| 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 rise despite dismal US session; JMAT surges on results | | | | | London stocks rose in early trade on Wednesday despite another dismal session on Wall Street, with Brexit still very much in focus as Theresa May headed to Brussels for more talks. At 0835 GMT, the FTSE 100 was up 0.4% to 6,976.42, while the pound was 0.2% firmer against the dollar at 1.2819 and flat versus the euro at 1.1245. The upbeat mood came despite another torrid session in the US, where the Dow slumped more than 550 points and the Nasdaq lost just under 120 points, adding to Monday's heavy losses. Jasper Lawler, a market analyst at London Capital Group, said losses were being sparked by a range of concerns including everything from the US-Sino trade tensions, the Federal Reserve's hiking interest rates quicker than some wanted, haemorrhaging oil prices and a sell-off in tech stocks. "Caught amongst all these fears is the bottom line that investors are bracing themselves for a significant slowdown in economic and corporate growth. Whilst the economy is still doing well right now, particularly in the US, the phenomenal corporate results of previous years are expected to slow considerably. We are already starting to see signs of this with Apple and its iPhone numbers." May was due to meet Jean-Claude Juncker in Brussels later in the day to try to finalise a Brexit deal ahead of Sunday's summit of European leaders. Michael Hewson, analyst at CMC Markets, said: "This appears to be taking place against a backdrop of unhelpful interventions from Spain, France and other European countries who would like the deal tweaked more to their benefit, while a spate of unhelpful diplomatic interventions aren’t helping either, with the Spanish foreign minister suggesting that the UK might be more susceptible to breaking up than Spain." Investors were also likely to be keeping an eye on Italy, as the European Commission was expected to formally reject the country's 2019 budget on Wednesday. On the UK data front, public sector net borrowing figures for October are due at 0930 GMT. In corporate news, Johnson Matthey surged after reporting a rise in first-half profit and saying full-year operating performance would be towards the upper end of its guidance. In the six months to 30 September, pre-tax profit increased 19% to £244m on revenue of £7.1bn, up 10% from the same period a year ago. NMC Health was also on the rise after an upgrade to 'overweight' from 'neutral' by JPMorgan, while British Land was boosted by an upgrade to 'buy' at HSBC. On the downside, Sage Group was the biggest loser after as the accounting software developer said its profit margin will drop in the coming year as it ups investment. On the bright side, the company said a strong fourth quarter enabled it to deliver its tough targets for growing annual sales and profits. Home improvement retailer Kingfisher was the worst performer on the FTSE 100 as it said third quarter total sales rose 1.2% to £3.04bn in constant currency, but like-for-like sales were down 1.3% reflecting continued weak sales in its French Castorama business. It said the outlook for Castorama was "more uncertain" given difficult trading and the ongoing impact of recent national demonstrations. Indivior suffered heavy losses a day after a US appeals court judge lifted restrictions on a copycat version of its biggest-selling drug, as it said it was likely to lose up to 80% of its market share for the anti-opioid addiction treatment. It was also hit by a downgrade to 'sector perform' at RBC Capital Markets. The company, whose shares crashed 47% on Tuesday, said it would oppose the lifting of injunction preventing the generic drugmaker Dr Reddy's Laboratories from getting the permissions to begin selling its generic version of Indivior's Suboxone Film. Babcock was also in the red after the defence contractor reported a 64% slump in half-year pre-tax profit as it incurred exceptional charges of £120m. SSP was under the cosh as it posted a jump in full-year profits but said Kate Swann will be stepping down from her role as chief executive officer after more than five years at the company, while TalkTalk was weaker after a trading update. | | | | | 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 200 FREE PlusOneCoins. Click here. | | | US close: Technology woes drag markets down again | | | | | Wall Street trading finished as red as it started on Tuesday, with technology plays in focus again following a dismal session the day before. The Dow Jones Industrial Average ended the session down 2.21% at 24,465.64, the S&P 500 was off 1.82% at 2,641.89, and the Nasdaq 100 was 1.75% lower at 6,526.96. At the open, the Dow lost almost 600 points, adding to the prior session's drop of almost 400 points, while the tech-heavy Nasdaq Composite finished 219 points lower on Monday as shares in tech giants Apple, Amazon and Facebook continued to skid lower. Apple was rocked by reports that it has slashed production orders in recent weeks for all three iPhone models that were unveiled in September. "Investors had been nervous about the outlook for Apple and it's flagship devices since the firm announced that it would no longer be reporting a breakdown of sales figures by product in its most recent earnings update,” said London Capital Group analyst Jasper Lawler. “News of slashed production orders has just confirmed those fears, forcing investors to reassess Apple’s outlook,” Meanwhile, Oanda analyst Craig Erlam said that with the so-called 'FAANG’ (Facebook, Amazon, Apple, Netflix and Alphabet (Google) stocks now all in bear market territory and not yet coming to the rescue of the rest of the market, investors had been left wondering if it was going to “get messy”, or whether the Black Friday sales had come early to the stock markets. “There still appears to be a lot of underlying anxiety in the markets which may prolong the current sell-off a little longer, with trade wars, US interest rates, Brexit and the Italian budget standoff all being significant headwinds,” Erlam quipped. Overnight, analysts at Goldman Sachs cut their target for shares of Apple from $209 to $182. Also weighing on sentiment was news that the Trump administration was considering tightening controls on high-technology exports, including those related to artificial intelligence and other so-called 'dual-use' technologies, as part of its ongoing trade war with China. On the data front, a key indicator of activity in the US housing sector picked-up more quickly than expected last month, although the details of the report were a bit weak. According to the Department of Commerce, the annualised pace of growth in housing starts increased at a month-on-month pace of 1.5% in October to reach 1.228m. That was a tad shy of economists' median forecast for 1.3m, but an upwards revision to the prior month's reading, from 1.201m to 1.210m, more than offset that shortfall. However, starts for single-family homes, the most closely followed piece of data in the report, weakened by 1.8% on the month to reach an annualised pace of 865,000, even as multi-family starts jumped by 6.2% to 343,000. Housing permits, or authorisations to begin construction work, on the other hand, slipped by 0.6% versus September to reach an annualised clip of 1.263m. In corporate news, consumer electronics retailer Best Buy ticked ahead 2.15% following better-than-expected third-quarter results, while Lowe's dropped 5.66% after the retailer's quarterly earnings and revenue beat forecasts but it cut its full-year estimates. Hormel Foods was down 0.88% after its fourth-quarter earnings beat expectations but sales missed, while discount department store Target was off 10.52% in early trade after a mixed third-quarter update. Apple's woes continued with its stock trading down by 4.78% at the closing bell. | | | | | 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. | | | Wednesday newspaper round-up: Brexit, Amazon, Stobart, Renault | | | | | The US-China trade standoff will continue to weaken confidence in the global economy into next year, economists have warned, as the increasingly gloomy outlook for growth dragged on share markets across the world. Plunging oil prices and intensifying concerns about technology stocks in the US spread contagion to Asia Pacific markets on Wednesday after renewed losses on Wall Street. – Guardian Theresa May will meet Jean-Claude Juncker in Brussels on Wednesday to try to finalise the political declaration covering future UK-European Union relations after attempts by hard Brexiters to remove her ended in humiliation. The prime minister meets the European commission president in the late afternoon in her strongest position since the first part of the Brexit deal was published last week after Jacob Rees-Mogg, the leader of the Tory rebels,conceded that it might take time to call a no-confidence vote. - Guardian Amazon is reportedly bidding for a group of 22 local TV sports channels in the US, a move that would accelerate its push into live sports broadcasting and heighten its rivalry with traditional broadcasters. The tech company is one of six to have placed first-round bids in an auction for the regional channels, which broadcast American football, basketball and baseball games, according to CNBC. - Telegraph The former Stobart boss at the centre of a bitter High Court dispute has denied a sexist email rant about the company’s former chairman was “completely unacceptable” Andrew Tinkler defended an email sent from his work account complaining he was paid a “pittance” and “might have been better with a pair of t**s”. He said he “had a drink or two” and claimed the subject of the remarks, Avril Palmer-Baunack, “has called me worse than that”. - Telegraph Nearly 70 small business leaders have signed an open letter to the government urging acceptance of Theresa May’s European Union withdrawal deal and warning that livelihoods are at risk from a “no-deal” Brexit. The deal is “not perfect”, but the signatories have “not heard . . . any viable alternative”, according to the letter co-ordinated by Emma Jones, who founded Enterprise Nation, a small business support network. - The Times Renault put an interim management team in charge last night after the arrest of Carlos Ghosn, its chief executive, on suspicion of tax evasion and misuse of corporate funds at Nissan. The board of the French carmaker, which is in a partnership with Nissan and Mitsubishi, asked Thierry Bolloré, the chief operating officer, and Philippe Lagayette, an independent director, to run the group during Mr Ghosn’s detention in Japan, but stopped short of sacking him. Though the stay of execution was a relief to supporters of Mr Ghosn, 64, who believe he is the victim of a Franco-Japanese power struggle, his future looked bleak after he lost the support of the French state, which holds a 15 per cent stake in Renault. - The Times | |
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