Morning Euro Markets Bulletin

ADVFN Morning Euro Markets Bulletin Daily world financial news Monday, 12 November 2018 11:57:43 Monitor Quote Charts News CFD's Brokers X1 Chatham Waters is a new waterfront buy-to-let opportunity in London's commuter belt, 45 minutes from London St Pancras. High-specification apartments start from £205,000. Pay only 10% on exchange. Enquire today! London open: Miners and energy stocks fire up FTSE as pound slumps FTSE 100 Euronext Dax perf CAC 40 London stocks rallied in early trade on Monday, boosted by a weaker pound as miners and oil companies advanced. At 0830 GMT, the FTSE 100 was up 1.1% to 7,182.74 as sterling slumped 1% against the dollar to 1.2844 and 0.2% versus the euro to 1.1428 amid reports of growing opposition to Theresa May's Brexit deal. A weaker pound tends to boost the top-flight index as around 70% of its constituents derive most of their earnings from abroad. Ahead of a key cabinet meeting on Tuesday, with British and EU negotiators also reported to be close to agreeing a draft withdrawal agreement for the same day, May's plans were "under siege from across the Tory party", according to the Guardian newspaper, while the Times eyed potential further cabinet resignations as there remains two major issues on which the party cannot agree: fishing rights and a review mechanism for leaving the Irish backstop arrangement. Spreadex analyst Connor Campbell said: "With her most ardent anti-EU MPs opposed to her custom arrangement plans, and a potential Remain rebellion brewing following the resignation of Jo Johnson, Theresa May appears to have been forced to abandon the emergency Cabinet meeting that was pencilled in after a supposed breakthrough last week. "Seemingly dashing the hopes of a withdrawal deal being within reached any time soon, the pound took a plunge against the dollar, a drop that was exacerbated by the greenback’s renewed confidence following the Fed’s hawkish-ish November statement." Miners and energy shares were the standout gainers as copper and oil prices rose, with Rio, Antofagasta, BHP Billiton, Anglo, BP and Shell all in the top 10 FTSE 100 risers. On the 250, Premier, Tullow and Cairn Energy also gained as Brent crude increased 2.3% to $71.82 a barrel and West Texas Intermediate was 1.8% higher at $61.24 after Saudi Arabia said it would cut production by 500,000 barrels a day next month. Neil Wilson, chief market analyst at Markets.com, said: "In the short term this is a positive for oil, but we must question the impact longer term unless it’s the sign of more to come from OPEC. Saudi Arabia cannot act alone though - realistically it needs to pull together OPEC allies and, critically, Russia to curb production if it wants prices to hold. The language from Russia suggests it is not ready to follow the Saudis yet." Elsewhere, Rio Tinto pushed up as it successfully completed an AUD$2.87bn off-market buyback and Shire advanced as Japan's Takeda Pharmaceutical said it will seek investor backing for its acquisition next month and aims to close the deal on 8 January. Diageo ticked up after announcing the sale of 19 brands, including Seagrams, to US firm Sazerac for $550m (£427m). The net proceeds of around £340m, after tax and transaction costs, will be returned to shareholders through a share repurchase Defence contractor Babcock International rose as it responded to an attack from a mystery research firm, insisting that its relationship with the Ministry of Defence was "as strong as ever". There were calls for a boardroom shake-up in the Sunday Telegraph, which cited a report from research firm Boatman Capital that said the FTSE 250 company had “systematically misled investors by burying bad news about its performance”. AstraZeneca was in the green after saying that its diabetes drug Farxiga had "significantly" reduced the risk of hospitalisation for heart failure in a clinical trial. Wood Group was firmer after being awarded three new call-off contracts totalling $53m by the Abu Dhabi National Oil Company. On the downside, Imperial Brands was under the cosh following reports that the US Food and Drug Administration is looking to ban menthol cigarettes. In broker note action, JD Sports was boosted by an initiation at 'buy' by Berenberg while Sports Direct was hit by an initiation at 'sell' from the same outfit. Are you looking for a profitable trading strategy? Do you have 20 minutes a day to follow this strategy? Yes! Then you need to watch this session. 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Book A Free Place To Find Out More Market Status   FTSE 100   change pct -0.10%   cur price 7,098.14   change -7.20   FTSE 250   change pct -0.85%   cur price 18,944.85   change -161.76   FTSE TechMARK   change pct +0.17%   cur price 3,346.61   change +5.71 Top 10 FTSE 100 Risers Sponsored by Interactive Investor   #   Name Change Pct Change Cur Price 1 Rio Tinto +3.40% +131.00 3,980.50 2 BHP Billiton +2.96% +47.00 1,632.60 3 Babcock International Group +2.73% +16.40 616.80 4 Rolls-Royce Holdings +2.16% +17.60 832.00 5 Shire Plc +2.11% +97.50 4,710.00 6 Anglo American +2.06% +34.80 1,722.60 7 Informa +1.83% +13.00 723.60 8 Burberry Group +1.78% +31.50 1,805.00 9 British Petroleum +1.72% +9.00 532.90 10 Royal Dutch Shell B +1.60% +39.50 2,502.00 Top 10 FTSE 100 Fallers Sponsored by Interactive Investor   #   Name Change Pct Change Cur Price 1 British American Tobacco -9.40% -311.50 3,003.00 2 Imperial Brands -4.31% -118.50 2,631.50 3 Kingfisher Plc -3.37% -8.60 246.50 4 Smurfit Kappa Group -2.89% -68.00 2,288.00 5 Easyjet Plc -2.75% -34.50 1,219.50 6 Barclays -2.68% -4.74 172.06 7 British Land Company -2.34% -14.60 610.20 8 Persimmon -2.26% -54.00 2,332.00 9 Royal Bank Of Scotland -2.26% -5.70 246.20 10 Taylor Wimpey -2.26% -3.80 164.20 THE DOWNTURN MILLIONAIRE MASTERCLASS Master the skill to making money in a market crash... in less than 60 minutes ***Attendance is FREE for a limited time***  GO HERE TO GET YOUR TICKET NOW Capital at risk. Results are not guaranteed. US close: Stocks slip after negative inflation surprise Wall Street finished lower on Friday as investors mulled over a hawkish post-meeting statement from the Federal Reserve from the night before and a higher than expected reading on October's wholesale price index. By the end of trading, the Dow Jones Industrials was down 0.77% to 25,989.30, while the S&P 500 had lost 0.92% to 2,781.01 and the Nasdaq Composite was 1.65% softer at 7,406.90. Even so, for the week as a whole the S&P 500 was ahead by 1.50% and sitting near its best levels in a month, as investors tried to guess whether the recent bounce would morph into a year-end rally or not. Also over the week, the S&P 500 did manage to recover its 50-week and 200-day moving averages. By sectors, the biggest losses were being sported by: Toys (-7.90%), Leisure goods (-7.05%), Aluminium (-5.55%) , Non-ferrous metals (-4.86%) and Gambling (-3.94%). Topping the most actives list on the NYSE meanwhile were shares of: General Electric, Ford, Weatherford Intl., Bank of America and Chesapeake Energy. Treasuries on the other hand did rally, pushing yields lower across the interest rate curve and contributing to a flatter yield curve, with that on the two-year note down by four basis points to 2.92% and that on the 10-year note declining by six basis points to 3.18%. Overnight, the Fed stood pat on interest rates, as expected, but left the door wide open to a rate hike next month and more next year. The Fed left the target range for the funds rate unchanged at 2% to 2.25% and said it expects "further gradual increases", depending on the economic expansion, conditions in the labour market and inflation. Notably, some analysts said, no mention was made in the statement of recent volatility in financial markets. "It would appear we're going to end an otherwise positive week on a negative note, with equity markets around the globe in the red following the Fed decision on Thursday," said Oanda analyst Craig Erlam. "The Fed is not for turning, not yet at least. It was always a bit of a long shot that the central bank would choose a meeting that did not produce new economic projections or be followed by a press conference to change course, even a little, unless things had got especially bad. The recovery in the markets last week will have provided enough comfort to convince them it was not necessary and a decision can be made in December." Energy-related shares were in focus as oil prices extended their decline, with West Texas Intermediate crude oil futures down 1.32% to $59.87 a barrel on NYMEX. In individual company news, Walt Disney shares rose 1.72% after the company posted better-than-expected fourth-quarter earnings late on Thursday and helping to buoy the Dow Industrials in the process. Dropbox gained 3.27% at the open after the cloud storage group's third-quarter earnings late on Thursday beat analysts' expectations. It was a much less rosy picture for Yelp, however, down a whopping 26.60% at the bell after the online review site's third-quarter local advertising revenue came in weaker than expected and it cut its revenue forecast. Elsewhere, General Electric was down 5.71% in early trade following a downgrade from broker JPMorgan Chase. On the data front, US wholesale inflation picked-up more quickly than expected last month amid a sharp increase in energy costs and as food prices bounced back. According to the Bureau of Labor Statistics, so-called final demand prices jumped by 0.6% month-on-month in October, pushing the annual rate of gains from 2.6% to 2.9%. Economists had anticipated a smaller increase in headline producer prices of 0.2% on the month and 2.7% on the year. Nevertheless, and as Ian Shepherdson at Pantheon Macroeconomics pointed out: "This looks terrible, but all the overshoot to consensus is in the wildly volatile trade services component, which measures margins in retailing and wholesaling and accounts for 23% of the core. "We expected a rebound after a run of soft numbers but the 1.6% m/m jump was bigger than we expected; it likely will correct in November." Elsewhere, a preliminary reading on the University of Michigan's consumer sentiment index for November printed at 98.3 versus 98.6 in October and 98.5 for the same month of last year, beating expectations for a slightly bigger fall to 98.0. Meanwhile, the sub-index tracking consumer expectations slipped to 88.7 this month from 89.3 in October and 88.9 last November. Shepherdson said: "We thought the drop in stock prices would make itself felt in the survey, especially in the expectations component, but we appear to have jumped the gun. "Either way, sentiment remains very elevated, but it has substantially overstated spending - which is what we really care about - over the past couple of years, because income growth is just not strong enough to drive spending as quickly as the sentiment data suggest. Elsewhere in the report, one-year inflation expectations dipped a tenth to 2.8%, but five-to-10 year expectations rose by two tenths to 2.6%. The latter is at the top of the recent range but we see no reason to expect a sustained breakout anytime soon." Dow Jones - Risers Verizon Communications Inc. (VZ) $58.44 1.41% Procter & Gamble Co. (PG) $92.41 1.23% Walmart Inc. (WMT) $105.56 1.19% McDonald's Corp. (MCD) $185.94 0.92% American Express Co. (AXP) $108.28 0.90% Walt Disney Co. (DIS) $118.00 0.81% Unitedhealth Group Inc. (UNH) $276.55 0.70% Coca-Cola Co. (KO) $49.68 0.63% Travelers Company Inc. (TRV) $131.03 0.58% Johnson & Johnson (JNJ) $145.34 0.41% Dow Jones - Fallers Goldman Sachs Group Inc. (GS) $222.40 -3.84% Caterpillar Inc. (CAT) $126.92 -3.40% Cisco Systems Inc. (CSCO) $47.11 -2.75% Exxon Mobil Corp. (XOM) $80.88 -2.60% Nike Inc. (NKE) $76.35 -2.06% Microsoft Corp. (MSFT) $109.57 -1.95% Apple Inc. (AAPL) $204.47 -1.93% Dowdupont Inc. (DWDP) $58.68 -1.92% Intel Corp. (INTC) $48.11 -1.80% Chevron Corp. (CVX) $119.52 -1.12% S&P 500 - Risers Monster Beverage Corp (MNST) $56.84 4.99% Colgate-Palmolive Co. (CL) $63.79 4.75% L Brands Inc (LB) $36.50 4.73% Pinnacle West Capital Corp. (PNW) $88.48 3.62% General Mills Inc. (GIS) $45.31 3.33% Keurig Dr Pepper Inc. (KDP) $28.52 3.22% EQT Corp. (EQT) $35.87 3.07% Apache Corp. (APA) $37.08 2.94% Johnson Controls International plc (JCI) $34.35 2.84% Becton, Dickinson & Company (BDX) $243.36 2.74% S&P 500 - Fallers PG&E Corp. (PCG) $39.92 -18.20% Perrigo Company plc (PRGO) $64.07 -14.73% Edison International (EIX) $61.00 -12.48% Activision Blizzard Inc. (ATVI) $55.01 -12.39% CenturyLink Inc. (CTL) $18.91 -11.95% D. R. Horton Inc. (DHI) $34.40 -8.49% DaVita Inc (DVA) $69.69 -8.40% Skyworks Solutions Inc. (SWKS) $76.66 -8.08% Transocean Ltd. (RIG) $10.53 -8.03% Best Buy Co. Inc. (BBY) $67.79 -6.89% Nasdaq 100 - Risers Monster Beverage Corp (MNST) $56.84 4.99% Qurate Retail Inc. (QRTEA) $24.52 3.59% Kraft Heinz Co. (KHC) $53.99 1.28% Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $308.12 1.19% Check Point Software Technologies Ltd. (CHKP) $112.64 0.92% Mondelez International Inc. (MDLZ) $44.30 0.82% Twenty-First Century Fox Inc Class A (FOXA) $48.16 0.67% Fiserv Inc. (FISV) $80.24 0.55% Verisk Analytics Inc. (VRSK) $123.38 0.54% Twenty-First Century Fox Inc Class B (FOX) $47.71 0.51% Nasdaq 100 - Fallers Activision Blizzard Inc. (ATVI) $55.01 -12.39% Skyworks Solutions Inc. (SWKS) $76.66 -8.08% Ctrip.Com International Ltd. Ads (CTRP) $26.13 -6.31% Electronic Arts Inc. (EA) $88.89 -5.31% Take-Two Interactive Software Inc. (TTWO) $113.05 -5.11% Seagate Technology Plc (STX) $43.03 -5.07% Netflix Inc. (NFLX) $303.47 -4.55% Workday, Inc. (WDAY) $139.93 -4.15% NetEase Inc. Ads (NTES) $221.91 -4.10% Align Technology Inc. (ALGN) $235.96 -3.95% 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 » Monday newspaper round-up: Pay, Brexit, manufacturers, IAG, FOBTs Millions of workers are in line for a significant pay rise as two thirds of ­employers expect to dish out above-inflation increases in the next 12 months. The Chartered Institute of Personnel and Development (CIPD) found 65pc of employers expect to raise pay by more than 2pc in the coming year, up from 52pc this time last year. Over a quarter expect to raise pay by more than 3pc. - Telegraph Downing Street was hoping last night for a deal with Brussels in the next 48 hours amid signs that cabinet unhappiness with the eventual package is growing. British and EU negotiators are closing in on a draft withdrawal agreement as early as tomorrow, possibly giving the green light to a leaders’ summit before the end of this month, but two crucial issues remain outstanding. - The Times Confidence among manufacturing firms has slumped to its lowest level for more than a year, a new study suggests. Research by business advisers BDO LLP indicated a “concerning turnaround” in the fortunes of the sector. - Guardian The owner of British Airways is seeking the support of the Spanish government as it steps up its preparations for a no-deal Brexit. International Airlines Group has asked for Madrid’s help in its campaign to retain its operating rights should Britain crash out of the European Union without a deal, according to reports in Spain. - The Times The government’s controversial decision not to cut stakes on fixed-odds betting terminals (FOBTs) from £100 to £2 until October 2019 was influenced by a “discredited” secret report commissioned by bookmakers, it has emerged. The chancellor, Philip Hammond, last week cited the need to mitigate job losses as a key factor in delaying the stake reduction, a decision that sparked outcry among campaigners and triggered the resignation of sports minister Tracey Crouch. - Guardian MPs have launched a new probe into the “broken” audit market over concerns that “fiction” produced by the Big Four accountants was at the heart of major failures such as BHS, Carillion and Patisserie Valerie. Rachel Reeves, chairman of the Business Select Committee, said the collapse of Carillion implicated the entire industry and undermined public trust in business. - Telegraph Ministers are poised to reject calls from MPs and the City regulator for a tribunal system to level the playing field between businesses and banks. The Treasury has concluded that a tribunal to settle disputes between companies and lenders would be too expensive and could restrict access to credit. - The Times A pair of British technology “unicorns” could be the next investments for Softbank’s $100 billion Vision Fund, providing a significant vote of confidence in the UK’s growing band of online-only challenger banks. Revolut and Oaknorth have held talks with the Softbank fund about a potential investment at their next fundraisings, in what would mark the Mayfair-based vehicle’s first investments in the British financial technology sector. - The Times The Conservative party is failing business in the pursuit of pushing through a Brexit deal, the head of one of Germany’s largest industrial firms in the UK has said. Terry Sargeant, the chairman and CEO of ThyssenKrupp in the UK, said the party was putting its own survival ahead of industry. - Guardian Hedge funds have amassed a £1.4bn bet against high street stores as economists warn that a crucial Christmas ­period will hinge on a Brexit deal. Pets at Home, Marks & Spencer and Debenhams have become top short seller targets on London’s stock market after struggling to cope with subdued consumer spending and more nimble online competition. - Telegraph The owner of the i and The Scotsman newspapers is struggling to attract a saviour a month after putting itself up for auction. The lack of interest has led Johnston Press to ask a restructuring firm to handle a potential administration. - The Times The Bank of England’s standing has been damaged since Mark Carney took over as governor, a former ratesetter has claimed. Andrew Sentance, who sat on the Bank’s monetary policy committee between 2006 and 2011, has accused the governor of allowing the Bank’s independence to be “diluted in various ways”, most recently by his “shambolic” reappointment. - The Times Arm will ease up its investment in research and development after two years of rapid growth even as it pushes to meet ambitious targets of doubling its UK headcount by 2021. The Cambridge chip designer, which was brought by Japanese conglomerate SoftBank in 2016, said it expected investments to “increase at a slower pace” after adding more than 2,000 employees in two years. - Telegraph Paris has vaulting ambitions to capture a share of the world gold trade from London, reviving its historic role as a top-tier power in the international bullion market. The Banque de France has teamed up with JP Morgan to offer a full range of swaps, leases, and gold deposits for global central banks and sovereign wealth funds. - Telegraph "Climate change has got to be one of the top risks to companies, particularly the majors,” says Adam Matthews of the Church of England. “If they are not engaging with this subject at a strategic level as an existential threat to their operations, then I think they’re failing in their duties.” - Telegraph The 10th annual Chinese shopping bonanza Singles’ Day has generated a record $30.7bn (£23.6bn) in sales for internet giant Alibaba. The first $1bn of transactions were completed in one minute and 25 seconds, Alibaba, which is often compared to Amazon, said on Sunday. - Telegraph Beefed-up European Union data protection laws are crippling merger deals, a report has warned, as specialists blame the rules for an increase in failed transactions. Complying with the EU’s General Data Protection Regulation, which came into effect in May, is a significant fetter on mergers and acquisitions, according to more than half of the experts polled by Merrill Corporation, a data consultancy. - The Times To advertise in the Euro Markets Bulletin please contact advertise@advfn.com ADVFN Disclaimer Although we have sent you this email, ADVFN does not endorse any product or company nor is it responsible for the content of this news bulletin. We have not independently reviewed the information; claims or testimonials provided within the news bulletin and make no guarantee or warranty regarding its content. 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