Thursday, March 7, 2019

BREXIT & Spain Update by Patrick Macdonald at Blacktower.



The Council of Ministers of Spain met last Thursday in order to approve interim legislation aimed at protecting UK citizens living in Spain should the United Kingdom leave the European Union without a deal.
A summary of it has been released to the public, on which we are basing the following information, which we think you may find useful. In case new and relevant information is contained in the published law, we will send an update to this Newsletter.

Please note that measures approved are temporary and unilateral, which means that they will no longer be valid once the relevant period established has ended or if a bilateral agreement is reached between Spain and UK, or if a broader agreement is reached between the European Union and UK.

Another important requirement for those measures to apply is that United Kingdom provides similar treatment to Spanish Nationals living in the UK.

The measures that will affect circa 300.000 registered UK citizens living in Spain will be:

RESIDENCE PERMITS

British citizens residing in Spain before the date of withdrawal from the United Kingdom (March 29th, 2019) will fall in the general immigration regime after Brexit.

             All registered British residents in Spain will be considered legal residents after Brexit. In order to obtain permanent residency, prior periods of residence in Spain will be taken into account in accordance with the EU citizens' regime.
             In order to facilitate the documentation of all British citizens in Spain, the certificates of registration and family cards of citizenship of the Union will remain valid until the issuance of new documents under the general regime of foreigners.

This means that the current green residence cards or residence A4 papers that you hold will remain temporarily valid until the end of year 2020. After January 2021, UK citizens will be expected to exchange their EU resident cards for a Non-EU residence cards.

For those British citizens that do already hold a permanent residence card, the exchange process will be virtually automatic. We strongly advise British citizens living in Spain, who do not hold a residence card yet, to register as resident before Brexit at the Foreigner’s Police Station before March 29th.

DRIVING IN SPAIN

Spain has granted a 9 month period following Brexit to exchange UK driving licences for Spanish driving licences. If you are a UK licence holder living in Spain from that date, in the event that there is no EU Exit deal, and no bilateral agreement, you may have to pass a Spanish driving test to be able to carry on driving in Spain.

Residents in Spain should consider exchanging your UK driving licence for a Spanish driving licence as soon as possible. Increased demand may lead to longer processing times and delays to exchanging driving licences.

HEALTH ASSISTANCE

Spain will continue rendering health assistance to UK citizens who have either an EHIC card, or that have transferred their UK health rights into Spain in the same way as before Brexit - at least during April and May 2019.

After June 2019, rendering of health services to UK citizens will depend on:
           
             UK guaranteeing that Spanish citizens also receive health assistance in the UK, which will be paid by the Spanish Government.
             UK reimbursing Spain for the cost of medical treatment of UK citizens receiving health assistance in Spain.


Friday, November 9, 2018

October 2018 - Market volatility

October has been a poor month for investors. Nervousness set in after the US Federal Reserve raised interest rates, as expected, in September but spoke quite firmly about the need to increase rates by more. At the same time, the yield on three-month US Treasuries (a proxy for cash) rose above inflation for the first time in a decade. US investors, if not the rest of us, now have other options for investing, apart from in equities.

Higher interest rates themselves are not necessarily a problem if economies are growing strongly, but together with the reversing of quantitative easing in the US (the Fed is reducing its stock of purchased bonds), does represent a tightening of liquidity conditions. This means less “firepower” to keep buying equities. At the same time, higher bond yields have increased the discount rate applied to future company earnings, thereby reducing their present value. This has put downward pressure on the share prices of highly rated growth stocks. Meanwhile, economic growth (outside the US at least) has been slowing, while many companies are experiencing higher costs as wages rise and energy prices go up. Source Quilter Cheviot.

www.finance-spain.com

Monday, October 2, 2017

Financial Markets update 02/10/2017

The FTSE 100 is called to open 13 points higher at 7385
UK Gilt 10 Year Yield 1.357 Spot Gold $1274.55 -5.74 Brent Crude $56.55 -0.22
$ per £ 1.3358
€ per £ 1.1355
$ per € 1.1765
U.S. stocks surged to all-time highs while Treasuries slumped amid reports that President Donald Trump and Treasury Secretary Steven Mnuchin met with former Federal Reserve governor Kevin Warsh to discuss the role of Fed chair. The S&P 500 Index, Nasdaq Composite Index and Russell 2000 Index all set records, with the S&P 500 closing out its eighth straight quarterly gain. Trump, who also reportedly met with former Fed governor Jerome Powell, said he expects to make a decision on the central bank’s leadership in two to three weeks. Financial shares, which would stand to benefit from Warsh’s views on deregulation, helped spearhead the stock market gains as the KBW Bank Index leaped to the highest since March.  But despite the enthusiasm, some investors predicted that Warsh’s nomination would hurt equities.
PRESS COMMENTARY
• Financial Times: Wall Street investors have started trying to hedge against a possible deal to cut US corporate tax rates by buying up the stocks of companies that currently pay the highest effective rates, and therefore stand to benefit the most.
* Osirium Technologies New Buy at Stifel, PT 200p
COMPANY NEWS
RH-Close to acquiring US Cement maker Suwannee for $750m(B'berg)
Deutsche Bank to Pay $190 Million to Resolve Forex Claims.
Daily Mail 11-Month Revenue Gains 5%; FY Outlook Unchanged
Subsea 7 Says Subsea Integration Alliance Wins $150M-$300M Deal.
AstraZeneca May Move Some Operations in Case of Hard Brexit: DN
Daimler to Produce Mercedes Vehicles in France, Echos Says
Zurich Insurance CEO Says RSA Wouldn’t Be Good Buy Now: FT
Air France Says ‘Serious Incident’ Forced Diversion of A380
Numis M&A Speculation Builds After Povlsen Buys Stake: S.Times
Volkswagen Stops Sale of Ducati Unit, Fiom Union Leader Says
Vontobel Has Up to CHF600m for Swiss Acquisitions, NZZ Reports. Source Quilter Cheviot.


Tuesday, September 12, 2017

Financial Markets update 12/09/2017

The FTSE 100 is called to open 14 points higher at 7427.
UK Gilt 10 Year Yield 1.042 Spot Gold $1326.98 -0.74 Brent Crude $53.72 -0.65
$ per £ 1.3187
€ per £ 1.1021
$ per € 1.1966
U.S. stocks rallied to record highs Monday as Hurricane Irma weakened without causing as much damage as many had feared, and a North Korean holiday passed without new missile launches. Financial and technology companies lead the way. The Standard & Poor's 500 index climbed 26.68 points, or 1.1 percent, to 2,488.11. The Dow Jones industrial average soared 259.58 points, or 1.2 percent, to 22,057.37. The Nasdaq composite advanced 72.07 points, or 1.1 percent, to 6,432.26. The Russell 2000 index of smaller-company stocks surged 15.40 points, or 1.1 percent, to 1,414.83.
PRESS COMMENTARY  
London has held on to its position as the world’s most attractive financial centre, while New York has fallen amid concerns about President Trump’s trade policy, Times.
The pound rose to a three-and- a-half-week high against the euro yesterday amid speculation that the Bank of England will signal that it plans to raise rates sooner than the markets are expecting, Times.

COMPANY NEWS  
JD Sports Fashion PLC said continued sale growth in the core U.K. and Ireland sports fashion division has led to a 33% jump in first half pretax profit.
AA PLC said that it had preliminary talks with Hastings Group Holdings PLC (HSTG.LN) in early summer to explore a possible merger of its insurance business with Hastings.
Ashtead First Quarter Adjusted Ebitda GBP431.1 Mln.
Hilton Food Group PLC reported 10.4% rise in first half pretax profit, on the back of strong volume growth, and said that full year outcome is expected to be in line with board's expectations.
Redrow Placing AT 590P/SHR...6.5% discount.
Cairn Homes says Michael Stanley and Kevin Stanley, directly or through entities controlled by or connected to them, and Emerald Everleigh Limited Partnership propose to sell about 15.65m of its shares.
Premier Oil to Sell Wytch Farm Interests to Verus for $200 m Cash.
Standard Bank Joint CEO Ben Kruger Steps Down. Source Quilter Cheviot.




Wednesday, July 19, 2017

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.

Thursday, July 13, 2017

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

Thursday, July 6, 2017

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

Wednesday, June 14, 2017

Financial Markets Update 14/06/2017

The FTSE 100 is called to open 1 point higher at 7501.
UK Gilt 10 Year Yield 1.031 Spot Gold $1268.90 +2.27 Brent Crude $4844 -0.39
$ per £ 1.2748
€ per £ 1.1369
$ per € 1.1214

Asian equities were mixed, with solid gains in Australia and New Zealand offset by China, where markets weakened despite data showing resilience in retail sales and industrial output. The dollar held declines and Treasuries edged higher ahead of the Federal Reserve’s policy decision. South Korea’s benchmark gave up earlier gains that came on the back of U.S. stocks climbing to all-time highs as technology stocks rebounded. Economic data from China were largely in line with forecasts, but stocks slipped on concerns regulators will place further curbs on insurers’ investments. The yen was little changed, while sterling fell after rising for the first time since the U.K. election. Oil also resumed its decline as industry data showed U.S. crude stockpiles expanded, exacerbating an inventory overhang. A rebound in tech shares on Tuesday in Asia carried through to U.S. trading, restoring what had been a key driver for global equity gains.
PRESS COMMENTARY  
The Times: Philip Hammond is preparing to lead a battle within the government to soften Brexit by keeping Britain inside the EU customs union.
The Daily Telegraph: The City of London has warned Brussels that attempts to grab large parts of its euro clearing market will put financial stability at risk as EU bureaucrats unveiled plans to move big clearing houses inside the bloc after Brexit.
COMPANY NEWS  
Zara owner Inditex SA reported quarterly earnings that rose at the fastest pace in almost two years as online sales bolstered growth at the Spanish clothing retailer. Operating profit gained 18 percent to 834 million euros ($936 million) in the three months through April, Inditex said in a statement Wednesday. Analysts expected 832 million euros.
Bellway PLC (BWY.LN) said it will report 10% growth in home sales for fiscal 2017, ahead of original expectations, but added that the average price for its homes remained at 260,000 pounds ($334,987).
British American Tobacco PLC (BATS.LN) said trading for the year to date is in line with its expectations, and that earnings are expected to benefit from the current weakness of the British pound.
3i Group Plc, the U.K.’s largest publicly traded buyout firm, is in talks with banks about refinancing Scandlines’ debt in preparation for a potential sale, according to people familiar with the matter.
WH Smith PLC (SMWH.LN) reported a mixed sales performance for the 15 week period to June 10, and said it remains confident in the outcome for the full year.
Biffa Says FY Ebitda Rises, Plans Maiden Dividend. Biffa underlying Ebitda up 12.6% to GBP137.7m. Maiden dividend of 2.40p per share proposed
Fiat diesels emitted pollution by 3-20 times government limits, according to Daniel Carder, director of West Virginia University’s Center for Alternative Fuels, Engines and Emissions, the same lab that uncovered the VW scandal.
Billionaire Paul Singer’s Elliott Management Corp. is demanding BHP Billiton Ltd.’s incoming chairman review the management team and refresh the board as a widening activist campaign shifts up a gear to target the leadership of the world’s largest mining company.
Ryanair in talks to place an order for Boeing’s proposed new 737 Max 10 jetliner, Reuters says, citing two people familiar. Boeing, Ryanair spokesmen declined to comment. Source Quilter Cheviot




                

Friday, June 2, 2017

Market Update 02/06/2017

The FTSE 100 is called to open 46 points higher at 7589.
UK Gilt 10 Year Yield 1.071 Spot Gold $1261.10  -4.87 Brent Crude $50.32 -0.27.
$ per £ 1.2878
€ per £ 1.1479
$ per € 1.1220

U.S. stocks climbed after a slew of economic data that was mostly better than expected, an announcement by President Trump that the U.S. will exit the Paris climate accord and a rally in financial shares that was the best in more than a month.
* S&P 500 up 0.8% to 2,430.06
* Dow Industrials up 136 points to 21,144.18
* Russell 2000 index up 1.9%, the most in 3 months
* Financial stocks rallied in the final hour of trading to cap the biggest 1-day jump since April 24
PRESS COMMENTARY
• Financial Times: President Donald Trump has withdrawn the US from the Paris climate accord, prompting widespread criticism from allies and business leaders as America became one of only three nations to oppose the 2015 global pact to combat climate change.

• The Times: Britain could be heading for another property recession, an expert said after figures showed the longest sustained dip in house prices since the peak of the financial crisis.
COMPANY NEWS  
CD&R and SSA Investments announce that they have sold an aggregate of 125,000,000 ordinary shares in B&M, representing approximately 12.5% of B&M's issued ordinary share capital, at a price of 363.4 pence per share raising aggregate gross sale proceeds of £454.3m.
Inmarsat PLC (ISAT.LN) said it will build another Global Xpress broadband network communications satellite for $130 million in the next three years. The satellite will cover the Middle East, Europe and the Indian subcontinent and should be launched in 2019, the company said.
National Grid announces that it is to commence its £835 million share buy-back programme to repurchase ordinary shares in the capital of the Company, expected to be carried out in not less than two tranches. The sole purpose of the Programme is, as previously announced, to reduce the share capital of the Company as part of the return of proceeds to shareholders following the sale of a majority interest in the Company's UK gas distribution business.
Wendel plans to sell 20m Saint-Gobain shares, or a stake of about 3.6%, in a private placement through accelerated bookbuilding, co. says in statement.
GSK and ViiV Healthcare, the specialist HIV company majority-owned by GSK, submitted for a single-tablet, two-drug regimen of dolutegravir (Tivicay) and rilpivirine (Edurant) for the maintenance treatment of HIV-1 infection, GalxoSmithKlein says in statement.


Volvo Cars May Sales Rise 12.2% to 47,247 Vehicles. Source Quilter Cheviot.

Friday, May 26, 2017

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

Thursday, May 18, 2017

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


Tuesday, May 16, 2017

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

Friday, April 28, 2017

Financial Markets Update 28/04/2017

The FTSE 100 is called to open 8 points higher at 7245
UK Gilt 10 Year Yield 1.061 Spot Gold $1265.65 +1.27 Brent Crude $52.32+0.47
$ per £ 1.2903
€ per £ 1.1869
$ per € 1.0871
Asian equities retreated, trimming a fourth straight monthly gain for the regional benchmark index, as geopolitical concerns intensified and investors assessed corporate earnings before a report on growth in the world’s largest economy. The MSCI Asia Pacific Index dropped after climbing for six straight sessions. Results at Amazon.com Inc. and Alphabet Inc. buoyed Nasdaq futures. Crude climbed back above $49 a barrel after tumbling on concern over a supply glut. The yen strengthened, weighing on Tokyo shares. The euro held losses after the European Central Bank signaled its commitment to stimulus even as the region’s economy firms. Geopolitical concerns continued to loom over the markets.
Donald Trump said he sees the chance of a “major, major conflict” with North Korea over its nuclear program, though he prefers a diplomatic solution, according to an interview with Reuters.
PRESS COMMENTARY
The Trump administration unveiled what it called the biggest tax cuts “in history” on Wednesday, in a move that will simplify the US tax system, slash taxes, eliminate inheritance taxes and set the president on a collision course with Congress over the likely $2 trillion-plus cost of the proposal, Guardian.
COMPANY NEWS
Royal Bank of Scotland Group Plc reported a quarterly profit for the first time in more than a year as Chief Executive Officer Ross McEwan stepped up the pace of cost- cutting.
Barclays PLC said Friday that net profit fell by more than half in the first quarter of the year, as the U.K. bank took a write-down on the value of its African business.
Nomura Holdings Inc. is disposing of a stake in Standard Chartered Plc valued at almost $500 million through a stock sale to institutional investors Thursday, according to transaction terms.
Old Mutual PLC (OML.LN) said Friday its wealth management business has recorded 6% growth in first quarter funds under management and has appointed a new finance head.

UBS Group AG said Friday its net profit jumped during the first quarter, exceeding analyst expectations, buoyed by strong income growth in its investment-banking and wealth-management units.
Technology firm Laird PLC (LRD.LN) said Friday that its performance for the first quarter of the year was in line with its expectations and provides a solid start to 2017.
Renault CFO Delbos Sees Risk of Diesel Decline Going Forward. Renault saw no major impact of diesel decline in 1Q, CFO Clotilde Delbos says in conference call.
Linde AG, the German industrial gas company planning to combine with Praxair Inc., reported first-quarter profit that beat estimates and said orders rose at the engineering division even as demand for new plants remained sluggish.
Sanofi, the French drugmaker grappling with declining sales of its best-selling insulin for diabetes, warned things will get worse in the months ahead.
Zodiac Aerospace SA said Chief Executive Officer Olivier Zarrouati is ready to step down as the aircraft- seat maker pushes to seal a takeover by Safran SA, after a first-half loss revealed the extent of its troubles.
Rotork PLC (ROR.LN) said Friday that group order intake and revenue during the first quarter of the year increased 19.7% and 14.5% respectively, as a result of favorable exchange rates and the contribution from acquisitions. Source Quilter Cheviot



Thursday, April 27, 2017

Financial Market Update 27/04/2017

The FTSE 100 is called to open 27 points lower at 7261
UK Gilt 10 Year Yield 1.080 Spot Gold $1267.09 -2.19 Brent Crude $52.20 -0.17
$ per £ 1.2881
€ per £ 1.1814
$ per € 1.0903
Stock indexes wobbled between modest gains and losses Wednesday, as the White House unveiled broad outlines of its plan to slash tax rates but left many of the details to be determined. The S&P's 500 index slipped by 1.16 points, or less than 0.1 percent, to 2,387.45. The Dow Jones industrial average lost 21.03 points, or 0.1 percent, to 20,975.09. The Nasdaq composite slipped 0.27 points, or less than 0.1 percent, to 6,025.23. The Russell 2000 index of smaller-company stocks rose 8.35, or 0.6 percent, to 1,419.43.
PRESS COMMENTARY
The Trump administration unveiled what it called the biggest tax cuts “in history” on Wednesday, in a move that will simplify the US tax system, slash taxes, eliminate inheritance taxes and set the president on a collision course with Congress over the likely $2 trillion-plus cost of the proposal, Guardian.
 COMPANY NEWS
AstraZeneca Plc’s first-quarter profit jumped 4 percent, beating analysts’ estimates, as the company pared expenses amid declining sales of old blockbusters.
BASF SE reported its highest quarterly profit in close to five years, bolstered by recovering crude prices and demand for materials and chemicals used in car parts and construction.
WPP Plc said first-quarter revenue rose 17 percent as currency swings and acquisitions lifted sales, and said new-business momentum picked up.
Total SA posted a 56 percent increase in first-quarter profit, beating analysts’ estimates as crude prices rebounded and the French giant continued to cut costs while increasing oil and gas production.
DS Smith Says Volume Growth Has Been ’Good’.
Taylor Wimpey PLC said Thursday it is well positioned to achieve its medium term targets as strong customer demand helped lift its order book during the first quarter of the year.
Lloyds isn’t getting bruised by Brexit so far. Britain’s largest mortgage bank boosted its target for lending margins this year, even amid record-low U.K. interest rates introduced in the wake of the nation’s vote to leave the European Union.  
Cobham Says Expectations for Financial Year Remain Unchanged.
Nokia Oyj reported first-quarter sales that topped analysts’ estimates as a slump in wireless-network demand began to stabilize and the company reaped more revenue for its patents.
Schroders PLC reported a rise in first-quarter assets under management, adding the business has continued to perform well in the first three months of 2017.
Deutsche Bank AG’s John Cryan is keeping investors waiting for the return to growth he promised, as trading revenue at Europe’s largest investment bank trailed peers in the first quarter.
Weir Group IMS Solid, Triggers Slight Rise in Estimates: Goldman.
Meggitt Says 1Q Trading In Line With Expectations.
Vodafone Group PLC and Proximus have renewed their strategic partnership for Belgium and Luxembourg for a further five years, the U.K. telecom company said Thursday.
Hermes Q1 Sales Rise 13.5% to EUR1.35 Billion.
Persimmon PLC reported a strong start to calendar year 2017, with total forward sales revenue including legal completions in the year to date up by 11% from last year at 2.56 billion pounds ($3.30 billion).
Aggreko News Demand Surges; Stock Advanced 5.5%.
Countrywide PLC Thursday maintained its full year expectations as it reported that the company's performance during the first quarter of the year has been in line.
Travis Perkins Says Start to 2017 Is in Line With Expectations.
N Brown Adj. Pretax Profit Falls 8.7%; Gross Margin Drops.
Jardine Lloyd Thompson Group PLC said  it has made a good start to 2017 and the company remains confident of delivering organic revenue growth in line with historical rates, generating sustained year-on-year financial progress. Source Quilter Cheviot



Tuesday, April 25, 2017

Market update 25/04/2017


The FTSE 100 is called to open 88 points higher at 7202
UK Gilt 10 Year Yield 1.033 Spot Gold $1270.98 -13.49 Brent Crude $52.72 +0.39
$ per £ 1.2787
€ per £ 1.1786
$ per € 1.0848
A relief rally fueled by speculation that pro-growth centrist Emmanuel Macron will become France’s next president was marred by a selloff in Chinese shares. The euro jumped the most in a month while European equity futures soared after Macron and far-right nationalist Marine Le Pen won the first round of voting. The yen retreated and volatility ebbed, with gold dropping and 10-year Treasury yields climbing. U.S. stock-index futures rose and Japanese shares led Asian equity gains. Shanghai shares tumbled to the lowest since January amid heightened regulatory scrutiny. Investors have been anxiously viewing the French vote in the wake of last year’s Brexit referendum and Donald Trump’s victory in U.S. elections. The result, in which both establishment parties were eliminated, triggers a runoff on May 7 between two radically different visions of the country’s future. Le Pen, who wants to take France out of the euro and clamp down on immigration, has trailed Macron, a committed globalist, in almost every opinion poll for the runoff by a margin of some 20 percentage points.
PRESS COMMENTARY
• The Times: Europe’s highest court could still rule the City years after Brexit under plans being considered by the government in order to win a wider agreement on access to the single market.
Software AG Cut to Hold at HSBC, PT EU40
COMPANY NEWS
Philips 1Q Rev. Beats Est. Philips 1Q rev. EU5.7b, est. EU5.69b (range EU5.62b-EU5.8b).
Computacenter says trading update is published earlier due to co.’s performance in 1Q and the improved outlook for the full year.
LafargeHolcim Ltd. Chief Executive Officer Eric Olsen has resigned amid an investigation into payments the company made to keep a cement plant operating in war-torn Syria, funds that may have ended up in the hands of Islamic State.
Becton Dickinson to Buy C.R. Bard for $24 Billion. Becton will pay $317 per common share in cash and stock in a deal approved by board of both companies, according to statement on PRNewswire.
British Telecom has filed a criminal complaint with Italian prosecutors over an accounting scandal at its Italian unit, Reuters reports, citing the complaint it reviewed.
Interserve, the international support services and construction group, has won a £36.5 million contract to design and build a new secondary school in Caldicot, Monmouthshire, South Wales. Source Quilter Cheviot

Thursday, April 20, 2017

MARKET UPDATE 20/04/2017

We´re back!
The FTSE 100 is called to open 4 points lower at 7110.UK Gilt 10 Year Yield 1.063 Spot Gold $1279.01 -1.19 Brent Crude $53.45 +0.17
$ per £ 1.2804 € per £ 1.1938 $ per € 1.0725
U.S. stocks ended the day lower as an early rally in financial companies reversed and as plunging crude oil prices sent energy shares lower. S&P 500 down 0.2% to 2,338.17. Dow Industrials closed down 119 points, or 0.6%, to 20,404.49. Financials slid 0.3% after gaining as much as 1%. Utilities, real estate and staples weakended as the 10-year Treasury yield jumped to 2.21% from 2.17%. Stock movers inc Up: Intuitive Surgical (ISRG), Lam Research (LRCX), Mettler-Toledo (MTD) and down: IBM (IBM), Textron (TXT), Archer-Daniels Midlands (ADM). VIX climbed to 14.9. About 6.6b shares traded hands on U.S. exchanges, roughly in line with the one-year average.
PRESS COMMENTARY
The International Monetary Fund has revised up its UK growth forecast for the second time in three months; the IMF said it now envisaged the British economy expanding by 2% in 2017, Guardian.
Soaring fee income from bond trading helped Morgan Stanley to beat expectations on Wall Street, Times
COMPANY NEWS
Unilever PLC reported stronger underlying sales for the first quarter, as it raised prices, while headline results were helped by currency volatility.
Sky PLC said additional costs relating to Premier League soccer and a weaker U.K. advertising market led to a 11% drop in adjusted operating profit for first nine months of fiscal 2017.
Publicis Groupe SA posted first-quarter sales that beat analysts’ expectations and forecast a return to growth in the second half as Chief Executive Officer Maurice Levy prepares to hand over to Arthur Sadoun in June.
Man Group PLC said strong fund inflows, positive investment performance and weakening of the dollar against certain other currencies has led to a sharp rise in quarterly funds under management, or FuM.
Debenhams Profit Meets Estimates; New Strategy Detailed.
Senior PLC said trading since January has been in line adding that it expects 2017's performance in line with its expectations.
Pershing Square to Repurchase Up to 5% of PSH Outstanding Shares.
Telecom Plus Says Customer, Service Numbers Grow; Raises Div.
Go-Ahead says 3Q trading in line with management expectations; full-year expectations for both bus and rail divisions unchanged from update given on Feb. 28.
Acacia Mining PLC reported Thursday 6% growth in first-quarter revenue to $234 million on increased production from its North Mara mine and a rise in gold prices.
John Laing Environmental Assets Group said it bought a wind farm for 22.7 million pounds ($28.5 million). Source Quilter Cheviot.

www.finance-spain.com

Thursday, December 1, 2016

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

Tuesday, November 8, 2016

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

Tuesday, October 11, 2016

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