| 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 nudge lower as investors eye jobs data | | | | | London stocks nudged lower in early trade on Tuesday as investors eyed a series of key UK jobs data and any Brexit-related developments. At 0840 BST, the FTSE 100 was down 0.1% to 7,025.25, while the pound was up 0.3% against the dollar and 0.2% firmer versus the euro at 1.1377. The UK's divorce from the EU was very much in focus after Prime Minister Theresa said on Monday that a Brexit deal now looks unlikely until December, as it may take "weeks" to break the deadlock in talks. London Capital Group analyst Jasper Lawler said: "As Theresa May plays for time rather than bulldozing a Brexit treaty through, the pound is in limbo. Important issues remain unresolved in Brexit negotiations and a solution won’t be found before the EU summit in Brussels on Wednesday. "The clocks have been pushed back not to just November, but now even to December as the can is once again kicked down the road. There is a growing sense that the Irish border issue won’t be resolved; in the words of the EU Commissioner, a no deal Brexit is more likely than ever before." On the data front, the UK unemployment rate, claimant count and average earnings are all due to be published by the Office for National Statistics at 0930 BST. Unemployment is expected to remain constant in August at 4%, while weekly earnings are expected to be unchanged at 2.9% for the three months to August. "It will take a significant beat to the upside to inject some optimism into the pound. On the other hand, any weakness in the figures could drag on the pound given the downside risks of Brexit already making the pound sensitive," said Lawler. In corporate news, British American Tobacco edged lower after saying it expected to grow earnings in double figures for the full year, helped by market share gains and a stronger tobacco pricing mix. Currency swings are expected to have a bigger effect than anticipated, however. Madame Tussauds and Legoland operator Merlin Entertainments tumbled after a disappointing trading update, while BHP Billiton was in the red after saying it spent £45.6m to lift its stake in SolGold, which owns the Cascabel copper-gold project in Ecuador. FTSE 250 housebuilder Bellway rose after reporting a jump in full-year profit and revenue as completions breached the 10,000 mark for the first time. Defence contractor Meggitt racked up healthy gains as it upgraded its 2018 revenue guidance. Drax rallied after announcing the acquisition of buying Scottish Power's portfolio of pumped storage, hydro and gas-fired generation for £702m from parent company Iberdrola, while Rio Tinto advanced after posting a 5% drop in third-quarter iron ore production. AstraZeneca was up after the US FDA granted its Lynparza orphan drug designation for pancreatic cancer and education publisher Pearson was trading higher ahead of its nine-month trading update on Wednesday. Meanwhile, there was a veritable avalanche of ratings changes on the broker note front. Ocado was the standout gainer after a double-upgrade to 'buy' at Bank of America Merrill Lynch, while Admiral followed close behind after it was lifted to 'buy' at Goldman Sachs. Aggreko powered ahead after an upgrade to 'outperform' by RBC Capital Markets, while Antofagasta was boosted to 'buy' at Peel Hunt and to 'outperform' at Macquarie. British Land and Capital & Regional were both cut to 'hold' at Stifel, which cut Land Securities to 'sell' and upgraded LondonMetric, Shaftesbury and Workspace to 'buy'. Stifel also downgraded Superdry to 'hold'. Charter Court Financial Services was initiated at 'buy' at Citi, while Close Brothers and Paragon were started at 'neutral'. Following its profit warning on Monday, medical equipment maker Convatec was cut to 'neutral' by JPMorgan and Goldman Sachs. Homeserve was started at 'buy' by Berenberg and upgraded to 'buy' at Citi, while Imperial Brands was initiated at 'outperform' by Bernstein. Intu was cut to 'neutral' at Citi, while JD Sports was rated new 'underweight' at Morgan Stanley and Just Eat was upgraded to 'hold' by Deutsche Bank. PageGroup was raised to 'outperform' by Credit Suisse, while Smith & Nephew was cut to 'hold' at HSBC and SThree was downgraded to 'neutral' at Credit Suisse. | | | | | 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 open: Stocks go red as worries about rising interest rates persist | | | | | Wall Street trading began with losses across the board on Monday amid ongoing worries about rising interest rates, as investors thumbed through key retail sales data and earnings from the likes of Bank of America. At 1540 BST, the Dow Jones Industrial Average was 0.02% weaker at 25,334.36, while the S&P 500 was down 0.33% to 2,757.54 and the Nasdaq was trading 0.92% softer at 7,428.21. On the data front, the US consumer reined in spending sharply last month and economists believed a further slowdown was on the cards. According to the Department of Commerce, total retail sales volumes edged up by 0.1% month-on-month in September to reach $509.0bn, falling short of economists' forecasts for an increase of 0.7%. Elsewhere, manufacturing conditions in the New York region improved more than expected in October, according to a survey from the New York Fed. The Empire State manufacturing index rose to 21.1 from 19 in September, beating expectations for a reading of 20. The survey found that around 36% of respondents reported that conditions had improved over the month, while 15% said they had worsened. The new orders index pushed up to 22.5 this month from 16.5 in September, while the shipments index increased to 26.3 from 14.3. The delivery time gauge ticked down to 5.0 from 6.5 in September and the inventories index slumped to 0.8 in October from 8.9 the previous month. Meanwhile, the index for future business conditions was little changed at 29.0 versus 30.3 in September. In commodity markets, oil prices were on the up as tensions between the US and Saudi Arabia grew following the disappearance of prominent Saudi journalist Jamal Khashoggi, who has been missing since his visit to the Saudi consulate in Istanbul earlier this month. West Texas Intermediate was 0.6% higher at $71.79 a barrel and Brent crude was 1.1% firmer at $81.30. Saudi Arabia has denied being behind Khashoggi's disappearance and alleged murder and has vowed to retaliate to any potential sanctions. In corporate news, Bank of America was down 1.86% in early trade after it narrowly beat analysts' forecasts, as strong consumer lending and lower tax rates bolstered its third-quarter performance. Pre-tax income at America's second-largest lender was $9bn, ahead 18%, while net income improved 32% to $7.2bn. Revenues net of interest expense were ahead 4% at £22.8bn. Elsewhere, department store chain Sears crashed another 19.88% at the bell after the beleaguered outfit filed for bankruptcy after years of losses and mounting competition from online rivals such as Amazon. The once iconic American retailer filed for chapter 11 and said it would shutter a further 142 stores across the US by the end of the year, following 46 recently announced store closures, in an attempt to juggle its $5.6bn mountain of debt. | | | | | 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 | | | Tuesday newspaper round-up: Brexit, Yellen, Italy, Grant Thornton | | | | | Theresa May faces a frantic 48 hours to try to save her Brexit negotiating strategy after she admitted talks had ground to a halt because of the EU’s insistence upon a Northern Ireland-only backstop. The prime minister is expected to plead with EU leaders to drop their Irish backstop proposal at a make-or-break summit dinner on Wednesday night after seeking the support of members of her cabinet on Tuesday morning. - Guardian Eight Cabinet ministers with concerns about Theresa May's Brexit plans attended a "pizza summit" in the Commons amid mounting pressure on the Prime Minister. Andrea Leadsom, the Leader of the Commons and one of the most significant critics of the Prime Minister's customs union backstop, hosted the meeting in her Commons office on Monday evening, which was also attended by Dominic Raab, the Brexit Secretary; Jeremy Hunt, the Foreign Secretary; Michael Gove, the Environment Secretary; and Penny Mordaunt, the International Development Secretary. - Telegraph Restricting tax breaks on pension saving for the higher paid could save the exchequer £11 billion a year but would be “a step in the wrong direction”, a leading fiscal think tank has warned as it set out potential measures that the chancellor could adopt to tap the better off and the elderly. Philip Hammond last week raised expectations of another reduction in pension tax relief in his budget this month after saying that the £39 billion bill was “eye-wateringly expensive.” - The Times Janet Yellen has criticised President Trump’s attacks on the Federal Reserve and warned that they could undermine financial stability. Ms Yellen said she was concerned that the US economy was overheating and said that the Fed had a “tricky task” to prevent it doing so. - The Times Nervous Italians are starting to funnel money across the border into Switzerland, worried that an epic clash with the EU could set off a Greek-style banking crisis and a slide towards default. “There is fear creeping in,” said Massimo Gionso, head of family wealth managers CFO Sim in Milan. - Telegraph Angela Merkel’s grand coalition is at risk of collapsing after both her junior partners in government suffered heavy electoral losses in Bavaria. Senior Social Democrats have urged their party to quit the government and reinvent itself in opposition after a dismal performance in which it finished fifth, behind the far-right Alternative for Germany (AfD). - The Times The chief executive at one of Britain’s biggest accountants has stepped down weeks after insisting that she would stand for re-election despite disquiet among some senior partners at her leadership. Grant Thornton said that Sacha Romanovitch would leave the firm this year, having decided against putting herself up for election for a second term. - The Times HSBC is leading a wave of British institutions from the City to the High Street which plan to pour hundreds of millions of pounds into cutting greenhouse gas emissions. The banking giant unveiled plans to invest around £250m in wind and solar power parks, alongside a swathe of green pledges from another 30 companies including Amazon, BT and John Lewis Partnership. - Telegraph Asylum seekers blocked from working in the UK could make a net contribution of £42m to the economy if restrictive rules were lifted, in a move that would have overwhelming public support, a new coalition group has said. - Guardian Harris Corporation and L3 Technologies are to combine in the largest merger in the defence industry, creating a $33.5 billion provider of military communications systems. The merger of equals will create one of the ten largest defence companies by sales and the sixth largest in the United States at a time when President Trump is seeking to boost Pentagon budgets. - The Times Facebook will no longer allow British political groups to publish “dark ads” on its network, in an attempt to restore public trust after the Cambridge Analytica scandal and questions over its influence on the Brexit referendum. Political advertisers will also be required to prove their identity, as the social network launches a set of tools to ensure transparency before local elections next year. - Guardian President Macron’s government has denounced Ford, the US carmaker, as indefensible for planning to shut a gearbox factory near Bordeaux despite an offer from a French group to buy the plant. Bruno Le Maire, the economy minister, led the charge, saying that he had contacted Steven Mnuchin, President Trump’s treasury secretary, to complain about Ford’s decision to close the Blanquefort factory with the loss of 847 jobs. - The Times Contactless payments are now more popular than chip and pin card transactions when people pay in UK stores, according to the payments technology company Worldpay. The company, which processes payments for large retailers as well as small businesses, said it was the first time it had seen “tap and go” contactless payments overtake chip and pin. - Guardian Cryptocurrency exchange Coinbase is opening new offices in Dublin as part of the company’s contingency planning for a hard Brexit. The company, one of the largest members of the blockchain ecosystem, says that London will remain its European headquarters, but that Dublin’s EU membership, as well as its English-speaking workforce and diverse technology talent pool, made it the “clear choice” for a second European outpost. - Guardian | | | | | 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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