| 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: Stocks drop as May faces cabinet showdown over Brexit deal | | | | | London stocks fell in early trade, with sterling little changed after Theresa May agreed the text of a draft withdrawal agreement with the EU. At 0830 GMT, the FTSE 100 was down 0.7% to 7,002.98, trading at its worst levels since the end of October, while the pound was off 0.1% against the dollar at 1.2966 and flat versus the euro at 1.1494 as May faced a cabinet showdown over her Brexit deal. The PM has called a meeting of senior ministers at Downing Street at 1400 GMT to approve the draft agreement, amid newspaper reports of criticism from Brexit-supporting MPs. Neil Wilson, chief market analyst Markets.com, felt the cabinet is likely to pass May's deal, but with assault from both sides of the house and Brexit divide, it seems impossible parliament will vote it through. "Both sides see this as capitulation. In trying to please everyone, Mrs May satisfies no one. The DUP-Conservative deal surely cannot survive this? The intractable Irish border question remains just that; insoluble. "Sterling volatility is expected to rise as the near term upside and downside risks crystallise. With the market waiting patiently for the deal, the pound has barely budged. Now the real hard work starts as we seem to be either heading to a no deal, fresh election and/or another referendum. This suggests further pressure on the pound." Indeed, sterling-dollar 'implied volatility', measuring the protection bought by investors against sharp swings in the currency, has jumped to its highest since the general election in June last year and is on course for its biggest weekly rise in at least five years, according to data from Refinitiv. On the macro front, inflation figures will be eyed at 0930 GMT, as the Office for National Statistics publishes the latest consumer price index data, along with retail and producer prices. Among individual shares, British Land lost ground as the property development and investment company said it swung to a net loss in the first half. Residential property business Grainger was in the red even as it reported a 26% improvement in its adjusted earnings for the year ended 30 September and said it has agreed to buy the entire share capital and shareholder loans in GRIP REIT from its joint venture partner, APG, for £396m. Aerospace and defence group Cobham slipped despite saying that it performed as expected in the first 10 months of the year and backing its overall expectations for 2018. Prudential slipped slightly despite saying that profit growth accelerated in the third quarter of the year, including at its M&G Prudential arm as it prepares to demerge. Direct Line was hit by a downgrade to 'hold' at Deutsche Bank and Ferguson was under the cosh following a cut to 'neutral' at Bank of America Merrill Lynch. Rio Tinto was also weaker after a downgrade to 'sell' at Liberum. Global technology company Smiths Group swam against the tide after saying it expects to meet full year expectations and announcing plans to separate Smiths Medical from the group and concentrate on growing as an industrial technology group. Energy firm SSE advanced despite posting a 41% drop in interim profit, as it announced the creation of a renewable energy business. Workspace pushed higher as it posted a drop in interim reported pre-tax profit but boosted its dividend by 20%, while Intu Properties nudged up as it pushed back the deadline for a consortium to make an offer for the company. Micro Focus rallied on the back of an upgrade to 'buy' at Goldman Sachs, while Next was boosted by an upgrade to 'buy' at HSBC. Burberry was upgraded to 'add' at Alphavalue, Smiths was upgraded to 'overweight' at JPMorgan and Tullow Oil was boosted to 'hold' at Panmure Gordon. | | | | | 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. In fact for the past 6 months this strategy has been averaging +1275 pips per month! Book A Free Place To Find Out More | | | | Top 10 FTSE 100 Risers| Sponsored by Interactive Investor | 
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Capital at risk. Results are not guaranteed. | | | US close: Stocks close lower as tumbling oil prices reverse afternoon rally | | | | | US stocks closed mostly lower on Tuesday as a late push was offset by plummeting oil prices cratered, dragging the energy sector sharply lower. At the close, the Dow Jones Industrial Average was down 0.40% to 25,286.49, while the S&P 500 closed 0.15% softer at 2,722.18 and the Nasdaq closed out the session flat on 7,200.87. December West Texas Intermediate oil tumbled 7.76% to $55.69 a barrel, marking the twelfth consecutive daily decline as it hit the lowest front-month figure in almost twelve months. Donald Trump voiced disapproval over a potential production cut by Saudi Arabia and OPEC, tweeting out that prices "should be much lower based on supply!" Wall Street had sustained a bout of heavy profit-taking the day before, with the Dow Industrials retreating by roughly 600 points, as Apple led tech shares lower after a number of chip suppliers warned on their future earnings outlook, citing weaker mobile phone demand. "This really shouldn’t have come as a shock given the break down in Apple’s numbers earlier this month, the surprise is that investors took so long to put two and two together," said CMC Markets analyst Michael Hewson. "The decision to stop reporting the unit sales numbers for iPhones, iPads and other individual products should have clued investors in to begin with, along with the slight miss on handset sales." Elsewhere, there were signs of a small thaw in Sino-US relations following reports that China's top trade negotiator was preparing to visit the US ahead of the G20 summit later this month, supplemented by positive remarks from National Economic Council head, Larry Kudlow, on CNBC, just after the opening bell. On the macro front, small business sentiment in the US deteriorated in October, according to the National Federation of Independent Business. The small business optimism index ticked down to 107.4 from 107.9 in September, slightly below consensus expectations of 108.0. Pantheon Macroeconomics noted that the index was dragged down a by three-point fall in the "good time to expand" index, a two-point decline in earnings expectations and one-point dips in hiring and inventory plans. "Further declines in the headline are likely, because the economic expectations component, which is very sensitive to the stock market, was unchanged in October; we expect it to fall in November," said Pantheon analyst Ian Shepherdson. Elsewhere, the data calendar was fairly quiet, with the focus on US Fed speakers Kashkari, Brainard and Harker. Trump, who spent much of the morning lambasting French President Emmanuel Macron on Twitter, is scheduled to meet with his trade team today to discuss auto tariffs. In corporate news, Home Depot closed 0.31% lower despite its third-quarter earnings beating expectations, leading it to lift its sales and earnings guidance. Advance Auto Parts shares collected 10.62% throughout the session on the back of its third-quarter earnings. Caterpillar shares rose picked up 0.82% despite revealing a continued deceleration in its sales growth. Boeing created 2.11% after it was revealed it had withheld information regarding a new stall-all prevention system from its managers and pilots. | | | | | 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 » | | | Wednesday newspaper round-up: Brexit meeting, advertising, lending, Sainsbury's | | | | | Theresa May summoned her cabinet to an emergency meeting on Wednesday afternoon to sign off her long awaited final Brexit deal, prompting hard-Brexit Tories to call for senior ministers to stand up and block it. The critical meeting is the culmination of months of negotiations and will see May’s senior ministers consider whether they can personally endorse the agreement that the prime minister has been able to reach. - Guardian ...The prime minister was trying to sell the divorce deal and pact on the future relationship with Europe last night to a reluctant cabinet, which is due to meet at 2pm [today] to agree it. Leave-supporting cabinet ministers were coming under intense pressure to reject the deal as senior Brexiteers and the DUP launched a pre-emptive strike on what they claimed was an abject surrender. - The Times Ministers will publish up to 5,000 pieces of legal advice on the Brexit deal after losing a parliamentary battle. In a bad omen for Theresa May in getting the agreement through the Commons, Brexiteers and the DUP joined with Labour to force the concession. - The Times Labour MPs are to be presented with personalised polling evidence showing that their constituents “silently” back a second Brexit referendum. In an attempt to shift Labour’s opposition to a second vote, each of the party’s MPs is being sent an individual breakdown of voter sentiment in their area based on a poll of 25,000 people. - The Times UK advertisers are cutting almost £44m from their TV ad campaign budgets in the run-up to Christmas, as a shift in focus to targeting shoppers on digital media could give Google, Facebook and YouTube a bumper festive season. As the annual Christmas advertising battle hots up - Burberry’s campaign featuring Matt Smith, Kristin Scott Thomas and Naomi Campbell the latest to be unveiled - TV companies are feeling the squeeze. - Guardian Lenders should consider bringing back controversial 100 per cent mortgages to combat falling home ownership rates among young people, according to the Building Societies Association, a key industry body. The mortgages, which mean a homebuyer does not need a deposit to purchase a property, could be offered to select customers, the BSA said in a report on the growing reliance on the “bank of mum and dad” in the housing market. - The Times The National Farmers Union has warned that its members will feel the impact of any squeeze on suppliers that will result from the merger of J Sainsbury and Asda. The organisation, which represents more than 55,000 farmers in England and Wales, made the remarks in a submission to the Competition and Markets Authority, which is investigating the proposed merger of Britain’s second and third largest grocers. - The Times Less than half of rail passengers who have complained to train companies believe they have received an adequate response, analysis shows. Data from the rail regulator shows that fewer than one in five passengers on three particular operators - Govia Thameslink, Great Western and Northern - were satisfied with the outcome or handling of their complaints. - Guardian Ministers are under pressure to impose cutbacks to HS2 after a report warned that it would cost more than double that of other high-speed rail projects. The scheme would cost £81 million per kilometre compared with £32 million for 20 comparable schemes elsewhere in Europe. - The Times The short-term office rental company WeWork has secured an extra $3bn (£2.3bn) in funding from its largest investor, SoftBank, in a deal that would make it one of the largest start-ups in the world. WeWork told investors that SoftBank would pay $1.5bn in January 2019 and another $1.5bn in April at $110 a share, according to a presentation to investors. - Telegraph Oracle has pledged to double its artificial intelligence team in Reading as part of a new investment in the UK. The cloud computing giant said that it plans to take advantage of the "strong local talent pool" to hire skilled data scientists and staff to boost its AI and machine learning team. - Telegraph Privacy advocates have raised concerns about patients’ data after Google said it would take control of its subsidiary DeepMind’s healthcare division. Google, which acquired London-based artificial intelligence lab DeepMind in 2014, said on Tuesday that the DeepMind Health brand, which uses NHS patient data, will cease to exist and the team behind its medical app Streams will join Google as part of Google Health. - Telegraph The European Union’s highest court has ruled that the taste of food cannot be protected under copyright law because judgments on the flavour of a product are too subjective, ending a battle between rival cheesemakers in the Netherlands. The European Court of Justice (ECJ) said science was not yet sufficiently developed to find a precise and objective identification of taste in a decision after Levola, the Dutch makers of cream cheese and herb spreadable dip Heksenkaas, brought a case of copyright infringement against a rival. - Telegraph | |
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