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- Additional proprietary and exclusive insights and analysis as markets move. Download our free report | | | London open: Stocks edge up as miners rally; Greggs gains on update | | | | | London stocks edged higher in early trade on Tuesday following heavy losses the previous day and mixed sessions in the US and Asia, with miners lending support. At 0830 BST, the FTSE 100 was up 0.2% to 7,244.87, while the pound was down 0.1% against the dollar at 1.3078 and 0.1% firmer versus the euro at 1.1403. Investors were digesting news that the International Monetary Fund has downgraded its forecast for global growth for this year and the next due to trade tensions, rising interest rates and political uncertainty. The IMF said it now expects the global economy to grow by 3.7% this year and the next, down from a previous forecast of 3.9% growth for both years. London Capital Group analyst Jasper Lawler said: "The IMF cutting its global growth forecast for 2018 and 2019 is not that much of a surprise given current conditions. The first downgrade to growth in two years comes amid capital outflows from emerging markets and increased trade tensions between the world’s two largest economies. "The US economy is firing on all cylinders right now. This makes the IMF prediction that US economic growth will decline feel like a distant problem, but the reality is that once the boost from the tax cut works its way out of the system, the impact of trade tensions with China will be laid bare." Data released earlier by the British Retail Consortium showed that UK retail sales grew at their weakest pace in five months in September. Sales were up 0.7% compared to 1.3% growth the month before, while like-for-like retail sales for the month were down 0.2% on September last year compared to a 0.2% increase in August. "With consumers’ confidence still low amid continued Brexit uncertainty and indicators pointing to slowing employment growth, retail sales look set to be lacklustre in Q4," said Samuel Tombs, chief UK economist at Pantheon Macroeconomics. Miners were the best performers, with Glencore, Antofagasta, Anglo American, BHP and Rio all higher. A weaker dollar was helping the pound. "Not great for the internationally exposed and FX sensitive FTSE but good for commodities and Miners which had it tough yesterday," said market analyst Mike van Dulken at Accendo Markets. Elsewhere, Aviva rose after announcing that chief executive Mark Wilson was stepping down with immediate effect but would stay with the group until April 2019 to help with the transition. Greggs racked up strong gains after it posted a rise in third-quarter like-for-like sales as new products proved popular with customers, and the FTSE 250 baker backed its expectations for the full year. Ferrexpo rallied on the back of a well-received third-quarter production update, while Unite Group ticked up after saying that full-year rental growth is in line with its target of 3-3.5% and announcing the issue of a 10-year £275m senior unsecured bond. Direct Line was the biggest gainer after an upgrade to 'buy' at Deutsche Bank, but Royal Mail was hit hard by a double-whammy of downgrades, as RBC Capital Markets cut the stock to 'underperform' and HSBC reduced it to 'hold'. Sage also suffered heavy losses after a downgrade to 'underweight' by Barclays. WPP was in the red after losing its long held contract as Ford Motor Company's lead creative agency, which has gone to its fierce rival Omnicom's BBDO agency. Great Portland Estates nudged down after selling a multi-let office and retail building at 27/35 Mortimer Street, W1 for £38.5m to Orchard Street Investment Management on behalf of St James's Place. In other broker news, Schroders was upgraded to 'buy' at Berenberg, while Joules Group was initiated at 'buy' and N Brown and Quiz were initiated 'hold' by Berenberg. Telecom Plus was lifted to 'buy' at Peel Hunt. | | | | Top 10 FTSE 100 Risers| Sponsored by Interactive Investor | 
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| | | | | 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 | | | US close: Stocks end mixed amid worries about rising rates | | | | | US stocks ended a choppy session mixed on Monday as investors continued to fret about rising interest rates, with the third-quarter earnings season due to kick off later in the week. The Dow Jones Industrial Average closed up 0.2% at 26,486.78, while the S&P 500 was flat at 2,884.43 and the Nasdaq fell 0.7% to 7,735.95. Stocks on Wall Street fared a lot better than their European counterparts, likely helped by the fact that bond markets - which saw yields surge to multi-year highs last week on the back of solid economic data - were closed for Columbus Day. Technology stocks were among the worst performers, while consumer staples and utilities gained. CMC Markets analyst David Madden said: "The yield on the 10-year hit a fresh seven year high on Friday, and dealers are using that as a cue to exit the stock market for fear of higher rates. The Fed have upped interest rates three times in 2018, and traders are pricing in a high probability of a hike in December too. The inflation report on Thursday will be closely watched and further advances in government bond yields could put additional pressure on stocks." Stocks in Asia had fallen heavily, with the Shanghai Composite down 3.7% after the People's Bank of China cut banks' reserve requirement ratio by 100 basis points to boost liquidity and lending. Market analysts said the fact that Chinese authorities are reducing the amount of capital banks need to hold in relation to their loan book suggests concerns about the economy, in turn sparking worries that China is gearing up for a protracted trade conflict. In Europe, meanwhile, the main indices all ended in the red after the EU reiterated its concerns over Italy's budget plans over the weekend. The European Commission said Italy's proposal to set out a deficit target of 2.4% of GDP for next year was a "source of serious concern". The news sent Italian government bond yields surging and the FTSE MIB tumbling. In US corporate news, Ensco and Rowan closed up after the companies agreed to combine in an all-stock deal with an enterprise value of $12bn. Electric car maker Tesla fell even after the company said on Sunday night that it has reached its goal of making the Model 3 sedan the safest car ever built. Alphabet ended on the back foot following a Wall Street Journal report that Google failed to disclose a software glitch this spring that left data from users of the Google+ social network exposed. Elsewhere, Lannett shares tumbled more than 20% after the pharmaceutical company announced that it has engaged advisors to explore and evaluate a range of alternatives regarding its debt and capital structure. | | | | | Exclusive Opportunity Disruptive cyber-crime prevention technology that will revolutionise the anti-virus market as we know it! Huge potential gains. Click here to find out more | | | eToro Daily Update 09/10/2018 | | | | Today’s highlights: Dow Jones snaps losing streak - Wall Street closes mixed: Following two consecutive days of losses, the Dow Jones closed higher yesterday. At the same time, the S&P 500 finished nearly flat, while the Nasdaq registered losses. The tech sectors continued its slump, with Amazon losing more than 1% and Square tumbling 8.55%.
- Asia mostly higher: Coming back from a national holiday in Japan, the Nikkei index was seen lower this morning. However, the China50 and Hang Seng indices were on the rise, with the former showing gains of about 1.5% at the time of writing.
- Oil prices climbing: Recent reports show that oil exports from Iran are on the decline. Coupled with the re-imposition of US sanctions on OPEC’s 3rd-largest exporter, the black gold’s price was on the rise this morning.
Read More.. | | | Tuesday newspaper round-up: IMF, Brexit, taxes, BT, Unilever | | | | | Clouds are gathering over the world economy because of a burgeoning international trade war, while Brexit fears are taking an unexpected toll on Europe, the world’s lender of last resort has warned. The International Monetary Fund has downgraded its forecast for global growth from by 0.2 percentage points this year and next, in its World Economic Outlook. - Telegraph Italy is on the brink of a dangerous banking crisis as the red-blooded showdown between Brussels and Rome pushes the country’s borrowing costs to a five-year high. Yields on Italy’s 10-year debt spiked to 3.62pc after the Lega strongman and vice-premier, Matteo Salvini, vowed to sweep away the existing European order. - Telegraph The EU’s lead negotiator is expected to delay publishing the union’s blueprint for a post-Brexit relationship with Britain after signals of new concessions from Downing Street. Michel Barnier had intended to publish an “annotated” draft political declaration tomorrow setting out red lines on a future trade deal. - The Times The youngest worker today would need to wait until they were almost 100 years old to see the average wage in Britain double from its current levels, according to a study that highlights the UK’s struggle to boost wages since the credit crunch. The Resolution Foundation said failure to improve on recent levels of pay growth would condemn Britain to a wait until 2099 before the current average pay packet has doubled after inflation - much longer than was required before the financial crisis for a twofold increase in real wages. - Guardian Apple is in talks with BT over a partnership designed to boost the push of both companies into pay-TV. It is understood that the two sides are in early discussions over a deal that would make BT’s mobile brand EE a major distributor of Apple TV set-top boxes. - Telegraph Unilever faces a backlash over fat cat pay just days after it was forced to abandon plans to axe its British headquarters. The consumer goods group, whose brands include Marmite, Domestos and PG Tips, handed £10million to chief executive Paul Polman last year. MPs on the business select committee have summoned executives to Parliament to explain its pay policy amid mounting concerns over boardroom excess. - Mail TAX CORNER Philip Hammond is under mounting pressure to introduce a digital tax in the budget this month after it emerged that Facebook paid a “paltry” £7.4 million in corporation tax last year. The release of the internet giant’s UK results was met with anger yesterday and prompted a cross-party call for reform of the way in which Silicon Valley companies are taxed. - The Times A coalition of Britain’s biggest restaurant and pub owners has urged the Chancellor to tackle the “crisis in hospitality and the high street” with “root-and-branch reform” of the tax system, including a freeze on business rates and a levy on tech giants. In a letter to Philip Hammond, hospitality companies including Slug and Lettuce owner Stonegate, Pizza Express and Wagamama call for a tax on internet giants to be included in his Budget. - Telegraph The CBI has demanded that Philip Hammond use the budget on 29 October to prepare companies for a post-Brexit future with a £2bn package of measures to bolster investment, raise skills and ease the burden of business rates. The employers’ organisation said action was needed to lift Britain from the bottom of the G7 league table and it was time for the chancellor to “put warm words for business into action - no ifs, no buts.” - Guardian Britain’s biggest companies have called on the government to legislate even tougher climate change goals in the wake of the International Panel on Climate Change’s (IPCC) special report this week. The alliance of major companies including John Lewis Partnership, Marks & Spencer and BT together with City giants Aviva Investors and Legal & General said the UK should accelerate its drive to cut emissions to “unlock a significant innovation and investment opportunity”. - Telegraph Households may face higher energy bills under proposals being considered by the government to meet a far tougher greenhouse gas emissions reduction target. Ministers will order the Committee on Climate Change to examine how Britain should respond to the dire warnings published yesterday by the Intergovernmental Panel on Climate Change (IPCC) about the impact of exceeding 1.5C of global warming. - The Times Jaguar Land Rover has ordered a two-week shutdown at its main assembly plant at Solihull in the West Midlands. Britain’s largest motor manufacturer reported a 12 per cent drop in global sales in September, with a 46 per cent fall in its biggest market, China, amid fears over trade tariffs and a regulatory crackdown by Beijing. - The Times Hundreds of thousands of small investors in property funds will have their holdings temporarily frozen in the event of a shock to the market that leads to material uncertainty about the value of shops and office blocks, regulators have ruled. The Financial Conduct Authority proposed new rules yesterday designed to strike a fairer balance between investors wanting to redeem their holdings and those wanting to stick out a sharp downturn in the commercial property market. - The Times Wall Street is donating more to Democratic election candidates than to Republicans for the first time in a decade before what is set to be a fiercely contested midterm election battle. To the end of August banks, hedge funds, private equity firms and other companies in the finance, insurance and property sectors donated nearly $111 million to Democrats and $106 million to Republicans, the Center for Responsive Politics, a non-partisan lobbying research group, found. - The Times Workers’ rights are at risk once the UK leaves the EU even if a Brexit deal is struck, research by a leading thinktank has concluded. The UK and the EU are both expected to agree common minimum standards for working conditions as part of the post-Brexit deal, but the Institute for Public Policy Research warns that the non-regression clauses being proposed to ensure there will be no roll-back of rights will not be a strong enough protection for workers. - Guardian | |
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