| 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 pace the advance as May faces Commons backlash | | | | | London stocks rose in early trade on Thursday, underpinned by solid gains in the mining sector as investors tried to take stock of the latest Brexit developments amid ministerial resignations. At 0830 GMT, the FTSE 100 was up 0.5% to 7,065.72. Sterling initially was slightly higher after Theresa May announced overnight that her cabinet had signed off on her Brexit deal. However, the currency tumbled on Thursday morning, trading down 0.8% against the dollar at 1.2892 and 0.9% lower versus the euro at 1.1385 as two ministers resigned and a swirl of reports that Brexiters were plotting to force a vote of no confidence. Brexit Secretary Dominic Raab and junior Northern Ireland Office minister Shailesh Vara both announced they were resigning over the deal. Raab said that he "cannot in good conscience support the terms proposed for our deal with the EU" as he tweeted his letter of resignation to the PM. With May's Brexit deal still to be approved by parliament, Hussein Sayed, chief market strategist at FXTM, said the pound would have traded much higher if market participants believed a Brexit deal was secured. "The parliamentary vote will prove to be much more challenging in the weeks ahead, and the risk of UK exiting the EU without a deal remains high," he said. "Eurosceptic Tories are against the UK being restricted and want to strike trade agreements with the rest of the world, but under the current draft agreement there will be a transition phase that will prevent them from doing so. That’s why markets feel getting the draft agreement approved through parliament is a hard task. There’s also a more significant risk if the conservatives demand a vote of no confidence in May. Such a scenario will likely lead to a general election, putting the UK in a much worse position. Traders should expect sterling to fluctuate in wide ranges over the next couple of weeks until we get more clarity on Brexit and Theresa May's fate." Having been signed off by the cabinet, the deal will now have to go to a special EU summit on 25 November, before being put before the House of Commons in early December. On the stock market, miners were the standout gainers as copper prices advanced, with Antofagasta, BHP Billiton, Glencore, Rio and Anglo all higher. Antofagasta was also boosted by news that it has approved a $1.3bn expansion of its Los Pelambres copper mine in Chile. The expansion will produce additional ore equal to an extra 60,000 tonnes a year of refined copper over the first 15 years of the expansion project, lifting the mine's output for the first time in over a decade. Elsewhere, Royal Mail was on the front foot as it reported revenue up 1% but a 25% decline in operating profits for the first half of the year. Chief executive Rico Back said a range of actions had been put in place to improve performance and confirmed the board's commitment to cut £100m of costs and generate adjusted group operating profit before transformation costs of £500-550m for the financial year. Richard Hunter, head of markets at Interactive Investor, said the small pop in the opening share price does little to repair the recent damage. "In May of this year Royal Mail shares stood 45% higher than today, which has likely cemented the group’s relegation from the premier index at the next reshuffle in December. Over the last year, the picture is slightly better, with the shares having dropped 9%, as compared to a 4.6% dip for the wider FTSE100. "However, quite apart from the increasing competitive pressures from the likes of Deutsche Post and Amazon, Royal Mail has a long road ahead to recapture any former glory, and the market consensus of the shares as a sell seems likely to remain entrenched for the time being." 3i Group was just a touch firmer as it said first-half net asset value rose to 776p from 724p at the end of March, with a total return on shareholder funds of 10% while Intermediate Capital Group racked up strong gains as it said first-half pre-tax profit rose 122% to £179.5m. On the downside, Cineworld slumped despite reporting an 11.6% jump in revenue for the period from 1 January to 11 November, while Bovis Homes fell as the housebuilder said in an update that uncertainty about Brexit had put off discretionary homebuyers. Aggreko and CRH were both weaker following downgrades from Barclays and Exane, respectively. Bunzl, GlaxoSmithKline, Sainsbury, Marks & spencer, Royal Dutch Shell, Dunelm, Genus, Sophos and Spire Healthcare were among the companies whose stock went ex-dividend. | | | | | 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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| | | | | Trade the Way You Want, Hassle-Free Find out more on Stratton Markets and claim your FREE PlusOneCoins. Click here. | | | US close: Markets finish lower as sentiment sours | | | | | Wall Street swung into negative territory by the close on Wednesday, as investors thumbed over the latest reading on inflation and earnings from the likes of Macy's and Blue Apron. The Dow Jones Industrial Average ended the session down 0.81% at 25,080.50, the S&P 500 lost 0.76% to 2,701.58, and the Nasdaq 100 was 0.89% lower at 6,789.87. A sharp fall in oil prices in the previous session led to a heightened focus on consumer prices, which came in line with expectations. “Wall Street may have rallied hard in the wake of last night's close, but the market is finding no success in sustaining this upside with fears over the collapsing oil price once again being seen as key in driving sentiment,” said James Hughes, chief market analyst at AxiTrader. “There are wider problems afoot, however - last night’s US budget deficit grew even wider than had been expected, Japanese GDP missed expectations, interest rates are expected to continue rising and Europe faces a series of key political tests that could have a damaging impact on investment and in turn consumption.” The dollar gained against the pound earlier in the session as investors were also looking across the pond after UK Prime Minister Theresa May called a Cabinet meeting to try and secure ministerial support for a draft Brexit deal she has agreed with the EU. It's understood the deal included plans for a solution to a hard border in Ireland by introducing a UK-wide customs backstop plan which would keep Britain in a customs union with the EU until a more permanent solution is agreed. On the data front, inflation in the US accelerated as expected last month, pushed higher by increased energy costs, but underlying price pressures were more modest than economists had anticipated. According to the Bureau of Labor Statistics, consumer prices increased at a 0.3% month-on-month pace in the US during the month of October, pushing the annual rate of increase up to 2.5%. Those increases were exactly as economists had anticipated. September's CPI had risen by 2.3% on the year, while versus September, energy prices jumped by 2.4%. In corporate news, Snapchat parent Snap was down 3.43% after it said regulators were investigating allegations that it did not make proper disclosures to investors related to its IPO. "While we do not have complete visibility into these investigations, our understanding is that the [Department of Justice] is likely focused on IPO disclosures relating to competition from Instagram," a Snap spokesman said in a statement. Elsewhere, Macy's shares reversed earlier gains to end the day down 7.18% after the retailer raised its full-year forecasts after its third-quarter earnings beat estimates. Blue Apron shares slid 4.1% after announcing its intention to cut its workforce by 4%. | | | | | 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. | | | Thursday newspaper round-up: Brexit deal, GVC, Facebook, vaping cigarettes | | | | | Theresa May confronted her mutinous party with the threat of “no Brexit at all” after she forced her draft deal with the EU through a divided cabinet. Esther McVey, the welfare secretary, was believed to be on the verge of quitting last night after clashes at the end of a marathon five-hour meeting. She was shouted down by the chief whip and cabinet secretary after she demanded a vote by ministers on the deal. – The Times Shareholders in GVC Holdings, the owner of Ladbrokes, were counting their winnings yesterday after a government U-turn on fixed-odds betting machines spared the gambling operator a potential £700 million payout. Shares of GVC jumped by 43½p, or 5.6 per cent, to 821p — an increase in its value of £253 million — as Theresa May caved in after a Commons revolt and brought forward the introduction of a £2 maximum stake on the machines. - The Times Facebook hired a PR firm that attempted to discredit the company’s critics by claiming they were agents of billionaire George Soros, the New York Times reported Tuesday. Soros is a Jewish philanthropist who is the frequent subject of antisemitic conspiracy theories. At the same time, the social media company urged the Anti-Defamation League to object to a cartoon used by anti-Facebook protesters over its resemblance to antisemitic tropes.- Guardian The convicted former UBS trader Kweku Adoboli has been deported from the UK to Ghana, his country of birth, after Home Office officials put him on a flight from Heathrow airport on Wednesday afternoon. Adoboli, who was arrested in Glasgow on Monday when he went to report to the Home Office, was taken to Harmondsworth immigration removal centre on Monday. He was not informed about when and how he would be deported but on Wednesday afternoon he was taken by five escorts to Heathrow airport and was due to be put on a flight at about 5pm to be returned to Ghana, where he has not lived since the age of four. - Guardian Vaping products that have been pulled from sale in the US over fears about underage buyers remain on shelves at Sainsbury's in the UK. The US e-cigarette giant Juul, which struck a deal with the British supermarket earlier this month, has banned the sale of several of its flavoured cartridges after an outcry in the US. The company has also stopped using social media sites including Twitter and Instagram to promote its products in an attempt to extinguish criticism that it markets its products to children, and strengthened its age verification processes to restrict sales to those who are under 21 years old. - Telegraph DeepMind has defended a deal it made with Google to relinquish control of its health venture, claiming it will save “millions” of lives. Dominic King, the British artificial intelligence lab's health chief, was responding to criticism after Google said it would absorb DeepMind's health division. The US internet giant had promised to establish a firewall between itself and DeepMind when it bought the company in 2014, but revealed on Tuesday that the lab's health division and its Streams app, developed with the NHS, would become part of Google. - Telegraph | |
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