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traders lose | | | London open: Miners and energy shares lead the gains on Sino-US trade truce | | | | | London stocks rallied in early trade on Monday, taking their cue from an upbeat Asian session as investors welcomed a temporary trade truce between the US and China. At 0830 GMT, the FTSE 100 was up 1.9% to 7,114.43, with miners and energy shares pacing the advance, while the pound was up 0.5% against the dollar at 1.2810 as demand for riskier assets weighed on the greenback. Against the euro, sterling was flat at 1.1271. At the G20 summit over the weekend, US President Trump and China's Xi Jinping said they would put off the introduction of any further tariffs for the time being as they attempt to settle their difference through talks. The US said it will now hold fire on raising tariffs on $200bn worth of Chinese goods from 10% to 25% on 1 January. Meanwhile, China said it was willing to buy a "very substantial" amount of agriculture, energy and other goods from the US to reduce the trade imbalance. Hussein Sayed, chief market strategist at FXTM, said: "What was delivered over the dinner was not a breakthrough, neither a long-term solution for the ongoing trade war between the largest two economies, but a 90-day window to improve relations. Introduction of new tariffs are now shelved, and trade talks will intensify over the next three months. "This outcome seems to be an optimistic one from the two leaders and more than what was priced into markets beforehand, meaning that this is enough to boost sentiment and risk-on trade." Spreadex analyst Connor Campbell cautioned that there's "still a lot to fret over", highlighting the lack of a detail-filled joint statement from the two superpowers and the threat of even more aggression if an agreement isn’t reached by next March. "At least, according to China’s foreign ministry anyway, the presidential pair have instructed their economic teams to work towards removing all tariffs," he said, citing a Reuters report. Back on home turf, Labour warned that Prime Minister Theresa May was facing a constitutional crisis if she does not publish the full legal advice on her Brexit deal. Opposition parties are threatening to launch contempt of parliament proceedings against Downing Street over the issue, with MPs voting last month to ensure the government would be required to lay before parliament "any legal advice in full". As risk appetite was boosted by news of the trade truce, miners were the standout gainers, with Anglo, Glencore, Antofagasta, BHP and Rio Tinto all trading higher. The weaker greenback also helped, as it makes dollar-denominated commodities cheaper for holders of other currencies. Energy-related stocks also racked up strong gains, with BP, Shell, Premier Oil and Tullow all firmer as oil prices surged on the back of improving US-China relations. West Texas Intermediate was up 4.9% to $53.55 a barrel and Brent crude was 4.6% higher at $62.33. In corporate news, Spirax-Sarco Engineering rallied as it said it had sold its German HygroMatik unit to Carel Industries for €59m (£52.m). Engineer Babcock was in the green as it said that its joint venture with UGL, Naval Ship Management, has been awarded a new contract by the Australian Defence Force, worth around AUD $1.5bn (£860m) for up to 15 years. Power generator Drax gained after saying it has revised the terms of its £702m purchase of Scottish Power assets after an EU court ruled Britain must stop a back-up power scheme aimed at avoiding electricity shortages. Syncona pushed higher after saying that its portfolio company, Autolus Therapeutics has dosed the first patient in a trial of a new therapy for treating lymphoma. On the downside, plastic packaging supplier RPC Group was in the red as it said that one of the two US private equity giants in buyout talks with the company has walked away, but negotiations continue with the other. RPC said it has ended discussions with Bain Capital but that the deadline for Apollo Global Management to make an offer has been pushed back to 21 December as talks continue. Southend airport owner Stobart Group was under pressure as it said it was cutting its fourth-quarter dividend to focus on future investments. In broker note action, Dunelm was lifted by an upgrade to 'buy' at Peel Hunt, while Wizz Air flew higher after an upgrade to 'buy' at HSBC. Bodycote was cut to 'neutral' at JPMorgan. | | | | | The 12 Stocks of Christmas Who could rebound the most in December? The end of the year is an excellent time for traders; data going back over three decades notes that December often sees a stock market rally to cap the end of the trading year. This report looks at 12 Stock Picks for this year's Santa Rally to assess which of them have the best potential for recovery.78% of retail clients lose money, consider affordability. Download Here | | | US close: Stocks end week on optimistic note ahead of G-20 | | | | | Trading on Wall Street finished with moderate gains on Friday as investors eyed the G20 summit, with Donald Trump Xi Jinping set to meet to discuss trade the following day. By the end of trading, the Dow Jones Industrial Average was 0.79% or 199.62 points higher at 25,538.46, while the S&P 500 had picked up 0.82% or 22.41 points to trade at 2,760.17 and the Nasdaq Composite was 0.79% or 57.45 points firmer at 7,330.54. From a sector standpoint, the best performance was seen among the following industrial groups: Commercial vehicles (2.91%), Soft drinks (2.86%) and Airlines (2.77%). In parallel, the yield on the benchmark 10-year US Treasury note was down by four basis points at 2.99%. All eyes were on Trump and China's Xi Jinping at the G20 meeting in Argentina amid hopes that the pair will be able to reach a truce in their trade war. David Cheetham, chief market analyst at XTB, said: "The consensus seems to feel that a breakthrough is unlikely but Trump prides himself on his self-proclaimed deal-making abilities and may well look to broker an agreement especially considering the recent decline in the stock market which undermines his claims that the rally since he took office is a result of his policies." Trump said on Thursday that he was "close to doing something with China" on trade but wasn't sure he wanted to. He made the remarks to reporters as he prepared to depart for the summit. "Because what we have right now is billions and billions of dollars coming into the United States in the form of tariffs or taxes, so I really don't know," he said. "I will tell you that I think China wants to make a deal, I'm hoping to make it a deal but, frankly, I like the deal we have right now." On another front, also on Friday leaders from the US, Canada and Mexico inked a new trade agreement that will replace NAFTA. “It is probably the largest trade deal ever made," said Trump after signing. The deal described by president Trump as “a model agreement” comes after a year of negotiations that saw NAFTA binned. Trump spent months trying to convince leaders of Canada and Mexico to agree to new North American trade rules. On the corporate front, Marriott International shares were down 5.59% after the company said a guest reservation database of its Starwood Hotel was breached, potentially exposing the data of about 500m guests. Elsewhere, stock in GameStop tumbled 6.03% after the video game retailer slashed its full-year earnings outlook. On the macroeconomic calendar, economic activity in the Chicago area unexpectedly improved in November, according to figures released on Friday. The MNI Chicago business barometer index rose to 66.4 from 58.4 in October, beating expectations for a drop to 58.0 and was comfortably above the 50.0 mark that separates contraction from expansion. It marked the most impressive performance for the gauge so far this year and put an end to a three-month run of declines. MNI said there were increases across all five of the barometer's subcomponents, with resurgent orders, solid output and higher unfinished orders the key drivers this month. Jamie Satchi, economist at MNI Indicators, said: "The MNI Chicago Business Barometer clipped a run of three consecutive declines in emphatic style in November, boosted primarily by resurgent orders - stronger than typically seen at this time of year and enough to push the barometer to its best level since December. "However, many firms reported seeing the effects of higher China tariffs on their invoices for the first time, and voiced concern that business could be stifled going forward." | | | | | 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 | | | Monday newspaper round-up: Trade truce, Brexit, Barclays, Centrica | | | | | China has agreed to “reduce and remove” tariffs below the 40% level that Beijing is currently charging on US cars, Donald Trump has claimed, amid a trade war truce agreed by the two countries. The US president and Chinese leader Xi Jinping agreed to halt new tariffs during talks in Argentina on Saturday, following months of escalating tensions on trade and other issues. - Guardian President Trump has agreed to stall a threatened increase in tariffs on $200 billion of Chinese goods to allow time for negotiations, after talks with President Xi in Argentina this weekend. In return, the US said China would agree to purchase a “very substantial amount of agricultural, energy, industrial and other product from the United States” to reduce the trade imbalance between them. - The Times Theresa May was under fresh pressure last night as the DUP threatened to abandon her in a confidence vote if she failed to get her Brexit deal through parliament. Party sources said that they were considering the move, which would leave the prime minister without a Commons majority, over fears that her plan would create a border between Northern Ireland and the rest of the UK. - The Times Wrangling over a planned politicians’ TV debate on Brexit due to take place in less than a week’s time has intensified after both Conservative Brexit supporters and the Liberal Democrats formally wrote to broadcasters insisting they should be included. With Theresa May and Jeremy Corbyn yet to decide between an event on BBC or ITV and trading accusations about the other running scared, a group of Tory Brexiters have sought the inclusion of someone from their side, arguing that the two leaders are too close together on the issue for the debate to be worthwhile. - Guardian Manufacturers are stockpiling goods ahead of March’s Brexit date as the prospect of queues at Britain’s ports grows more likely. Production remained strong across the manufacturing sector in recent months, with firms fearful that imports of raw materials will dry up in the event of a no-deal Brexit or go up in price should a deal go ahead. In response, they are making as many goods as possible and piling them up in storage, according to a quarterly survey from the EEF, the manufacturers’ trade body. - Guardian A fresh banking crisis in Italy could spark a devastating “doom loop” that threatens UK financial stability, the Bank of England has warned. Bank officials are concerned that problems affecting Italian lenders could spread across the Eurozone and eventually be transmitted to the UK economy through French and German banks, which have massive exposure to Italy. - Telegraph Barclays reported suspicions of a new market manipulation scandal to the City regulator this year amid fears that one of its traders had been sharing confidential client information with a banker at a rival firm. The London-based lender handed over what it believed could be suspicious communications between one of its former senior employees and a trader at BNP Paribas to the Financial Conduct Authority (FCA), prompting an investigation by the regulator. - The Times British Gas owner Centrica is facing anger from its 11,000 engineers over cost-cutting plans for their pensions which have prompted claims that executives are out of touch. Leaked comments from internal message boards show workers are furious over proposals branded a “disgrace” and “tosh”, with anger at pensions being targeted for savings while leaders continue to receive multimillion-pound pay packages. - Guardian Insurers have been told that they are not doing enough to cut ties with coal-intensive businesses as the UN’s climate change summit begins today in Poland. Climate change groups have singled out US insurance giants including AIG, Chubb, Liberty Mutual and Berkshire Hathaway for continuing to “underwrite and invest in the coal industry”. - Telegraph The former marketing chief of Patisserie Valerie is suing the troubled bakery chain for £325,000 in a claim over the non-payment of bonuses that is critical of the company’s management. Nicola Hedley, who worked for three years as group marketing manager before becoming third-party relationship manager, has filed a complaint at an employment tribunal in Birmingham. - The Times Netflix has become the latest technology giant to have its tax affairs scrutinised by HM Revenue & Customs. The American digital streaming company has said that its British accounts are “under examination”. - The Times The Big Issue is launching trials to allow its magazine sellers to accept payments with contactless technology. The organisation has teamed up with the technology company iZettle to test the idea in London, Bath, Birmingham, Bristol and Nottingham. - The Times Uploading the perfect holiday snap to social media has become as important to some travellers as the trip itself. Now a hotel chain is offering to do it for you. Ibis hotels in Geneva and Zurich offer guests a “social media sitter” to take photographs of their holiday and post them to Instagram. - The Times | |
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