Latest Financial Markets update

The FTSE 100 is called to open 25 points higher at 7415

UK Gilt 10 Year Yield 1.204 Spot Gold $1239.88 -2.44 Brent Crude $48.82 -0.16

$ per £ 1.3045

€ per £ 1.1312

$ per € 1.1533

U.S. stocks fell and the dollar slid to an 11-month low as President Donald Trump’s economic revitalization agenda once again faltered. European shares dropped amid earnings disappointments, and gold climbed to the highest in two weeks. The S&P 500 Index was lower, with financial and health care shares among the leading decliners. The Stoxx Europe 600 Index fell following a grim earnings report from Ericsson AB. Iron ore futures hit their highest since May on strong demand from Chinese steel mills.

While many traders had already dialed back their expectations Trump will be able to execute his pro-growth policies, the apparent death of the health-care bill lent a risk-off tone to markets. Some notable investors have become less sanguine as global equities continue to trade near record highs.

PRESS COMMENTARY

• Financial Times: Goldman Sachs has suffered its worst ever quarter in commodities, leaving the bank’s overall fixed-income division with a 40% collapse in revenue and putting it on course to dramatically underperform its Wall Street rivals for the second quarter in a row.

• The Times: Three million Mercedes-Benz cars will be hauled off the road to cut emissions amid growing concerns over pollution from diesel engines, it was announced yesterday.

COMPANY NEWS

Daimler AG is seeking to head off a growing crisis over potential emissions cheating by voluntarily recalling more than 3 million Mercedes-Benz diesel vehicles in Europe.

IBM reported operating earnings per share for the second quarter that beat the highest analyst estimate.

TalkTalk revenue in the three months ended June 30 fell 3.2% percent year over year, driven by effects of consumer contract activity, co. says in a statement.

Severn Trent raised its guidance for its business services division following the disposal of its North American business. The company expects its full-year performance to be in line with previous guidance.

Volvo AB’s second-quarter operating profit jumped 39 percent as the Swedish truckmaker delivered more vehicles and demand for construction machinery increased.

TT Electronics to sell Transportation Sensing and Control division to AVX Corporation, through its subsidiary AVX Limited, for GBP118.8m cash on a cash free, debt free basis.

ASML Holding NV forecast third-quarter sales barely topping analysts’ estimates, as Europe’s largest semiconductor-equipment maker won orders for eight more of its newest lithography machines in the second quarter.

Apple Inc. has appointed one of its top wireless software engineers the new head of its Chinese operations, as it tries to reverse a persistent sales decline in its largest market after the U.S.

Aviva sells Friends Provident International Ltd. to RL360 Holding Co. Ltd., a subsidiary of International Financial Group Limited, for a total consideration of GBP340m.

RPC Group 1Q trading was strong, with cash flow and merger synergies on target and the group announcing a GBP100m share buyback.

Akzo Nobel NV Chief Executive Officer Ton Buechner stepped down because of ill health.

McCormick & Co. agreed to acquire Reckitt Benckiser Group Plc’s food business for $4.2 billion, a deal that would add French’s mustard and Frank’s RedHot sauce to the spice giant’s lineup.

BHP. Fourth-Quarter Iron Ore Output Rises 8% on Expansions.

Micro Focus Kevin Loosemore,exec chairman, buys £1.1m shares. Source Quilter Cheviot.

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Financial Markets Update 13/07/2017

The FTSE 100 is called to open 2 points higher at 7418.

UK Gilt 10 Year Yield 1.259 Spot Gold $1223.03 +2.44 Brent Crude $47.77 -0.86

$ per £ 1.2913

€ per £ 1.1280

$ per € 1.1447

U.S. stocks closed broadly higher Wednesday, led by solid gains in big technology companies. Investors welcomed remarks from Federal Reserve chair Janet Yellen before a Congressional committee. Yellen raised the possibility that the Fed would consider slowing the pace of its interest rate increases if inflation remains persistently below its target level. The Standard & Poor's 500 index rose 17.72 points, or 0.7 percent, to 2,443.25. The Dow Jones industrial average gained 123.07 points, or 0.6 percent, to 21,532.14, a record. The Nasdaq composite added 67.87 points, or 1.1 percent, to 6,261.17. The Russell 2000 index of smaller-company stocks picked up 11.27 points, or 0.8 percent, to 1,424.32.

PRESS COMMENTARY

Investments in private tech companies in Asia have topped those in the US for the first time following a series of giant funding rounds backed by investors keen to cash in on the region’s surging digital markets, FT.

 COMPANY NEWS

ASOS PLC reported a 32% rise in retail sales for the four months ended June 30, and said it expects sales for the year to be at the upper end of the 30%-35% range.

Babcock International Group PLC said the financial year from April 1, has begun well in line with the group's expectations.

Premier Oil PLC exceeded its half year production guidance, lowered its cash cost and said it will update its guidance for the full year once the summer maintenance programs have been completed.

BTG PLC' strong performance has continued into the new financial year and the company is on track to achieve its product sales growth target in fiscal 2018, the global specialist healthcare company's CEO said.

Saint-Gobain Estimates Cyber Attack Impact On 1H Sales At 1%.

N Brown Group PLC expects to pay between 35 million pounds ($45.2 million) and GBP40 million compensation to customers that were sold certain flawed insurance products between 2006 and 2014.

Game Digital PLC said that Sports Direct International PLC acquired 44 million shares, equivalent to 25.75% of the share capital of the group.

Alstom 1Q Sales Rise 6% Y/y, Maintains 2020 Targets.

Storebrand Second Quarter Net Income Beats Highest Estimate.

Casino’s France Same-Store Sales Rise 1.8% in 2Q, Led by Food.

Oxford Biomedica to Benefit as Novartis Drug Wins FDA Pane.

Reckitt to File Its First CBCR Tax Return to UK’s HMRC by Dec. Source Quilter Cheviot

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MARKET UPDATE 06/07/2017

The FTSE 100 is called to open 2 points higher at 7369.

UK Gilt 10 Year Yield 1.258 Spot Gold $1225.29 -1.75 Brent Crude $48.25 +0.41

$ per £ 1.2941

€ per £ 1.1416

$ per € 1.1335

U.S. stock indexes were mixed Wednesday as energy companies skidded along with oil prices, but technology stocks rose and reversed a portion of their recent losses. The Standard  Poor's 500 index gained 3.53 points, or 0.1 per cent, to 2,432.54. The Dow Jones industrial average lost 1.10 points to 21,478.17. The Nasdaq composite picked up 40.80 points, or 0.7 per cent, to 6,150.86. The Russell 2000 index of smaller-company stocks fell 6.54 points, or 0.5 per cent, to 1,420.15. Ex divs of note HSV -11.2p , PNN -24.87p,  NXT -£1.05 +0.45p special.

PRESS COMMENTARY

FT mkt report picked up on broker research to suggest BRW could be consolidation target.

EasyJet’s McCall Is Said to Be ITV Top CEO Candidate: Guardian

Ten luxury apartments at the top of the Shard have still not been sold four years after Britain’s tallest building opened to the public, Times.

COMPANY NEWS

AB Foods says strong performance at Primark in 3Q has slightly improved its outlook for the full year.

Reckitt Benckiser now sees full-year like- for-like net revenue growth of around 2%, compared with its previous growth forecast of 3%, co. says in a statement.

Sodexo Expects FY2017-2018 Organic Rev. Growth of 2.5%-3%.

Novartis Gets EU Approval for Cosentyx Label Update.

IAG Fresh British Airways Strikes Announced to Coincide With t he Big Summer Getaway.

Great Portland Estates 1Q Shows Sustained London Tenant Demand.

Bovis Homes First-Half Trading In Line With Expectations.

EasyJet June Traffic Up 11.3%.

3i Infrastructure  Q'ly Trading statement: The portfolio overall continues to perform in line with expectations. Portfolio income totalled £20.8 million in the period. Non-income cash of £17.7 million was also received.

H&M to Almost Double Number of South Africa Stores.

Stolt-Nielsen Ltd. 2Q Net Pft $15.6M.

Just Eat Names Peter Plumb as CEO Starting September. Source Quilter Cheviot

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