| Bargain Blue Chips 5 stocks trading significantly below their 2018 highs Seeking out undervalued companies that can offer attractive potential for a bounce back to what investors feel represents their "fair value" is a strategy often favoured by FTSE investors. With this approach in mind, our latest report looks at 5 Bargain Blue Chip stocks; medium-term charts, potential support and resistance levels, broker recommendations and target prices 78% of retail clients lose money, consider affordability. Get the report here » | | | London open: Next boosts retailers but trade worries remain | | | | | London stocks nudged a touch higher in early trade on Tuesday as the retail sector was boosted by a guidance upgrade from Next, but gains were limited amid ongoing concerns about the US-China trade conflict. At 0840 BST, the FTSE 100 was up 0.1% to 7,462.74, while the pound was flat against the dollar at 1.3120 and down 0.1% versus the euro at 1.1156. Investors were keeping an eye on developments between the US and China following reports that China’s vice commerce minister Wang Shouwen said at a news conferencethat it was difficult to go ahead with negotiations at the moment and that the discussions would depend on the will of the US. Analyst Jasper Lawler at London Capital Group said: "Asian markets struggled as investors digested escalated tensions in the next chapter of the growing trade spat. Both sides are digging their feet in, with tariffs being levied. Hope for negotiating a way out of this impasse is declining. The latest market moves highlight just how difficult it is to trade these escalating trade tensions. "On the announcement of these latest tariffs the markets moved higher, given that the tariffs were lower than what traders had been expecting. Fast forward to the application of the 'lower’ tariffs and the market dives. The markets have tried hard to shrug off the implications of an escalating trade spat on global trade and growth but this is becoming harder with each fresh round of tariffs and will slowly but surely take its toll on investor sentiment." Meanwhile, political instability in the US was also a concern following reports on Monday that Deputy Attorney General Rod Rosenstein was about to quit or be sacked. These reports were later dismissed by the White House, however, with Rosenstein due to meet President Trump on Thursday. Closer to home, Brexit was still the main focus as PM Theresa May prepared to meet her US counterpart on Wednesday at the United Nations general assembly in New York to discuss trade post-Brexit. In corporate news, Next was the standout gainer, surging 8% as it raised its guidance for annual profit after trading in August and early September was better than expected. Group pre-tax profit will be £727m in 2018, broadly in line with the year before, Next predicted. In May it estimated profit would fall to £717m. Marks & Spencer and Primark owner Associated British Foods were also in the green. Glencore was a high riser after saying it will buy back more of its shares worth up to $1bn, increasing the size of an existing buyback programme. It also benefited from a broker upgrade. Imperial Brands gained ground after saying its tobacco business was enjoying "much stronger" second-half sales and announcing plans to launch its heat-not-burn tobacco product early in 2019. Close Brothers nudged up after its final results were in line with expectations, but British American Tobacco lost ground as it promoted Jack Bowles, currently chief operating officer of its international business, to the role of chief executive, succeeding Nicandro Durante. SSE nudged down as it announced the acquisition of Sea green Wind Energy and Irn Bru maker AG Barr fizzed lower even as it reported a rise in first-half revenue and profit. Card Factory tumbled as it posted a drop in underlying pre-tax profit and like-for-like sales due to extreme weather and consumer caution, but said overall revenue rose and announced a special dividend. In broker note action, Glencore was raised to 'overweight’ at Morgan Stanley, while BHP Billiton was downgraded to 'equalweight’. Savills was lifted by an upgrade to 'buy' at Peel Hunt, but JD Wetherspoon was cut to 'hold’. Spire Healthcare was resumed at 'hold’ by Liberum and Auto Trader was cut to 'equalweight’ at Barclays. Sky was downgraded to 'hold’ at Jefferies and Smiths was cut to 'hold’ at Deutsche Bank. | | | | | Free FXCM Conference, Friday 28th Sept. Join a team of professional traders such as Siam Kidd and Phillip Konchar at the Grange Hotel Tower Bridge. Book your free seat here.
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| | | | | Invest in the revolutionary combustion technology that’s reducing emissions and cutting costs – with 400% Projected ROI by year 3 Find Out More | | | US close: Markets mixed as trade tensions linger | | | | | US stocks finished on a mixed note on Monday, as trade tensions resurfaced after China called off planned trade talks with Washington over the weekend and as fresh tariffs on Chinese imports kick in. The Dow Jones Industrial Average ended its session down 0.68% at 26,562.05 and the S&P 500 lost 0.35% to 2,919.37, while the Nasdaq 100 added 0.23% to 7,548.75. Traders were also reacting to the fact that US and European Union officials were set to meet to talk about trade over the coming week. “While markets no doubt believe that the current trade concerns are unlikely to be the beginning of a long-term phenomenon, the latest breakdown in talks highlights the possibility that this will rumble on for some time yet,” said Joshua Mahony, market analyst at IG. “With the US midterms ahead, Trump is unlikely to give any concessions at the risk of seeming less effective, thus lessening any hopes of a breakthrough in the coming months.” A 10% levy on $200bn worth of Chinese goods was due to come into effect at noontime on Monday. Meanwhile, China has retaliated to this US levy by announcing tariffs on an additional $60bn of imports from the US. Oil stocks could be a bright spot as Brent crude hit its highest level since 2014, climbing above $80 a barrel after OPEC and its allies refrained from agreeing a production increase over the weekend. On Friday, some traders had been speculating that the Organisation of Petroleum Exporting Countries might decide on a 500,000 barrel a day increase in their combined output when they next met. On the data front, the three-month moving average for the Chicago Fed's national activity index for August printed at +0.24, which was up from a reading of +0.02 for the month before, boosted by gains in indicators linked to production and for sales, orders and inventories. In corporate news, Michael Kors shares were 8.23% lower following reports it was on the cusp of agreeing a $2bn deal to buy Italian fashion house Versace. Elsewhere, Comcast was down 5.99% after the media giant outbid 21st Century Fox over the weekend for London-listed broadcaster Sky. A proposal from the chief executive officer of Sears to sell assets in order to pay down its debt sent its stock down 2.36%. Shares in Micron Technology were ahead 0.94% even after analysts at Needham cut their target price on the chipmaker's shares from $100 to $80, albeit while reiterating their 'strong buy' recommendation. Barrick Gold was also wanted, rising 5.44% after inking a deal to purchase rival Randgold Resources for $6.0bn. | | | eToro Daily Update 25/09/2018 | | | | Today’s highlights: Cryptocurrencies show correction - Crypto seesaw continues: The cryptocurrency market showed a correction over the past 24 hours, as 9 of the top 10 cryptos were in the red, including three crypto coins registering double-digit declines. Cardano, Stellar and XRP all dipped more than 10%. Bitcoin, which held stable above $6,500 since last Friday, was down more than 3% at the time of writing, dropping below the mark.
- Asia seen mixed: The ongoing trade war between China and the US was felt in markets this morning, as the China50 index was seen lower. In contrast, markets in Japan were seen higher, after Bank of Japan Governor Haruhiko Kuroda said this morning that there will be no rate hike for “quite a long time.” Markets in Hong Kong are closed today.
- Volatility expected for USD: The Conference Board will be publishing its Consumer Confidence report today at 14:00 GMT. The report could generate volatility for the greenback
Read More.. | | | Tuesday newspaper round-up: Brexit, business rates, Debenhams, Deliveroo | | | | | Theresa May has faced down cabinet critics of her Chequers plan and won backing from ministers to sell it to next week’s Conservative Party conference. The prime minister also secured cabinet agreement yesterday for a new immigration system after Brexit despite objections from Philip Hammond, the chancellor, on how the change should be managed. - The Times Keir Starmer has been forced to reaffirm that Labour has not ruled out a referendum that could cancel Brexit, after John McDonnell appeared to insist the party could only back a vote on the deal itself. Labour has said it intends to vote against Theresa May’s deal, if it resembles the Chequers proposals set out in the summer white paper. However it is highly uncertain what would happen next if MPs reject her agreement. - Guardian EU migrants will not be given preferential treatment after Brexit and the number coming to the UK will fall significantly under Government plans. Sajid Javid, the Home Secretary, on Monday unveiled plans at Cabinet for a crackdown on the number of low-skilled migrants coming to the UK after Britain leaves the EU. - Telegraph A Canada-style trade deal would enable Britain to dump “anti-competitive” European Union laws and embrace the “opportunities” of Brexit, senior Conservatives said yesterday. Setting out an alternative to Theresa May’s Chequers plan, leading Brexiteers backed a report that called for the EU to have no say over British laws on the environment, food standards and workers’ rights. - The Times Debenhams is to shift its focus to newer but fewer items as speculation mounts over its financial health. The department stores chain will open a new outlet in Watford this week, with 25 per cent less stock and fresh products updated every week. - The Times An overhaul to the system that allows companies to challenge their business rates bills has resulted in a service that is “unfair”, experts have warned. Almost nine in ten companies who are in the early stages of appealing against their rates bills are still dissatisfied with the new approach, according to a government survey. - The Times Amazon has made two preliminary approaches for Deliveroo as the food delivery company is circled by ride-hailing giant Uber. Deliveroo, known for its green-jacketed bike couriers, has raised hundreds of millions of pounds in investment and is currently valued at about $2bn. - Telegraph Food companies will be permitted to keep the amount of food they waste secret under a government-backed plan to cut the amount thrown away by two million tonnes a year by 2030. The plan acknowledges that greater transparency would drive action to cut waste but leaves it up to companies to decide whether to publish their figures. - The Times The BBC’s weather forecasting provider is set to be sold at a loss to an industry rival. In a deal expected to be completed next month, Meteogroup, which is owned by General Atlantic, an American private equity firm, is being sold to TBG, an investment vehicle of the Thyssen-Bornemisza family. - The Times The government is expected to bail out Liverpool’s new £335 million NHS hospital and take it back into public ownership, nine months after the failure of Carillion left the project in crisis. Carillion, the public sector contracting and construction group, collapsed in the new year with £2.6 billion of pension liabilities and £2 billion of debts. - The Times The world’s leading cannabis producer is opening export channels to Britain as it prepares for the government to relax restrictions on medicinal marijuana. Canopy Growth, of Canada, expects an exponential increase in demand for prescriptions for cannabis-based medicinal products in Britain after restrictions are lifted shortly. - The Times The world’s most used weedkiller damages the beneficial bacteria in the guts of honeybees and makes them more prone to deadly infections, new research has found. Previous studies have shown that pesticides such as neonicotinoids cause harm to bees, whose pollination is vital to about three-quarters of all food crops. Glyphosate, manufactured by Monsanto, targets an enzyme only found in plants and bacteria. - Guardian The co-founders of Instagram have stepped down from the photo sharing app, six years after it was acquired by Facebook for $1bn (£760m). Kevin Systrom and Mike Krieger informed Facebook's bosses of their resignation on Monday and plan to leave in the coming weeks, according to the New York Times. - Telegraph Pandora, the US music company that was a pioneer in internet streaming, has been sold to Sirius XM, the paid-for radio business owned by cable tycoon John Malone, for $3.5bn (£2.7bn). The deal shows two of America’s biggest music services joining forces as they battle the rise of on-demand apps such as Spotify and Apple Music. - Telegraph | |
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