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| | London open: Stocks nudge up despite trade worries; SSE tumbles on profit warning |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | London stocks nudged just a touch higher in early trade on Wednesday as worries about trade continued to dominate sentiment. At 0840 BST, the FTSE 100 was up 0.1% to 7,283.52, while the pound was down 0.2% against the dollar at 1.3007 and flat versus the euro at 1.1227. Trade relations were firmly in focus yet again after it emerged the day before that China will ask the World Trade Organization for permission to impose sanctions on the US next week. CMC Markets analyst David Madden said: "The Beijing administration are claiming the US didn’t comply with a ruling regarding dumping duties in 2013. It has also been reported that the Chinese government have been putting off accepting licence applications from US companies operating in China, and this is seen as another way of getting back at President Trump. Relations between the US and China were strained in advance of this news, and they are likely to deteriorate further. "Mr Trump has hundreds of billions of dollars’ worth of tariffs up his sleeve, and dealers are fearful they will be imposed. The US leader doesn’t want to be seen as weak, and provocations could get a reaction from him. While the two sides hold their ground, dealers will remain cautious." In corporate news, Dunelm advanced after saying that annual sales improved but underlying profits fell due to lower margins and trading losses from its acquisition of online specialist Worldstores. Rare diseases specialist Shire edged up after saying that Veyvondi has been granted EU marketing authorisation to treat bleeding events for adults with von Willebrand disease. Galliford Try rallied as it posted a jump in full-year profit and revenue as completions rose and the housebuilder said it was making "excellent" progress towards its strategic objectives across all three businesses. Sports Direct rose as it said ahead of its AGM that trading was in line with the group’s expectations of achieving a 5% to 15% improvement in underlying earnings for current financial year, excluding the acquisition of House of Fraser. Things could get hairy at the AGM as three shareholder advisory groups have called on investors to vote against the re-election of Mike Ashley as CEO and Keith Hellawell as chairman. Earlier in the week, a High Court judge ruled that Sports Direct must hand over documents it claimed were confidential to the accounting watchdog as part of an investigation into its auditor. Superdry was higher as it appointed the former head of global womenswear for Tommy Hilfiger, Brigitte Danielmeyer, to the newly created role of chief product officer. Big Yellow was in the green as it announced plans to raise around £67m to fund its pipeline of development opportunities and continue its longer-term portfolio expansion strategy, while Safestore gained after it reported a strong performance in the third quarter. On the downside, SSE tumbled as it warned that first-half profits are likely to have halved compared to last year due to higher costs and lower volumes of energy being consumed. After five months of its financial year, the group said full-year adjusted operating profit at its Energy Services arm was likely to be significantly lower than predicted at the start of the year ahead of its spin-off and merger with Npower. On the broker note front, Anglo American was lifted to 'buy’ at HSBC, while Capital & Counties was boosted to 'neutral’ from 'underperform’ by Exane BNP Paribas. LSE was upgraded to 'buy’ at Alphavalue and RBS was bumped up to 'buy’ at Goldman Sachs. Barclays upped Taylor Wimpey to 'overweight’ from equalweight’ and Bovis Homes to 'equalweight’ from 'underweight’, but cut Crest Nicholson to 'equalweight’ from 'overweight’. |
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| | eToro Daily Update 12/09/2018 | Today’s highlights: Apple lifts Wall Street ahead of press event - Wall Street closes higher: Despite ongoing concerns of a US-China trade war, US markets closed higher yesterday, as the Dow Jones, Nasdaq and S&P 500 all registered gains. Ahead of its new iPhone launch this evening, Apple, the largest company (by market cap) traded on Wall Street, snapped a four day losing streak, showed gains of 2.5% and buoying the entire market. Several stocks hit all-time highs yesterday, including Square and Home Depot.
- Ethereum at one-year low: The world’s second-largest cryptocurrency (by market cap) reached price levels not seen since July of last year, dropping more than 9% over the past 24 hours and trading below the $180 mark. The overall trend in the the cryptocurrency market was negative, as 8 other top 10 cryptocurrencies were seen lower. Despite small losses, Bitcoin continued to remain stable above the $6,300 mark.
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| | US close: Markets higher as trade spat with China grows more intense | | US stocks finished green across the board on Tuesday, despite worries about trade relations with China intensifying after it emerged that Beijing was set to ask the World Trade Organization permission to impose sanctions on the US. The Dow Jones Industrial Average ended the day up 0.44% at 25,971.06, the S&P 500 added 0.37% to 2,887.89, and the Nasdaq 100 was 0.81% higher at 7,507.87. In trade news, the WTO's meeting agenda revealed that China will ask permission to impose sanctions on the US next week following Donald Trump's latest threat to impose tariffs on a further $267bn of Chinese goods, on top of the $200bn already planned. "This news immediately sparked fears that the next round of trade war-escalation isn't far off," said Spreadex analyst Connor Campbell. Elsewhere, Washington confirmed it was in the process of arranging a second meeting between Trump and North Korean leader 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." On the data front, the National Federation of Independent Business' small business optimism index rose to 108.8, a new record in the survey's 45-year history, from 107.9 in the month before. That was ahead of expectations for a reading of 108.2. “Today's groundbreaking numbers are demonstrative of what I'm hearing every day from small business owners - that business is booming,” commented NFIB president and chief executive officer Juanita Duggan. “As the tax and regulatory landscape changed, so did small business expectations and plans.” Meanwhile, US job openings increased in July, according to the monthly JOLTS report. Job openings, a measure of labour demand, rose 117,000 to 6.939m in July, the Labor Department said on Tuesday, topping economists forecasts of 6.646m. Lastly, US wholesale inventories rose slightly less than expected in July as motor vehicle stocks fell further. The Commerce Department said wholesale inventories increased 0.6% instead of gaining 0.7% as reported last month, while stocks at wholesalers edged up 0.1% in June. In corporate news, Sonos dropped 22.03% after the company's first earnings release since its IPO revealed a drop in revenue for the consumer audio device maker, and an earnings loss of 45 cents per share. Elsewhere, Integrated Device Technology shot up 10.65% as Japan's Renesas Electronics said it would buy the US chip maker in a $6.7bn deal. |
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| | Wednesday newspaper round-up: Tesco, payday lender, Sports Direct | | Tesco will unveil its new discount chain Jack’s next week as the UK’s biggest supermarket throws down the gauntlet to the German discounters Aldi and Lidl. The first of the stores, named after the Tesco founder, Jack Cohen, will be unveiled by the supermarket’s chief executive, Dave Lewis, in Chatteris, Cambridgeshire, on Wednesday. – Guardian The company behind the payday lenders QuickQuid and Pounds to Pocket faces a potential multimillion-pound bill after consumer complaints against it almost quadrupled in a year. CashEuroNet UK, which is owned by a US company, has become one of Britain’s most complained-about financial firms, attracting 4,692 complaints to the Financial Ombudsman Service during the first six months of 2018. - Guardian An influential parliamentary committee has delivered a withering assessment of collapse of the East Coast rail line earlier this year, accusing the Government of “encouraging” operator Stagecoach to overbid for the franchise. While the Transport Committee found Stagecoach, the majority owner of Virgin Trains East Coast, should take “prime” responsibility for falling into default on the franchise, the Department for Transport (DfT) failed to “temper over-optimistic bidding”. Telegraph The Government risks “pulling the rug out” from beneath the construction industry and would struggle to meet its target of building 300,000 new homes per year if it imposes strict migration rules after Brexit, housebuilders have warned. The Federation of Master Builders called upon ministers to ensure European bricklayers and carpenters can continue to come to Britain amid rising concern over skills shortages. - Telegraph Sports Direct must hand over documents that it claimed were confidential to the accounting watchdog as part of an investigation into the retailer’s auditor, a High Court judge has ruled. The Financial Reporting Council accused Sports Direct, which is run by the billionaire Mike Ashley, of “obfuscation” and “obstruction” by refusing to give it documents to assist its investigation into the conduct of Grant Thornton, the accounting firm that audits the company’s accounts. - The Times Sir David Green will not work on any matters he was involved in while he was director of the Serious Fraud Office when he starts his new job at Slaughter and May, the City law firm said. It announced that Sir David effectively had been ringfenced at the law firm, which he is joining as a consultant, after concerns were raised over his new role this year. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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