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"I turned a £2k account into £9k in 6 weeks" - C Ching member since 2015 Click here to find out more | | | London open: Stocks rebound, Barclays rallies on results | | | | | London stocks rose in early trade on Wednesday, recovering from heavy losses in the previous session after indices on Wall Street pared losses into the close. At 0825 BST, the FTSE was up 0.4% to 6,979.86, having fallen 1.24% the day before. The pound was down 0.2% against the dollar at 1.2959 and 0.1% lower versus the euro at 1.1308. London Capital Group analyst Jasper Lawler said: "After a frightful sell-off in the previous session, equities are on the rebound today. We expect the big swings in the market to continue. Wall Street slumped across the board in early trade but bargain hunters made an appearance later in the session. That picked indices off the lows into the close. "Flows into safe havens also eased with the US dollar moving higher versus the yen overnight, a sign that this shake out could be over. Sentiment is clearly very fragile at the moment meaning that this is unlikely to be the last erratic session." As far as sterling is concerned, Lawler said the fact that it continues to trade below $1.30 indicates a high level of nervousness, but a weak pound benefits the Footsie's high proportion of internationally focused businesses. Prime Minister Theresa May is due to face her backbench critics later on Wednesday as she appears before the so-called 1922 Committee in an attempt to win them over. It could be a big day for the pound because of this, said Michael Hewson at CMC Markets, with the background of dark mutterings about the PM's future. "While it would appear that she may well have headed off a leadership challenge in the short term there remains widespread unhappiness with her Chequers plan amongst rank and file and she is likely to come under further pressure to modify her position to a more unifying one." In corporate news, Antofagasta was the standout gainer as it said third-quarter copper production was up 15% quarter-on-quarter and narrowed full-year copper production guidance to 705-725,000 tonnes, with production in 2019 to increase to 750-790,000 tonnes. Barclays rallied after the bank's third-quarter income and profits beat City estimates, helped by the corporate and investment banking arm outperforming peers in markets again. Budget airline easyJet and British Airways owner IAG were both flying higher as Deutsche Bank upgraded the sector to 'overweight' from 'underweight'. On the downside, Fresnillo fell as the precious metals miner's third-quarter silver production missed estimates, but gold output was a beat. Southend airport owner Stobart retreated after saying its interim losses widened to £17.5m from £11.9m the year before. Metro Bank was in the red after it posted a jump in third-quarter profit as it saw record lending growth, but margins at the challenger bank shrank. Quilter slipped after saying third-quarter net client cash flow came in at £1.1bn, excluding Quilter Life Assurance, compared to £1.9bn in the same period a year ago. Equiniti was a touch weaker despite saying it had won pension administration contracts for the UK Atomic Energy Authority and for the Combined Nuclear Pension Plan. In broker note action, HSBC was cut to 'underperform' at RBC Capital Markets, while Cineworld was downgraded to 'equalweight' at Barclays and Ferguson was cut to 'neutral' by Credit Suisse. Fast fashion brand Quiz was downgraded to 'hold' by Stifel. | | | | | 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 » | | | | Top 10 FTSE 100 Risers| Sponsored by Interactive Investor | 
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| | | Europe open: Stocks hit by very weak October PMIs | | | | | Stocks are sporting a small bounce in early trading, thanks to a late bounce on Wall Street that saw the main US stockmarket gauges finish well-off their intra-day lows the day before. But weak readings on euro area manufacturing and services sector activity in October were dampening investor sentiment. "Today's flash manufacturing and services PMIs from France and Germany have reinforced concerns about a slowing European economy ahead of tomorrow's ECB rate meeting, where ECB President Mario Draghi will undoubtedly be asked as to where he is seeing this evidence of inflationary pressure, that he's talked about recently, given that core prices have remained resolutely below 1%," said Michael Hewson, chief market analyst at CMC Markets UK. On the back of that economic data, as of 1023 BST the benchmark Stoxx 600 was up by 0.33% or 1.17 points at 355.23, alongside a 0.20% or 21.47 point advance to 11,293.98 for the German Dax while the FTSE Mibtel was edging lower by 0.02% or 3.69 points to 18,798.55. In parallel, euro/dollar was under water, falling 0.8% to 1.14167 on the back of Wednesday's weak economic releases. Meanwhile, yields on benchmark Italian 10-year BTPs were down by six basis points to 3.54%. IHS Markit's so-called 'composite' Purchasing managers' Index for Eurozone output in manufacturing and services fell from a reading of 54.1 for September to 52.7 in October - a 25-month low. It was also far weaker than the 54.0 reading the consensus had penciled-in. The survey compiler blamed the export-led slowdown for the weak print, saying that it was continuing to spread out into services. Notably, price pressures remained near seven-year highs. Commenting on the data, Chris Williamson at IHS Markit said: "The survey will make for uncomfortable reading at the ECB. Although the survey's price gauges remain elevated and close to seven-year highs, the headline PMI has fallen to a level that would historically be consistent with a bias towards loosening monetary policy in order to prevent any further deterioration of economic growth." On the corporate side of things, the market spotlight was on Deutsche Bank, which reported modestly weaker-than-expected third quarter revenues of €6.175bn and lowered its forecast for full-year sales, predicting a small decline. For later in the session, investors were eyeing quarterly updates from US automaker Tesla and Wall Street tech darling chip-maker AMD. Also due out were later were figures for new home sales in September and the latest US Federal Reserve Beige book. | | | | | Bespoke Market Trading Services EBLN provides bespoke research and market intelligence. Receive:
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- Additional proprietary and exclusive insights and analysis as markets move. Download our free report | | | US open: Heavy losses at the bell as geopolitical woes abound | | | | | Wall Street trading began with heavy losses on Tuesday, with traders taking their cues from big declines seen across Asia and Europe, as worries about US-Saudi relations and Italy's finances weighed on sentiment. As of 1525 BST, the Dow Jones Industrial Average was down 1.85% to 25,850.03, while the S&P 500 was 2.08% lower at 2,698.57 and the Nasdaq was 2.52% weaker at 7,280.08. Oanda analyst Craig Erlam said the selloff was down to the multiple underlying risk factors in financial markets at the moment, be they US interest rates, Brexit, Italian debt, trade wars or emerging markets. "These are all destabilising factors and sentiment may finally be caving under the weight of it all. Trump's tax cuts ensured that the US is the last to fall, with companies reporting stunning earnings growth in the first two quarters and the third shaping up the same way, but this can only last so long and its finally taking its toll." "The question now is how bad it gets and what is done to reassure investors." On the home front, Republican lawmakers seemed to be somewhat confused after Donald Trump told supporters over the weekend that Congress would be voting on a new tax cut for middle-class Americans following the mid-term elections, despite those same lawmakers having never heard of any such legislative proposals. Worries about souring relations between the US and Saudi Arabia dented investors' appetite for risk after Donald Trump said on Monday that he was not satisfied with the Kingdom's response over the killing of journalist Jamal Kashoggi. In addition, comments from Turkish President Erdogan sparked concerns about a diplomatic crisis in the region, after he said there was strong evidence that Kashoggi's killing was premeditated. Addressing MPs from his ruling party, Erdogan demanded that Saudi Arabia give answers about where the journalist's body was and who ordered the operation. Italy was still firmly in focus as well, after the European Union - in an unprecedented move - rejected the country's budget proposals. In corporate news, Harley-Davidson was trading down by 2.92% despite the iconic motorcycle maker's confirming its full-year shipment forecasts after its third-quarter adjusted earnings beat expectations. United Technologies on the other hand was edging up by 1.43% in early trading after its third-quarter profit and sales surpassed analysts' expectations and the company lifted its outlook. Low-cost airline JetBlue stock meanwhile inched forward 0.33% after the release of its third-quarter numbers and fast food giant McDonald's rallied 5.19% after its third-quarter results beat estimates. 3M and Caterpillar dropped 6.57% and 9.05% at the open, respectively, as the industrial giants said material costs were on the up. Tesla shares took off 5% in early trade after long-time critic Citron Research, who is actually suing the carmaker, reversed its opinion on the stock to 'long' from its previous 'short' recommendation. On the data front, the Richmond Fed's manufacturing index dropped to a reading of 15 in October. Fifth District manufacturing activity expanded moderately in October, according to the results from the most recent survey by the Federal Reserve Bank of Richmond. The composite index fell from 29 in September to 15 in October, as indexes for shipments and new orders dropped, while the third component, employment, rose. Analysts were expecting a reading of 25. However, respondents were seemingly optimistic, expecting to see positive growth across most measures in the near future. | | | | | 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 | | | Wednesday newspaper round-up: Fracking, Brexit, Facebook, Patisserie Holdings | | | | | Fracking operations in Lancashire have been shut down after seismic activity was detected. The move came a little more than a week after the process was restarted in the UK for the first time since it was banned in 2011. Cuadrilla Resources, which is carrying out the operations at its Preston New Road site, confirmed it paused work early on Tuesday as a precaution because of the microseismic event, which was measured at a magnitude of 0.4 and within the limit allowed by UK authorities. – Guardian The European commission is at loggerheads with Rome after taking the unprecedented step of rejecting the Italian government’s draft budget in a move designed to force the country’s populist government to rein in its spending. Italy was presented with a three-week deadline to provide a revised financial plan, and the commission’s vice-president, Valdis Dombrovskis, noted that Italy already spent more servicing debt than it did on education. - Guardian A group representing small construction firms has warned the Government not to close the door to migrant builders after Brexit as new figures revealed a slowdown in growth, rising materials prices and increasingly severe labour shortages. Fewer than a third of members of the Federation of Master Builders saw their workloads grow in the three months to September, down from 42pc in the previous quarter, and a slim majority see no sign of growth in the near future. - Telegraph Facebook has redesigned its Messenger app to prioritise Stories as it vies with Snapchat for control of the "ephemeral messaging" market. Stan Chudnovsky, Messenger's head of product, said the app had become too complicated and needed to be slimmed down in order to prevent important features being buried. - Telegraph Theresa May’s Brexit plan could leave Britain in a “long-running” multi-year transition period despite her promise that it would last only a few months, according to leaked cabinet papers seen by The Times. Cabinet ministers have been warned by officials that there is no guarantee Britain will be able to extricate itself from the transition arrangements in her preferred Brexit option. - The Times The parent company of Patisserie Valerie appears to have issued twice as many share options to two of its directors as it disclosed to investors in its most recent annual accounts, prompting concerns about the governance of the troubled café chain. An adviser to leading shareholders in Patisserie Holdings has warned that company announcements show that twice as many share options were cashed in by the two executives this year as were disclosed as options granted to them in the company’s accounts. - The Times | |
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