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| | London open: Stocks steady as investors eye trade developments, payrolls |  | | 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 Friday, with traders reluctant to make any big moves either way as they kept an eye on global trade developments and looked to the release of the non-farm payrolls report. At 0830 BST, the FTSE 100 was flat at 7,319.19, while the pound was up 0.1% against the dollar at 1.2942 and down 0.1% versus the euro at 1.1117. Trade was very much in focus again as relations between the US and China could sour further later in the day if Trump goes ahead and slaps tariffs on a further $200bn of Chinese goods. "Tariffs could be as high as 25%. The consultation-period is over - now we look to see what Trump does. Does he double down - this would be true to form - or does he hold off for now?" said Markets.com analyst Neil Wilson. Meanwhile, a report out on Thursday suggested that the US President could target Japan next. According to CNBC, Trump hinted to a Wall Street Journal columnist that he might next take up trade issues with Japan. US talks with Canada were also ongoing, as Canada’s foreign affairs minister Chrystia Freeland heads to Washington to thrash out a NAFTA deal. "Trump is threatening to exclude Canada from the Mexico-US deal, but needs to show to the electorate before the November mid-term elections that he can strike a positive deal," Wilson said. The other big focus will be the US non-farm payrolls report, which is due at 1330 BST along with the unemployment rate. The payrolls number is expected to show an improvement on the disappointing 157k headline number in July, which again would appear to show that the amount of new jobs is starting to become scarcer, said CMC Markets analyst Michael Hewson. "Expectations are for 198k new jobs for August with the unemployment rate set to fall further from 3.9% to 3.8%. "Of greater importance given the slowing in the headline numbers for US jobs will be the wages numbers, which if they don’t start to edge up towards 3% could actually start to act as a welcome headwind to the advance in the US dollar. Expectations are for wages to remain unchanged at 2.7%, however any move back towards the highs this year at 2.9% will put further upward pressure on the US dollar, as well as exerting further pressure on emerging markets. "What today’s numbers won’t do is change the probability of a US rate rise this month, as that still remains a done deal in the eyes of the markets." In corporate news, Greene King surged as it said positive momentum in its Pub Company unit continued through the summer with like-for-like sales up 2.8% for the first 18 weeks of the year, ahead of the market, which was up 1.2%. AstraZeneca ticked a touch higher after saying that it and Amgen have been granted a breakthrough therapy label for their drug to treat a type of severe asthma by the US Food and Drug Administration. Ashmore rallied after it reported steady full-year pre-tax profit and record net inflows, as it said it was in the process of establishing an office in Ireland ahead of Brexit. Playtech was in the green as it sold around 11.4 million shares in Plus500 - its entire stake - at 1,550p per share, realising gross proceeds of approximately £176m that will be used for general corporate purposes and debt reduction. Plus500 shares slumped. On the downside, International Consolidated Airlines Group was the worst performer after British Airways announced that the credit information of at least 380,000 customers had been compromised in a data theft. Healthcare company BTG slipped after saying it was paying up to $130m in cash to buy Ireland-based Novate, which specialises in the prevention of pulmonary embolism (PE) in patients at high risk of venous thromboembolic events. In broker note action, Shire was cut to 'hold’ by Berenberg, while DCC was initiated at 'outperform’ by RBC Capital Markets and Burberry was downgraded to 'neutral’ at Goldman Sachs. |
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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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| | Europe open: Investors tread cautiously ahead of US jobs report, China tariffs |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  | | | | | | Stocks have begun the session trading slightly higher ahead of the release, later in the session, of the key monthly US jobs report, amid the threat of an escalation in global trade tensions. Commenting on the situation in stocks just after the opening bell, Mike van Dulken at Accendo Markets said: "Calls for a positive open come in spite of negative trading on Wall St and in Asia, though the Dow was able to eke out slim gains. "Concerns over Emerging Markets and the another US-China tariff clash are pushing traders towards risk-off sentiment into the weekend. Matter made worse by Trump training his sights on Japan as a potential next trade victim according to the WSJ." Against that backdrop, as of 0829 BST the benchmark Stoxx 600 was edging higher by 0.10% or 0.36 points to 373.83, alongside a rise of 0.15% or 17.48 points to 11,972.73 for the German Dax. The FTSE Mibtel meanwhile was up by 0.26% or 53.04 points to 20,579.49. Nevertheless, the main European equity gauges were on track for their worst week since the end of March, according to Bloomberg data. To take note of, and also according to Bloomberg, strategists at UBS believed the S&P 500 might drop 5.0% if the US administration opted for 25% tariffs on a further $200.0bn-worth of Chinese goods. However, they reportedly believed that any decline would be short-lived ahead of the mid-term elections and if the Federal Reserve, as they expected, skipped an interest rate hike in December. There were reports that the White House would move ahead with a new round of tariffs, possibly as soon as Friday, but the exact magnitude of the levies that were to be imposed was as yet unknown. The economic data published on Monday was mixed at best. German industrial production shrank by an outsized 1.1% on the month in July (consensus: 0.2%), according to the country's Ministry of Finance. A separate report showed that the foreign trade balance in the euro area's largest economy meanwhile declined sharply, slipping from €21.8bn for June in non-seasonally-adjusted terms to €16.5bn in July (consensus: €19.5bn). Going the other way, French industrial production bounded ahead by 0.7% month-on-month in July (consensus: 0.2%), according to INSEE, with manufacturing sector output up by 0.5%. Spanish industrial output meantime was ahead by 0.5% on the month (consensus: 0.4%), INE said. Still ahead for later in the day, at 1330 BST, the US Department of Labor was expected to report that non-farm payrolls grew by 191,000 in August, after increasing by 200,000 in the month before. Deutsche Bank was under pressure early on, on the heels of a report from Dow Jones that Chinese fund HNA had exited the lender's shareholder register, having reportedly been instructed by Beijing to focus on domestic airlines. IAG was another notable faller early on, after the airline revealed a data breach affecting 380,000 customers who flew with the airline between 21 August to 5 September. |
| | US close: Markets finish mixed as trade remains in focus | | Wall Street trading finished on a mixed note on Thursday, as investors kept a watchful eye on trade talks between the US and Canada and any developments in terms of relations with China, with a slew of data releases also in focus. The Dow Jones Industrial Average ended the session up 0.08% at 25,995.87, while the S&P 500 was down 0.37% at 2,878.05 and the Nasdaq 100 lost 0.93% to 7,453.17. Trade talks between the US and Canada resumed on Wednesday after the two failed to reach an agreement last week. Donald Trump described the NAFTA talks as "intense" and accused Canada of "taking advantage", while Canadian Prime Minister Justin Trudeau said in a radio interview that he would insist on certain safeguards, as Trump doesn't always follow the rules. Still, after a day of talks with US trade negotiator Robert Lighthizer, Canadian foreign minister Chrystia Freeland said progress was being made. US relations with China were also still very much in focus, with Trump expected to slap 25% tariffs on another $200bn of Chinese goods this week. Oanda analyst Craig Erlam said it hadn't been the most memorable week of the year so far, but the back-end promises to be far more interesting, with the US jobs report being released on Friday, which always attracts the interest of investors, and attention once again falling on trade. China warned earlier that it will be forced to retaliate if the US implements new tariffs measures. "If the United States, regardless of opposition, adopts any new tariff measures, China will be forced to roll-out necessary retaliatory measures," ministry spokesman Gao Fen said. Gao said that China will monitor the impact of any new tariffs and adopt measures to help Chinese or foreign firms in China tackle any difficulties. On the macro calendar, private sector employment in the US rose by less than expected in August, according to data released by ADP on Thursday. Employers added 163,000 jobs versus expectations for a 190,000 increase. Meanwhile, July's total was revised down to 217,000 from 219,000. Small businesses with fewer than 50 employees added 21,000 jobs, while medium businesses with between 50 and 499 employees added 111,000 jobs. Large companies with 500 or more employees recruited an extra 31,000 people. Elsewhere, a key indicator of the health of the US jobs market improved more than expected last week as firms continued to tread cautiously when it came to firing staff. Initial jobless claims for the week ending on 1 September dropped by 10,000 to reach 203,000, according to the Department of Labor. That was better than the decline to 215,000 which economists at Barclays Research had forecast and the lowest reading since December 1969 - as well as a new cycle low. US labour productivity picked-up noticeably over the second quarter, but not by enough to dampen unit labour cost growth when compared with the same period one year ago. Non-farm labour productivity per hour in the States expanded at a 2.9% clip in quarterly annualised terms over the three months to June, according to the Department of Labor. In other data news, IHS Markit's final US services PMI fell to 54.8 in August versus the 56 recorded in July. Output growth was largely attributed by panellists to greater client demand and the opening of new facilities. However, the overall rate of growth eased to the softest since April. Lastly, ISM's non-manufacturing PMI climbed to 58.5% in August from the 55.7% reading seen back in July and factory orders dropped 0.8% to in July after two monthly gains. On the corporate front, Twitter and Facebook were down 5.87% and 2.78%, respectively, after executives from both companies admitted on Wednesday that they were too slow to act when it came to tackling foreign meddling in US election campaigns. |
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| | Friday newspaper round-up: Brexit, bosses, British Airways, Elon Musk | | Philip Hammond has warned that the government would have to refocus its priorities if the Brexit negotiations resulted in no deal, as details emerged of a Whitehall contingency plan codenamed Operation Yellowhammer. After Treasury minister John Glen was photographed in Downing Street with a briefing document about planning for no deal, Hammond hinted other areas of public spending would have to take a hit if the UK crashed out next March without an agreement in place. – Guardian Britain’s worst bosses will have nowhere to hide under plans to survey the quality of jobs in the UK by tracking how workers feel about their managers as well as their mental health and sense of job security. The government is considering measuring the quality as well as quantity of work, amid growing concern that the social and economic benefits of record high levels of employment are being undermined by poor quality, insecure jobs. - Guardian The days of male colleagues sharing in an after-work pint are over because the tradition alienates female colleagues, according to the boss of the tech giant Uber. Dara Khosrowshahi said that drinking beer “with the guys at work” is wrong and unfair, something he realised after undergoing training to make Uber a more inclusive workplace. - Telegraph British Airways has launched an “urgent” investigation and notified police after hundreds of thousands of customers’ personal and financial details were stolen. The airline said the hack continued for almost two weeks, between August 21 and September 5, with 380,000 payments compromised. Stolen information did not include travel or passport details. - Telegraph About 2,000 executives of companies that went on to fail are in line for compensation payments and bigger pensions worth in some cases hundreds of thousands of pounds after a landmark judgment on the UK pensions lifeboat. The European Court of Justice ruled yesterday that the cap that restricts pension payments to members of schemes rescued by the Pension Protection Fund (PPF) to a maximum of £35,106 a year was unlawful. - The Times An American activist investor is suing Elon Musk over allegations that he artificially boosted Tesla’s share price to “burn” short-sellers. Andrew Left, founder of Citron Research and a Tesla short-seller, has accused Mr Musk of using a series of false tweets to damage his short position and those of other investors. - The Times | | | | To advertise in the Euro Markets Bulletin please contact advertise@advfn.com |
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