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

Pensions and Investment advice in Spain

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

Independent Financial Advice

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

Wealth management in Spain

                

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.

Financial Advice in Spain

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