American data centre giant, is working with an Irish cable company to create the first subsea cable across the channel for two decades. - Telegraph An academy trust has been accused of claiming hundreds of thousands of pounds of public money for fire safety improvements and building work that it never completed. Bright Tribe runs ten schools in England and has come under scrutiny from the Department for Education for receiving funds that apparently were not fully spent on the intended purpose. Some of its schools are being rebrokered to other organisations. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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