Morning Euro Markets Bulletin

ADVFN  Morning Euro Markets Bulletin Daily world financial news Wednesday, 08 March 2017 09:55:27 Monitor Quote Charts News CFD's Compare Brokers Free BB   "Renewable energy is about to boom in africa and we need to pay attention to it" (Forbes) - Register your interest London Market Report FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts London open: Rare Chinese trade deficit leaves traders scratching heads Investors continued to play it safe ahead of the UK Budget later in the day, not to mention a key policy meeting at the European Central Bank the next day and monthly US jobs data out on Friday. Complicating matters further, data released overnight revealed a trade deficit in China during the month of February, a rare occurrence, but perhaps a timely one, showing how the world economy was in a state of flux. As of 0823 GMT the Footsie was down by 0.06% or 4.36 points to 7,334.74. "Calls for a negative open come after yet another down day on Wall St that was emulated in Asia overnight," said Michael Van Dulken, head of research at Accendo Markets. "Dragging on sentiment is China trade data showing a plunge to its first deficit since early 2014 with markets cautious about how to interpret the key data points ahead of a potential Fed rate hike." The Chancellor will present his Budget at 1230 GMT against that daunting backdrop. Although he is expected to reveal an improvement in public finance figures from the Office for Budget Responsibility, Philip Hammond is expected to try and balance the calls for further investment in health and social care, supporting working families with continued belt tightening. This budget is even more of a balancing act than usual, said Rebecca O'Keeffe, head of investment at Interactive Investor. "Hammond needs to present Britain as being robust and ready for Brexit, while also building a war chest just in case. Previous budgets have often benefited individual sectors, such as house-builders, but although higher growth forecasts and higher tax receipts potentially give the Chancellor more room to manoeuvre, the Chancellor is likely to remain defensive on spending and the scope for pleasant surprises is limited." China fell into a $8.79bn trade deficit in February, its first since 2014, as the country's imports surged. According to the State Customs Administration, China's imports soared, expanding at an annualised clip of 44.7% (consensus: 20.0%), which was up from a 25.2% rise in January. Meanwhile, exports grew at a 4.2% year-on-year clip in February (consensus: 13%), after a rise of 15.9% in the month before. Nonetheless, if both January and February data are combined in order to eliminate distortions from the Chinese Lunar New Year, then exports were ahead by 11% and imports by 34.1%, Julian Evans-Pritchard at Capital Economics said. "Looking ahead, we expect external demand to remain fairly strong during the coming quarters which should continue to support exports. However, we doubt that the current pace of import growth can be sustained. For a start, the favourable base effects that have boosted commodity price inflation, and therefore import values, will reverse before long. And more fundamentally, with growth in China currently running above trend and both monetary and fiscal policy being tightened, it is only a matter of time before we see a slowdown in domestic demand," Evans Pritchard said. The monthly US ADP payrolls report for February is scheduled for release at 1315 GMT. As far as early actions from the main brokers were concerned, HSBC upped its target on GKN from 395p to 445p while reiterating a 'Buy'. The same broker also expressed favourable opinions towards AB Foods and B+M. CMC makes a move Down Under Online retail trading provider CMC Markets announced a major new stockbroking partnership with Australia and New Zealand Banking Group on Wednesday, which would result in CMC becoming the second largest stockbroker in Australia by both number of clients and trades executed.Following a transition period, CMC will service more than 500,000 ANZ retail stockbroking clients under the ANZ Share Investing brand, with gross revenue projected to increase by approximately AUD 40m. Insurer Legal & General said full year pre-tax profits rose 17% to £1.6bn as the net cash increased 12% to £1.4bn.Adjusted operating profits rose to £1.6bn from £1.4bn. Earnings per share were up 19% at 22.2p. The full year dividend was up 7% 14.35p a share."With further political and economic uncertainty anticipated in 2017 and beyond, we expect further market volatility. The risk of slowing global economic activity remains and no business model can be fully immunised," L&G said. "However, we believe the opportunities available to the Group, primarily in the UK and US, remain attractive." Admiral shares slipped as full year profits fell by a quarter due to the government's recent changes to the 'Ogden' rate at which personal injury claims are calculated, though the non-life insurer's hefty dividend was held steady as underlying profits edged higher. With customer numbers increasing 16% on the previous year to 5.15m, turnover for calendar-2016 grew 22% to £2.6bn and revenue by 13% to £1.02bn. Profit fell 25% to £284.3m due to the effect of Ogden, though if that was excluded it would have risen 3% to £389.7m. Frankie & Benny's and Chiquito owner Restaurant Group said 2016 was "challenging" following poor trading across its leisure brands with like-for-ike sales down. Revenue was up 3.7% to £710.7m but like-for-like sales were down 3.9% compared to to the previous year. G4S was higher as it reported good progress with its transformation strategy, with revenue up 6.3% and earnings growth of 16.6%. Shares in Dignity slumped as the funeral service provider revised its medium-term target underlying earnings per share growth rate to 8% per year from 10% due to increasing competition in each of its markets. Banking Sector Outlook for 2017 In the first of a two-part series, this report covers the sector and its main players ahead of a barrage of full year results releases. We take an in-depth look at how US & UK Banks fared during 2016, reporting dates and forecasts for 2017, and what early US results have shown us. Get your copy of the Banking Sector Outlook for 2017 today! Losses can exceed deposits Market Movers FTSE 100 (UKX) 7,333.14 -0.08% FTSE 250 (MCX) 18,879.63 -0.03% techMARK (TASX) 3,427.99 -0.04% FTSE 100 - Risers Glencore (GLEN) 324.80p 1.50% Intertek Group (ITRK) 3,803.00p 1.01% Paddy Power Betfair (PPB) 8,350.00p 0.97% Rio Tinto (RIO) 3,318.50p 0.88% Antofagasta (ANTO) 787.00p 0.77% AstraZeneca (AZN) 4,747.00p 0.65% Worldpay Group (WPG) 274.20p 0.62% Anglo American (AAL) 1,233.50p 0.53% WPP (WPP) 1,732.00p 0.52% Convatec Group (CTEC) 258.90p 0.47% FTSE 100 - Fallers Randgold Resources Ltd. (RRS) 7,040.00p -1.74% Capita (CPI) 510.00p -1.54% Babcock International Group (BAB) 894.00p -1.27% BT Group (BT.A) 328.50p -1.20% Admiral Group (ADM) 1,778.00p -1.17% easyJet (EZJ) 943.50p -1.10% Dixons Carphone (DC.) 301.30p -1.05% Royal Mail (RMG) 399.80p -0.92% RSA Insurance Group (RSA) 587.50p -0.76% Informa (INF) 657.50p -0.75% FTSE 250 - Risers G4S (GFS) 285.80p 6.88% CMC Markets (CMCX) 127.30p 5.21% Hill & Smith Holdings (HILS) 1,209.00p 5.13% Inmarsat (ISAT) 719.50p 5.11% Just Eat (JE.) 569.50p 5.07% Restaurant Group (RTN) 342.90p 4.77% CLS Holdings (CLI) 1,780.00p 4.71% Aldermore Group (ALD) 242.60p 1.98% AO World (AO.) 150.40p 1.55% Ferrexpo (FXPO) 155.20p 1.44% FTSE 250 - Fallers Dignity (DTY) 2,455.00p -11.18% Aggreko (AGK) 887.00p -3.69% Go-Ahead Group (GOG) 1,738.00p -2.74% Sports Direct International (SPD) 278.30p -2.45% Berendsen (BRSN) 780.00p -2.13% Cobham (COB) 124.60p -1.81% Greene King (GNK) 667.50p -1.48% Paysafe Group (PAYS) 404.40p -1.15% TalkTalk Telecom Group (TALK) 168.70p -1.11% Carillion (CLLN) 224.20p -1.06% UK Event Calendar Wednesday March 08 INTERIM DIVIDEND PAYMENT DATE Stagecoach Group INTERNATIONAL ECONOMIC ANNOUNCEMENTS Crude Oil Inventories (US) (15:30) Industrial Production (GER) (07:00) MBA Mortgage Applications (US) (12:00) Wholesales Inventories (US) (14:00) FINALS Admiral Group, BATM Advanced Communications Ltd., CLS Holdings, Dignity, FDM Group (Holdings), Foxtons Group , Hill & Smith Holdings, Legal & General Group, Lookers, Loopup Group , Menzies(John), Microgen, NMC Health, Pagegroup, Restaurant Group, Stock Spirits Group , WANdisco, XP Power Ltd. (DI) ANNUAL REPORT Legal & General Group AGMS Blackrock Income And Growth Investment Trust, Impax Asset Management Group FINAL DIVIDEND PAYMENT DATE Elegant Hotels Group US Market Report US close: Stocks slide for second session amid healthcare headache US stocks retreated again on Tuesday as the rally in cyclical stocks stalled, health stocks stumbled as Donald Trump held firm on his election promises on healthcare, and the dollar also gained. The Dow Jones Industrial Average closed down 0.15% at 20,924.76, the S&P 500 and Nasdaw both lost almost 0.3% to close at 5,833.93 and 2,368.39. Crude oil prices were lower, after a mid-session spike flattered to deceive, with West Texas Intermediate down 0.2% to $53.07 per barrel and Brent crude 0.3% lower at $55.86. The dollar was up 0.25% on sterling at 1.22, 0.1% on the euro and the yen at 1.0568 and 114.02 respectively. "While headline equity indexes remain close to their record high, the rally in cyclical stocks has stalled, signaling possible hurdles for the equity market and economic activity at a time when the Fed is ready to raise interest rates sooner and more than markets had previously expected," said Kathy Bostjancic at Oxford Economics. "The pullback in cyclical stocks versus defensive stocks reflects investor concern about the lack of detail and progress on pro-growth economic policies such as corporate tax reform and infrastructure spending, and the large focus on immigration restrictions that hold back growth." Real yields remain low, which Bostjancic said reflected her view that while the fiscal expansion of 'Trumponomics' may well boost aggregate demand in 2018 but is unlikely to meaningfully lift the aggregate supply or significantly boost economic growth for very long. On opening, the S&P 500's healthcare sector collapsed into a pool of red on the back of another tweet from President Donald Trump that under a new system for the industry where "pricing for the American people will come way down". The Republican party also unveiled plans to dismantle the Affordable Care Act, commonly known as Obamacare. The plans would shrink the government's role in healthcare by scrapping the requirement for most people to have health insurance and roll back extra funding for those on lower incomes. Showing the twin fallout for companies focused on drugs prices and Obamacare, drugmaker Ionis Pharmaceuticals and healthcare services provider Tenet Healthcare fell 7%, while industry giants Pfizer and Merck were down around 1%. On the macroeconomic data front, the US trade deficit jumped to $48.5bn in January from $44.3bn, in line with the consensus forecast, $48.5bn. Imports rose to $197.6bn in January from $192.6bn the previous month , while total imports increased by $5.3bn to $240.6bn. The surplus on the services balance slipped to $21.2bn from $21.4bn. Meanwhile, as investors bet the Fed will hike rates at its meeting next week, analysts said investor focus will shift to the release of the non-farm payrolls report at the end of the week for signs of continued growth, with the US economy expected to have added 186,000 jobs last month. The unemployment rate and wage growth components will also be watched closely. In corporate news, Jack Daniel’s whiskey parent Brown-Forman Corp was down 2.21% after it reported that profit fell short of expectations and it cut its outlook for the year. Verizon was down a day after saying it would at last begin offering customers unlimited data plans, having held off for years as it argued they would lead to lower margins and network congestion. Dick’s Sporting Goods slumped 7.66% despite the retailer posting better than expected fourth-quarter results. Michaels Companies gained 2.92% after the arts and crafts retailer beat fourth-quarter earnings forecasts and gave an upbeat outlook for 2017. Snap’s dramatic reversal continued into a second session, with the Snapchat owner's stock down almost 10% having soared more than 40% after its IPO on Thursday, but reality dawned as several stock analysts initiated coverage with a sell rating. Dow Jones - Risers Intel Corp. (INTC) $35.80 0.65% Boeing Co. (BA) $182.02 0.60% United Technologies Corp. (UTX) $112.26 0.56% Caterpillar Inc. (CAT) $95.93 0.28% Microsoft Corp. (MSFT) $64.40 0.20% Walt Disney Co. (DIS) $110.86 0.17% Visa Inc. (V) $89.06 0.13% Apple Inc. (AAPL) $139.52 0.13% American Express Co. (AXP) $79.58 0.10% 3M Co. (MMM) $189.09 0.10% Dow Jones - Fallers Chevron Corp. (CVX) $111.81 -1.20% Verizon Communications Inc. (VZ) $49.42 -1.18% Pfizer Inc. (PFE) $33.99 -1.05% Merck & Co. Inc. (MRK) $65.96 -0.77% Home Depot Inc. (HD) $146.00 -0.75% JP Morgan Chase & Co. (JPM) $91.40 -0.55% E.I. du Pont de Nemours and Co. (DD) $79.39 -0.53% General Electric Co. (GE) $29.86 -0.47% Coca-Cola Co. (KO) $41.99 -0.45% Goldman Sachs Group Inc. (GS) $250.90 -0.44% S&P 500 - Risers Humana Inc. (HUM) $217.87 2.45% Viacom Inc. Class B (VIAB) $42.93 1.75% F5 Networks Inc. (FFIV) $143.60 1.60% Best Buy Co. Inc. (BBY) $44.55 1.50% Lennar Corp. Class A (LEN) $50.70 1.48% PulteGroup Inc. (PHM) $22.80 1.47% D. R. Horton Inc. (DHI) $32.85 1.36% Electronic Arts Inc. (EA) $88.30 1.33% Coca-Cola European Partners Limited (CCE) $35.39 1.29% Stericycle Inc. (SRCL) $80.86 1.26% S&P 500 - Fallers Tenet Healthcare Corp. (THC) $19.32 -7.11% Frontier Communications Co. (FTR) $2.62 -5.07% Endo International Plc (ENDP) $10.90 -4.39% Southwestern Energy Co. (SWN) $7.61 -4.16% Express Scripts Holding Co (ESRX) $67.39 -3.80% Signet Jewelers Ltd (SIG) $63.25 -3.58% United States Steel Corp. (X) $36.15 -3.50% Nordstrom Inc. (JWN) $44.01 -3.23% Brown Forman Corp. Class B (BF.B) $46.96 -3.14% Alexion Pharmaceuticals Inc. (ALXN) $129.18 -3.11% Ethical Bond Don't miss this opportunity? Earn 9% p.a Fixed Rate Ethical Bond An alternative investment product generating electricity from used cooking oil. Download your free report today! Newspaper Round Up Wednesday newspaper round-up: UK Budget, North Korea warning, Brexit battles The United States and North Korea are racing towards a catastrophic "head-on collision", China's foreign minister has warned, amid Chinese fury at America's deployment of a controversial anti-missile system. Speaking in Beijing on Wednesday, Wang Yi said a "looming crisis" was brewing on the Korean peninsular. - Guardian Chancellor Philip Hammond is to announce tax rises to meet a fresh round of spending commitments and reject calls to increase borrowing, when he unveils his maiden Budget later today. It is expected Mr Hammond will rely on taxes to raise extra spending for social care and business rates. - Telegraph Philip Hammond will also present a sharp increase in economic growth, coupled with an improvement in the public finance figures. The Office for Budget Responsibility could all but erase the short-term downgrade to the borrowing figures delivered in last November's autumn statement after the Brexit result. - The Times Philip Hammond is facing growing pressure from within the Conservative party to plough the proceeds of growing tax revenues into shoring up beleaguered public services. The Treasury has indicated that the chancellor will not shirk difficult decisions on tax as the government aims to steady the public finances before triggering article 50 and starting the formal process of Brexit. - Guardian The Chancellor is planning to step in to help the aging North Sea oil and gas sector by investigating ways the tax system could help to extend the life of projects. The move will be announced by Philip Hammond when he delivers his first Budget to the House of Commons on Wednesday. - Telegraph Landlords are exploiting legal loopholes such as by using snail farms, hot air balloons, tents and empty cardboard boxes to escape paying business rates at a cost to local authorities of £230 million a year, experts have claimed. Philip Hammond is set to use his budget today to quell the backlash against business rates rises by offering more relief to those who will be hit worst. - The Times Supermarket giant Sainsbury's has dropped an ambitious target to get consumers to halve their household food waste after finding it was more difficult than expected to achieve behavioural change. Sainsbury's launched its "Waste Less, Save More" programme in 2016 - a £10m five-year plan to help customers save money by reducing their food waste. - Graun Lord Heseltine was sacked last night as a government adviser for supporting a House of Lords rebellion that inflicted a historic defeat on the government. The former deputy prime minister was one of 13 Tory peers to rebel against the government by amending its Article 50 bill to give parliament the final say on any European Union agreement. - Times Theresa May is heading for a fresh battle with Conservative MPs over her Brexit bill next week, after peers voted to give parliament the right to veto the final outcome of her EU talks. Downing Street said it would seek to overturn the amendment passed by the House of Lords on Tuesday by 366 to 268, arguing that giving parliament a blanket right of veto was against the national interest and would weaken May's negotiating hand. - Guardian Join City Index for competitive commissions and spreads, including FX from just 0.5 points. We’ve been executing quality trades for over 30 years. Trade shares, indices, commodities and FX across 12,000 markets today from 50p a point with an award-winning Spread Betting service that’s on your side. Losses can exceed deposits. 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Morning Euro Markets Bulletin

ADVFN  Morning Euro Markets Bulletin Daily world financial news Tuesday, 07 March 2017 09:48:50 Monitor Quote Charts News CFD's Compare Brokers Free BB   "Renewable energy is about to boom in africa and we need to pay attention to it" (Forbes) - Register your interest London Market Report FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts London open: Stocks little changed as investors sift corporate news London stocks were little changed in early trade as investors chewed over a smorgasbord of corporate releases. At 0830 GMT, the FTSE 100 was up 0.1% to 7,357.85. The economic calendar is fairly light on Tuesday, but on Wednesday all eyes will be on the Budget, while Friday sees the release of the US non-farm payrolls report. On the corporate front, Ashtead was on the front foot after its third-quarter results revealed it remained en route to a strong year of growth, with gross capital expenditure expected towards the upper end of its our previous guidance Testing, inspection and certification specialist Intertek rose as it said full-year 2016 sales rocketed 18.5% to £2.57bn as weakness in the pound continued to bolster its top-line. Just Eat rallied after it reported a surge in 2016 revenue and earnings as it seeks to capture further share of the online food delivery market. Newly merged bookmaker Paddy Power Betfair was in the red after saying its new financial year has started in line with expectations, as it reported a 35% rise in underlying earnings before interest, tax, depreciation and amortisation to £400m. Electronic payments processor Worldpay fell despite posting a big jump in 2016 pre-tax profit. Direct Line nudged lower after saying its full-year profit took a £175m hit from the reduction in the Ogden discount rate. Power supplier Aggreko tanked as it issued a profit warning, saying its 2017 results would be offset by the "significant impact" of a reduction in pricing on contracts in Argentina. Challenger bank Shawbrook was under pressure as it rejected a takeover offer from major investor Pollen Street after consulting with a number of its other large shareholders. BHP Biliton was in the red after talk of Chile's presidential hopeful urging striking miners to refuse a poor contract offer, while other miners were in the spotlight as base metals diverge on digestion of slower China growth outlook. Elsewhere, investors were digesting the latest figures from the British Retail Consortium, which showed UK retail sales softened in February as consumers adopted a more cautious approach, with non-food sales bearing the brunt of the reduction in spending. Total retail sales rose by 0.4% year-on-year in February, down from a 1.1% rise in the same month one year ago and below the three-month average of 0.8% and the 12-month average increase of 0.9%. On a like-for-like basis, retail sales slipped 0.4% during the same month, down from a 0.1% rise in the preceding year. Pantheon Macroeconomics said: "The BRC's survey provides more evidence that the surge in retail sales in the second half of last year reflected consumers bringing forward purchases from 2017, because they anticipated price rises." Earlier, the Reserve Bank of Australia left interest rates on hold at 1.5% as expected, and signalled that economic conditions were in line with its inflation and growth targets. Market Movers FTSE 100 (UKX) 7,357.85 0.11% FTSE 250 (MCX) 18,885.06 0.02% techMARK (TASX) 3,449.02 0.07% FTSE 100 - Risers Rio Tinto (RIO) 3,320.00p 1.51% BHP Billiton (BLT) 1,357.00p 1.50% Intertek Group (ITRK) 3,636.00p 1.17% Carnival (CCL) 4,445.00p 1.09% Coca-Cola HBC AG (CDI) (CCH) 1,956.00p 1.03% Unilever (ULVR) 3,915.00p 1.01% Glencore (GLEN) 329.45p 0.90% Reckitt Benckiser Group (RB.) 7,356.00p 0.71% Convatec Group (CTEC) 256.60p 0.63% Antofagasta (ANTO) 807.00p 0.62% FTSE 100 - Fallers Worldpay Group (WPG) 265.90p -3.31% Ashtead Group (AHT) 1,698.00p -2.64% Paddy Power Betfair (PPB) 8,645.00p -1.59% Standard Life (SL.) 394.10p -1.48% SSE (SSE) 1,525.00p -1.17% Centrica (CNA) 223.50p -1.15% Admiral Group (ADM) 1,815.00p -0.82% Informa (INF) 670.50p -0.81% Direct Line Insurance Group (DLG) 346.00p -0.69% Capita (CPI) 510.50p -0.68% FTSE 250 - Risers Grafton Group Units (GFTU) 654.50p 7.83% Just Eat (JE.) 540.00p 4.25% Ferrexpo (FXPO) 159.60p 3.30% Fidessa Group (FDSA) 2,643.00p 2.64% Travis Perkins (TPK) 1,472.00p 2.15% Marston's (MARS) 135.10p 1.89% Ibstock (IBST) 206.90p 1.87% Vedanta Resources (VED) 863.50p 1.47% Hunting (HTG) 576.00p 1.32% PayPoint (PAY) 996.00p 1.27% FTSE 250 - Fallers Aggreko (AGK) 951.00p -10.11% Mitie Group (MTO) 197.90p -5.81% Paysafe Group (PAYS) 401.30p -5.04% Sports Direct International (SPD) 291.70p -2.57% IP Group (IPO) 151.70p -2.13% Shawbrook Group (SHAW) 313.30p -1.88% McCarthy & Stone (MCS) 188.60p -1.62% Berendsen (BRSN) 807.00p -1.47% Wetherspoon (J.D.) (JDW) 950.00p -1.25% Banking Sector Outlook for 2017 In the first of a two-part series, this report covers the sector and its main players ahead of a barrage of full year results releases. We take an in-depth look at how US & UK Banks fared during 2016, reporting dates and forecasts for 2017, and what early US results have shown us. Get your copy of the Banking Sector Outlook for 2017 today! Losses can exceed deposits UK Event Calendar Tuesday March 07 INTERIMS Craneware, Purecircle Limited (DI), St Ives INTERNATIONAL ECONOMIC ANNOUNCEMENTS Balance of Trade (US) (13:30) Consumer Credit (US) (20:00) Factory Orders (GER) (07:00) Gross Domestic Product (EU) (10:00) Q3 Ashtead Group, Ashtead Group FINALS Apax Global Alpha Limited , Autins Group, Bioquell, Direct Line Insurance Group, Escher Group Holdings, Grafton Group Units, Headlam Group, Ibstock , Intertek Group, Just Eat , LSL Property Services, Paddy Power Betfair, SDL, Servelec Group , Shawbrook Group, SQS Software Quality Systems AG, Tritax Big Box Reit , Tyman, Worldpay Group, XLMedia AGMS CareTech Holding, JPMorgan Russian Securities UK ECONOMIC ANNOUNCEMENTS Halifax House Price Index (08:30) US Market Report US close: Markets end lower as geopolitical tensions tighten US stocks traded lower on Monday as geopolitical concerns weighed on investors' minds, while they also continued to mull over a prospective rate hike by the Federal Reserve next week. The Dow Jones Industrial Average was down 0.24% at 20,954.32, the S&P 500 fell 0.33% to 2,375.31 and the Nasdaq 100 was 0.25% weaker at 5,360.31. Meanwhile, West Texas Intermediate was down 0.32% at $53.16 per barrel and Brent crude rose 0.07% to $55.94. During a speech in Chicago on Friday, Fed chair Janet Yellen said: "We currently judge that it will be appropriate to gradually increase the federal funds rate if the economic data continue to come in about as we expect. "Indeed, at our meeting later this month, the committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate." Ipek Ozkardeskaya, senior market analyst at London Capital Group, said that Yellen left little to the imagination for an interest rate hike and "also hinted that there could be more tightening in 2017, meaning that the Fed could raise rates more than three times anticipated by the markets. "The US 10-year yields are now ready to successfully test the 2.5%". Elsewhere, investors were digesting news that North Korea fired four missiles that fell into the Sea of Japan, with three falling in Japan's exclusive economic zone, early on Monday morning, Seoul time. In corporate news, shares of General Motors were down 0.86% after it said it will sell its European unit with the Opel and Vauxhall brands for $2.3bn to PSA Group. US-listed shares in Deutsche Bank dropped 3.72% after it announced plans for a €8bn share sale to bolster its capital position. Time Warner fell 0.65% after it was downgraded to 'neutral' from 'buy' by UBS, while Albemarle Corp was down 2.54% after Citi downgraded the chemical company to 'neutral' from 'buy'. Snap fell 12.26% following the surge in shares at its debut on the New York Stock Exchange last week. On the data front, factory orders rose 1.2% in January, from 1.3% in December and more than the 1% expected. Excluding transportation, factory orders increased 0.3%, while industrial machinery orders were up 6.6% and photographic equipment orders fell 15%. Dow Jones - Risers Caterpillar Inc. (CAT) $95.66 0.57% Exxon Mobil Corp. (XOM) $82.82 0.45% Unitedhealth Group Inc. (UNH) $168.70 0.30% E.I. du Pont de Nemours and Co. (DD) $79.82 0.26% International Business Machines Corp. (IBM) $180.47 0.23% Visa Inc. (V) $88.94 0.17% Nike Inc. (NKE) $56.77 0.12% McDonald's Corp. (MCD) $128.03 0.10% Microsoft Corp. (MSFT) $64.27 0.03% Johnson & Johnson (JNJ) $123.73 -0.06% Dow Jones - Fallers Travelers Company Inc. (TRV) $122.42 -1.46% JP Morgan Chase & Co. (JPM) $91.93 -0.95% Intel Corp. (INTC) $35.57 -0.92% Coca-Cola Co. (KO) $42.18 -0.71% Boeing Co. (BA) $180.93 -0.69% United Technologies Corp. (UTX) $111.66 -0.61% Walt Disney Co. (DIS) $110.67 -0.51% Pfizer Inc. (PFE) $34.35 -0.49% American Express Co. (AXP) $79.50 -0.48% Home Depot Inc. (HD) $147.16 -0.46% S&P 500 - Risers Range Resources Corp. (RRC) $28.47 4.13% Cabot Oil & Gas Corp. (COG) $23.15 3.53% Southwestern Energy Co. (SWN) $7.94 2.98% Netflix Inc. (NFLX) $141.94 2.01% Marathon Oil Corp. (MRO) $16.47 1.79% Signet Jewelers Ltd (SIG) $65.60 1.58% Activision Blizzard Inc. (ATVI) $47.81 1.57% Eog Resources Inc. (EOG) $100.07 1.52% Alcoa Corporation (AA) $36.93 1.51% Devon Energy Corp. (DVN) $43.94 1.36% S&P 500 - Fallers Endo International Plc (ENDP) $11.40 -6.94% Kohls Corp. (KSS) $39.40 -4.69% Csra Inc. (CSRA) $28.67 -4.28% Frontier Communications Co. (FTR) $2.76 -3.83% First Solar Inc. (FSLR) $33.33 -3.70% Transocean Ltd. (RIG) $13.05 -3.55% Westrock Company (WRK) $52.16 -3.48% Macy's Inc. (M) $30.69 -3.40% United Continental Holdings Inc. (UAL) $73.14 -3.24% American Airlines Group (AAL) $45.31 -3.23% Nasdaq 100 - Risers Liberty Global Plc Lilac Class C (LILAK) $24.23 3.02% Liberty Global Plc Lilac Class A (LILA) $24.05 2.56% Netflix Inc. (NFLX) $141.94 2.01% Liberty Interactive Corporation QVC Group (QVCA) $19.21 1.86% Activision Blizzard Inc. (ATVI) $47.81 1.57% Liberty Global plc Series C (LBTYK) $34.58 1.41% Expedia Inc. (EXPE) $121.49 1.14% CA Inc. (CA) $32.82 1.05% Liberty Global plc Series A (LBTYA) $35.24 1.03% Regeneron Pharmaceuticals Inc. (REGN) $381.93 0.86% Nasdaq 100 - Fallers American Airlines Group (AAL) $45.31 -3.23% Autodesk Inc. (ADSK) $82.94 -2.79% Mylan Inc. (MYL) $44.04 -2.52% Monster Beverage Corp (MNST) $46.98 -2.21% Biomarin Pharmaceutical Inc. (BMRN) $91.90 -2.18% Express Scripts Holding Co (ESRX) $70.05 -2.14% Costco Wholesale Corp. (COST) $166.73 -2.07% Incyte Corp. (INCY) $134.38 -1.85% Cognizant Technology Solutions Corp. (CTSH) $58.83 -1.75% Ethical Bond Don't miss this opportunity? Earn 9% p.a Fixed Rate Ethical Bond An alternative investment product generating electricity from used cooking oil. Download your free report today! Newspaper Round Up Tuesday newspaper round-up: Oil, Vauxhall, Efta, Sky, ITV A global glut of oil could turn into a shortage within three years unless billions of dollars worth of new investments are made in the industry, the International Energy Agency said yesterday. In its latest five-year oil market forecast, the agency said that supplies of oil until 2020 appeared comfortable but after that it predicted a rapid fall in new supply growth, the consequence of a sharp drop in investment since crude prices plunged in 2014. - The Times The North Sea oil industry is in dire need of fresh capital investment to drive activity in the embattled basin beyond 2020. The stark warning emerged from an annual industry-wide report from trade group Oil and Gas UK which found that the green shoots which have emerged in the last year mask a deeper problem for the oil basin which is suffering from record lows for new capital investment. - Telegraph Vauxhall workers are likely to take a significant cut to their pensions before any decision about the long-term future of their jobs after the sale of the UK-based automotive group to PSA Peugeot Citroen. The French carmaker yesterday signed a deal with Vauxhall's US parent General Motors to take control of its European operations - Vauxhall and its larger German sister company Opel. - The Times The culture secretary yesterday gave the clearest indication yet that she would take account of failures of corporate governance at News Corporation during the phone hacking scandal when considering the £11.7 billion bid by 21st Century Fox to take full control of Sky. On Monday she told the House of Commons: "I am concerned about the nature of a number of breaches of broadcasting standards by 21st Century Fox as well as the behaviour and corporate governance failures at News Corporation in the past." - The Times Rupert Murdoch's attempted takeover of Sky must be thoroughly investigated by Ofcom in light of corporate governance failures surrounding the phone-hacking scandal, Tom Watson, the shadow culture secretary, has said. During a debate in the House of Commons on Monday, Watson pressed the culture secretary, Karen Bradley, to refer the deal to the regulator on grounds that allow it to properly examine the corporate governance record at Murdoch's media empire. - Guardian The Government has incurred the wrath of the so-called "winners" of the business rates revaluation as their new bills reveal they are being denied reductions to compensate companies elsewhere in the country. Last month David Gauke, chief secretary to the Treasury, attempted to defend the burdensome business rates system by arguing that three quarters of UK companies will see a fall in rates. - Telegraph A cross-party committee of MPs has urged the government to consider rejoining the European Free Trade Association to smooth the exit from the European Union. The international trade committee of MPs said that rejoining Efta, which Britain left to join the European Union in 1973, would "clearly be to Britain's advantage" and urged the government to publish a white paper on membership before the summer. - The Times ITV won its legal battle yesterday to ensure that its channels cannot be transmitted online or on cable without the broadcaster's authorisation. The decision, which initially sent its share price soaring, should allow ITV to pursue its campaign to charge Virgin Media tens of millions of pounds for rebroadcasting ITV1, its main channel. - The Times British customers of Talktalk, the telecoms giant, have been targeted by an industrial-scale scamming operation based in India, whistleblowers have claimed. Professional fraudsters have been running call centres in two Indian cities where hundreds of workers are paid to dupe UK victims into installing a computer virus, according to three sources. - The Times Europe's largest financial groups face a big increase in the cost of running and regulating their investment banking businesses from London post-Brexit. Some of the City's biggest institutions, including Deutsche Bank, have begun negotiations with the Bank of England about their status when they lose their privileged access to London. - The Times Apple could be forced to pay millions of pounds in extra taxes in the UK after losing a legal battle over whether its smartwatch straps are an accessory that should be taxed individually or part of the device. Ending a months-long legal battle, a tax tribunal in London has ruled that the straps are "pieces of plastic" and an "accessory", not part of the technology. - Telegraph The head of the company behind Comparethemarket has said he is no rush to float as the firm celebrated a record start to its year. Matthew Donaldson, chief executive of BGL Group, said the Peterborough-based price comparison and insurance distribution specialist is in the "unusual and luxurious" position of not having to rush ahead with a float, but that he plans to be ready for a listing by the second half of this year. - Telegrpah The boss of Smith & Nephew (S&N) has had his pay slashed by more than a third and the artificial hip maker has overhauled its remuneration policy following a backlash from shareholders last year. The total pay package for chief executive Olivier Bohuon dropped by 38pc to $3.32m (£2.7m) in 2016 after he fell short of his performance targets and the FTSE 100 company's remuneration committee cut his cash bonus by 10pc because the business did not hit its financial objectives. - Telegraph The former JP Morgan Chase trader who became known as the "London Whale" may face legal action by US authorities, dragging the saga of the bank's multibillion-dollar losses back into the spotlight. In January lawyers for Bruno Iksil were told by the US Federal Reserve that it was considering an enforcement action against him. - The Times British Land is to give equal benefits to its staff who have children, under changes to its parental leave conditions that will increase pay for the weeks after a baby is born. The company will provide parents with equal benefits in terms of pay following the birth or adoption of a child, on top of the existing statutory shared parental leave terms required by law. - Telegraph The head of the organisation that represents adult care providers in England has accused the government of abdicating responsibility for social care and claimed that ageism is affecting treatment of the elderly. Speaking to the Guardian, Martin Green, the chief executive of Care England, warned the care home sector is at a tipping point and accused the government of lacking leadership on the issue. - Guardian Junk food should be sold in plain packaging to help to stop people overeating, one of Britain's foremost brain researchers has argued. Ministers are facing calls to test the idea after Wolfram Schultz, a Cambridge University neuroscientist, said that the way fatty and sugary food was marketed triggered brain signals that some obese people could not resist. - The Times Join City Index for competitive commissions and spreads, including FX from just 0.5 points. We’ve been executing quality trades for over 30 years. Trade shares, indices, commodities and FX across 12,000 markets today from 50p a point with an award-winning Spread Betting service that’s on your side. Losses can exceed deposits. Find out more   To advertise in the Euro Markets Bulletin please contact [email protected]     To unsubscribe from this news bulletin or edit your mailing list settings click here. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 0700 961. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49

Morning Euro Markets Bulletin

ADVFN  Morning Euro Markets Bulletin Daily world financial news Monday, 06 March 2017 10:43:41 Monitor Quote Charts News CFD's Compare Brokers Free BB   "Renewable energy is about to boom in africa and we need to pay attention to it" (Forbes) - Register your interest London Market Report FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts London open: Stocks edge lower despite M&A news London stocks edged lower in early trade as investors sifted through corporate releases and considered the prospect of a US rate hike, although deal news failed to provide any sort of inspiration. At 0830 GMT, the FTSE 100 was down 0.3% to 7,351.60. Rebecca O'Keeffe, head of investment at stockbroker Interactive Investor, said: "Fed chair Janet Yellen confirmed that this week's US employment numbers are really the only factor that could possibly stand in the way of a March rate rise, so markets are in a wait and see mode and are likely to remain largely range bound until confirmation is delivered on Friday." The non-farm payrolls report is due at the end of the week. In corporate news, Standard Life and Aberdeen Asset Management surged after agreeing terms for an £11bn merger, having revealed talks over the weekend. The deal will see Aberdeen shareholders own roughly a third of the enlarged company and Standard Life's the rest, though the two companies will initially have an equal number of seats on the board. Budget airline easyJet flew higher after it reported an 8.2% rise in passenger numbers in February and said the load factor - which gauges how full the planes actually are - rose 1.6 percentage points to 92%. BT Group nudged up after saying it would pay £1.18bn for the rights to broadcast all UEFA Champions League and Europa League football. Informa was on the front foot after it posted its final results for the 12 months to 31 December, with revenue up 11% to £1.35bn during the year, and adjusted operating profit up 13.8% to £416.1m. Ultra Electronics rallied as strong cash generation and order intake helped the company drive full-year bottom-line growth despite delays to a small number of export contracts. The defence electronics specialist saw full-year 2016 top-line growth of 8.2% to £785.58m, while underlying profits before tax increased 6.9% to £120.1m. Challenger bank Shawbrook pushed higher after it announced late on Friday that its private equity backer Pollen Street and BC Partners had teamed up to propose taking it private less than two year after bringing it to market. Under the proposed terms, Shawbrook said its shareholders would receive 330p per ordinary share in cash plus any final dividend in respect of calendar 2016 as long as it is below 3p per share. Acacia Mining was under the cosh after a downgrade by Jefferies, while Berendsen was hit by a downgrade from HSBC. Overall, miners were the worst performers, likely weighed down by news over the weekend that China is now targeting growth of 6.5% this year, down a touch from last years' growth rate of 6.7% and from the government's target growth range of 6.5% to 7% in 2016. Market Movers FTSE 100 (UKX) 7,351.60 -0.31% FTSE 250 (MCX) 18,896.31 0.07% techMARK (TASX) 3,444.13 -0.06% FTSE 100 - Risers Standard Life (SL.) 410.30p 8.40% easyJet (EZJ) 973.00p 1.73% St James's Place (STJ) 1,095.00p 1.39% Schroders (SDR) 3,096.00p 0.81% Informa (INF) 678.00p 0.67% Smurfit Kappa Group (SKG) 2,184.00p 0.65% International Consolidated Airlines Group SA (CDI) (IAG) 547.00p 0.64% GKN (GKN) 377.10p 0.59% Marks & Spencer Group (MKS) 332.70p 0.51% Standard Chartered (STAN) 749.00p 0.44% FTSE 100 - Fallers WPP (WPP) 1,697.00p -3.52% Anglo American (AAL) 1,251.00p -1.69% Fresnillo (FRES) 1,391.00p -1.56% Glencore (GLEN) 334.35p -1.15% Rio Tinto (RIO) 3,305.50p -1.03% Antofagasta (ANTO) 812.50p -0.91% Pearson (PSON) 672.50p -0.88% Mediclinic International (MDC) 739.50p -0.87% BHP Billiton (BLT) 1,351.00p -0.84% Hikma Pharmaceuticals (HIK) 2,109.00p -0.80% FTSE 250 - Risers Aberdeen Asset Management (ADN) 308.00p 7.54% Jupiter Fund Management (JUP) 438.40p 3.64% Ultra Electronics Holdings (ULE) 2,039.00p 2.88% Ashmore Group (ASHM) 370.10p 2.83% Aldermore Group (ALD) 245.00p 2.51% AO World (AO.) 150.60p 2.38% Kennedy Wilson Europe Real Estate (KWE) 975.00p 1.88% Synthomer (SYNT) 460.00p 1.59% Man Group (EMG) 143.70p 1.55% Allied Minds (ALM) 419.40p 1.38% FTSE 250 - Fallers Acacia Mining (ACA) 437.00p -5.21% Berendsen (BRSN) 790.00p -4.07% Wetherspoon (J.D.) (JDW) 965.00p -2.48% Vedanta Resources (VED) 876.50p -1.68% Vesuvius (VSVS) 532.00p -1.66% Brown (N.) Group (BWNG) 203.30p -1.60% esure Group (ESUR) 211.70p -1.58% Tullow Oil (TLW) 266.70p -1.48% Hunting (HTG) 563.50p -1.40% Banking Sector Outlook for 2017 In the first of a two-part series, this report covers the sector and its main players ahead of a barrage of full year results releases. We take an in-depth look at how US & UK Banks fared during 2016, reporting dates and forecasts for 2017, and what early US results have shown us. Get your copy of the Banking Sector Outlook for 2017 today! Losses can exceed deposits UK Event Calendar Monday March 06 INTERIMS Abcam INTERNATIONAL ECONOMIC ANNOUNCEMENTS Factory Orders (US) (15:00) FINALS Devro, Harworth Group, Informa, Irish Continental Group Units, Synthomer, Ultra Electronics Holdings ANNUAL REPORT Harworth Group AGMS Energiser Investments US Market Report US close: Stocks edge higher as Fed's Yellen flags March rate hike Wall Street finished the last session of the week with slight gains even as Fed chair Janet Yellen and other top US central bank officials flagged the likelihood of another interest rate hike on 15 March, when the country´s rate-setters were next due to meet. The Dow Jones Industrial Average finished 0.01% higher at 21,005.71, the S&P 500 edged up 0.05% to 2,383.12 and the Nasdaq was 0.16% stronger to 5,870.75. Meanwhile, oil prices gained with West Texas Intermediate up 1.12% to $53.20 per barrel. In remarks to the Executives' Club of Chicago, Yellen said "at our meeting later this month (March), the Committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the federal funds rate would likely be appropriate." According to Bloomberg data, her remarks saw Fed funds futures move to price in a 96.0% probability of a 25 basis point interest rate hike on 15 March, up from 40% the week before. To take note of, following earlier gains the yield on both the two and 10-year US Treasury government bonds finished the day flat at 1.31% and 2.48%, respectively. Speaking before her, both her number two Stanley Fischer and the president of the Federal Reserve bank of Richmond, Jeffrey Lacker, had already joined the chorus of Fed speakers who now appeared to back another hike. On the data front, Markit's services purchasing managers' index dropped from January's 14-month high of 55.6 to 53.8 in February. This was the lowest reading in five months and below the long-run series average of 55.3. The Institute for Supply Management's non-manufacturing index rose to 57.6 in February from 56.5 the previous month, above the 56.5 consensus forecast. This was the highest reading since October 2015. Craig Erlam, senior market analyst at Oanda, said: "The week has already been dominated by the US central bank, with a large number of Fed officials making public appearances ahead of the blackout period - which starts tomorrow - and voicing their support for a rate hike very soon. Investors may have been slow on the uptake to begin with but the last week really has driven home the coordinated message that not only is a rate hike imminent but that it could come at the meeting in two weeks." In corporate news, Snap surged by another 10.66% following its debut on the New York Stock Exchange on Thursday, when it closed at $24.53 for a 40% rise on its issue price, valuing the company at around $28.4bn. From a sector stand-point, the best performance was seen in the following industrial groups: Airlines (1.92%), Apparel (1.60%) and Electronic Office Equipment (1.50%). Michael Hewson, chief markets analyst at CMC Markets, said: "Snap is likely to remain in focus after a solidly positive start to its first day of trading as a public company. The level of enthusiasm for a company that remains a long way from making a profit and has little in the way of assets remains surprising, but is indicative of a market looking for new areas to make a return, with the shares rising strongly for the second day in a row. The company now has a market cap larger than eBay, what can possibly go wrong?" Caterpillar rose 0.81% after it said on Thursday that a raid by federal authorities was likely due to a tax issue. Big Lots was up 3.79% after the company beat profit expectations but missed on revenue. Dow Jones - Risers Caterpillar Inc. (CAT) $95.12 0.81% Merck & Co. Inc. (MRK) $66.58 0.76% Goldman Sachs Group Inc. (GS) $252.89 0.73% JP Morgan Chase & Co. (JPM) $92.80 0.72% Apple Inc. (AAPL) $139.78 0.59% Walt Disney Co. (DIS) $111.24 0.59% Unitedhealth Group Inc. (UNH) $168.18 0.53% Microsoft Corp. (MSFT) $64.25 0.37% Visa Inc. (V) $88.79 0.29% Verizon Communications Inc. (VZ) $50.08 0.22% Dow Jones - Fallers Nike Inc. (NKE) $56.68 -1.90% Wal-Mart Stores Inc. (WMT) $70.00 -1.03% Exxon Mobil Corp. (XOM) $82.43 -1.01% Procter & Gamble Co. (PG) $90.50 -0.45% Boeing Co. (BA) $182.18 -0.44% Travelers Company Inc. (TRV) $124.10 -0.31% United Technologies Corp. (UTX) $112.31 -0.31% 3M Co. (MMM) $189.31 -0.31% Cisco Systems Inc. (CSCO) $34.29 -0.29% American Express Co. (AXP) $79.88 -0.27% S&P 500 - Risers Tenet Healthcare Corp. (THC) $20.99 9.78% Micron Technology Inc. (MU) $25.57 3.52% United Continental Holdings Inc. (UAL) $75.58 3.15% MetLife Inc. (MET) $54.83 2.62% American Airlines Group (AAL) $46.82 2.41% Fastenal Co. (FAST) $51.80 2.31% TripAdvisor Inc. (TRIP) $41.74 2.25% Southwest Airlines Co. (LUV) $58.86 2.24% Universal Health Services Inc. (UHS) $125.58 2.24% Frontier Communications Co. (FTR) $2.87 2.14% S&P 500 - Fallers Macy's Inc. (M) $31.77 -4.36% Costco Wholesale Corp. (COST) $170.26 -4.34% Perrigo Company plc (PRGO) $72.76 -3.71% Kroger Co. (KR) $29.63 -3.39% Urban Outfitters Inc. (URBN) $26.06 -3.23% Diamond Offshore Drilling Inc. (DO) $16.63 -2.98% Staples Inc. (SPLS) $8.99 -2.81% Transocean Ltd. (RIG) $13.53 -2.66% First Solar Inc. (FSLR) $34.61 -2.56% Whole Foods Market Inc. (WFM) $29.70 -2.50% Nasdaq 100 - Risers Micron Technology Inc. (MU) $25.57 3.52% Incyte Corp. (INCY) $136.91 3.09% American Airlines Group (AAL) $46.82 2.41% Fastenal Co. (FAST) $51.80 2.31% TripAdvisor Inc. (TRIP) $41.74 2.25% CSX Corp. (CSX) $49.48 1.89% PACCAR Inc. (PCAR) $68.63 1.86% Western Digital Corp. (WDC) $77.54 1.65% T-Mobile Us, Inc. (TMUS) $63.56 1.63% Alexion Pharmaceuticals Inc. (ALXN) $134.99 1.54% Nasdaq 100 - Fallers Costco Wholesale Corp. (COST) $170.26 -4.34% Autodesk Inc. (ADSK) $85.32 -2.29% Discovery Communications Inc. Class A (DISCA) $27.89 -2.11% Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $50.11 -1.71% Discovery Communications Inc. Class C (DISCK) $27.20 -1.66% Ross Stores Inc. (ROST) $67.07 -1.09% Xilinx Inc. (XLNX) $58.74 -1.03% Walgreens Boots Alliance, Inc. (WBA) $85.89 -0.98% Marriott International - Class A (MAR) $86.79 -0.83% Ethical Bond Don't miss this opportunity? Earn 9% p.a Fixed Rate Ethical Bond An alternative investment product generating electricity from used cooking oil. Download your free report today! Newspaper Round Up Monday newspaper round-up: China GDP, SL-Aberdeen cuts, ITV, Budget China has cut its growth target to around 6.5 percent for 2017, as Beijing focuses on stability ahead of a sensitive political gathering later this year. The Chinese economy slowed to a growth rate of 6.7 per cent last year, the lowest since 1990 as Beijing acts to transform its export-driven economy to a more stable, consumer-led model. - Telegraph As many as 1,000 jobs could be at risk as Standard Life and Aberdeen Asset Management pursue their £11 billion all-share mega-merger, prompting the Scottish government and local MPs to demand urgent clarity from both sides. With both companies running multiple offices in Aberdeen, Edinburgh and London, staff holding duplicate jobs in IT, marketing and administration are likely to be among the first to go as informed sources suggest that the merged group will target cost savings of at least £200 million. - The Times ITV has scored a court victory over services that retransmit its broadcasts without permission, setting the scene for a battle this summer with its biggest shareholder, Liberty Global, the owner of Virgin Media. The broadcaster took TVCatchup.com to the European Court of Justice to stop it offering ITV's channels for free streaming online. Channel 4 and Channel 5 also backed the challenge. - Telegraph Philip Hammond is expected to use Wednesday's budget to announce that tax revenues will be used to build up a reserve to deal with uncertainties arising from Brexit, rather than increase spending on the health service. The chancellor has indicated that some extra money will be allocated for social care. The shadow chancellor, John McDonnell, has warned that £12bn should be immediately redirected to the NHS, warning that "the crisis is happening now". - Guardian More than 600 NHS quango chiefs are now on six-figure salaries, with a doubling in the number earning more than the Prime Minister, new figures show. Many of the highest earners have made repeated demands on Government to increase NHS funding as it battles against its worst financial deficit in history. - Telegraph Germany's largest lender has announced plans to raise €8 billion through a share sale and selling part of its asset management business. Deutsche Bank's fundraising plans come less than two years into a restructuring by John Cryan, the lender's chief executive who had said that he wanted to avoid selling shares in a fundraising that risked diluting existing shareholders. - The Times Two financial watchdogs face the threat of a legal challenge over their handling of payment protection insurance amid claims that thousands of people are missing out on redress after the scandal. Claims management company We Fight Any Claim is preparing to ask the High Court for leave to bring judicial reviews against the Financial Conduct Authority and the Financial Ombudsman. - The Times A former top City fund manager with a reputation for unearthing accounting problems at listed companies has criticised the regulator for failing to intervene in the bookkeeping practices at Mitie. In an outspoken opinion piece, Tim Steer claims that the Financial Reporting Council was aware of potentially "significant problems" with accounting at the troubled contractor as far back as May 2015 but failed to act. - The Times Join City Index for competitive commissions and spreads, including FX from just 0.5 points. We’ve been executing quality trades for over 30 years. Trade shares, indices, commodities and FX across 12,000 markets today from 50p a point with an award-winning Spread Betting service that’s on your side. Losses can exceed deposits. Find out more   To advertise in the Euro Markets Bulletin please contact [email protected]     To unsubscribe from this news bulletin or edit your mailing list settings click here. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +44 (0) 207 0700 961. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49