Evening Euro Markets Bulletin

ADVFN III Evening Euro Markets Bulletin Daily world financial news Thursday, 01 March 2018 19:14:48 Monitor Quote Charts News CFD's Compare Brokers Free BB   Get Your FREE Weekly Bitcoin Newsletter From Guardian Stockbrokers Click Here To Subscribe For FREE Today All trading involves risk. Losses can exceed deposits. London close: FTSE starts March lower as WPP and ex-divs drag FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts London stocks staggered lower as Thursday's session went on, dragged lower by disappointing results from advertising giant WPP, mixed economic data and a heavyweight group of stocks going ex-dividend. The FTSE 100 finished 0.8% lower at 7,175.64, while the pound struggled for direction against the dollar, testing new six-week lows 1.374, and flattered to deceive against the euro, ending down 0.2% at 1.1257.   Sterling was largely lackluste after Prime Minister Theresa May's rejection of the EU’s latest draft text on the Irish border issue the day before. The text also left out any reference to an extended transition period, which the UK has requested. "European stocks are sliding again, as continued fears over a high interest rate environment continue to plague market sentiment," said IG analyst Joshua Mahony. "The start of a new month has done little to ease the global stock slide, with the FTSE looking likely to close out a third consecutive negative close." US stocks were having an up-and-down first half to Thursday's session as Federal Reserve chair Jerome Powell testified in the Capitol for the second time this week. Answering questions from the Senate Banking Committee, Powell said that he expected more wage increases would come as the labour market continued to tighten an saw “no evidence that the economy is currently overheating”. The yield on 10-year US T-bills were as low as 2.82% and as high as 2.86% at various times over the session. High bond yields have been depressing stocks of late, but there was a slight easing after US headline and core PCE price inflation came in as expected, at up by 1.7% and 1.5% year-on-year respectively. "The yield on the 10-year US Treasury is still dangerously close to breaking above 3% - a move which could lead to a deeper and more protracted sell-off in equities," said analyst David Morrison at GKFX. UK manufacturing data did little to lift the mood or the pound, showing growth in the sector slowed slightly in February, with a major fall in the output balance to its lowest level in almost a year. The IHS Markit CIPS manufacturing purchasing managers' index fell to 55.2 in February from 55.3 in January, which took the index to its lowest level since June 2017, though was not as bad as the 55.0 the market had expected. Figures on mortgage approvals were cheerier, however, showing a bounce back in January. According to the Bank of England, mortgage approvals rose to 67,478 in January from a one-year low of 61,692 in December. Earlier, the latest housing market survey from Nationwide showed UK house prices unexpectedly fell in February. House prices were down 0.3% on the month following a 0.8% increase in January, missing expectations of a 0.2% gain. On the year, house prices were up 2.2%, slowing down from a 3.2% jump the month before and well below the 2.6% rise expected. In corporate news, advertising giant WPP tumbled as it blamed technological disruption and squeezed marketing budgets for flatlining revenue as it reported profit in line with muted market expectations. The world’s biggest advertising company said it made a slow start to 2018, saying advertisers remained under pressure from investors to cut costs. Rentokil was in the red on the back of slower organic growth, although analysts said its results looked OK at the underlying level. Hastings tumbled as it reported a 39% jump in 2017 operating profits but gross written premiums disappointed. Miners were down again, as the strong dollar weighed on metals prices. Rio Tinto and Fresnillo were the biggest fallers in the FTSE 100's commodities heavyweights. The retail sector was in focus again a day after Maplin and Toys R Us went into administration, with Carpetright losing a quarter of its market value after it issued its second profit warning of the year. On the upside, Russian steelmaker Evraz was not feeling the cold and marched higher on the back of full-year profits up 70% to $2.6bn, boosted by higher market prices. Revenues were up 40.4% to $10.8bn driven partially by higher volumes but mostly by an upswing in prices for steel and coal products amid more favourable market trends. Burberry donned its checked scarf and strutted higher after investors liked the cut of its new chief creative officer's jib. The fashion house has appointed Riccardo Tisci, who, under Burberry's CEO Marco Gobetti helped turn around the fortunes at Givenchy. Asset manager Schroders gained after it posted a 23% jump in full-year pre-tax profit as assets under management and net inflows rose amid growth across the group. Irish building materials group CRH was trading higher after saying it generated an acceleration in profits growth towards the end of the year and saw good potential for more in the US and Europe in 2018. FTSE 250 builders’ merchant Grafton Group, which recently acquired specialist decorators’ merchant Leyland SDM for £82.4m, rose as it reported a 15% jump in full-year profit amid record revenue. BBA Aviation was in the black after saying it swung to a pre-tax profit in 2017, while oilfield services provider Petrofac gushed higher as its full-year core profit beat expectations. Legoland and Thorpe Park operator Merlin Entertainments racked up strong gains on better-than-expected 2017 core earnings, while aerospace and defence group Cobham surged after posting better-than-expected full-year pre-tax profit. National Express edged up as it reported a 12% rise in full-year pre-tax profit as revenues increased 6%, while Vesuvius rallied as its full-year revenues came in a touch ahead of expectations. FTSE 250 housebuilder Bovis Homes, which saw off two takeover approaches last year, was up as it posted a drop in full-year in line with expectations and said it has seen good demand in the first eight weeks of 2018, while Hunting advanced thanks to a small beat on the top line in its 2017 results. In broker note action, Elementis was upgraded by Jefferies, while ITV was cut to ‘equalweight’ by Barclays, and Card Factory was initiated at ‘hold’ by Berenberg. Aveva, Barclays, Beazley, Berkeley Group, EasyJet, Hays, RSA Insurance and Rio Tinto were among the companies whose stock went ex-dividend on Thursday. Market Movers FTSE 100 (UKX) 7,175.64 -0.78% FTSE 250 (MCX) 19,551.70 -0.69% techMARK (TASX) 3,318.01 0.01% FTSE 100 - Risers Evraz (EVR) 447.00p 4.66% Burberry Group (BRBY) 1,596.00p 4.08% Shire Plc (SHP) 3,215.75p 3.43% Admiral Group (ADM) 1,879.50p 1.98% CRH (CRH) 2,445.00p 1.79% Sky (SKY) 1,372.00p 1.78% International Consolidated Airlines Group SA (CDI) (IAG) 623.60p 1.46% United Utilities Group (UU.) 673.80p 1.14% Severn Trent (SVT) 1,724.50p 1.00% Smith & Nephew (SN.) 1,277.00p 0.67% FTSE 100 - Fallers Rentokil Initial (RTO) 263.50p -9.01% WPP (WPP) 1,278.50p -8.29% easyJet (EZJ) 1,601.50p -4.62% Rio Tinto (RIO) 3,769.00p -4.00% Ashtead Group (AHT) 2,033.00p -3.83% Hargreaves Lansdown (HL.) 1,666.50p -3.42% Mondi (MNDI) 1,840.00p -3.26% InterContinental Hotels Group (IHG) 4,555.00p -3.06% Kingfisher (KGF) 347.40p -2.93% ITV (ITV) 155.40p -2.88% FTSE 250 - Risers Hunting (HTG) 674.50p 10.85% Cobham (COB) 124.85p 10.05% Merlin Entertainments (MERL) 372.00p 9.41% Howden Joinery Group (HWDN) 480.30p 8.15% Vesuvius (VSVS) 623.50p 5.59% National Express Group (NEX) 362.40p 3.78% TBC Bank Group (TBCG) 1,616.00p 3.32% Elementis (ELM) 299.40p 2.60% Fisher (James) & Sons (FSJ) 1,598.00p 2.30% Sirius Minerals (SXX) 28.01p 1.85% FTSE 250 - Fallers Aveva Group (AVV) 1,810.00p -37.28% Hastings Group Holdings (HSTG) 275.00p -12.03% Ultra Electronics Holdings (ULE) 1,480.00p -6.92% Petrofac Ltd. (PFC) 428.70p -5.13% BCA Marketplace (BCA) 156.60p -5.09% Capita (CPI) 167.40p -4.97% Sophos Group (SOPH) 475.00p -4.70% Galliford Try (GFRD) 875.00p -4.68% Man Group (EMG) 164.00p -4.51% IP Group (IPO) 110.00p -4.18% Crypto Pizza Evening with Clem Chambers, CEO of Online Blockchain In May 2010, programmer Laszlo Hanyecz bought two pizzas from Papa Johns for 10,000 bitcoins. Had he kept the coins, as of today they would be worth a cool $86,000,000. Join us on Wednesday 14 March for a crypto pizza 'Bite' on Clem Chambers, the CEO of the first London-listed British blockchain company - Click Here To Register For Free  Europe close: Stocks begin month on back foot FTSE 100 Euronext Dax perf CAC 40 European stocks finished lower on the first session the month, with traders trying and digest the potential implication for equities of a modestly more hawkish policy bias from rate-setters in the US and ahead of two key votes at the weekend in Italy and Germany. As of 1700 GMT, the benchmark Stoxx 600 was down by 1.26% to 374.86, alongside a fall of 1.97% or 244.91 points to 12,190.94 on the German Dax, while the FTSE Mibtel was under by 0.70% and trading at 22,448.38. Meanwhile, the yield on the benchmark 10-year German bund was three basis points lower to 0.63%, with the yield gap to the US the widest in over 20 years. The euro was hit bit by the upward move in the US dollar and the cooling of eurozone manufacturing sector. "The momentum in the market recovery has run out of steam, and now traders are undecided whether the market will turnover on itself again, or if this is a breather before another leg higher," said analyst David Madden at CMC Markets. "The economic outlook hasn’t changed, but with the Italian election over the weekend we could see traders adopt a risk-off strategy." On 4 March, Italian voters will be called on to vote in parliamentary elections, amid concerns that political gridlock in the Eurozone's third largest economy would stymie efforts aimed at economic reforms. That same day, the results would be revealed of a ballot among members of Germany's SPD on whether to form a grand coalition with the CDU/CSU. Eurozone manufacturers reported a slight easing in growth, IHS Markit's PMI survey revealed, slipped from a reading of 59.6 for January to a reading of 58.6 in February, which was nevertheless a tad ahead of the consensus forecast of 58.5. Italian, French and German manufacturing all grew at a slower pace in February, and all the reports missed economists’ expectations. Commenting on the data, Claus Vistesen, chief euro area economist at Pantheon Macroeconomics said: "Overall, these data signal solid momentum in Eurozone manufacturing albeit at a slightly slower pace in February compared to the breakneck pace at the start of the year. Growth is strongest in the investment good sector, but all industries are enjoying solid demand conditions. "The expansion continues to push firms closer to their capacity limits; work backlogs are rising and companies are scrambling to find workers to meet increasing demand. Finally, both input and output price gauges point to much higher inflation pressures in coming months, although we haven’t seen much of this in the CPI data yet." In parallel, Eurostat reported that the Eurozone's rate of unemployment dipped by a tenth of a percentage point last month to 8.6%, as expected by economists. Investors sifted through a barrage of US economic data, including the latest reading on the 'core' personal consumption expenditures prices - the US central bank's preferred inflation gauge, which said personal income and spending sprinted ahead of forecasts at the start of the year, alongside a hefty 0.9% jump in disposable incomes as recently approved tax cuts kicked-in, according to figures from the Department of Commerce. Despite that, key inflation gauges contained within the same report - including the Federal Reserve's preferred inflation index - came in just as expected, rising at the same clip as in December. At the headline level, the year-on-year rate of gain on the price deflator for personal consumption expenditures held at 1.7%, while at the 'core' level, excluding food and energy, the PCE price index came in at 1.5%. Investors were also expected to keep a close eye on recently-appointed Fed chair Jerome Powell's second day of testimony, this time before the US Senate's banking committee. On the corporate front, investors were keeping an eye on Deutsche Post which fell 2.90% to €36.50 per share after negotiations with its main union Verdi where its latest offer for higher wages was said to be below expectations. Also in Germany, and of potential interest for investors in Airbus - down 1.32% to €97.03, the country's defence ministry said it would give European jets preference over US made rivals in an upcoming tender to replace its veteran fleet of Tornado jets. US open: Stocks mixed as investors await Powell's second testimony this week Wall Street trading opened on a mixed note on Thursday as investors sifted through a slew of economic data while awaiting new Fed Chair Jerome Powell’s second testimony this week. At 1500 GMT, the Dow Jones Industrial Average was up 0.22%, while the S&P 500 and Nasdaq gained 0.26% and 0.12%, respectively. Investors have been on edge since Tuesday when a hawkish first congressional testimony by Powell spooked markets by adding weight to expectations of four rate hikes rather than three this year. Oanda analyst Craig Erlam said: "Powell’s testimony in front of the House Financial Services Committee on Tuesday was very bullish on the economy and led many to believe that a fourth-rate hike is on the table this year. While this isn’t a million miles from what markets are pricing in, it did trigger another negative response from markets with US indices falling around two and a half percent since and positioned for further losses today. "It would appear markets are bracing for more hawkish commentary from Powell today when he appears before the Senate Banking Committee, once again discussing the semi-annual monetary policy report. Given everything that he said on Tuesday, it seems pretty clear that economic forecasts will be revised higher this month and the pace of tightening will likely, therefore, pick up, which may make today’s less eventful as he reiterates many of the views already expressed. That said, should he wish to backpedal on anything or clarify points that have been misinterpreted, it may attract some attention." In economic news, personal income and spending printed ahead of forecasts at the start of the year, alongside a hefty 0.9% jump in disposable incomes as recently approved tax cuts kicked-in, according to figures from the Department of Commerce. Despite that, key inflation gauges contained within the same report - including the Federal Reserve's preferred inflation index - came in just as expected, rising at the same clip as in December. At the headline level, the year-on-year rate of gain on the price deflator for personal consumption expenditures held at 1.7%, while at the 'core' level, excluding food and energy, the PCE price index came in at 1.5%. Meanwhile, personal income and spending rose by 0.4% and 0.2% month-on-month, respectively, which was ahead of economists' forecasts for a reading of 0.2% for both measures. Elsewhere, the number of Americans filing for unemployment benefits hit its lowest level in 49 years last week, according to data from the Labor Department. US initial jobless claims declined by 10,000 to 210,000 from the previous week’s level, which was revised down by 2,000. Economists had been expecting claims of 226,000. This marked the lowest level of claims since 6 December 1969, when it was 202,000. The manufacturing sector was also in focus following releases from the Institute for Supply Management and IHS Markit. IHS Markit’s final manufacturing purchasing managers’ index slipped to 55.3 from January’s 34-month high of 55.5, but data from the ISM showed growth in the manufacturing sector unexpectedly rose in February, to its strongest rate in almost 14 years. The ISM’s headline manufacturing index increased to 60.8 from 59.1 in January, beating expectations for a drop to 58.7. A reading above 50 indicates expansion, while a reading below signals contraction. Timothy R. Fiore, chair of the ISM, said: "This indicates growth in manufacturing for the 18th consecutive month at strong levels led by continued expansion in new orders, production activity, employment and inventories, with suppliers continuing to struggle delivering to demand. The PMI at 60.8 is the highest level of expansion seen since May 2004, when it reached 61.4." In corporate news, Best Buy added 2.51% after seeing its sales jump during its key holiday trading quarter, and Kohl's slipped 7.75% despite its own strong holiday sales fuelling a big earnings beat. AMC Entertainment ticked ahead 2.01% following the release of its quarterly earnings that showed a record fourth-quarter revenue. Elsewhere, Victoria’s Secret parent L Brands lost 10.40% after its quarterly outlook late on Wednesday left investors disappointed. Software company Salesforce.com picked up 2.92% on the back of better-than-expected quarterly results. Looking for early access to investment opportunities? Make your own informed investment decisions. Get the right tools and information at Master Investor Show 2018. Register for free today Cryptocurrencies Report Top Cryptocurrencies # Name Market Cap($) Price(%) Change Price Graph(3m) 1 Bitcoin (BTC) 183,675,335,690 10,909.08 +5.79% 2 Ethereum (ETH) 85,867,851,163 875.7 +2.6% 3 Ripple (XRP) 36,446,676,671 0.9228 +4.29% 4 Bitcoin Cash / BCC (BCH) 21,924,281,925 1,292.52 +7.93% 5 Litecoin (LTC) 11,871,278,506 213.94 +6.17% 6 NEO (NEO) 8,509,150,000 129.5 -1.67% Atlantic Advisory - Share Tips of the Year 2018 Download Our Latest Report Here Losses can exceed deposits Broker tips: ITV, Elementis, Merlin Entertainments ITV's results did not offer many positives for Barclays, which downgraded the shares and cut its target price.Barclays, which moved to an 'equal weight' rating and lowered its price target to 180p from 200p, said results for 2017 were "only in line, unlike previous years" and with the end of its previous special dividend as management want to keep some headroom for M&A. Moreover, financial pointers for the 2018 and 2019 led the bank to cut its forecasts, with £25m higher programming cost due to sporting events, 5% organic growth in Studios, £35m of adjusted net interest, an adjusted tax rate of 19%, £100m capex, £85m of cash exceptionals and £80m of pension deficit funding. "Furthermore, ITV new CEO Carolyn McCall’s strategic refresh might end up being eminently sensible but we won’t know its financial impact until, at best, interim results (end of July) or until September’s investor day. "This creates uncertainty and the fear of re-investment is an overhang," analysts wrote. Yes, they acknowledged the shares are inexpensive at 11.5 times 2018 forecast earnings, which is "arguably" discounting a 4% TV advertising decline forever, "but valuation without momentum almost never works in European media". Analysts said that unless advertising accelerates significantly from June onwards, they "struggle to see where momentum would come from". Elementis’ "legacy" personal care business has more growth potential than was previously apparent, Jefferies said as the broker upgraded the chemicals maker to ‘buy’. Jefferies analyst Joe Spooner said legacy personal care, though just 9% of group revenues, can play an important part in driving the company’s growth because of its high margins. Elementis’s reporting suggests the personal care business owned by the company before it bought SummitReheis a year ago has operating margins of 55%. These margins are defensible, Spooner wrote in a note to clients. The outlook for earnings is therefore more solid, he added, upgrading Elementis shares from ‘hold’. "We've previously underestimated the role ‘legacy’ personal care can play in driving group growth. We believe these sales are very high margin and with continued mid-teen growth can underpin the group growth outlook. [The] intention to provide more category margin detail from the interims may help demystify the moving parts." Elementis posted annual adjusted operating profit up 32% to $128m (£105m) on 27 February, driven by increased sales at the personal care business. The company said that business “benefited from the first time contribution of SummitReheis and strong growth in our legacy operations". Analysts at Citi and Deutsche Bank both took a look at theme park operator Merlin Entertainments, with both firms reiterating their 'buy' rating and target price of around 500p. With Merlin's financials ending in line with expectations, £1,594m in revenue compared to £1,589 estimates, Deutsche Bank made no changes to the firm's estimates for its current trading year, but noted it foresaw the first hald of the year to "remain subdued" against tough competition as a result of weakened tourism and a weakened sterling post-Brexit. Citi said, "The shares have rallied off lows following the announcement of activist investor ValueAct as a 5% shareholder. We don't expect any public commentary from either ValueAct or Management but it has helped to highlight the clear value in the shares which we think have been unfairly punished following last year's weak trading on the back of terrorist attacks. As management highlights this should not alter the longer term structural growth opportunity even if there is some short term displacement of travel flows." Whereas Deutsche's outlook recognised that it may take some time to restore confidence in the firm's growth trajectory following its Q3 losses, with its analysts saying, "We like Merlin's longer term selffunded growth trajectory, diversification by product/geography and the range of global investment opportunities. The reallocation of capex should restore growth, likely visible in FY19E. Therefore we believe the equity story remains intact and the arrival of an activist shareholder should further flag the that the valuation is too low." Deutsche issued Merlin with a target price of 515p, while Citi gave it a 500p target price. As of 1700 GMT, shares had picked up 9.41% to 372p.   To advertise in the Euro Markets Bulletin please contact advertise@advfn.com     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

Traders Looking Ahead To Powell?s Second Day Of Testimony

ADVFN  World Daily Markets Bulletin Daily world financial news Thursday, 01 March 2018 09:35:20    Monitor Quote Charts News Toplists Forex Boards   Darwin Investing Network Discover the Number 1 Trade strategy which can potentially make you consistent and safe 20%-40% returns. Download the free report now. US Market NYSE AMEX Dow Jones Nasdaq Please click on the images to view our interactive charts The major U.S. index futures are pointing to a roughly flat opening on Thursday following the sharp pullback seen over the course of the two previous sessions. Traders may be reluctant to make significant moves ahead of Federal Reserve Chairman Jerome Powell?s second day of testimony on Capitol Hill. Powell is due to appear before the Senate Banking Committee after his remarks before the House Financial Services Committee on Tuesday sparked fears the Fed may raise interest rates more than previously estimated. With Powell?s prepared remarks likely to mirror those he delivered before the House committee, traders are likely to focus on the question-and-answer segment for clues about the outlook for rates. After moving to the upside early in the session, stocks fluctuated over the course of the trading day on Wednesday. The major averages bounced back and forth across the unchanged line before closing firmly in negative territory for the second straight day. The major averages accelerated to the downside going into the close, ending the session at their worst levels of the day. The Dow plunged 380.83 points or 1.5 percent to 25,029.20, the Nasdaq slumped 57.35 points or 0.8 percent to 7,273.01 and the S&P 500 tumbled 30.45 points or 1.1 percent to 2,713.83. The volatility on Wall Street came as traders expressed uncertainty about the outlook for interest rates after new Federal Reserve Chairman Jerome Powell seemed to suggest that the Fed may raise rates more than the three times currently anticipated. During testimony before the House Financial Services Committee on Tuesday, Powell noted that incoming data has indicated a strengthening in the economy since the median forecast called for three rate hikes at the December meeting. Powell stressed that he did not want to prejudge the new set of projections, but his comments still raised concerns about four rate increases this year. A disappointing batch of economic data may have partly offset the interest rate concerns early in the session, with a report from the Commerce Department showing slightly slower than previously estimated economic growth in the fourth quarter. The Commerce Department said gross domestic product climbed by 2.5 percent in the fourth quarter compared to the previously estimated 2.6 percent increase. The downward revision to GDP growth matched economist estimates. A separate report from the National Association of Realtors unexpectedly showed a steep drop in pending home sales in the month of January. NAR said its pending home sales index tumbled by 4.7 percent to 104.6 in January from a downwardly revised 109.8 in December. Economists had expected pending home sales to rise by 0.3 percent. A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale. With the unexpected decrease, the pending home sales index slumped to its lowest level since hitting 104.1 in October of 2014. MNI Indicators also released a report showing a bigger than expected slowdown in the pace of growth in Chicago-area business activity in the month of January. Oil service stocks showed a substantial move to the downside on the day, dragging the Philadelphia Oil Service Index down by 3.6 percent. The weakness among oil service stocks came amid a steep drop by the price of crude oil. Significant weakness was also visible elsewhere in the energy sector, with the NYSE Arca Natural Gas Index and the NYSE Arca Oil Index slumping by 2.5 percent and 2.3 percent, respectively. Biotechnology, chemical, and housing stocks also saw notable weakness on the day, moving lower along with most of the other major sectors. Eccentric Millionaire Reveals His Secret $1.8 Million Cryptocurrency Script Click here U.S. Economic Reports CADUSD Oil Gold Allbanc Please click on the images to view our interactive charts For the second consecutive week, the Labor Department released a report unexpectedly showing a weekly decline in first-time claims for U.S. unemployment benefits. The report said initial jobless claims fell to 210,000 in the week ended February 24th, a decrease of 10,000 from the previous week?s revised level of 220,000. Economists had expected jobless claims to inch up to 226,000 from the 222,000 originally reported for the previous week. With the unexpected decrease, initial jobless claims fell to their lowest level since hitting 202,000 in December of 1969. A separate report from the Commerce Department showed personal income increased by slightly more than expected in the month of January, while personal spending rose in line with estimates. The Commerce Department said personal income climbed by 0.4 percent in January, matching the increase seen in December. Economists had expected income to rise by 0.3 percent. Additionally, the report said personal spending edged up by 0.2 percent in January after climbing by an upwardly revised 0.4 percent in December. Personal spending had been expected to rise by 0.2 percent compared to the 0.3 percent increase originally reported for the previous month. At 10 am ET, Federal Reserve Chairman Jerome Powell is scheduled to deliver his semiannual monetary policy testimony before the Senate Banking Committee. The Institute for Supply Management is also due to release its report on national manufacturing activity in the month of February at 10 am ET. The ISM?s purchasing managers index is expected to edge down to 58.7 in February from 59.1 in January, although a reading above 50 would still indicate growth in manufacturing activity. Also at 10 am ET, the Commerce Department is scheduled to release its report on construction spending in the month of January. Construction spending is expected to rise by 0.3 percent. New York Fed President William Dudley us due to deliver ?Remarks on Trade and Globalization? at a Central Bank of Brazil event in Sao Paulo, Brazil, at 11 am ET. Is Donald Trump Launching a NEW SOCIAL SECURITY PROGRAM? Click here for the details. Stocks in Focus Shares of Box (BOX) are moving sharply lower in pre-market trading after the cloud storage company reported a narrower than expected fourth quarter loss but provided disappointing revenue guidance. Energy drink maker Monster Beverage (MNST) may also come under pressure after reporting weaker than expected fourth quarter results. Shares of L Brands (LB) are also seeing significant pre-market weakness after the Victoria's Secret parent reported fourth quarter results that beat estimates but forecast weaker than expected earnings for the year. On the other hand, shares of Hostess Brands (TWNK) are moving notably higher in pre-market trading after the snack maker reported better than expected fourth quarter earnings. Department store chain Kohl?s (KSS) may also see early strength after reporting fourth quarter results that exceeded expectations and providing upbeat guidance. Shares of Newell Brands (NWL) are also seeing considerable pre-market strength after a report from the New York Post said activist investor Carl Icahn has taken a stake in the consumer products maker. Strategic Intelligence What?s the one money move that?s almost predestined to soar under Trump? It?s not a stock, a mutual fund or even real estate. Click here to find out what it is. Europe European stocks are extending losses from the previous session on Thursday, with mixed earnings and caution ahead of Federal Reserve Chairman Jerome Powell's second day on congressional testimony weighing on the markets. While the U.K.?s FTSE 100 Index has fallen by 0.7 percent, the French CAC 40 Index is down by 1 percent and the German DAX Index is down by 1.5 percent. In economic news, the Eurozone manufacturing sector continued to expand at a robust pace in February, but the pace of growth slowed from January, final data from IHS Markit showed. The factory Purchasing Managers' Index fell to a 4-month low of 58.6 from 59.6 in January. German online fashion retailer Zalando has tumbled after unveiling expansion plans. Swiss employment services group Adecco has also fallen sharply after reporting slower revenue growth at the start of 2018. British flooring retailer Carpetright has plummeted after issuing its third profit warning in three months. WPP, the world's largest advertising firm, has also moved lower after the company cut its long-term profit outlook, saying it is facing significant challenges. French retailer Carrefour has come under pressure after reporting a net loss for 2017 and issuing a cautious outlook for 2018. Meanwhile, Anheuser-Busch InBev, the world's biggest brewer, has jumped after its fourth quarter profit topped expectations. CRH has also climbed after the building materials group raised its dividend after reporting a 16 percent increase in 2017 pre-tax profits. Discover the NUMBER 1 Trading Strategy You Need to Know During Uncertain Market Conditions. Consistent and safe returns up to 40% Download Free Training Material Asia USDCAD USDEUR USDGBP USDJPY Please click on the images to view our interactive charts Asian stocks ended on a mixed note on Thursday as investors awaited Federal Reserve Chairman Jerome Powell's second day of congressional testimony for further insight on inflation and interest rates. Gold prices dipped and the yen firmed up a little bit, while oil held mostly steady in Asian trading. China's Shanghai Composite Index rose 14.35 points or 0.4 percent to 3,273.76 after the latest survey from Caixin showed the country's manufacturing sector expanded at a slightly faster rate in February. Hong Kong?s Hang Seng Index climbed 199.53 points or 0.7 percent to 31,044.25. The Chinese manufacturing PMI inched up to 51.6 from 51.5 in January as total new work expanded at a slightly faster pace. Meanwhile, Japanese shares closed sharply lower as the yen gained ground in reaction to a slew of weak U.S. data released overnight. The Nikkei 225 Index tumbled 343.77 points or 1.6 percent to 21,724.47, while the broader Topix Index ended 1.6 percent lower at 1,740.20. The yen's strength hurt exporters, with Canon, Panasonic, Toyota Motor and Sony losing 2-3 percent. Heavyweights Fast Retailing, SoftBank and Fanuc fell over 1 percent each. On the other hand, Yahoo Japan advanced 1.6 percent after falling in the previous session on news that its second-largest shareholder Altaba Inc. is selling its stake in the company. The manufacturing sector in Japan continued to expand in February, albeit at a slightly slower rate, the latest survey from Nikkei revealed with a manufacturing PMI score of 54.1, down from 54.8 in January. Capital spending in Japan topped expectations to rise 4.3 percent sequentially in the fourth quarter of 2017, while a gauge of consumer confidence unexpectedly weakened in February. Australian shares tumbled, dragged down by energy stocks after crude oil prices fell more than 2 percent on Wednesday on data showing a larger-than-expected increase in crude oil inventories. Mining stocks also suffered heavy losses after iron ore and copper prices retreated. The benchmark S&P/ASX 200 Index shed 42.70 points or 0.7 percent to finish at 5,973.30, while the broader All Ordinaries Index ended down 41.60 points or 0.7 percent at 6,075.70. Rio Tinto shares fell 4.1 percent on going ex-dividend and BHP Billiton dropped 1.3 percent. Smaller rival Fortescue Metals Group declined 1.8 percent to extend losses for the third straight day. Energy majors Origin Energy, Beach Energy, Woodside Petroleum and Oil Search lost 2-4 percent. The big four banks ended down between 0.2 percent and 0.9 percent. Explosives and fertilizer maker Orica tumbled 3.5 percent after revealing impairments and writedowns of nearly $400 million. On the economic front, the Australian manufacturing sector continued to expand in February, albeit at a slightly slower rate, the latest survey from AiG revealed with a PMI score of 57.5, down from 58.7 in January. You'll Need This Book How To Increase Your Social Security Benefits By As Much As $570 Per Month With One Single Word. Click here to learn more Commodities Crude oil futures are sliding $0.43 to $61.21 a barrel after tumbling $1.37 to $61.64 a barrel on Wednesday. An ounce of gold is trading at $1,305.90, down $12 compared to the previous session?s close of $1,317.90. On Wednesday, gold edged down $0.70. On the currency front, the U.S. dollar is trading at 106.86 yen compared to the 106.68 yen it fetched at the close of New York trading on Wednesday. Against the euro, the dollar is valued at $1.2176 compared to yesterday?s $1.2194.     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 Thursday, 01 March 2018 10:35:40 Monitor Quote Charts News CFD's Compare Brokers Free BB   Get Your FREE Weekly Bitcoin Newsletter From Guardian Stockbrokers Click Here To Subscribe For FREE Today All trading involves risk. Losses can exceed deposits. London open: Stocks edge lower on weak US cues, WPP tumbles on earnings FTSE 100 Euronext Dax perf CAC 40 Please click on the images to view our interactive charts London stocks edged lower in early trade on Thursday, taking their cue from another downbeat session on Wall Street, as investors pored through another blizzard of corporate news. At 0840 GMT, the FTSE 100 was down 0.3% to 7,212.85, while the pound was off 0.1% versus the euro at 1.1276 and flat against the dollar at 1.3757. Sterling fell to its lowest level since mid-January overnight after Prime Minister Theresa May rejected the EU’s latest draft text on the Irish border issue, which stated that in the absence of any agreement to the contrary, Northern Ireland stays in a customs union after Brexit and is subject to all EU rules and regulations. The text also left out any reference to an extended transition period, which the UK has requested. Lee Wild, head of equity strategy at Interactive Investor, noted that the Dow Jones slumped 1.5% with the VIX volatility index is back above its long-term average of 20 for the first time in a week. "Inflation remains a concern here, but it’s in the US that interest rates will rise next and potentially faster than expected this year. "Under pro-business President Donald Trump, new Federal Reserve chair Jerome Powell is already sounding hawkish, and the latest batch of mid-week data only increases the odds of a more aggressive rate tightening cycle. A strong US economy is great for confidence and jobs, but corporate America will have to absorb more expensive debt, which is why equity traders are selling into the rally from mid-February lows." All eyes will be on Powell again on Thursday when the Fed chair testifies before the Senate Banking Committee, with any further talk about an overheating economy likely to give equity market bears another reason to dump stocks. Investors were digesting the latest housing market survey from Nationwide, which should UK house prices unexpectedly fell in February. House prices were down 0.3% on the month following a 0.8% increase in January, missing expectations of a 0.2% gain. On the year, house prices were up 2.2%, slowing down from a 3.2% jump the month before and well below the 2.6% rise expected. Nationwide’s chief economist, Robert Gardner, said: "Month-to-month changes can be volatile, but the slowdown is consistent with signs of softening in the household sector in recent months. Retail sales were relatively soft over the Christmas period and at the start of the new year, as were key measures of consumer confidence, as the squeeze on household incomes continued to take its toll." Still to come, manufacturing PMI and mortgage approvals for the UK are due from IHS Markit at 0930 GMT, along with net lending to individuals. The manufacturing PMI is expected to slip back to 55.1 in February from January’s 553. In corporate news, advertising giant WPP tumbled as it blamed technological disruption and squeezed marketing budgets for flatlining revenue as it reported profit in line with muted market expectations. Rentokil also suffered sharp losses even as it said full year ongoing operating profit, which excludes the results of disposed businesses, increased by 14.8% to £294.7m, reflecting growth in all regions but offset by lower profits in France. Hastings tumbled even as the insurer reported a 39% jump in 2017 operating profits as its market share grew, while steel producerEvraz nudged lower despite saying full-year profits increased 70% on the back of higher prices. The retail sector was in focus again a day after Maplin and Toys R Us went into administration, with Carpetright losing a quarter of its market value after it issued its second profit warning of the year. On the upside, asset manager Schroders gained after it posted a 23% jump in full-year pre-tax profit as assets under management and net inflows rose amid growth across the group. Irish building materials group CRH gained as it generated an acceleration in profits growth towards the end of the year and saw good potential for more in the US and Europe in 2018. PureCircle was on the front foot as it announced that its US division and Sweet Green Fields have settled a dispute before the International Trade Commission on the importation of products that were alleged to infringe PureCircle's patents. FTSE 250 builders’ merchant Grafton Group, which recently acquired specialist decorators’ merchant Leyland SDM for £82.4m, rose as it reported a 15% jump in full-year profit amid record revenue. BBA Aviation was in the black after saying it swung to a pre-tax profit in 2017, while oilfield services provider Petrofac gushed higher as its full-year core profit beat expectations. Madame Tussauds owner Merlin Entertainments racked up strong gains on better-than-expected 2017 core earnings, while aerospace and defence group Cobham surged after posting better-than-expected full-year pre-tax profit. National Express edged up as it reported a 12% rise in full-year pre-tax profit as revenues increased 6%, while Vesuvius rallied as its full-year revenues came in a touch ahead of expectations. FTSE 250 housebuilder Bovis Homes, which saw off two takeover approaches last year, was up as it posted a drop in full-year in line with expectations and said it has seen good demand in the first eight weeks of 2018, while Hunting advanced thanks to a small beat on the top line in its 2017 results. In broker note action, ITV was cut to ‘equalweight’ by Barclays, while Card Factory was initiated at ‘hold’ by Berenberg. Aveva, Barclays, Beazley, Berkeley Group, EasyJet, Hays, RSA Insurance and Rio Tinto were among the companies whose stock went ex-dividend on Thursday.   Market Movers FTSE 100 (UKX) 7,212.85 -0.26% FTSE 250 (MCX) 19,658.76 -0.14% techMARK (TASX) 3,329.83 0.36% FTSE 100 - Risers Schroders (SDR) 3,582.00p 3.86% Evraz (EVR) 441.50p 3.37% CRH (CRH) 2,480.00p 3.25% Admiral Group (ADM) 1,880.50p 2.03% Severn Trent (SVT) 1,722.00p 0.85% Just Eat (JE.) 883.00p 0.68% London Stock Exchange Group (LSE) 4,055.00p 0.67% United Utilities Group (UU.) 670.40p 0.63% Centrica (CNA) 143.85p 0.59% International Consolidated Airlines Group SA (CDI) (IAG) 618.20p 0.59% FTSE 100 - Fallers WPP (WPP) 1,232.00p -11.62% Rentokil Initial (RTO) 265.40p -8.36% ITV (ITV) 155.50p -2.81% Rio Tinto (RIO) 3,819.50p -2.71% easyJet (EZJ) 1,640.50p -2.29% RSA Insurance Group (RSA) 618.20p -2.09% Berkeley Group Holdings (The) (BKG) 3,793.00p -1.58% Sage Group (SGE) 682.20p -1.50% Mondi (MNDI) 1,874.00p -1.47% Standard Chartered (STAN) 799.20p -1.43% FTSE 250 - Risers Cobham (COB) 128.20p 13.00% Merlin Entertainments (MERL) 380.10p 11.79% Howden Joinery Group (HWDN) 482.40p 8.62% Vesuvius (VSVS) 619.00p 4.83% Grafton Group Units (GFTU) 786.50p 2.81% Provident Financial (PFG) 1,006.00p 2.65% Purecircle Limited (DI) (PURE) 436.00p 2.59% Bovis Homes Group (BVS) 1,076.02p 2.43% Rank Group (RNK) 224.50p 2.05% Hunting (HTG) 619.50p 1.81% FTSE 250 - Fallers Aveva Group (AVV) 1,869.00p -35.24% Hastings Group Holdings (HSTG) 292.00p -6.59% Capita (CPI) 168.40p -4.40% Hikma Pharmaceuticals (HIK) 829.00p -3.78% Travis Perkins (TPK) 1,255.00p -2.33% CLS Holdings (CLI) 214.00p -2.28% Convatec Group (CTEC) 202.00p -2.18% Stagecoach Group (SGC) 139.30p -2.18% Spire Healthcare Group (SPI) 224.82p -2.17% Ocado Group (OCDO) 541.80p -2.06% Crypto Pizza Evening with Clem Chambers, CEO of Online Blockchain In May 2010, programmer Laszlo Hanyecz bought two pizzas from Papa Johns for 10,000 bitcoins. Had he kept the coins, as of today they would be worth a cool $86,000,000. Join us on Wednesday 14 March for a crypto pizza 'Bite' on Clem Chambers, the CEO of the first London-listed British blockchain company - Click Here To Register For Free  US close: Markets reverse earlier gains to finish in the red Trading on Wall Street finished in the red on Wednesday, having bounced higher earlier in the session after a sell-off on Tuesday was fuelled by new Fed chair Jerome Powell's congressional testimony on, which rattled the market. The Dow Jones Industrial Averagefinished 1.5% behind at 25,029.20, the S&P 500 was off 1.11% at 2,713.83, and the Nasdaq 100 fell 0.67% to 6,854.42. On Tuesday, stocks ended in the red as Powell’s first congressional testimony did little to soothe investors’ worries about inflation. A hawkish tone signalled that US interest rates were set to continue rising, adding weight to expectations of four rate hikes this year - rather than three. Powell said that his "personal outlook for the economy had strengthened since December", with data that "will in my case add some confidence to my view that inflation is moving up to target." Among the reasons for his optimism, he cited the continuing strength in the labour market, a fiscal impulse, and the global economic expansion. “This was a clear shot across the bow from the new Chair, suggesting that - if it is up to him - the FOMC may want to revise its current projections of three hikes for this year up to include a fourth,” noted analysts at Rabobank. Powell was due to make his next appearance on Capitol Hill in front of a Senate committee on Thursday. On the data front, fourth-quarter GDP was, as expected, revised down by the Commerce Department to reveal a rate of expansion of 2.5%, less than a prior reading of 2.6%, keeping it on track for a slow start to the year. The downward revision reflected a greater subtraction from private inventory investment. Output grew 2.5% in the fourth quarter of 2017 when compared with same period a year earlier, which was far faster than the 1.8% pace of expansion seen in 2016, something Spreadex market analyst Connor Campbell said "might take the shine off the dollar and give the Dow a bit more room to breathe." Separately, economic activity in the Chicago area deteriorated more quickly than expected in February, according to the Chicago PMI published by MNI. The MNI Chicago Business Barometer fell to 61.9 in February from 65.7 in January, its lowest level since August 2017, missing expectations of a smaller decline to 64.1. As in January, firms reported a slower pace of incoming orders and output, as new orders dropped to a six-month low, the principal reason for the barometer's decline, while the production indicator also slipped, to a level last seen lower in September. Elsewhere, the National Association of Realtors said that contracts to buy previously owned homes had unexpectedly declined in January to their lowest level in more than three years, another indication that the housing market was losing some of its steam. NAR's pending home sales index dropped to a reading of 104.6, down 4.7% from December, which was also downwardly revised to 109.8, missing forecasts for a 0.3% increase by a mile. In corporate news, Office Depot fell 9.31% after its fourth-quarter profit beat expectations but sales fell short, while Lowe’s Companies dropped 6.76% after its quarterly profits missed expectations. Etsy surged 20.35% after the online marketplace issued forecast-beating fourth quarter earnings, while Booking Holdings was 6.77% higher after better-than-expected quarterly earnings and sales late on Tuesday. Dow Jones - Risers Apple Inc. (AAPL) $178.12 -0.15% Boeing Co. (BA) $362.21 -0.35% Microsoft Corp. (MSFT) $93.77 -0.46% Cisco Systems Inc. (CSCO) $44.78 -0.58% United Technologies Corp. (UTX) $134.68 -0.58% Intel Corp. (INTC) $49.29 -1.24% Visa Inc. (V) $122.94 -1.32% Johnson & Johnson (JNJ) $129.88 -1.66% International Business Machines Corp. (IBM) $155.81 -1.75% Coca-Cola Co. (KO) $43.22 -1.84% Dow Jones - Fallers Walt Disney Co. (DIS) $103.14 -6.07% Caterpillar Inc. (CAT) $154.63 -5.53% Dowdupont Inc. (DWDP) $70.26 -5.13% American Express Co. (AXP) $97.43 -4.14% Exxon Mobil Corp. (XOM) $75.74 -3.93% Procter & Gamble Co. (PG) $78.52 -3.81% Nike Inc. (NKE) $67.03 -3.76% General Electric Co. (GE) $14.11 -3.69% McDonald's Corp. (MCD) $157.74 -3.57% 3M Co. (MMM) $235.51 -3.53% S&P 500 - Risers Tenet Healthcare Corp. (THC) $20.60 8.02% Macy's Inc. (M) $29.41 7.14% Booking Holdings Inc. (BKNG) $2,034.04 6.74% TJX Companies Inc. (TJX) $82.68 4.86% AES Corp. (AES) $10.88 4.11% Mallinckrodt Plc Ordinary Shares (MNK) $16.68 3.03% O'Reilly Automotive Inc. (ORLY) $244.19 2.35% Marriott International - Class A (MAR) $141.21 2.24% Chipotle Mexican Grill Inc. (CMG) $318.41 2.09% L Brands Inc (LB) $49.33 1.61% S&P 500 - Fallers Frontier Communications Co. (FTR) $7.03 -23.92% Chesapeake Energy Corp. (CHK) $2.82 -12.31% Spectra Energy Corp. (SE) $10.96 -9.79% AutoZone Inc. (AZO) $664.13 -9.67% Celgene Corp. (CELG) $87.12 -9.04% Lowe's Companies Inc. (LOW) $89.59 -8.12% Perrigo Company plc (PRGO) $81.46 -7.75% TEGNA Inc (TGNA) $12.86 -7.68% Newell Brands Inc (NWL) $25.69 -7.66% Endo International Plc (ENDP) $6.30 -7.42% Nasdaq 100 - Risers Booking Holdings Inc. (BKNG) $2,034.04 6.74% Mercadolibre Inc. (MELI) $387.97 3.34% O'Reilly Automotive Inc. (ORLY) $244.19 2.35% Marriott International - Class A (MAR) $141.21 2.24% Liberty Interactive Corporation QVC Group (QVCA) $28.87 2.01% Expedia Inc. (EXPE) $105.17 1.41% Autodesk Inc. (ADSK) $117.47 1.16% T-Mobile Us, Inc. (TMUS) $60.61 1.12% Seagate Technology Plc (STX) $53.40 1.00% Starbucks Corp. (SBUX) $57.10 0.94% Nasdaq 100 - Fallers Celgene Corp. (CELG) $87.12 -9.04% Dish Network Corp. (DISH) $41.69 -4.47% Express Scripts Holding Co (ESRX) $75.45 -4.06% Liberty Global plc Series C (LBTYK) $30.03 -3.44% Liberty Global plc Series A (LBTYA) $31.14 -3.23% Charter Communications Inc. (CHTR) $341.93 -2.65% CSX Corp. (CSX) $53.72 -2.54% Analog Devices Inc. (ADI) $90.15 -2.29% Tesla Inc (TSLA) $343.06 -2.26% Biomarin Pharmaceutical Inc. (BMRN) $81.17 -2.22% Looking for early access to investment opportunities? Make your own informed investment decisions. Get the right tools and information at Master Investor Show 2018. Register for free today Cryptocurrencies Report Top Cryptocurrencies # Name Market Cap($) Price(%) Change Price Graph(3m) 1 Bitcoin (BTC) 180,560,563,288 10,620.18 +2.99% 2 Ethereum (ETH) 85,279,201,240 867.75 +0.35% 3 Ripple (XRP) 35,664,311,489 0.9035 +0.33% 4 Bitcoin Cash / BCC (BCH) 21,212,769,304 1,281.11 +5.95% 5 Litecoin (LTC) 11,552,295,488 207.72 +0.63% 6 NEO (NEO) 8,331,570,000 128.92 -2.11% Atlantic Advisory - Share Tips of the Year 2018 Download Our Latest Report Here Losses can exceed deposits Thursday newspaper round-up: Brexit, Scottish bank, gas prices, Sky Britain will refuse to pay its multibillion-pound Brexit divorce bill until Brussels backs down on attempts to keep Northern Ireland subject to European Union rules, David Davis warned last night. In an uncompromising letter sent to Tory MPs, the Brexit secretary said that Britain would not finalise financial payments to the EU until “all the issues” of concern to Britain had been addressed. - The Times The Scottish government has committed to a publicly owned national investment bank that campaigners and leading economists hope will tackle the country's chronic lack of investment. Speaking on Wednesday at the launch of the implementation plan, the first minister, Nicola Sturgeon, said the “truly transformative” measure would be operational by 2020. - Guardian Tax relief on pension saving cost the exchequer £38.6 billion last year, equivalent to one and half times the defence budget or roughly two thirds of total education spending. The relief to employees and employers worked out at £1,200 per worker. - The Times The UK government must put the car industry at the heart of Brexit negotiations or risk the loss of thousands of jobs and hundreds of millions of pounds of investment, MPs have warned. In a gloomy assessment of prospects for UK car manufacturing, the business, energy and industrial strategy (BEIS) select committee said Brexit was negative for the sector, with “damage limitation” the best possible outcome. - Guardian Wholesale gas prices in the UK more than doubled on Wednesday to their highest level in at least 10 years, as freezing temperatures across Britain drove a spike in demand and raised fears of a supply shortage. Within-day prices rose 108% to 160p per therm, after hitting am earlier peak of 190p per therm. Day ahead prices were up 6p at 95p. - Guardian European industry risks falling behind Asia and the United States because of a failure to invest in new mobile networks, according to the head of Ericsson. Borje Ekholm, chief executive of the Swedish group, said that Europe was falling behind the US and Asia in deploying 5G mobile technology, which will allow a range of new services and millions of connected devices. - The Times Toyota will build the new model of its Auris car in the newly revamped factory in Burnaston in Derbyshire, in a major vote of confidence in the UK. The new model will start rolling off production lines before the end of this year. The factory typically made around 140,000 of the previous Auris models per year. - Telegraph An activist investor increased its position in Sky, a day after the broadcaster found itself at the centre of a takeover battle between Comcast and 21st Century Fox. Elliott Management lifted its stake to just over 2.5 per cent after buying a slug of shares at £13.31 a share and boosting its derivatives position. - The Times The editors of the Daily Express and Daily Star have resigned days after the publisher of the Mirror completed its £200m takeover of Richard Desmond’s national newspapers. The Daily Star editor, Dawn Neesom, the longest-serving female national newspaper editor, and her counterpart, Hugh Whittow, who has edited the Daily Express since 2011, have announced they are leaving. - Guardian Carillion’s former chairman Philip Green has been accused by MPs of showing either a “woeful lack of leadership” or having “no grip on reality” as it emerged that he was planning an upbeat financial announcement just five days before the company made £845m of writedowns last July. Minutes from a Carillion board meeting on July 5 were made public on Thursday by the joint business and pensions select committee as part of their investigation into Carillion. - Telegraph The boss of consumer goods giant Unilever saw his pay package surge by 51pc to €11.6m (£10.3m) in 2017 and is line for a bumper hike in salary and potential bonuses under an overhaul of executive pay. Chief executive Paul Polman's mammoth 2017 pay deal includes a €1.15m annual salary, €2.3m annual bonus and €7.2m in long-term bonus scheme shares, according to the group's annual report. - Telegraph Utility companies in Britain should consider moving overseas to guard against the threat of nationalisation by Labour, a leading analyst at an Australian investment bank has argued. Foreign investors would enjoy higher standards of protection than British ones in the event of an expropriation by a future Labour government, Dominic Nash, Macquarie’s utilities analyst, said. - The Times The music streaming service Spotify filed for an initial public offering on Wednesday, becoming the first company to file for a direct listing of up to $1bn with the US. A direct listing is an unconventional way to pursue an IPO without raising new capital, helping the company eliminate the need for a Wall Street bank or broker to underwrite the public offer. - Guardian Amazon has thrown down the gauntlet in the home security market and bought a leading maker of video doorbell systems for upwards of $1.2 billion. The purchase of Ring is its second largest takeover after Whole Foods, the upmarket grocery chain that it bought for $13.7 billion last year. - The Times Google has a “bro-culture” that allowed the daily sexual harassment of a female software engineer, a new lawsuit from a former employee alleges. Loretta Lee, who worked for Google from 2008 to 2016, filed suit this month against the Silicon Valley giant for sexual harassment, gender discrimination, and wrongful termination in California state court. - Guardian   To advertise in the Euro Markets Bulletin please contact advertise@advfn.com     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