The FTSE 100 is called to open 15 points lower at 6768.

UK Gilt 10 Year Yield 1.4131 Spot Gold $1175.55 +2.18 Brent Crude $52.33 +4.83
...

$ per £ 1.2541
€ per £ 1.1805
$ per € 1.0622

U.S. stocks were mostly lower despite a strong performance by energy shares after OPEC members reached an agreement to cut petroleum production. The S&P 500 Index soared at the market’s open and surpassed it’s record high, but then retreated and was down 0.27 percent to 2,198.81. The Dow Jones Industrial Average also touched a record high before fading and was essentially flat at 19,123.58. The Nasdaq Composite Index fell more than 1 percent to 5,323.68. Earlier Tuesday, the Organization of Petroleum Exporting Countries reached an agreement to curtail oil supply by 1.2 million barrels, the first cut in eight years.
PRESS COMMENTARY
The UK’s latest insider trading trial was brought to an abrupt halt on Wednesday after a former business analyst at Logica and his next-door neighbour pleaded guilty, FT.
Barclays has been accused of providing “seriously incomplete” disclosure over its involvement in the Libor scandal, Times.
Oil prices surged as much as 10% to hit $52-a-barrel yesterday after the Opec cartel agreed to cut its production for the first time since 2008 in an attempt to address the global supply glut and lift prices; Opec said it would reduce output by 1.2 million barrels per day (bpd) to 32.5 million bpd from January for at least six months, Telegraph.
COMPANY NEWS
Glencore Plc, will reinstate its dividend next year and plans to pay out a minimum of $1 billion annually following a rebound in commodity prices and a reduction in its debt.
Grainger FY NAV/Share, Net Rental Income Grow; Raises Div.
Serco Group PLC said that trading in the second half of fiscal 2016 has been in line with its August guidance and that its expectations for fiscal 2017 remain unchanged.
Daily Mail & General Trust PLC recorded a 14.4% rise in fiscal 2016 pretax profit and said organic and M&A investments made over the past few years have started to bear fruit.
Anglo American PLC said it has sold 35 million shares in Exxaro Resources Ltd. (EXX.JO) at 87 South African rand each, raising ZAR3.0 billion ($215 million), as part of its continuing efforts to reduce debt. Source Quilter Cheviot
www.finance-spain.com

Financial Markets Update 08/11/2016

The FTSE 100 is called to open 10 points lower at 6796.
UK Gilt 10 Year Yield 1.2025 Spot Gold $1283.15 +1.36 Brent Crude $46.52 +0.77
$ per £ 1.2423
€ per £ 1.1240
$ per € 1.1054
U.S. stock markets rebounded from a nine-day losing streak, posting its biggest gain in eight months and driving the Dow Jones industrial average up more than 370 points. Financial stocks led the broad market rally, which erased more than half of the losses racked up by the Standard & Poor's 500 index since October 25. The gains came as investors mostly focused on the latest developments in the U.S. presidential race a day before the general election. The Dow gained 371.32 points, or 2.1 percent, to 18,259.60. The S&P 500 index rose 46.34 points, or 2.2 percent, to 2,131.52. Heading into Monday, the index had been down 66 points over the previous nine trading days. The Nasdaq composite index added 119.80 points, or 2.4 percent, to 5,166.17.
PRESS COMMENTARY
European banks’ misadventures on Wall Street will come in for fresh scrutiny this week when they publish the first sets of quarterly accounts for what have often been troubled businesses, FT.
BUY Scottish Mortgage; BUY John Laing Infrastructure; TAKE PROFITS from Informa, Times.
COMPANY NEWS
Marks & Spencer Group Plc announced plans to close 60 U.K. stores and retreat from 10 countries as Chief Executive Officer Steve Rowe unwinds the expansion efforts of his predecessor in an effort to reverse years of underperformance.
Credit Agricole SA, said quarterly profit doubled from a year earlier as it booked gains from a reorganization and bond-trading income surged. The lender also pledged a stable or rising dividend for next year.
AB Foods Plc, said earnings should improve this financial year as world sugar prices turn more favorable and the weakening pound boosts the value of profit made outside its home market.
Deutsche Post AG’s third-quarter profit jumped more than threefold as the mail operator recovered from costs for a failed software project at its freight forwarding unit a year ago.
Imperial Brands PLC reported a fall in full year net profit as duty and other costs rose, but increased its dividend and announced a new investment plan to raise revenue.
ArcelorMittal 3Q Ebitda Misses; FY ’16 Cash Flow to Exceed Capex.
Punch Taverns PLC posted a swing to pretax profit during the fiscal 2016 year-end.
Direct Line 9M Gross Written Premiums from Operations Rise 4.2%.
Henkel AG reported third-quarter profit that beat analyst estimates as the German maker of Persil washing powder reported sales growth across its three business units and confirmed its outlook for the 2016 fiscal year.
Toyota Motor Corp. raised its profit forecast for this fiscal year as the yen’s rally stopped short of levels that the automaker had predicted, providing some respite from a sales slowdown that’s threatening its position as the world’s top seller. Source Quilter Cheviot
International Finance

FINANCIAL MARKET UPDATE 11/10/2016

The FTSE 100 is called to open 23 points lower at 7074.
UK Gilt 10 Year Yield 1.0223 Spot Gold $1261.25 +1.85 Brent Crude $53.24 +2.05
...

$ per £ 1.2319
€ per £ 1.1073
$ per € 1.1126

U.S. stocks rose Monday as crude oil jumped to its highest price in more than a year and energy companies climbed with it. Investors also reacted to the latest twists in the presidential race. Oil rose after Russia's government said it supports efforts by OPEC to cut oil production. Apple reached its highest price of the year and led tech stocks higher after new reports of fires affecting Samsung's Galaxy Note 7 phone, which competes with Apple's iPhone. The Dow Jones industrial average picked up 88.55 points, or 0.4 percent, to 18,329.04. The index rose as much as 159 points earlier. The Standard & Poor's 500 index rose 9.92 points, or 0.5 percent, to 2,163.66. The Nasdaq composite added 36.27
points, or 0.7 percent, to 5,328.67.

PRESS COMMENTARY
• Financial Times: Oil rose to its highest level in a year after Russian president Vladimir Putin said that he backed efforts for a production cap in the clearest sign yet that the country would join any global supply pact.
COMPANY NEWS
N Brown Says Comfortable With FY Market Estimates. N Brown 1H rev. up 1% to GBP429.4m. 1H product rev. up 0.6%, financial services rev. up 1.9%. 1H adjusted pretax GBP31.6m vs GBP39.4m y/y, says ahead of consensus expectations.
McCarthy & Stone Trading Ahead, CFO Maddock to Leave for SIG. Says since Sept. 2 update, trading and other lead indicators are now ahead of the previous year.
LVMH, the world’s biggest luxury-goods maker, reported revenue that beat estimates as shoppers in Asia and the U.S. snapped up its Celine handbags and new Louis Vuitton perfumes. Third-quarter sales rose to 9.14 billion euros ($10.2 billion), the company said in a statement, led by a stronger- than-expected 5 percent gain from its biggest division, fashion and leather goods. Analysts had predicted 8.92 billion euros.
Keller Group Wins GBP60m Contract in Egypt.
Great Portland Estates announces 92,800 sq. feet of lettings since July 1, generating a combined annual rent of GBP7.9m. Source Quilter Cheviot

Pat Macdonald at Blacktower Financial Management (International) Limited
www.finance-spain.com
patrick.macdonald@blacktowerfm.com

FINANCIAL MARKET UPDATE 11/10/2016

The FTSE 100 is called to open 23 points lower at 7074.
UK Gilt 10 Year Yield 1.0223 Spot Gold $1261.25 +1.85 Brent Crude $53.24 +2.05
...

$ per £ 1.2319
€ per £ 1.1073
$ per € 1.1126

U.S. stocks rose Monday as crude oil jumped to its highest price in more than a year and energy companies climbed with it. Investors also reacted to the latest twists in the presidential race. Oil rose after Russia's government said it supports efforts by OPEC to cut oil production. Apple reached its highest price of the year and led tech stocks higher after new reports of fires affecting Samsung's Galaxy Note 7 phone, which competes with Apple's iPhone. The Dow Jones industrial average picked up 88.55 points, or 0.4 percent, to 18,329.04. The index rose as much as 159 points earlier. The Standard & Poor's 500 index rose 9.92 points, or 0.5 percent, to 2,163.66. The Nasdaq composite added 36.27
points, or 0.7 percent, to 5,328.67.

PRESS COMMENTARY
• Financial Times: Oil rose to its highest level in a year after Russian president Vladimir Putin said that he backed efforts for a production cap in the clearest sign yet that the country would join any global supply pact.
COMPANY NEWS
N Brown Says Comfortable With FY Market Estimates. N Brown 1H rev. up 1% to GBP429.4m. 1H product rev. up 0.6%, financial services rev. up 1.9%. 1H adjusted pretax GBP31.6m vs GBP39.4m y/y, says ahead of consensus expectations.
McCarthy & Stone Trading Ahead, CFO Maddock to Leave for SIG. Says since Sept. 2 update, trading and other lead indicators are now ahead of the previous year.
LVMH, the world’s biggest luxury-goods maker, reported revenue that beat estimates as shoppers in Asia and the U.S. snapped up its Celine handbags and new Louis Vuitton perfumes. Third-quarter sales rose to 9.14 billion euros ($10.2 billion), the company said in a statement, led by a stronger- than-expected 5 percent gain from its biggest division, fashion and leather goods. Analysts had predicted 8.92 billion euros.
Keller Group Wins GBP60m Contract in Egypt.
Great Portland Estates announces 92,800 sq. feet of lettings since July 1, generating a combined annual rent of GBP7.9m. Source Quilter Cheviot

Pat Macdonald at Blacktower Financial Management (International) Limited
www.finance-spain.com
patrick.macdonald@blacktowerfm.com

MARKET UPDATE 21/09/2016

The FTSE 100 is called to open 41 points higher at 6871
UK Gilt 10 Year Yield 0.8064 Spot Gold $1316.99 +2.12 Brent Crude $46.88 +0.63
...

$ per £ 1.2974
$ per € 1.1658
€ per £ 1.1129
U.S. stocks rose amid speculation central banks will maintain efforts to support growth before Wednesday’s closely watched policy decisions from the Federal Reserve and Bank of Japan. Equities jumped out of the gate for a second day, though the early gains have lost some momentum. A rally Monday faded in afternoon trading to leave shares little changed for the session. Consumer staples and drugmakers paced Tuesday’s advance, with biotechnology shares rallying after Allergan Plc agreed to buy Tobira Therapeutics Inc. for as much as $1.7 billion. Energy producers slipped for a third day as oil swung between gains and losses.
The S&P 500 Index added 0.03 percent to 2,139.80 in New York. The Dow Jones Industrial Average gained 9.80 points, to 18,130.

PRESS COMMENTARY
• Financial Times: Santander has pulled out of talks with Royal Bank of Scotland to acquire Williams & Glyn in a blow to the state-backed lender’s attempts to offload the challenger bank.
• The Times: The prospect of a spin-off of GlaxoSmithKline’s consumer healthcare division receded yesterday when the pharmaceuticals group appointed the head of the division Emma Walmsley to succeed Sir Andrew Witty as group chief executive.
COMPANY NEWS
Inditex SA, the retailer behind the Zara fast-fashion chain, on Wednesday reported a 8.8% rise in second-quarter net profit, continuing to benefit from its focus on easily renewed inventory and quick deliveries to drive up sales.
Diageo PLC's (DGE.LN) fiscal year ending June 30, 2017, has started well and the spirits maker expects to achieve its growth target, Chief Executive Ivan Menezes said Wednesday.
Saga PLC (SAGA.LN) reported an 8.5% rise in first-half fiscal 2017 pretax profit, raised its dividend, and said it hasn't seen any discernable impact on customer behavior following the U.K.'s decision to leave the European Union.
Majestic Wine PLC (WINE.LN) said fiscal 2017 earnings, before interest and tax, will be below current market estimates due to lower than expected sales growth in the commercial business and higher marketing costs in the U.S. division of Naked Wines.
Barclays Plc offered to buy back about $2.1 billion of notes as the bank reorganizes into a holding-company structure. The tender covers eight series of notes in dollars, pounds and euros, according to a statement on Tuesday.
Deutsche Bank AG’s status as the riskiest among its peers is worsening, based on a U.S. regulator’s measure of leverage, adding to the lender’s woes as it braces for a settlement over mortgage securities. Source Quilter Cheviot
www.finance-spain.com

FINANCIAL MARKET UPDATE 11/08/2016

The FTSE 100 is called to open 30 points lower at 6836 (ex divs 37 points)
UK Gilt 10 Year Yield 0.5274 Spot Gold $1343.48 -3.37 Brent Crude $42.14 -0.15
$ per £ 1.3017
$ per € 1.1165
€ per £ 1.1659
U.S. stocks fell, sending the S&P 500 Index down by the most in more than a week as energy producers tumbled with the price of crude, while banks shares sank and Perrigo Co.’s disappointing results weighed on health-care companies. The S&P 500 lost 0.4 percent to 2,172.61, after the measure closed a point from an all-time high. The Dow Jones Industrial Average slid 59.06 points to 18,473.99, and the Nasdaq Composite Index fell 0.5 percent after closing at a record for the second time in three sessions. The S&P 500 lost momentum earlier after slipping past its lowest points of the previous two days, around 2,178. Coupled with the market’s failure to close at a record Tuesday, chart analysts say the potential for a decline increased. The S&P 500 trimmed its annual increase to 6.3 percent and its valuation stood at the highest in more than a decade on an estimated earnings basis. The benchmark has failed to rise or fall more than 1 percent in either direction for 22 straight days, the longest such streak since 2014. The lack of price swings had sent the CBOE Volatility Index to a more than two- year low. The measure of market turbulence known as the VIX rose 6.6 percent Wednesday to 12.42.

PRESS COMMENTARY
Investors flocked to sell government bonds to the Bank of England, restoring confidence in its new £60 billion stimulus plan, which had taken a knock when it failed to attract enough sellers, FT.
COMPANY NEWS
Old Mutual PLC reported a rise in interim net profit as it benefited from lower tax expenses and said its plan to split itself into four businesses is progressing well.
Aegon NV reported a loss of 385 million euros ($430million) in the second quarter after the company sold it U.K. annuity business and interest-rate hedges backfired.
Glencore PLC reported lower second-quarter output, in line with the company's cutbacks in copper, coal, zinc, lead and oil as it sought to slash costs and pare back debt against the backdrop of volatile commodity prices.
Derwent London PLC reported a major cut in pretax profit for the first half of 2016 due to a smaller revaluation surplus and said the U.K. vote to leave the European Union "may lower activity".
Cineworld Sees Year Results In Line With Market Estimates.
Deutsche Telekom AG reported an 8.6 percent increase in second-quarter profit on surging sales at its U.S. mobile-phone unit, offsetting a revenue drop in its German home market.
TUI AG said it delivered a good performance in the third quarter, with strong trading in the U.K. and no apparent slowdown in bookings as a result of the referendum on the country's membership of the European Union.
RWE AG’s second-quarter loss narrowed 22 percent after an improved performance in the German utility’s power plant business, cost cuts and a one-time lower tax rate.
Legal & General Group PLC said it is selling its investment platform Cofunds to Dutch insurer Aegon N.V. (AEG) for 140 million pounds ($183 million).
Henkel 2Q Adj. Ebit Beats Ests, Raises 2016 Margin Forecast.
Card Factory PLC said the fall in sterling since the E.U. referendum is further squeezing its margins as it reported a rise in first half sales.
San Leon Energy PLC said it has received equity placing orders for more than $200 million at 45 pence per share to complete the acquisition of an indirect interest in OML 18, a Nigerian Oil and Gas producing field.
John Lewis of Hungerford PLC (JLH.LN) is closing its showrooms in Tunbridge Wells and Harrogate to save money.
RBS priced an additional $2.65 billion of 8.625% perpetual subordinated contingent convertible Tier 1 capital notes, which it plans to use for general corporate purposes. Source Quilter Cheviot
www.finance-spain.com

FINANCIAL MARKET UPDATE 8/8/16

The FTSE 100 is called to open 4 points higher at 6797
UK Gilt 10 Year Yield 0.6720 Spot Gold $1335.87 +1.21 Brent Crude $42.53 +0.28
...

$ per £ 1.3055
$ per € 1.1089
€ per £ 1.1784
U.S. stocks jumped to record highs Friday after a strong jobs report for the month of July gave investors more confidence that the economy is still growing. Financial and technology stocks soared and investors sold the safe assets they have favored for most of this year. The Labor Department said U.S. employers added 255,000 jobs in July, far more than investors expected and the second straight month of strong gains after shaky reports this spring. Stocks made their biggest gain in almost a month. Banks traded higher as investors anticipated higher interest rates and bigger profits on mortgages and other loans. The Nasdaq composite closed at a record high as tech stocks continued to climb. Consumer companies also made big gains. Investors sold bonds, precious metals, and phone and utility companies, safe
investments that soared earlier this year as investors worried about the health of the economy. The Dow Jones industrial average rose 191.48 points, or 1 percent, to 18,543.53. The Standard & Poor's 500 index climbed 18.62 points, or 0.9 percent, to 2,182.87. The Nasdaq advanced 54.87 points, or 1.1 percent, to 5,221.12.
PRESS COMMENTARY
Thousands of retail investors are likely to be denied the chance of buying shares in Lloyds at a discount as the government is expected to abandon the plan in the aftermath of market uncertainty caused by Brexit, Times.
The 10 poorest performers in the EU bank stress tests have paid almost €20 billion in dividends since 2011, increasing the potential burden on bondholders and taxpayers should they fail, according to a new study, FT.
COMPANY NEWS
Melrose Says Window Shop Period For Nortek Expired Aug. 6.
Air France-KLM said its passenger traffic in July was hit by the strike of flight attendants at its French arm carried out between July 27 and Aug. 2, though strong activity at its low-cost unit offset the decline.
Smith & Nephew to Commence $300m Share Buyback.
Vinci SA said it bought the operator of a highway in Lima, Peru for about 1.5 billion euros ($1.67 billion) as part of a strategy to expand in Latin America.
Lok'nStore Group PLC Monday like-for-like revenue in the core self-storage business grew 5.2% in fiscal 2016 ended July 31.
YouGov PLC said trading for the year ended July 31 should be slightly ahead of expectations after a year of double-digit revenue growth. Source Quilter Cheviot
www.finance-spain.com

MARKET UPDATE 2/8/2016

The FTSE 100 is called to open 18 points lower at 6676

UK Gilt 10 Year Yield 0.7304 Spot Gold $1352.58 -1.35 Brent Crude $42.35 -0.45

$ per £ 1.3181
$ per € 1.1179
€ per £ 1.1793

The S&P 500 Indexretreated after briefly approaching a fresh record, as falling crude prices sparked a sharp selloff in energy shares, denting confidence that U.S. growth and corporate profits will rebound. An advance spurred by gains in health-care and technology companies was erased in early afternoon trading as crude dipped below $40 a barrel, dragging oil and gas producers to their worst decline in five weeks. Exxon Mobil Corp. and Chevron Corp. dropped at least 3.2 percent. Biogen Inc. led the health-care group higher after positive trial results for a drug the company is developing with Ionis Pharmaceuticals Inc. The S&P 500slipped 0.1 percent to 2,170.84, on the heels of its longest monthly winning streak since 2014. The Dow Jones Industrial Average lost 27.73 points, or 0.2 percent, to 18,404.51. The Nasdaq Composite Index added 0.4 percent to its highest in a year, and the Nasdaq 100 Index extended an all-time high. About 6.6 billion shares traded hands on U.S. exchanges, 7 percent below the three-month average.

PRESS COMMENTARY 
A former Bank of England rate-setter has warned that cutting interest rates would do more harm than good as pressure grows on the monetary policy committee before this week’s meeting, Times.

US crude oil prices have slipped below $40 a barrel for the first time since April on signs that production is picking up as clouds gather over the global economy, Times.

COMPANY NEWS 
InterContinental Hotels Group PLC reported a fall in interim net profit, citing challenging conditions in some markets, but said it is confident about the outlook for the full year.

Travis Perkins PLC reported an 11% rise in pretax profit for the first half of 2016 and said secondary housing transactions and consumer confidence in the U.K., its two leading indicators, "are unlikely to be positive."

BMW AG's second-quarter profit and revenue report on Tuesday beat analyst estimates while it confirmed its outlook for the year.

Direct Line Insurance Group PLC said it will issue a special dividend payment despite a decline in first-half pretax profit.

Metro AG reported net profit in the fiscal third quarter almost quadrupled, helped by a lower tax rate.

Fresnillo PLC reported a surge in first-half net profit, buoyed by higher output and increases in gold and silver prices.

Deutsche Lufthansa AG said it still expects to be able to pay a dividend for 2016, despite cutting its profit target for the year.

Meggitt PLC reported a 60% fall in first-half pretax profit, hit by the recent weakness of sterling, but backed its full-year guidance.

Commerzbank AG on Tuesday warned it won't reach its goal of keeping net profit stable in the full year as revenue and net profit declined in the second quarter on the back of negative interest rates and sluggish client activity.

Honda Motor Co. Ltd. said Tuesday its net profit fell 6.1% in the April-June period as the yen's appreciation reduced income from robust sales in overseas markets such as North America and elsewhere in Asia.

Spirent Communications PLC swung to an interim pretax profit as it benefited from a reduction in operating expenses.

SDL PLC reported a drop in half year profit but said it is confident of the outlook for the current financial year despite the recent upheavals in Europe following the U.K.'s decision to leave the European Union.Source Quilter Cheviot

www.finance-spain.com

MARKET UPDATE 29/07/2016

The FTSE 100 is called to open 8 points higher at 6729
UK Gilt 10 Year Yield 0.7125 Spot Gold $1334.53 -1.10 Brent Crude $43.16 -0.54
$ per £ 1.3176
$ per € 1.1083
€ per £ 1.1891
U.S. stocks rose, with the S&P 500 Index staging an afternoon advance as it heads for a fifth monthly gain amid a raft of corporate results. Trading was light as investors awaited a Bank of Japan policy decision and data tomorrow on the strength of the American economy. Facebook advanced after reporting sales and user growth that beat analysts’ projections. Ford Motor Co. plunged as quarterly profit fell short of estimates and it warned that income targets are at risk. Those were just two of the companies moving on a busy earnings day, with more than 60 membersof the S&P 500 Index reporting, including Amazon.com Inc., MasterCard Inc. and Alphabet Inc. The S&P 500 Index rose 0.2 percent to 2,170.05, 0.2 percent from an all-time high set July 22. The index has gained more than 3 percent in July. The Dow Jones Industrial Average lost 15.89 points to 18,456.28. The Nasdaq 100 Index rose, pushing its July gain to 6.9 percent. U.S. stocks are in a rare holding pattern. Since the S&P 500 hit the fourth straight all-time high on July 14, the benchmark gauge has alternated between gains and losses, finishing every day less than 0.5 percent from the previous close. The 10-day streak is the longest since data began in 1927.
PRESS COMMENTARY
The listed banks in the EU’s latest stress tests would have to raise close to €900 billion to convince investors that they have enough capital to withstand another crisis, a feat that would allow them to finally overcome their weak valuations, three academics have argued, FT.
The Bank of Japan expanded its purchases of exchange-traded funds and doubled the size of a U.S. dollar lending program, while refraining from boosting the pace of government-bond purchases that have formed the main part of its monetary stimulus. Governor Haruhiko Kuroda led his board in voting to expand an ETF program to 6 trillion yen a year, the BOJ said in a statement in Tokyo Friday. In an unexpected development, Kuroda has ordered an assessment of the effectiveness of BOJ policy, to be undertaken at the next meeting, which is scheduled for Sept. 20-21.
COMPANY NEWS
Barclays Plc profit fell by more than half in the second quarter as the bank posted a 1.9 billion- pound pretax loss from the unit that houses the businesses and assets its trying to sell or wind down and cuts Dividend to 1.0p Vs 2.0p.
Pearson PLC said it is trading in line with its expectations and reiterated its 2016 guidance, adding that it goals to 2018 are unchanged. It recommended a dividend of 18 pence, unchanged from a year earlier and in line with previous guidance, it said
Reckitt Sees 2016 LFL Rev. at Lower End of Target Range
UBS Group AG said profit slipped 14 percent in the second quarter as both wealth management and investment banking generated less revenue during a rocky period for markets.
IMI Sees FY Results In Line With Current Market Expectations
Indivior 2Q Net Revenue Beats Estimates, Raises 2016 Forecast
Sony Corp. posted a surprise quarterly profit as strength in its PlayStation division outweighed a slowdown in sales of image sensors
UBM 1H Adj Operating Profit Up, Keeps Trading Outlook for Year
Foxtons’ profits fall 42% as Brexit uncertainty bites
Qatar Airways Ltd. will further raise its stake in British Airways owner IAG SA, adding to its holding after the shares plunged in the wake of the Brexit vote. Source Quilter Cheviot.

www.finance-spain.com

MARKET UPDATE 25/07/2016

The FTSE 100 is called to open 6 points higher at 6736.

UK Gilt 10 Year Yield 0.7976 Spot Gold $1317.62 -4.96 Brent Crude $45.94 -0.98

$ per £ 1.3128
$ per € 1.0971
€ per £ 1.1966

U.S. stocks rose, sending the S&P 500 Index to a fresh record, as investors showed confidence corporate earnings will not derail a rally that’s headed toward a fifth week. Equities rebounded as some of the week’s best performers were among the biggest contributors to Friday’s climb. Microsoft Corp. and Biogen Inc. added to their strongest weekly increases since at least March. Verizon Communications Inc. rose 1.3 percent as it’s said to be near a deal to buy Yahoo! Inc. Gains were tempered by disappointment that followed earnings from General Electric Co., Honeywell International Inc. and Apple Inc. supplier Skyworks Solutions Inc. The S&P 500 rose 0.5 percent to 2,175.03, a seventh all-time high in the last 10 sessions after going more than 13 months without one. The benchmark gained 0.6 percent this week, the smallest such advance in its four-week run. The Dow Jones Industrial Average added 53.62 points, or 0.3 percent, to 18,570.85, and the Nasdaq Composite Index increased 0.5 percent. About 5.6 billion shares traded hands on U.S. exchanges, 21 percent below the three-month average.

PRESS COMMENTARY

Apple is on the verge of selling its billionth iPhone, a rare achievement for any consumer electronics company and one that highlights the maturation of the smartphone market, FT.

European banks from Barclays to BBVA are launching another round of cost-cutting as they brace for conditions to deteriorate this year, due to low interest rates, the UK vote to exit the EU and the latest stress test results, FT.

COMPANY NEWS

Aberdeen Asset Management PLC reported a 2.9% rise in assets under management during the third quarter, citing the diversified asset and client base of the business.

William Hill confirms received a highly preliminary approach from 888 and Rank regarding a potential combination of the three companies.

Ryanair Holdings Plc warned it may lower its fiscal 2017 profit forecast amid weakening travel demand stemming from Britain’s decision to exit the European Union.

L’Oreal SA agreed to acquire IT Cosmetics for $1.2 billion in its largest acquisition in eight years, adding more than 300 skin-care and makeup products to its lineup.

Hammerson PLC said that it will pursue a secondary listing on the Johannesburg Stock Exchange to access a wider pool of international capital, as it reported a sharp drop in first half pretax profit because of the falling value of its properties.

Hiscox Ltd reported its bottom line has benefited from sterling weakness after the Brexit vote as it posted a rise in interim pretax profit, and said it may set up an EU-based insurance company following the U.K.'s exit from the European Union.

Nintendo Co. shares plunged 17% after the company said late Friday that the financial impact from the worldwide hit Pokemon Go will be limited.

Royal Philips NV, reported second-quarter profit that rose more than expected on cost savings and said earnings will improve in the second half of the year.

Speedy Hire PLC said that a shareholder has requested a general meeting of the company to propose a resolution for the removal of Executive Chairman Jan Astrand.

CVS Group PLC said it expects its fiscal 2016 earnings to be modestly ahead of market expectations. Source Quilter Cheviot.

www.finance-spain.com

MARKET UPDATES 28/06/2016

The FTSE 100 is called to open 91 points higher at 6073
UK Gilt 10 Year Yield 0.9345 Spot Gold $1318.45 -6.30 Brent Crude $48.42 +0.56
$ per £ 1.3285
$ per € 1.1058...
€ per £ 1.2012
U.S. stocks continued a rout sparked by Britain’s shock vote to leave the European Union, with the Dow Jones Industrial Average falling 260 points after equities on Friday tumbled the most in 10 months. Banks remained the focal point in the downdraft, with no sign of the pummeling letting up as lenders marked the worst two-day drop in almost five years. Bank of America Corp. and JPMorgan Chase & Co. sank more than 3.3 percent. Raw-material and industrial shares also posted the steepest back-to-back slide since 2011. Sentiment was dealt another blow after S&P Global Ratings today cut the U.K.’s top credit grade by two levels. The S&P 500 Index dropped 1.8 percent to 2,000.54, holding at the lowest since March 10. The benchmark fell below its average prices during the past 100 and 200 days. The Dow Jones Industrial Average lost 260.51 points, or 1.5 percent, to 17,140.24, after falling more than 600 points Friday. The Nasdaq Composite Index decreased 2.4 percent to an almost four-month low. About 10.6 billion shares traded hands on U.S. exchanges, 48 percent above the three-month average.
PRESS COMMENTARY
It is Britain’s greatest global export but the English language could be banned from the heart of Europe after Brexit, The Times
The UK’s tourism industry is poised to benefit from Britain’s vote to leave the EU, as the crashing value of the pound attracts an influx of international visitors and encourages Britons to take “staycations”, FT.
COMPANY NEWS
Old Mutual PLC on Tuesday detailed plans for its previously announced decision to separate its business units and said that Britain's decision to leave the European Union may impact the performance of its underlying businesses by increasing market volatility.
Rolls-Royce Total Trading in First 5 Months ‘Broadly’ in Line.
Redrow PLC reported pretax profit for the year to June will be above the top end of analysts' estimates of 240 million pounds ($319.4 million) and said it is too early to tell whether Brexit will have any effect on future sales.
John Wood Group PLC (WG.LN) has been awarded a multimillion dollar contract to provide engineering and design, and procurement services to South Atlantic Holding for the development of the Peregrino field wellhead platform C, offshore Brazil.
Ocado Group PLC reported a slow-down in profit growth for the first-half, but said it looks forward to the future with confidence.
AstraZeneca PLC announced that the European Commission has approved the use of its infection treatment Zavicefta.
Legal & General Group PLC said it has appointed John Kingman as chairman.Sourece Quilter Cheviot.www.finance-spain.com

MARKET UPDATE 13/06/2016

The FTSE 100 is called to open 52 points lower at 6063
UK Gilt 10 Year Yield 1.2318 Spot Gold $1281.95 +8.30 Brent Crude $50.27 -0.41.

$ per £ 1.4214
$ per € 1.1258
€ per £ 1.2625

U.S. stocks retreated, with the S&P 500 Index falling the most in three weeks, amid caution over tepid global growth and a series of looming events with the potential to spur renewed market turbulence.
Losses intensified in afternoon trading following fresh poll results favoring an exit in Britain’s European Union referendum, though a rebound in the final minutes pared declines. Energy producers led the slide, capping their worst session in five weeks. Banks sold off for a second day as Treasury yields continued to drop, with Citigroup Inc. and Bank of America Corp. sinking more than 2.4 percent. A measure of equity market volatility posted the biggest jump in five months.
The S&P 500 fell 0.9 percent to 2,096.07 at 4 p.m. in New York, slipping below 2,100 for the first time in a week, a level where other rallies during the past year have faded. The Dow Jones Industrial Average dropped 119.85 points, or 0.7 percent, to 17,865.34. The Nasdaq Composite Index lost 1.3 percent, the largest decline in two months. About 6.8 billion shares traded hands on U.S. exchanges, 3 percent below the three-month average.
PRESS COMMENTARY
Financial Times: China’s corporate debt risks sparking a bigger crisis if the authorities fail to tackle it, the International Monetary Fund has warned.
COMPANY NEWS
Monsanto Said to Rebuff New Bayer Offer at Same Price: DJ.
Satellite communications services company SpeedCast International Ltd (SDA.AU) has agreed to use satellite operator Inmarsat PLC's (ISAT.LN) new broadband service for boats in its maritime services offering.
EasyJet PLC (EZJ.LN) founder Stelios Haji-Ioannou Thursday said he welcomed the appointment of Nico Bezuidenhout as chief executive of fastjet PLC (FJET.LN). Mr. Haji-Ioannou said Mr. Bezuidenho ut was on a list of candidates from a headhunter he had hired last November.
GVC - Awarded a gaming licence by the New Jersey Division of Gaming and Enforcement after the acquisition of Bwin-Party required an reapplication. Source Quilter Cheviot

Wealth Management in Spain

FINANCIAL MARKET UPDATE 23/05/2016

The FTSE 100 is called to open 9 points higher at 6165

UK Gilt 10 Year Yield 1.4515 Spot Gold $1250.95 -1.55 Brent Crude $48.81 -0.27

$ per £ 1.4517

$ per € 1.1229

€ per £ 1.2928

U.S. stocks rose, with the S&P 500 rebounding from a seven-week low, led by a rally in technology shares amid ebbing anxiety over the potential for higher interest rates as early as next month. Applied Materials Inc. surged 14 percent after forecasting sales that may beat analysts’ estimates, spurring gains among tech companies. Chipmakers jumped the most since January, with Intel Corp. rising 1.8 percent. Apple Inc. increased 1.1 percent to its first weekly advance in five. Equities trimmed gains in afternoon trading as banks lost momentum after Treasuries erased losses, sending yields lower for a second day. The S&P 500 added 0.6 percent to 2,052.32, halting a weekly losing streak at three and regaining its advance for the year. The Dow Jones Industrial Average climbed 65.54 points, or 0.4 percent, to 17,500.94. It wasn’t enough to save the index from a fourth weekly loss, the longest stretch since October 2014. The tech-heavy Nasdaq Composite Index rose 1.2 percent. About 6.7 billion shares traded hands on U.S exchanges, 9 percent below the three-month average.

PRESS COMMENTARY

Axa is to ditch its tobacco investments, arguing that owning them clashes with its position as a health insurer, FT.

Britain will be plunged into a year-long recession if it votes to leave the EU, according to a bleak analysis of the short-term economic shock of a Brexit vote to be published on Monday by the Treasury, FT.

US IPOs: spluttering, FT (LEX).

COMPANY NEWS

Bayer AG made an unsolicited $62 billion all-cash offer to acquire Monsanto Co. to create the world’s biggest supplier of farm chemicals and genetically modified seeds, a proposed acquisition that would be the biggest corporate deal by a German company.

Axa SA, France’s largest insurer, said it will stop investing in tobacco and will divest 1.8 billion euros ($2 billion) of assets in the industry.

Legal & General Group PLC said it has acquired a 3 billion pounds ($4.35 billion) U.K. annuity portfolio from Aegon NV (AGN.AE).

Ryanair Holdings PLC posted a 43% rise in full-year net income but warned profit growth would slow and that concerns over terrorist attacks could weigh on ticket prices.

General Electric Co. signed an agreement with Vietnam's government to develop renewable energy in the country.

Boeing Wins $11.3B order for 100 737 MAX 200 airplanes from VietJet, the largest single commercial airplane purchase in Vietnam's aviation history.

De La Rue PLC (DLAR.LN) said that it has sold its cash processing business to a unit of private equity firm Privet Capital.

Toshiba Corp. said it would reduce its capital to offset losses on its balance sheet, the latest effort by the scandal-hit company to recover from its financial troubles. Source Quilter Cheviot.

www.finance-spain.com

MARKET UPDATE 17/05/2016

The FTSE 100 is called to open 27 points higher at 6178
UK Gilt 10 Year Yield 1.3947 Spot Gold $1275.50 +1.20 Brent Crude $49.55 +0.32
$ per £ 1.4480
$ per € 1.1317
€ per £ 1.2796
U.S. equities climbed as Warren Buffett’s bet on Apple Inc. sent the iPhone maker’s shares rallying, while crude oil’s surge to a six-month high amid speculation a supply glut has eased boosted commodity-producer shares around the world. The S&P 500 Index rebounded after three weeks of losses, with Apple jumping the most in 10 weeks after Berkshire Hathaway Inc. disclosed a stake. Oil extended last week’s gains past $47 a barrel as Goldman Sachs Group Inc. increased its price forecast, saying the market had moved into a supply deficit earlier than expected. Precious metals rallied with aluminum and materials producers climbed, boosting stocks in developing nations. The pickup in commodity prices supported global equities after about $1.8 trillion in value was wiped out in the first two weeks of May amid weaker economic data and disappointing earnings reports. Buffett’s bet on Apple lifted its shares from their lowest level since 2014, after they’d slumped on concern over sales growth. Data Friday showing a jump in American retail sales bolstered the case for the Federal Reserveto raise interest rates as other central banks struggle to fuel price growth via stimulus efforts. The S&P 500 rose 1 percent to 2,066.66 as of 4 p.m. in New York, rebounding from a third weekly decline, its longest sliding streak since January. The gauge topped its average price during the past 50 days after closing Friday below that level for the first time in two months.

PRESS COMMENTARY
Financial Times: The oil price moved closer to the $50-a-barrel mark for the first time since November, on growing supply disruptions in Nigeria and a more positive assessment of the market from Goldman Sachs, the most bearish of the leading commodity banks.
COMPANY NEWS
Wireless carrier Vodafone Group Plc reported quarterly sales growth on its network that beat estimates, helped by improved results in several key European markets. Organic service revenue, which includes customer fees but excludes handset sales, rose 2.5 percent in the three months through March 31.
DCC PLC (DCC.LN) said it expects another year of profit growth as it raised its dividend by 15% after recording a rise in fiscal 2016 profit. The sales, marketing, distribution and business support services group said pretax profit rose 47% to 216.3 million pounds ($310.5 million) for the year ended March 31 compared with GBP147.1 million a year earlier as revenue notched GBP10.60 billion versus GBP10.61 million. DCC raised its dividend a share to 97.22 pence versus 84.54 pence.
Land Securities (LAND.LN) on Tuesday reported an 81% fall in pretax profit for its fiscal 2016 and added that a vote to leave the European Union would lead to business uncertainty.
BTG PLC (BTG.LN), a healthcare company, reported a rise in full-year profit and said it expects revenue for fiscal 2017 to be in the range of 485 million pounds to 515 million pounds ($697 million - $740 million).
Enterprise Inns 1H Ebitda before exceptional items GBP142m vs GBP144m y/y, in line with expectations and reflecting the impact of planned disposals
Greencore says performed well in H1 16; says U.K. backdrop expected to remain uncertain given “changing nature of the grocery industry and other potential economic headwinds.”
Speedy Hire PLC (SDY.LN), a tools, equipment and plant hire services company, on Tuesday said its full-year results are disappointing, but added that the business is starting to respond to its recent restructuring.
Iliad SA, the low-cost mobile-phone company founded by French billionaire Xavier Niel, reported a 6.6 percent increase in sales for the first quarter after promotions helped it win customers.
Schroders has reached an agreement with Brookfield Investment Management Inc. to acquire its securitized products investment management team with more than $4 billion in assets under management.
AstraZeneca Says Benralizumab Studies Achieved Primary Endpoint. Source Quilter Cheviot
www.finance-spain.com

MARKET UPDATE 03/05/2016

The FTSE 100 is called to open 29 points higher at 6270
UK Gilt 10 Year Yield 1.5964 Spot Gold $1292.10 +0.45 Brent Crude $46.10 +0.29
$ per £ 1.4726
$ per € 1.1562
€ per £ 1.2738
U.S. stocks rallied to begin May, with the S&P 500 rising the most in more than two weeks, as banks rebounded and Amazon. Inc. jumped for a second day to boost consumer shares.
Amazon increased 3.7 percent to a four-month high, after its biggest one-day gain in nine months on Friday followed better-than-estimated earnings. Wells Fargo & Co. and Bank of America Corp. climbed at least 1.2 percent. Halliburton Co. added 1.8 percent and Baker Hughes Inc. fell 2 percent after ditching their $28 billion merger. Energy producers edged higher despite lower oil prices, and Apple Inc. extended its longest losing streak since 1998.
The S&P 500 rose 0.8 percent to 2,081.43 at 4 p.m. in New York, recovering more than half of its biggest weekly retreat since February. The Dow Jones Industrial Average added 117.52 points, or 0.7 percent, to 17,891.16. The Nasdaq Composite Index increased 0.9 percent. About 7 billion shares traded hands on U.S. exchanges, 10 percent below the three-month average.
PRESS COMMENTARY
The Times: The City is poised for a brace of listings that could add more than £2 billion to the value of companies traded on the stock market and boost investment banks hit by a worldwide fees drought.
Financial Times: Halliburton’s failed $28 billion bid for rival Baker Hughes, which was abandoned by the two companies on Sunday, faced insurmountable objections from competition regulators, the US Department of Justice has said.
COMPANY NEWS
HSBC Holdings Plc reported a bigger first- quarter profit than analysts forecast, weathering turbulence in global markets, as Chief Executive Officer Stuart Gulliverpared back costs. Pretax profit fell to $6.1 billion from $7.1 billion a year earlier.
Aberdeen Asset Management PLC (ADN.LN) said it is continuing to face weakness in emerging markets as it reported a fall in interim revenue and net profit.
UBS Group AG said first-quarter profit plunged 64 percent, missing analyst estimates, as market turbulence eroded earnings at the wealth-management and securities units. Net income declined to 707 million Swiss francs ($741 million) from 1.98 billion francs a year earlier.
BNP Paribas SA, France’s largest bank, posted a surprise increase in first-quarter profit as a decline in provisions for bad loans helped outweigh a slump in trading revenue. Net income rose to 1.81 billion euros ($2.1 billion) from 1.65 billion euros a year earlier.
BMW AG’s profit declined 2.5 percent in the first quarter on investment in new technologies like self- driving cars to defend its status as the world’s biggest maker of luxury vehicles. Earnings before interest and taxes slipped to 2.46 billion euros ($2.84 billion) from 2.52 billion euros a year earlier.
Royal Philips NV says it is spinning off its iconic lighting division in an initial public offering so it can focus on its future as a health technology provider.
Deutsche Lufthansa AG’s reduced its loss for the seasonally weak first quarter by more than two-thirds after benefiting from lower fuel prices and cutting costs through the streamlining of its short-haul network. The adjusted loss before interest and tax narrowed to 53 million euros ($61 million) from 167 million euros a year earlier. Source Quilter Cheviot
www.finance-spain.com

FINANCIAL MARKETS UPDATE 21/04/16

The FTSE 100 is called to open 16 points higher at 6426
UK Gilt 10 Year Yield 1.4819 Spot Gold $1257.55 +13.40 Brent Crude $45.87 +0.24
$ per £ 1.4353
$ per € 1.1291
€ per £ 1.2711
U.S. stocks edged higher as an oil rally lifted energy producers, with the Standard & Poor’s 500 Index holding at a four-month high amid a slate of corporate earnings that gave investors little clear direction. An afternoon rally stumbled in the final hour of trading to leave equities little changed, wiping out much of the gains sparked by a rebound in crude. Oil jumped after Iraq’s oil minister said major OPEC and other oil producers will meet possibly next month in a new push to freeze output. Meanwhile, a better-than-forecast profit from Discover Financial Services helped offset underwhelming results at Coca-Cola Co. The S&P 500 gained 0.1 percent to 2,102.40 at 4 p.m. in New York, after rising as much as 0.5 percent and briefly touching the highest level since July. The Dow Jones Industrial Average added 42.67 points, or 0.2 percent, to 18,096.27, trimming a 114-point climb. The gauge held at a nine-month high. The Nasdaq Composite Index increased 0.2 percent. About 7.5 billion shares traded hands on U.S. exchanges, 7.4 percent below the three- month average.

PRESS COMMENTARY
Financial Times: Hedge funds have suffered their worst quarter in seven years after more than $15 billion was pulled out by investors starting to fight back against the high fees being charged across the industry.
The Daily Telegraph: Google has been formally charged with monopoly abuse over an alleged effort to crush rivals to its mobile search service and Android smartphone operating system, in a major escalation of its battle with Brussels.
COMPANY NEWS
Volkswagen AG has agreed to set aside at least $10 billion to resolve civil claims by the U.S. government and lawsuits by American car owners over diesel vehicles rigged to cheat pollution controls, a person with direct knowledge of the matter said. The parties reached the accord ahead of a Thursday deadline set by a federal judge for the carmaker to say how it would fix the vehicles. Volkswagen has been negotiating with U.S. environmental regulators on an acceptable solution. Judge Charles Breyer said that fixing the almost 600,000 vehicles or getting them off the road would be the first step to any settlement.
Sky PLC's (SKY.LN) earnings climbed Thursday as subscriber growth and demand for new products in the U.K. and Germany pushed up revenue for the satellite broadcaster and pay-TV giant.
Novartis AG said first-quarter earnings fell 12 percent after the company’s best-selling cancer medicine Gleevec faced generic competition in the U.S. Profit declined to $1.17 a share, excluding some items, the Basel, Switzerland-based company said Thursday in a statement.
Pets At Home Group PLC (PETS.LN), a retailer of pet food, accessories and services, reported a 3.2% rise in like-for-like revenue growth in the final quarter and said full-year profit will be in line with expectations.
Schneider Electric SE first-quarter sales fell after the world’s biggest maker of low- and medium-voltage equipment was more selective on projects amid an oil and gas industry slump that continued to bite.
BHP Says Iron Ore, Met Coal May Fall Again in Short, Medium-Term.
Ladbrokes PLC (LAD.LN) said Thursday it has had an encouraging start to the year as it recorded a 10.6% rise in group net revenue during the first quarter ended March 31, and said it expects full year results in line with its expectations.
SEGRO PLC (SGRO.LN), a real estate investor specializing in warehouses and industrial buildings, Thursday said 2016 is progressing well in line with its expectations.
Pernod Ricard SA, the maker of Chivas Regal whisky and Martell cognac, reported third-quarter sales in line with analyst estimates as retailers in the U.S. restocked.
Ericsson AB’s first-quarter sales missed analysts’ estimates as phone operators continued to curb network investments and the Swedish company’s push to software and services failed to boost growth. Source Quilter Cheviot
www.finance-spain.com