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| | London open: Stocks nudge lower ahead of jobs data; Ashtead bucks trend |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks edged lower in early trade on Tuesday as the pound gained ground against the dollar, with investors eyeing the latest round of UK jobs data. At 0830 BST, the FTSE 100 was down 0.1% to 7,274.31, while the pound was up 0.4% against the dollar at 1.3071 and down 0.1% versus the euro at 1.1230, still underpinned by comments from the EU’s top Brexit negotiator, Michel Barnier, who said on Monday that a deal was possible in six to eight weeks. Despite the weaker start, the mood was given a boost after the US government confirmed it is in the process of arranging a second meeting between President Trump and North Korea’s Kim Jong Un. CMC Markets analyst David Madden said: “The announcement is seen as a step in the right direction for political stability in the region. Political and business relations are on the mend elsewhere as Russia and China are looking to launch projects worth $100bn via scores of joint ventures, and this has lifted investment sentiment too.” Still, investors are likely to remain cautious amid ongoing trade tensions between the US and China. Madden said: "The trade spat between the US and China rumbles on, and President Trump has the fire power to step it up to a full blown trade war. Mr Trump has up to $467bn worth of tariffs on Chinese imports at his disposal, but he hasn’t budged so far. Beijing has made it clear they will retaliate should Washington DC slap additional tariffs on Chinese imports. The situation is unlikely to fade away, so dealers are likely to remain on edge. "The US still has unfinished business with Canada and the EU when it comes to trade, and that is playing into the mix too.” On the UK data front, the Office for National Statistics is due to publish a labour market report at 0930 BST, including the unemployment rate, average earnings and the claimant count. In corporate news, Elementis slumped as it cut the up-front price of its acquisition of industrial talc group Mondo Minerals by $100m after the deal was poorly received by investors, while Cairn Energy was in the red as it reported first-half pre-tax losses of £383m. Anglo American slipped after saying the value of rough diamond sales at its De Beers unit fell in the seventh cycle of 2018 to $505m from $533m in the sixth. Going the other way, equipment rental firm Ashtead was the top gainer after saying it would increase and extend its share buyback plans after a strong first quarter of its financial year. JD Sports Fashion ticked higher as it posted a rise in interim pre-tax profit and revenue despite a "challenging" backdrop. Sanne Group advanced even as it reported a drop in half-year profits, as it lifted its interim dividend and said it remains confident of meeting full-year expectations. Hilton Food was in the green as it posted a jump in interim profit and revenue, boosted by the first full inclusion of the Seachill business, recovery of the business in Central Europe and further strategic progress in Australia. In broker note action, BP was initiated at 'buy’ and Royal Dutch Shell was started at 'hold’ by Berenberg, while JD Wetherspoon was lifted to 'buy’ by the same outfit. Cineworld was upped to 'buy’ from 'hold’ by HSBC and Premier Oil was upgraded to 'buy’ from 'hold’ at Investec. |
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| | Europe open: Slightly higher start for shares, investors wary on trade and EM |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Shares on the Continent are edging slightly higher at the start of the session, tracking a slightly higher close on Wall Street and gains overnight in most Asian Pacific bourses. "Against this backdrop of 'wait and see' [on China-US tariffs], European markets have also opened mixed his morning, with the FTSE100 slipping back on a slightly firmer pound, looking to stabilise just above five month lows from last week, helped in no small part by the lack of any new developments in the trade story," said Michael Hewson, chief market analyst at CMC Markets UK. "The delay in implementing new tariffs could be tempting some investors to dip their toes back into the water so to speak on a very selective basis, with the DAX and CAC40 edging cautiously higher." To take note of nevertheless, there was some 'market chatter' in the background ongoing risks in the emergings markets space. As of 0847 BST, the benchmark Stoxx 600 was dipping by 0.05% or 0.20 points to 375.31, alongside a gain for the French Cac-40 of 0.12% or 6.37 points to 5,275.92 and an advance on the German Dax of 0.02% or 2.77 points to 11,900.08. Exerting a bit of a drag on shares, euro/dollar was tacking-on 0.34% to trade at 1.16324. The economic calendar was very light on Tuesday, with the only release before the opening bell being figures showing a 12,500 person increase in French non-farm payrolls during the second quarter to reach 25.179m. Still on the calendar for later in the session, at 1000 BST Germany's ZEW institute was scheduled to publish its economic confidence gauge for the month of September, alongside quarterly employment data from Eurostat. On the corporate side of things, steel giant ArcelorMittal has increased its bid price for indebted Essar Steel India to roughly $5.8bn (£4.461bn), Bloomberg reported citing people familiar with the matter. According to the Financial Times, the top brass at Deutsche Bank are prioritising the reduction of the lender's funding costs following a surge in the same. |
| | 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 open: Stocks gain at the bell despite threats of further tariffs | | Wall Street trading began with US stocks turning in some gains on Monday following last week's losses as investors continued to eye trade relations between the US and China. As of 1445 BST, the Dow Jones Industrial Average was up 0.30% to 25,994.24, while the S&P 500 moved ahead 0.39% to 2,882.95 and the Nasdaq Composite was 0.17% firmer at 7,915.86. Despite the upbeat opening call, worries about trade were still very much in focus after data revealed that China's surplus with the US hit a record high of $31bn in August, adding to worries about escalating tensions between the two countries. The possibility that Trump could slap tariffs on a further $200bn worth of Chinese goods and his latest threat to levy tariffs on another $267bn of products also weighed. "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." CMC Markets analyst David Madden said: "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." In corporate news, tech giant Apple was down 1.45% after Trump tweeted over the weekend that it should make its products in the US. "Apple prices may increase because of the massive Tariffs we may be imposing on China - but there is an easy solution where there would be ZERO tax, and indeed a tax incentive. Make your products in the United States instead of China. Start building new plants now. Exciting!" Trump tweeted on Saturday. Shares in electric car maker Tesla were up 3.73% after tanking on Friday as it emerged that its chief accounting officer and HR boss were leaving. Elsewhere, CBS Corp dipped 1.75% in early trade after chairman Les Moonves resigned over the weekend following new sexual misconduct allegations. Alibaba lost 1,43% after the company said Jack Ma is planning to step down as executive chairman, while United Rentals shot up 3.95% after agreeing to buy BlueLine Rental for $2.1bn. |
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| | Tuesday newspaper round-up: Brexit, Apple, cars, IPOs | | Downing Street is refusing to consider proposals to have EU officials stationed at British ports serving Ireland, intended as part of a solution to the problem of the Irish border after Brexit. The compromise plan, which is under consideration by Ireland and Brussels, is aimed at “de-dramatising” the Irish border issue, and reflects the fact that many goods enter Northern Ireland via Dublin, and not Belfast or the two other main ports in the region. - Guardian Philip Hammond has been warned that he faces a multibillion-pound hole in his budget projections as City businesses use Brexit to reduce their tax bills. Treasury officials are understood to have told the chancellor that unless there is a change to the law after Britain leaves the EU, the government could lose £7bn in corporate VAT receipts. Efforts to claw this back could lead to businesses moving more operations to the Continent, causing greater loss. - The Times Extra investment is needed in Channel ports to take the pressure off Dover amid warnings that Brexit could cause 17-mile traffic jams en route to the coast, ministers have been told. The government has been urged to provide additional cash to upgrade ports such as Ramsgate and Sheerness to prevent traffic chaos in Kent when Britain leaves the EU. - The Times Short sellers have circled Apple on the eve of the tech giant’s highly-anticipated iPhone launch, with the tech giant becoming America’s most bet-against company. Short interest in the company has surpassed bets against Amazon and Tesla in dollar terms recent days, as traders predict that the share price surge that recently made Apple the world’s first trillion-dollar company will not last. - Telegraph Theresa May will meet car industry executives at a summit in Birmingham amid growing concern in the industry about the pace of the Brexit negotiations and the impact of a no-deal scenario on the sector. On Tuesday the prime minister was due to highlight the potential for low emissions technology but before the meeting the industry’s trade body emphasised that ministers have to ensure that the UK would remain an attractive investment environment post Brexit. - Guardian The value of companies buying or merging with rivals is on course to hit record levels in 2018, according to analysis by Linklaters. Deals for the first half of 2018 totalled nearly $2 trillion, the highest level seen since 2007 and larger than the $1.7 trillion generated in the same period of 2015, the best year on record since the financial crisis. In 2015, M&A activity for the year generated $3.69 trillion, outperforming the $3.45 trillion achieved in 2007. - Telegraph The cost of bread is forecast to rise after the effects of a dry summer pushed up the price of wheat by 25% to 30%. Prices in stores have already risen in recent months and are likely to continue going up as Associated British Foods (ABF), the owner of Kingsmill, said the impact of its rising costs would be “reflected in our ongoing discussions” with retailers. - Guardian After shareholders backed Clydesdale bank’s £1.7bn all-share takeover of Virgin Money, top investors believe it could start a buying spree. “The combined group will have quite a lot of surplus capital,” a top 10 investor told The Telegraph. “CYBG has a chance to create a challenger bank that actually has some heft and can compete effectively against the big banks." Retail shareholders will have to stump up at least £1,000 to grab a slice of Funding Circle, the peer-to-peer business lender aiming to go public next month for more than £1.5 billion. The eight-year-old company is looking to raise about £300 million from its initial public offering and wants to tap into the 80,000 investors who already use its platform. - The Times Volvo Cars and Geely, its Chinese owner, have postponed indefinitely plans to float shares in the Swedish carmaker on the Stockholm exchange, blaming trade tensions and a downturn in auto manufacturing stocks. “We’ve come to the conclusion that the timing is not optimal for an initial public offering,” Hakan Samuelsson, Volvo Cars’ chief executive, said. - The Times One of a growing band of British litigation funders intends to raise £70 million by floating on the London Stock Exchange in a move that could value it at up to £1 billion. Vannin Capital’s intention to go public is the latest demonstration of the rising appetite in the London legal market for third-party litigation funding. - The Times Network Rail has sold thousands of railway arches to a pair of investors as part of a £1.5bn property deal but vowed that businesses working from the spaces, which have raised fears about rent rises, would be protected by a “tenants’ charter”. Telereal Trillium and Blackstone Property Partners won the bidding for 5,200 properties, the majority of which are arches, the operator of Britain’s rail network said on Monday. - Guardian Retailers faced a bill of almost £1 billion last year for accepting cards after payment providers raised their fees, a trade association has claimed. The British Retail Consortium said that retailers had spent an additional £170 million to process card payments in 2017, totalling almost £1 billion, as more than three quarters of sales were paid for by card for the first time. - The Times A senior adviser to the government’s public health agency has quit over its stance on safe drinking advice and relationship with the alcohol industry. Sir Ian Gilmore accused Public Health England (PHE) of undermining efforts to protect the public and warned that it was getting too close to commercial interests. - The Times Whitehall’s spending watchdog has accused the Home Office of being ignorant of the strain that police officers are under after funding cuts led to 45,000 job losses. The report from the National Audit Office comes as a debate rages over why crime is rising. Suppressed government research has suggested cuts have played a part though ministers deny this. The NAO found there had been a 19% drop in funding for police since the Conservatives took power in 2010, and officers were struggling to maintain an effective service. - Guardian A five-acre site opposite St Thomas’ Hospital in central London is being prepared for a potential £200 million sale. The proposed Royal Street development is close to Waterloo railway station and both the Westminster and Lambeth bridges across the Thames. - The Times Brexit has become a cautionary tale on the perils of Euroscepticism that could help to save the European Union from a wave of populism, Guy Verhofstadt said yesterday. The MEP, a former Belgian prime minister who supports a United States of Europe, has suggested that political chaos over Brexit is now one the most compelling arguments for the EU. - The Times Britain is to get its first manufacturing site dedicated to making batteries for electric cars. Williams Grand Prix Holdings, parent company of the Williams Formula One motor racing team, is working with Unipart, the motor components group, to start production for Aston Martin’s first electric supercar, the RapidE. - The Times Marks & Spencer has announced that the star of its latest fashion campaign will be the TV presenter Holly Willoughby. In her role as the retailer’s brand ambassador, the host of This Morning and I’m a Celebrity … has chosen a selection of “must-haves” from the autumn collection.The micro-collection will go on sale on 27 September. - Guardian | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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