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traders lose | | | London open: Stocks edge lower ahead of G20 meeting as miners retreat | | | | | London stocks edged lower in early trade on Friday as miners retreated on the back of disappointing Chinese manufacturing figures, with traders cautious ahead of the G20 meeting. At 0830 GMT, the FTSE 100 was down 0.3% to 7,015.95, though the more domestically focused FTSE 250 was just above flat at 18,610.63. The pound was off 0.1% against the dollar at 1.2782 and flat versus the euro at 1.1229. All eyes will be on US President Trump and China's Xi Jinping when the G20 meeting gets underway in Argentina later, amid hopes they can come to a truce on trade. CMC Markets analyst David Madden said: "With President Trump, the only thing you can expect is the unexpected. There has been a lot of back and forth in relation to how close they are to doing a deal. Yesterday, Mr Trump declared, they are close to an agreement, but he doesn’t 'know if he wants to do it’. The strained trading relationship between the two economic powerhouses has been one of the issues hanging over global stock markets." Meanwhile, on home shores, Brexit will remain in focus ahead of the House of Commons vote on the deal on 11 December. Overnight there were reports of groups in Westminster trying to gather support for a compromise deal based on membership of the European Economic Area and a negotiated customs union, believing it would be only version of Brexit that could attract enough Labour and Tory votes to deliver a parliamentary majority. But Theresa May repeated her rejection of such a 'Norway plus' Brexit as it would mean the continuation of freedom of movement. "Unless there is a swing in sentiment to back Mrs May, sterling is likely to remain under pressure," said Madden. Investors were also mulling the latest house price data from Nationwide, which found annual price growth ticked a touch higher this month. House prices were up 0.3% on the month, beating expectations for a 0.1% increase and compared to no growth in September. On the year, residential prices were 1.9% higher, up from 1.6% growth the month before and beating expectations for 1.7% growth. Nationwide's chief economist, Robert Gardner, said that although the annual rise of 1.9% was up on the previous month, it was still "relatively subdued". "Looking forward, much will depend on how broader economic conditions evolve. In the near term, the squeeze on household budgets and the uncertain economic outlook is likely to continue to dampen demand, even though borrowing costs remain low and the unemployment rate is near 40-year lows. "If the uncertainty lifts in the months ahead and employment continues to rise, there is scope for activity to pick-up through next year. The squeeze on household incomes is already moderating and policymakers have signalled that, if the economy performs as they expect, interest rates are only expected to rise at a modest pace and to a limited extent in the years ahead." The mining sector were under the cosh after data showed China's manufacturing sector stalled in November for the first time in two years. The official purchasing managers' index fell to 50 this month, coming in below October's 50.2 and expectations, right at the level that separates contraction from expansion. Antofagasta, Anglo American and Glencore were all weaker. Elsewhere, engineer Babcock slipped after saying it had won a £100m 10-year contract for aerial firefighting by the government of Manitoba, Canada. This is the first firefighting work the group has won outside of Europe and will start in April 2019. Sage was the worst performer on the FTSE 100 after a downgrade to 'neutral' at Goldman Sachs, while BTG was downgraded to 'hold' at Jefferies and Thomas Cook was cut to 'sell' at Berenberg. Cobham was lifted to 'hold' at SocGen. Shire edged up as it said that its injectable treatment for hereditary angioedema has been cleared for launch in European, having enjoyed early success in the US. | | | | | 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 | | | US close: Stocks lower as FOMC suggests more rate hikes likely | | | | | US markets finished as they started on Thursday, in the red, following strong gains during the previous session on the back of a seemingly dovish speech from Federal Reserve Chairman Jerome Powell. The Dow Jones Industrial Average was off 0.11 at 25,338.84, the S&P 500 lost 0.22% to 2,737.76, and the Nasdaq 100 was 0.3% weaker at 6,892.40. On Wednesday, the Dow surged more than 600 points after Powell said US interest rates were "just below" neutral levels, barely two months after saying they were "a long way" from neutral, leading US equity markets to their best session since March. “If a December pop for equities, or Santa Rally, were going to occur then a more easy Fed will do it,” said Neil Wilson, chief market analyst at Markets.com. “The softer language from the Fed will be heard loud and clear by equity markets as a sign it's aware of the risks of tightening too quickly. “Of course, there is another way to read it. In some ways this was about correcting a pretty basic error when he said rates are long way from neutral.” Wilson said the “off-the-cuff” comment sparked the equity selloff from which markets were still struggling to recover. On the macroeconomic calendar, the number of Americans filing for unemployment benefits unexpectedly rose last week to a six-month high, according to figures from the Labor Department. US initial jobless claims increased 10,000 from the previous week's level to 234,000, versus expectations for a drop to 220,000. Meanwhile, the four-week moving average came in at 223,250, up 4,750 from the previous week's level of 218,500. Elsewhere, consumer spend in the US snapped back last month, mirroring the improvement seen in personal incomes and helped by a dip in prices. According to the Department of Commerce, in October and in nominal terms personal incomes and spending increased at a month-on-month clip of 0.5% and 0.6%, respectively. Economists had anticipated an increase of 0.4% in both. Downwards revisions to the August and September readings for personal consumption expenditures meant that the October tally was in fact a tad weaker than anticipated, although PCE outlays did accelerate significantly after a downwardly revised month-on-month increase of 0.2% for September. The headline PCE price deflator was unchanged at up by 2.0% year-on-year, but at the 'core' level, which is the Federal Reserve's preferred inflation gauge, PCE inflation slipped from 1.9% to 1.8%. America’s personal savings rate dipped by a tenth of a percentage point from September's upwardly revised 6.3% to 6.2% of Americans' disposable income. Lastly, contracts to buy previously-owned homes fell across the US in October, according to new data. said on Thursday. The NAR’s pending home sales index decreased to a reading of 102.1, down 2.6% month-on-month, while September’s reading was revised up to 104.8 from 104.6. Economists had expected pending home sales to rise 0.5% last month. And late in the session, the latest minutes from the Federal Open Market Committee suggested most members believed another increase in the target interest rate range was likely to be warranted soon. In corporate news, clothing retailer Abercrombie and Fitch soared 20.91% after raising its fourth-quarter guidance. Dollar Tree was 6.12% firmer despite missing same-store estimates. | | | Friday newspaper round-up: US tariffs, UK recruitment, Monzo, various frauds | | | | | The Trump administration is exploring a deal to delay further tariffs on Chinese imports in exchange for decisive talks about overhauling Beijing’s economic policy, it was reported last night. Officials in Washington and Beijing have spoken for several weeks about setting up talks that could delay the tariffs until at least the end of the spring, as they seek to avert escalation of their trade war. - The Times/Wall Street Journal Nine in 10 businesses say Brexit has already affected their ability to recruit and train staff this year, the Confederation of British Industry has said. The Recruitment and Employment Confederation, the professional body for the recruitment industry, says the public sector, including the NHS and schools, face up to seven more years of skills shortages, based on current demand. - Guardian Monzo, the fastest growing bank in Britain by new current accounts, has been accused of “going beyond the pale” by allowing its customers to get into debt to buy its shares. The digital mobile-only bank is aiming to raise £20 million through the crowdfunding website Crowdcube and its own mobile phone app. The prospectus for the keenly awaited capital raising, which is scheduled for next week, shows that it will allow eligible customers to go overdrawn by up to £1,000 to buy its shares. - The Times UK rail fares will rise by 3.1% in January, the industry body the Rail Delivery Group has said. New fares for all tickets to take effect from 2 January 2019, published on Friday, show an average rise that will add more than £100 to many commuters’ annual season tickets. - Guardian The online estate agent Emoov has lined up administrators only six months after it merged with two rivals in a deal that valued it at £100 million. It is in talks with James Cowper Kreston, an accounting firm, to handle a pre-pack administration, which allows a buyer to acquire a company’s assets without taking on all of its liabilities. - The Times The UK is entering a new era of prefab homes with the opening of a Yorkshire factory that will build fully-fitted three-bedroom homes with a price tag as low as £65,000. Eight houses fitted with kitchens and bathrooms will roll off the production line every day in Knaresborough, to be loaded on to lorries for delivery across the country. - Guardian The US government has charged the British technology entrepreneur Mike Lynch with fraud over the sale of his software company Autonomy to Hewlett Packard in 2011. The Department of Justice filed four charges against Mr Lynch in a San Francisco court on Thursday, naming Stephen Chamberlain, Autonomy’s former vice president for finance, as a co-defendant. - Telegraph Victims of the fraudster Bernard Madoff are set to receive another $695.3m from a government compensation fund, the Department of Justice announced on Thursday. The payout - the third made by the Madoff Victim Fund - will be distributed starting Thursday to 27,000 victims of the infamous scammer around the world. It will bring the total paid out to victims so far to nearly $2bn, out of more than a total of $4bn that will eventually be paid. - Guardian The boxing champion Floyd Mayweather Jr was fined by America’s securities watchdog for failing to disclose payments he received for promoting investments in initial coin offerings. The Securities and Exchange Commission said last night that Mr Mayweather had agreed to pay fines totalling $600,000 without admitting or denying the charges. - The Times The millennial news website Mic has sacked most of it staff and is preparing for a fire sale to a rival at a discount price, in a move that raises doubts about the viability of a number of online media startups that have struggled to turn a profit. Mic, founded in 2011, was one of the many viral websites which boomed when Facebook began prioritising news content in the early part of the decade, swamping newsfeeds and reaching hundreds of millions of viewers around the world with snappy explainers on complicated issues, aggregated material and original news content. - Guardian | |
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