MARKET UPDATE 26/05/2017

The FTSE 100 is called to open 1 point higher at 7518

UK Gilt 10 Year Yield 1.036 Spot Gold $1258.40 +2.75 Brent Crude $51.42 -0.20

$ per £ 1.2877
€ per £ 1.1500
$ per € 1.1198

DOW 21082.95 +70.53pts +0.34%
S&P 2414.75 +10.36pts +0.43%
NASDAQ 6205.26 +42.23pts +0.69%

Stocks began the session in positive territory and set new records for the S&P and Nasdaq in the process. There was little to account for the move as the absence of any Trump controversy and the rally overnight in global markets were attributed to investor optimism. Shares of Best Buy (BBY) surged over 21.5% after the electronics retailer reported better than expected earnings and revenue for the first quarter and updated its fiscal 2018 guidance to reflect better than expected Q1 results.

PRESS COMMENTARY

The Independent: The UK’s GDP growth in the first quarter of 2017 has been unexpectedly revised down to 0.2%, in news that will compound fears that the economy is slowing as the impact of last June’s Brexit vote finally hits home.

The Guardian: The world’s major oil producers have voted to continue their production cuts into 2018 in an attempt to prop up the oil price.

COMPANY NEWS

PepsiCo Inc. (PEP) plans to sell some or all of its 4.5% stake in Britvic PLC (BVIC.LN), the drinks company that produces and sells Pepsi in the U.K.

Informa PLC's (INF.LN) chief executive said he remains confident that the publisher and business events group will meet its full-year expectations.

Restaurant Group PLC's (RTN.LN) like-for-like sales for the 20 weeks ended May 31 have declined 1.8%, with total sales decreasing by 1.5%, but still expects to achieve 2017 profit target the Frankie & Benny's brand owner's chairman said.

BOC Aviation to Buy Six Aircraft from Airbus. Company plans to purchase 2 A320NEO, 2 A321NEO and 2 A330-900 aircraft, it says in Hong Kong stock exchange filing. Aggregate list price is approximately $1.05b.

Statoil sold 22.8m shares at C$4.77/share; aggregate proceeds about C$109m pursuant to the offer launched on April 24 by Lundin Petroleum BV. Source Quilter Cheviot

Financial Advisors in Spain

FINANCIAL MARKET UPDATE 18/05/2017

The FTSE 100 is called to open 27 points lower at 7476
UK Gilt 10 Year Yield 1.066 Spot Gold $1259.06 -2.36 Brent Crude $52.17 -0.16

$ per £ 1.2952
€ per £ 1.1634
$ per € 1.1131

US stock indices suffered their worst trading day in eight months on Wednesday, as concern mounted that political turmoil in Washington could derail President Donald Trump's efforts to push through pro-growth policies. The Dow Jones Industrial Average Index closed down 372.82 points, or 1.78pc, at 20,606.93. Meanwhile, the S&P 500 fell 43.25 points, or 1.8pc, to 2,356.71, it's biggest drop sinc Sep 9. The Nasdaq was down 158.636 points, or 2.57pc, at 6,011.23. US stocked slumped on the back of reports which emerged on Tuesday night that Mr Trump asked the former FBI director, James Comey, to end an investigation into his former national security adviser, Michael Flynn. VIX CLOSED ABOVE 15 TO 15.07, HIGHEST INTRADAY SINCE APRIL.

PRESS COMMENTARY

Britain will “pay a price” for stopping the free movement of workers in Europe, Angela Merkel said yesterday as she warned of tit-for-tat measures in response to changes to consumer or environmental protections after Brexit, Times.

COMPANY NEWS

Cineworld Revenue Grows, on Track to Meet FY Expectations.

Land Securities Increases Dividend as Development Pays Off.

Inmarsat to Focus on Network Expansion Before Deals, CEO Says.

National Grid FY Adjusted Operating Profit Beats Est.

3i Group Total Returns Rise 93 Percent on Infrastructure Gains.

Experian PLC said fiscal 2017 pretax profit rose 11% and it would buy back $600 million worth of shares in the new fiscal year.

Cairn Energy Says Senegal SNE-6 Well Being Plugged, Abandoned.

Balfour Beatty PLC said trading is in line with expectations and that it continues to make good progress on its transformation program.

Thomas Cook 1H Revenue GBP2.99b.

Hargreaves Lansdown Has 4-Month Inflows; Chairman to StepDown.

ConocoPhillips Lowers 2Q Production Guidance on FCCL Sale.

Cisco Revenue Forecast Disappoints, Hurt by Networking Shift.

Greggs 19-Weeks Total Sales Up 7.5% vs 5.7% in Year Ago Period.

Bloomsbury Publishing PLC reported a 8.9% fall in pretax profit for fiscal 2017, which it cited to investments in its digital growth strategy and the end of its seven year Qatar Foundation contract.

Nedbank’s First-Quarter Revenue Growth Slower Than Expected.

Rank Group LFL Revenue Edges Up, FY Expectations Unchanged.

Royal Mail FY Adjusted EPS Beats Est.

Kraft Heinz said to have lined up tens of billions in financing from banks to help buy Colgate-Palmolive.

Abcam PLC said it was set to make its final performance-based payment to AxioMx Inc, which it acquired in November 2015.

Rio Tinto to Improve Payment Terms for Some Smaller Suppliers.

Dairy Crest FY Revenue Misses Est.

Facebook Inc. may be fined as soon as Thursday by the European Union for misleading regulators during a 2014 review of the WhatsApp messaging service takeover, a person familiar with the situation said.

Hedge Funds Creep Into Valeant Seeing Rebound That Eluded Ackman.

Burberry Group Plc reported earnings that beat estimates as cost-cutting and improving consumer trends in China shored up the company’s performance as it prepares for the arrival of a new chief executive officer.

Investec FY Net Income Rises to 487.1m Pounds vs 423.1m Pounds, raises Dividend to 23p Vs 21p. Source Quilter Cheviot

Wealth Management in Spain

Financial Market Update 16/05/2017

The FTSE 100 is called to open 2 points higher at 7456
UK Gilt 10 Year Yield 1.136 Spot Gold $1234.64 +4.11 Brent Crude $52.11 +0.16

$ per £ 1.2911
€ per £ 1.1743
$ per € 1.0996

U.S. stocks climbed after equities posted their first back-to-back drop in almost a month, as commodity prices staged an early advance and financial shares rallied. The S&P 500 Index rose 0.5 percent to 2,402.32, a fresh record and first close above 2,400. The Dow Jones Industrial Average climbed 0.4 percent to 20,981.94, shy of its March 1 high, while the Nasdaq Composite added 0.5 percent to a record 6,149.67. Nine of 11 S&P 500 industry groups higher. S&P 500 Financials up 0.8% on gains in all but one company; Navient (NAVI) and Charles Schwab (SCHW) add at least 2.3%. Energy shares up 0.6% as WTI oil adds 2.2%. Utility, real estate and telecom shares lag broader market. Volume 11% below 30-day average in S&P 500 at this time. VIX up to 10.4.

PRESS COMMENTARY

Sky News: Virgin Money withdraws Co-op Bank interest.

Global IPOs Up 121% in 2017, JP Morgan Leads, Snap Inc Biggest.

Ford Plans to Cut About 10% of Global Workforce, WSJ Reports.

COMPANY NEWS

Vodafone Group PLC set its sights on more profit gains in the current year after achieving its organic growth target for fiscal 2017 and raised its final dividend a share by 2% to 10.03 cents, up 2%, giving total dividends per share of 14.77 cents.

Inmarsat says its fourth high-speed broadband communications satellite in the Global Xpress constellation was launched successfully by SpaceX.

BHP Billiton CEO: Olympic Dam Expansion Plans Progressing Well.

Warren Buffett’s Berkshire Hathaway Inc. spent the first quarter fine-tuning its investments in airlines and technology companies, and retreating from 21st Century Fox Inc.

EasyJet 1H Revenue Misses Est.

Novo to Lose Money on Brexit When Current FX Hedge Ends: Borsen.

Cairn Homes to offer as many as 33.7m Shares. Goodbody and BofA/ Merrill Lynch are bookrunners and Davy is acting lead manager, bbg report terms as to be at least €1.54/shr.

Crest Nicholson Holdings PLC said it is on track to deliver 10% growth in revenue in fiscal 2017.

BTG FY Rev. Beats Estimates, Sees FY18 Rev. Rising.

OM Asset Management Prices 17.3m Shares at $14.55 Each. Source Quilter Cheviot

Wealth management in Spain