| Q4's Top 10 Stock Picks The best trading opportunities for the last 3 months of 2018 Has the FTSE bottomed out? Are you looking to revamp your financial portfolio, scouting names with upside potential? This report unveils our Top 10 Stocks for Q4 that could help make your latest investment decisions informed and deliberate. 78% of retail clients lose money, consider affordability. Download here » | | | London open: Stocks edge up as pound hit by stalling Brexit talks | | | | | London stocks edged higher in early trade on Monday as the pound took a hit from stalling Brexit negotiations. At 0835 BST, the FTSE 100 was up 0.3% to 7,013.42. Meanwhile, sterling was down 0.3% against the dollar at 1.3114 and 0.4% lower versus the euro at 1.1332 after a weekend of Brexit negotiations between Dominic Raab and the EU's chief negotiator, Michel Barnier, failed to yield any breakthroughs, with the Irish border still the main bone of contention. Investors will now eye the EU summit in Belgium on Wednesday for any further developments. As far as sterling is concerned, Konstantinos Anthis, head of research at ADSS, said any disappointing Brexit developments will drive it towards the 1.3050 area against the dollar, and a break below that will expose the 1.2950 level. "Meaningful progress will attract more buying interest and propel sterling towards 1.33," he said. A survey released by Rightmove earlier showed that UK house prices rose 1% on the month in October, up from a 0.7% increase in September but marking the lowest monthly rate of increase at this time of year since 2010. On the year, house prices were 0.9% higher this month, down from a 1.2% rise in September and marking the lowest annual rate since February 2012. Retail footfall in September, meanwhile, was down 1.7% year-on-year, slightly worse that August’s fall of 1.6%, according to a survey from the British Retail Consortium. High streets visits declined for the second month in a row, while shopping centres saw decreases for the 18th month in a row, while retail parks remained in growth but only just. In corporate news, convenience food manufacturer Greencore rallied as it struck a deal to sell its entire US business for $1.1bn (£817m) and return a chunk of the cash to shareholders. The Dublin-headquartered, FTSE 250-listed outfit said it would return £509m, or 72p per share, of the £802m net proceeds to shareholders, if they approve the deal. Polymetal ticked up after increasing its stake in the Veduga gold deposit in Russia to 74.3%. The tobacco sector was on the rise following heavy losses at the end of last week amid concerns about tighter regulations, with Imperial Brands and British American Tobacco both stronger. Housebuilders also fell, with Barratt Developments, Persimmon, Taylor Wimpey and Berkeley all lower as it emerged that the government could cap annual ground rents on new leasehold properties at £10 versus the current average of £300. On the downside, fashion brand Superdry slid 22% after warning that profits for the financial year 2019 would be down around £10m due to unseasonably hot weather and unexpected foreign exchange costs. Outpacing that fall, Convatec tumbled nearly 28% as it warned on profits and announced the retirement of chief executive officer Paul Moraviec. Caledonia Investments was in the red after saying it spent £117.2m on a 98.9% stake in Deep Sea Electronics in a transaction that values the business at £162.0m. In broker note action, Spectris was upgraded to 'buy' at Bank of America Merrill Lynch. | | | | | Learn a powerful trading strategy - LIVE Attend our FREE webinar and learn exactly how to use our Sniper trading Strategy to trade FX, Indices, Commodities and Shares.
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- Additional proprietary and exclusive insights and analysis as markets move. Download our free report | | | US close: Stocks stage bounce after brutal week of selling | | | | | Shares on Wall Street staged a bounce at the end of the week, following two days of especially heavy selling, as banking heavyweights Wells Fargo, JPMorgan Chase and Citigroup kicked off the earnings season. By the end of trading, the Dow Jones Industrials was up 1.15% or 287.16 points at 25,339.99, while the S&P 500 was 1.42% or 38.76 points higher to 2,767.13 and the Nasdaq Composite was ahead by 2.29% or 167.83 points at 7,496.89. The S&P 500 was 4.1% lower over the week as a whole. The Russell 2000 index of small capitalisation stocks only managed to eke out an advance of 0.08% to 1,546.68 on Friday. Early in the session, SpreadEx analyst Connor Campbell, said: "The Dow Jones got some of its mojo back on Friday, at the moment intent on ending a wild week in (mild) recovery mode." Much like European indices, the Dow got off to a positive start on Friday, slightly recovering from two days of sharp losses, sparked in part by worries about rising US interest rates and the trade conflict between the US and China; however, as Campbell pointed out, the extent of that positivity remained to be seen, with the US index veering between gains of 200 and 400 points. Meanwhile, Commerzbank's chief economist Peter Dixon said one of the biggest single concerns is that the surge in US markets has been overly reliant on the so-called FAANG stocks - Facebook, Amazon, Apple, Netflix and Google. "A market which is so dependent on one sector is clearly vulnerable to a shift in sentiment which could result from factors as diverse as legal issues (e.g. privacy laws) or a failed product offering," he said. "A final point to bear in mind is that US equities have been turbocharged by the tax cuts introduced at the start of the year, which has given a boost to earnings but which is unlikely to be sustainable." Be that as it may, on Friday at least the S&P 500 managed to stage a bounce after hitting its 50-week moving average during the prior session. From a sector standpoint, the best performance was seen in the following industry groups: Toys (4.08%), Leisure goods (3.58%) and Speciality retailers (3.49%). In parallel, the VIX volatility index was off by 14.69% at 21.31 and the yield on the benchmark 10-year US Treasury note was up by one basis point to 3.16%. Things were starting to get busy on the corporate front, with shares of JPMorgan dipping 1.09% at the open despite its third-quarter results beating analysts' estimates, with revenue of $27.8bn compared to expectations of $27.5bn and earnings per share of $2.34 versus expectations of $2.25. Wells Fargo on the other hand rose 1.30% after posting a 32% jump in third-quarter profit on Friday, helped in part by lower expenses and financial giant Citigroup picked up 2.14% after it revealed a mixed performance from the latest three-month stretch. GE shares retreated 3.14% after the group delayed its earnings report by five days - the fourth-straight day of losses for the multinational. On the macro front, the cost of goods purchased from outside the US advanced a tad slower than expected last month. According to the Bureau of Labor Statistics, US import prices rose 0.5% month-on-month in September, edging past expectations of a 0.3% increase. However, year-on-year, they were up by 3.5%, short of the 3.7% analysts had anticipated. Fuel import costs climbed by 3.8% versus the prior month, while non-fuel import prices were flat. Export prices, on the other hand, were flat month-on-month. Elsewhere, consumer sentiment in the US deteriorated a tad in October, according to a preliminary reading from the University of Michigan. The consumer sentiment index ticked down to 99.0 from 100.1 in September and 100.7 in October last year, missing expectations for a reading of 100.4. Meanwhile, the current economic conditions index fell to 114.4 this month from 115.2 in September and 116.5 last October. The index of consumer expectations declined to 89.1 in October from readings of 90.5 last month and in October 2017. Survey of Consumers chief economist Richard Curtin said that even though consumer sentiment slipped, it remained at quite favourable levels and just above the average reading of 98.5 for 2018. | | | | | Set to be another big success story: An SEIS approved investment with the potential of 50% tax relief for early investors. Click here to find out more | | | Monday newspaper round-up: Brexit, banks, budget, tobacco, motor insurance | | | | | The Brexit negotiations are on a knife-edge as Theresa May’s domestic vulnerability over the Irish border threatens to kill off hopes of an October deal, with the Brexit secretary, Dominic Raab, forced to make a dash to Brussels to seek more time from the EU’s chief negotiator, Michel Barnier. Days before the crunch leaders’ summit at which the EU has demanded “maximum progress” be made to allow the talks to develop, Raab made the unexpected flying visit. - Guardian Ministers have been told to start implementing plans for a no-deal Brexit within weeks as last-ditch talks in Brussels between Britain and the EU broke up after little more than an hour. Theresa May’s hopes of sealing a deal at the summit in Brussels that starts on Wednesday were left on a knife-edge when both sides declared that there had been no consensus over the so called Irish backstop. - The Times Labour is pressing the government to give MPs the chance to debate Theresa May’s plans for the Irish border backstop before she flies to a crunch summit with EU leaders this week. Brexit secretary Dominic Raab returned from Brussels on Sunday night without agreement, after face-to-face talks with his EU counterpart, Michel Barnier. - Guardian Pro-leave cabinet members are to meet on Monday to discuss Theresa May’s proposed deal to leave the EU amid calls from backbenchers that they should resign to force a change in policy or a change in leader. Andrea Leadsom, the House of Commons’ leader, has convened a meeting of the so-called pizza group, which will discuss Dominic Raab’s return from Brussels without an agreement. - Guardian Salesmen for one of the world's biggest tobacco firms have been caught offering potentially illegal incentives to smokers in bars to get them hooked on new "heat-not-burn" tobacco, it can be revealed. Acting for Philip Morris, the maker of Marlboro cigarettes, salesmen push tobacco devices in bars using a range of questionable tactics to entice potential customers, a Telegraph investigation has established. Philip Hammond is being warned that he does not have support in the Commons for a tax-raising budget in what is a sign of the government’s paralysis over Brexit. The chancellor made clear yesterday that he wanted to raise taxes in this month’s budget in the face of Tory opposition. He said that tax breaks for pension saving, which benefit millions of middle and high earners, had become “eye-wateringly expensive”. - The Times The Treasury has asked high street banks to assess their exposure to at-risk sectors and companies if a “no-deal” Brexit leads to a cash crunch for UK plc. An executive at a London-listed lender told the Telegraph that officials at the Treasury had joined Bank of England regulators in urging banks to draw up plans to support businesses through any disruption. - Telegraph Britain has vowed to help pull back the World Trade Organisation (WTO) from the brink and stop the global system of settling trade rows from “grinding to a halt,” setting it on a collision course with President Trump. Liam Fox’s trade department expressed concern over the crisis embroiling the world’s top trade court in the wake of a sustained American campaign. - The Times Motorists have been hit by a rise in their insurance costs for the first time in a year, the latest snapshot of the industry suggests. Adding to the pressures that drivers are facing already from increased fuel prices, insurers pushed up the premium for comprehensive cover by an average of 1 per cent, or £8 per policy, between June and the end of September, according to an index compiled by Confused.com and Willis Towers Watson. - The Times One of Britain’s most high-profile retail landlords has backed calls for higher taxes on online retailers to relieve the pressures of the “out of date” business rates regime on the country’s struggling high streets. Brian Bickell, chief executive of Carnaby Street owner Shaftesbury, called for a “level playing field” between shops and online shopping websites such as Amazon, which typically occupy much cheaper property and pay much less in rates as a result. - Telegraph The company that owns Patisserie Valerie is considering taking legal action against its auditors for their alleged failure to spot a £40 million black hole in the upmarket café and cake shop operator’s finances. Grant Thornton, which has been auditor to Patisserie Holdings since 2006, has faced questions over how it remained ignorant of what the chain described as “significant, potentially fraudulent, accounting irregularities” discovered last week. - The Times European rules designed to make it harder for wealthy individuals and companies to hide their cash offshore have loopholes that mean foreign accounts can be kept secret from tax collectors, a report has warned. Countries in the EU have exchanged financial information about accounts held by overseas residents since the introduction of the “common reporting standard” in 2017, designed to reduce tax evasion. - Guardian Energy providers are urging the regulator to intervene in the online switching market after it emerged that up to 10 per cent of a household’s annual bill goes to the internet sites they used to switch provider, rather than on energy. Flipper, a new entrant to the online energy switching market, has lodged a complaint with Ofgem demanding that customers moving supplier know exactly how much the online broker is being paid by the energy providers, and whether they are actually getting the best deal. - The Times Canadians are 48 hours away from embarking on the biggest national experiment yet taken in legalised soft drug use, when it becomes by far the largest country to create an open market for recreational cannabis. More than 100 shops, some of them run directly by the state, are expected to be ready for their first day of business on Wednesday, with many more to open in the coming months. - The Times Government ministers are calling time on the UK’s greenhouse gas emissions by tasking climate experts with finding a path to a net zero emission economy. The committee on climate change is expected to strengthen the UK’s existing 2050 target to drive emissions down emissions down by 80pc from levels in 1990. - Telegraph The number of local bus journeys has fallen to a 12-year low, prompting public transport campaigners to talk of a crisis in the services. Latest Department for Transport figures show 1.2bn journeys were made in Britain between April and June, representing a 10% fall from a peak of 1.33bn between July and September 2008. - Guardian British entertainment start-up Bombay Sour will launch a new video streaming platform this week on which subscribers will be able to buy shares in upcoming content. The platform, which Bombay Sour describes as "crowdfunded Netflix", uses blockchain technology to allow subscribers to take a stake in pilot content before it breaks onto TV, film or streaming services. - Telegraph | | | | | A sharp, trader-centered broker is an agile trader’s choice So take your time to carefully assess, and make a bold choice for your trading ventures #AskStratton for insights Connect Now *Between 74-89% of CFD traders lose | |
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