| 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 down after hawkish Fed lifts yields | | | | | London stocks nudged lower at the open on Thursday as investors mulled hawkish minutes from the Federal Reserve and eyed the latest Brexit developments, ahead of the release of UK retail sales data. At 0830 BST, the FTSE 100 was down 0.1% to 7,049.55, while the pound was off 0.2% against the dollar and the euro at 1.3094 and 1.1385, respectively. Investors were digesting the latest minutes from the Federal Reserve out late on Wednesday, which showed members were broadly in agreement about the need to lift borrowing costs. A number of the rate-setting committee expressing support for raising the base rate above a neutral level to keep inflation in check. "Whilst the minutes were always expected to have a hawkish slant, the Fed leaning towards more rate hikes moving forwards, made an already jittery market more nervous," said London Capital Group analyst Jasper Lawler, noting that US indices sank following the release, although they did close off their lows. Closer to home, Brexit was still the big focus after Theresa May said during the EU summit in Brussels that she was willing to consider extending the transition period, which she clarified on Thursday morning "would only be for a matter of months". This would mean keeping the UK tied to the EU until beyond the originally planned 2020 deadline. "Eurosceptics argue that this will keep the UK like a vassal state, observing EU laws without any vote or representation. On the other hand, it could give the EU and the UK time to find a solution to the Irish backstop issue," said Lawler. EU leaders concluded at the summit that not enough progress has been made in Brexit talks to warrant calling a one-off summit in November for a divorce deal to be signed off. On the data front, retail sales at 0930 BST are expected to show a drop of 0.4% on the month in September, down from a 0.3% increase in August. "After a strong summer of spending from the UK consumer, and a surprise to the upside in August, there is a good chance the UK consumer is reining in their spending ahead of the Christmas period. According to the BRC the usual back to school shop has not been as supportive as it has in previous years. A larger than forecast decline in retail sales could see the Brexit battered pound take another hit," said Lawler. On the corporate front, building materials group CRH was the worst performer after German giant HeidelbergCement cut its profit outlook, while equipment rental company Ashtead followed close behind following disappointing earnings from US peer United Rentals. Unilever was in the red even as it reported an acceleration in underlying sales growth for the third quarter that was around what the market was expecting. Rentokil slipped after the pest control group said third-quarter ongoing revenue rose 11.8% to £637.4m at constant exchange rates. But the Competition and Markets Authority said it has provisionally found that Rentokil’s purchase of Cannon Hygiene could lead to higher prices or lower quality for some customers, following a similar probe into another recent acquisition. Intu Properties was a touch weaker after an update on leasing, while Games Workshop slumped as it vaguely warned of “some uncertainties” ahead. Casino and bingo hall operator Rank Group retreated after saying group like-for-like revenue for the 16 weeks to 14 October declined by 4.9% and engineer Renishaw lost ground as it reported a drop in first-quarter pre-tax profit. On the upside, Domino’s Pizza rallied on the back of its third-quarter trading statement and GVC Holdings edged up as it posted a 28% rise in online net gaming revenue for the third quarter. National Express pushed higher after saying it had a good summer, with its UK coach business in particular delivering “outstanding” organic growth. Hilton Food traded up after the food packing business said it has agreed to by a 50% stake in Dutch vegetarian product manufacturer Dalco, subject to clearance from the Dutch competition authority. In broker note action, Mediclinic was downgraded to 'underperform’ by Bank of America Merrill Lynch and to 'equalweight’ at Barclays. OneSavings Bank was boosted by an upgrade to 'outperform’ by Macquarie. | | | | | 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 finish lower as Fed minutes point to more rate hikes | | | | | Wall Street finished as it started - in the red - on Wednesday, following the release of the latest Federal Reserve minutes and after solid gains in the previous session. The Dow Jones Industrial Average ended down 0.36% at 25,706.68, the S&P 500 was 0.03% weaker at 2,809.21, and the Nasdaq Composite was 0.04% softer at 7,642.70. Minutes from the Federal Open Market Committee’s meeting in September were released late in the session, with officials seeming sure of their current course to gradually hike interest rates. The notes showed that members retained confidence in America’s economic growth, but did express some reticence about the potential impact of tariffs in president Donald Trump’s ongoing trade spat with China. “With regard to the outlook for monetary policy beyond this meeting, participants generally anticipated that further gradual increases in the target range for the federal funds rate would most likely be consistent with a sustained economic expansion, strong labor market conditions, and inflation near 2% over the medium term,” the minutes stated. The committee did unanimously approve a 0.25% hike in the Fed’s interest rate targets in September - the latest in a series of moves to be met with the disapproval of the president, who voiced his concern over higher interest rates on Tuesday. In an interview with Fox Business News, Trump called the interest rate increases his “biggest threat”, saying of Fed chair Jerome Powell that he was “not happy with what he’s doing … it’s going too fast”. On the data front, US housing starts fell by more-than-expected last month, dragged lower by those for homes containing five or more family units. According to the Department of Commerce, housing starts declined at a 5.3% month-on-month clip in September to reach an annualised rate of 1.201m, short of the 1.218m reading forecast by economists. August's print was revised lower as well, from a preliminary reading of 1.282m to 1.268m. Single-family housing starts declined by 0.9% on the month to 871,000, but multi-family starts were off by 12.9% at 324,000. Building permits, a closely-watched lead indicator of activity in the sector, also fell back, shrinking by 0.6% to 1.241m against consensus expectations for 1.280m, and were left standing 1.0% below their level in September 2017. In corporate news, Netflix shares climbed 5.28% after the company topped third-quarter estimates for subscriber growth and earnings overnight. CMC Markets analyst Michael Hewson said: "Having made the mistake of overestimating subscriber growth numbers in Q2, and missing by 1m it would appear that management erring on the side of caution for Q3 has seen the opposite happen, as the company added a record 6.96m new subscribers in Q3 well above the 5m expected." "Profits also surged coming in at $0.89c a share well above the $0.68c expected, while revenues came in as expected at $4bn. “The beat on profits was helped by an increase in operating margins to 12%, as well as a tax benefit on repatriated foreign earnings.” IBM, which also turned in its third-quarter results overnight, slumped 7.63% after the company posted a bigger-than-expected decline in third-quarter revenue. Elsewhere, motorhome manufacturer Winnebago Industries racked up 4.57% by the closing bell after the release of its fourth-quarter earnings. | | | | | 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 | | | Thursday newspaper round-up: Brexit, US rates, power, restaurants | | | | | Theresa May has hinted that the UK could extend the Brexit transition period to allow more time for trade talks, but she dismayed leaders at a crunch Brussels summit by failing to offer any new ideas to break the impasse over the Irish border. In a development that immediately drew the wrath of Brexit supporters, EU officials said that the prime minister had suggested she was “ready to consider” a longer transition period in the hope of breaking open the deadlocked talks. - Guardian Interest rates in the United States should be raised to the point where they have a cooling effect on the economy, officials at the Federal Reserve have said. Several participants at the central bank’s September rate-setting meeting expressed support for raising the base rate above a neutral level to keep inflation in check, according to minutes released last night. The next rate rise could come as soon as December. - The Times A top US regulator has threatened to prevent European banks from accessing US futures markets over EU plans for the oversight of foreign clearing houses after Brexit. Speaking at the Futures and Options Expo in Chicago, Christopher Giancarlo, head of the Commodity Futures Trading Commission, called the EU plans to amend European Market Infrastructure Regulation “unprecedented and wholly unacceptable” and warned they could create “costly burdensome regulatory requirements” in the US. - Telegraph A group of Britain’s biggest banks and insurers plans to create a body to help to defend the financial system against the growing threat of cyberattacks. The new Financial Sector Cyber Collaboration Centre is being backed by 20 large banks, insurers and securities exchanges. - The Times Britain could be forced to choose between the United States and China as it searches for post-Brexit trade deals, Liam Fox has been warned. President Trump’s officials have indicated they plan to insert a “poison pill” clause into future American free trade agreements which would allow the White House to terminate them if partners strike a deal with Beijing. - The Times Britain’s largest power generators have called on Chancellor Philip Hammond to resist watering down the carbon taxes which have helped wean the country off coal. In a letter, seen by the Daily Telegraph, the bosses behind energy giant SSE, wind power developer Orsted and coal-generator Drax said the existing carbon price is “crucial” to the industry’s post-Brexit confidence. - Telegraph Households are set for a costly winter as best buy energy tariffs have soared by more than a fifth, from £864 to £1,042 a year, thanks to a steep rise in wholesale energy prices. A surge in wholesale energy costs has had a knock-on effect on the competitive prices many energy providers had previously been able to offer households, analysis shows. - Mail New onshore wind turbines could soon begin spinning as fresh support for onshore wind plans grows within the Conservative Party and wind-swept local communities. Government ministers have hinted that the block on wind farms could fall away in the case of communities which don’t oppose the plans. - Telegraph Bosses of crisis-hit cake chain Patisserie Valerie could be hauled before parliament after a shock £40million black hole was uncovered in its accounts. Chief executive Luke Johnson, who owns more than a third of the cafe's parent company Patisserie Holdings, is facing calls to account for his governance of the business in Parliament. - Mail Cypriot airline Cobalt has announced that it is cancelling all its flights and indefinitely suspending operations. Cobalt, which has services from Heathrow, Stansted and Gatwick, warned travellers on Wednesday night not to arrive for flights. The carrier said all flights would be cancelled as of 11.50pm. - Guardian The Trump administration will begin withdrawing from a United Nations treaty that offered low rates for foreign postal deliveries of small packages in the US - the latest move to challenge practices it sees as unfairly advantageous to China. White House officials said on Wednesday the US would start the process of leaving the Universal Postal Union (UPU), a Switzerland-based organisation that connects postal services worldwide. - Guardian A multibillion-dollar Asian rival to KFC will make its first foray into the UK on Thursday, opening in London’s Earl’s Court. Jollibee, which offers single plates combining fried chicken, tomato spaghetti, beef with gravy and rice, has plans for rapid expansion across Europe. - Telegraph A copycat rival to the world’s bestselling prescription drug has been launched in Europe, which NHS bosses hope could help to save £150 million a year. Samsung Bioepis, a joint venture between Samsung Biologics, part of the South Korean conglomerate, and Biogen, an American company, have created a “biosimilar” of the Humira medicine sold by Abbvie. - The Times | | | | | 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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