| | | London stocks struggled to hold their ground on the first day of October as disappointing data from China, an airline profit warning and housing sector angst were offset by positive news on North American trade. The FTSE 100 was essentially flat at 7,508.29 after a little over an hour of trading on Monday, down less than two points. Markets across the globe were rallying on an improved picture for global trade after Canada and the US were reported to have reached an agreement on how to revamp Nafta. Dampening down some of the uncertainty around global trade, the two countries hammered out a deal to join up with the agreement reached between the US and Mexico in August. This sent S&P 500 futures shooting up towards record territory, whilst Japanese yen tumbled to a fresh 2018 low versus the dollar on diminished safe haven demand. "There was no such reaction in Europe, in part because the markets are more worried about America’s relationship with another country beginning with C," said Connor Campbell, market analyst at SpreadEx. Yields in Europe were moving, analysts at Rabobank noted, of a report by Italian daily La Repubblica that there were “rumours” in Brussels that the European Commission will be forced to reject the Italian govt’s budget proposals in November The 10-year spread between Italian and German government bonds was a shade over eight basis points wider at 275.7bp. As for the forex markets, the euro’s Italian budget blues carried over from the end of September. The single currency shed another 0.3% against the dollar, keeping it at a sub-$1.158 3 week nadir, while losing 0.2% against the pound to lurk at a 10 day low. Sterling couldn’t pair its gains against the euro with any success against the greenback, however, with cable trapped below €1.304. On the other side of the globe, China's official manufacturing purchasing managers index fell much more than expected in September to from 51.3 to 50.8, falling short of economists' forecasts for a reading of 51.2. Earlier the Caixin's factory sector PMI slipped from 50.6 for the month of August to 50.0 in September, versus the 50.5 expected. "The sector just managing to remain in expansion is the clearest sign yet of the impact of the US trade tensions on the Chinese economy" said analyst Jasper Lawler at London Capital Group. However, while miners traced metal prices lower in Australia, the trend was not followed by the heavily weighted miners on the FTSE, which were either flat or higher. Later in the morning the UK manufacturing PMI is expected to show a fall to 52.5 from 52.8. At the same time, 0930 BST, the Bank of England will release figures on mortgage lending and consumer credit for August. In a fairly quiet start to the week for corporate news in London, airlines easyJet and BA owner IAG were flying lower after a profit warning from Irish budget airline Ryanair. The Dublin-based carrier blamed cabin crew and pilot strikes, lower traffic and weaker fares as it cut full year profit guidance 12% to €1.1-1.2bn from €1.25-1.35bn previously, also warning that it cannot rule out further downgrades due to the potential for more disruptions later in the year. Housebuilders were in the red after Theresa May looked to add a new stamp duty on foreign buyers to her Chancellor's upcoming Budget, which analysts at UBS said was "an unhelpful development for the London housing market". South East-focused Berkeley Group led the Footsie fallers, with Taylor Wimpey, Barratt and Persimmon not far behind. AstraZeneca was slightly lower even though it agreed a deal with Germany's Cheplapharm Arzneimittel for the commercial rights to Atacand and Atacand Plus heart and hypertension treatments, starting with an up-front $200m and with further sums and sales-contingent milestones payable in future. Assura, the healthcare property developer, was little moved as it reported completion of 39 medical centres and two developments at a total cost of £108.2m in the first half of its trading year. Computacenter was moving higher as it bought US-based IT firm FusionStorm for up to $90m (£69m) plus $45m in refinancing. The FTSE 250 company said it would integrate its existing US business with FusionStorm leading to a 50% rise in headcount in the Americas region. | | | | | 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 » | | | | Top 10 FTSE 100 Risers| Sponsored by Interactive Investor | 
| | |
Top 10 FTSE 100 Fallers| Sponsored by Interactive Investor |
| | |
| | | | | Invest in the revolutionary combustion technology that’s reducing emissions and cutting costs – with 400% Projected ROI by year 3 Find Out More | | | US open: Losses at the bell following Italy and Elon Musk's woes | | | | | Wall Street trading began with some losses on Friday, with concerns about an SEC investigation into Tesla chief executive Elon Musk and Italy's woes doing the rounds. As of 1520 BST, the Dow Jones Industrial Average had lost 0.07% to 26,421.20, while the S&P 500 was 0.11% weaker at 2,910.89 and the Nasdaq was trading 0.19% weaker at 8,026.69. Stocks finished the previous session in the green following a tsunami of economic reports, including an update to the nation's second-quarter GDP but in early trading on Friday, continuing worries over trade and a budget-inspired rout in Italian bonds seemed to be weighing on risk appetite Italy's governing coalition threw down the gauntlet to Brussels on budget austerity on Thursday, opting for a 2019 government deficit target that some economists said marked a "significant deviation" from European Union rules, while others said it may foreshadow the imminent departure of the country's economy minister, Giovanni Tria, which had argued for restraint, although there were also reports to the contrary. In parallel, the yield on the benchmark 10-year US Treasury note was down by 2.2 basis points at 3.03% as investors sought out safe havens in the wake of the volatility spike in Italian financial assets. In corporate news, Honeywell picked up 0.012% after boosting its dividend 10%, while Apple was 0.13% stronger after its target price was boosted at Instinet on the back of "robust" iPhone sales. Tesla shares tumbled 11.19% after the Securities and Exchange Commission filed a suit against the carmaker's chief, Elon Musk. Boeing edged higher 0.51% at the bell following an announcement that the aerospace giant had clinched a $9.2bn contract with the US Air Force to build a new generation fighter trainer. Level Brands rallied 1.66% after the licensing and marketing company revealed that it's public offering of 1.7m shares would be priced at $3.50 - a 3.7% discount to its closing price on Thursday. JC Penney stock tumbled 8.96% to near record lows as its CFO announced his retirement after just 14 months in the role. Elsewhere, according to the Journal, office chat service Slack revealed that it had been looking into floating its shares in the first quarter of 2019, with the company said to be seeking a market valuation of over $7bnn. On the data front, both personal income and spending printed at up by 0.3% month-on-month for August, according to the Department of Commerce, versus economists' forecasts for increases of 0.4% and 0.3%, respectively. The same report revealed that the 'core' price deflator for personal consumption expenditures, the Federal Reserve's preferred gauge of inflation pressures in the economy, printed at flat on the month. Capital Economics said: "even if core inflation doesn't rise any further the continued strength of real consumption growth is reason enough for the Fed to continue raising interest rates once a quarter." Meanwhile, the Chicago PMI fell to a five-month low of 60.4 in September, down 3.2 points from August as moderations in output and new orders, alongside weaker hiring sentiment, sent the barometer south, according to the MNI. Lastly, the University of Michigan's consumer confidence index for September came in at 100.1 - just below preliminary estimates of a 100.8 reading. | | | eToro Daily Update 28/09/2018 | | | | Today’s highlights: Global markets mostly higher - Wall Street shakes off losing streak: Wall Street finished on a positive note yesterday, as the S&P 500 and Dow Jones snapped 4-day and 3-day losing streaks, respectively. The Nasdaq continued its positive momentum, also closing higher. Tech stocks were on the rise yesterday, with gains seen in Apple, Amazon, Facebook, Alphabet (Google) and others.
- Asia seen higher: Markets in the East followed Wall Street’s lead, showing impressive gains this morning. Both the Nikkei and China50 indices were up more than 1% at the time of writing, joined by the Hang Seng index.
Read More.. | | | Monday newspaper round-up: Nafta, insolvencies, Barclays, Melrose | | | | | The United States and Canada have reached a deal on a “new, modernized trade agreement”, which is designed to replace the 1994 Nafta pact. In a joint statement on Sunday night, the two nations said the new deal would be called the United States-Mexico-Canada Agreement (USMCA). - Guardian British manufacturers are pulling back sharply on investment plans due to mounting uncertainty over Brexit and growing fears of a global trade war, a report has warned. Just one-third of companies said they planned to increase their investment in plant and machinery - a record low in the fifth annual survey carried out by the EEF manufacturers’ body and Santander Bank. - Guardian Radical reforms to open up trade in services, online commerce and cross-border investment could give the world economy a major boost over the coming years, if governments choose to seize the opportunity. The International Monetary Fund is launching a new campaign to stop the trade war and encourage nations to rediscover the benefits of trade, in the face of higher tariffs and anti-trade rhetoric, particularly as the US builds barriers against Chinese goods. - Telegraph British exports worth more than £1.9 billion have been hit by President Trump’s trade attacks on the European Union and China, analysis shows. Moreover, economists fear that UK goods worth up £3.4 billion could be affected by the acrimonious trade dispute between the United States and China. - The Times The collapse of construction group Carillion earlier this year triggered a 20% spike in the the number of UK building firms becoming insolvent, according to a report. In a devastating knock-on effect for the sector, a total of 780 companies in the industry fell into insolvency in the first quarter of 2018 - a one-fifth rise on the same period the previous year - the analysis by accountancy firm Moore Stephens revealed. - Guardian Barclays is facing a £38.5 million bill to compensate people over solar panel loan mis-selling by businesses that brokered its finance deals. Barclays Partner Finance, a subsidiary of the bank, has reported a 15-fold increase in cash set aside for customer redress after commissioning external solicitors to review its liabilities. Overseas banks in the UK are pushing for tax cuts to keep the City competitive after Brexit, ahead of Chancellor Philip Hammond’s Budget next month. The Association of Foreign Banks - which represents giants like JP Morgan, Citigroup and UBS - has warned that many of its members are frustrated at what they perceive to be the poor deal offered by Britain, which charges banks a corporation tax surcharge and a levy on assets. - Telegraph GKN owner Melrose is preparing to cash in on its turnaround of the US air conditioning manufacturer Nortek as part of a string of sales expected to raise up to £6bn. Melrose bosses are exploring a sale of Nortek just two years after theysnapped up the business for £2.2bn. - Telegraph Aston Martin is hoping that its stock market flotation on Wednesday will value it at close to £5 billion after reports of strong demand from international shareholders. Aston Martin Lagonda’s stockbrokers received bids for the entire 25 per cent of company that they are trying to sell on the first day of an investor roadshow last week, City sources said. - The Times Digital start-ups are complaining they have been frozen out of the lion’s share of a contest for £775m of funding stumped up by RBS to boost competition in business banking. Tide, the business banking service, said the eligibility criteria had blocked it from bidding for the majority of the package. - Telegraph Philip Hammond is set to promise reforms to the unpopular apprenticeship levy, the vocational training policy that has been beset by problems since its introduction last year, as the government seeks to repair damage to its relationship with industry. The chancellor will announce a consultation today on improving the levy, the new funding system that was supposed to improve the training of young workers and to help the nation to tackle skills shortages. - The Times About 10,000 trade specialists will receive training under a government plan designed to avert crippling disruption at ports if Britain leaves the European Union without a deal. Ministers have pledged to fund courses costing £8 million for thousands of customs brokers and freight forwarders. - The Times Elon Musk has claimed that Tesla is “very close” to profitability after he made a deal with US authorities to stay on as chief executive of the car company, according to reports. Investors breathed a sigh of relief over the weekend after Musk struck a settlement with the Securities and Exchange Commission, the US financial markets regulator, on Saturday night to end a legal spat over his failed plan to privatise Tesla. - Telegraph Selfridges has defied the high street downturn with a £300 million revamp of its famous store pushing profits to a record for the fifth consecutive year. Anne Pitcher, managing director, said that sales at the chain had jumped by 11.5 per cent to more than £1.75 billion. Operating earnings rose by £1 million to a record £181 million in the year to February 3. - The Times Backers of mini nuclear power stations have asked for billions of pounds of taxpayers’ money to build their first UK projects, according to an official document. Advocates for small modular reactors (SMRs) argue they are more affordable and less risky than conventional large-scale nuclear plants, and therefore able to compete with the falling costs of windfarms and solar power. Some firms have been calling for as much as £3.6bn to fund construction costs, according to a government-commissioned report, released under freedom of information rules. - Guardian | |
| ADVFN Disclaimer Although we have sent you this email, ADVFN does not endorse any product or company nor is it responsible for the content of this news bulletin. We have not independently reviewed the information; claims or testimonials provided within the news bulletin and make no guarantee or warranty regarding its content. The opinions and recommendations expressed in this email are not those of ADVFN. |
| | | |
| Registered Office/Accounts Dept:
Suite 27, Essex Technology Centre,
The Gables, Fyfield Road, Ongar,
Essex, CM5 0GA. | | Support Tel: 0207 0700 961
Company registered in England and Wales:
Number 2374988
VAT No: GB 549 2130 49 | | | | | | | |
ADVFN Le point sur les Marchés ...
-
Cher membre, Bienvenue chez ADVFN ! Veuillez cliquer ici pour activer votre...
-
Cher membre, Bienvenue chez ADVFN ! Veuillez cliquer ici pour activer votre...
|
No comments:
Post a Comment