|Day's Range||7,169.37 - 7,221.02|
|52 Week Range||6,536.50 - 7,903.50|
Yahoo Finance’s Scott Gamm tells Alexis Christoforous that he understands why the markets are reacting to Germany’s slowdown, considering it is the second biggest economy in Europe.
The FTSE 100 added 0.3 percent, lagging behind European peers as Brexit uncertainties kept a lid on gains, while the FTSE 250 firmed by 0.5 percent. After British lawmakers on Monday wrested control of the parliamentary agenda from the government for a day in the hope of breaking the Brexit deadlock, two eurosceptic MPs indicated they might support Prime Minister Theresa May's EU divorce deal rather than risk parliament cancelling the exit.
Britain’s biggest companies have been urged by MPs to cap “eye-watering” salaries for top bosses and align them more closely with their workers — or face a crackdown from the authorities. A report from parliament’s business select committee claimed that soaring CEO pay packages at FTSE 100 firms were a symbol of “corporate greed” and were tarnishing Britain’s reputation. Executive pay is set to overshadow forthcoming annual general meetings with increasing scrutiny from investors on lavish executive pension arrangements as well as pay.
Global stocks edge higher, with Asia rising for the first session in three, while investors continue to take cues on risk from movements in fixed income markets. U.K. Prime Minister Theresa May loses yet another Parliamentary vote on Brexit, which will see lawmakers vote for EU exit alternatives, as pressure mounts on her to resign her position. Global oil prices bump higher as OPEC+ production cuts add support to prices that remain near four-month highs.
Ferguson, the FTSE 100 plumbing and heating equipment supplier, warned its growth rate would cool in the second half of the year as it revealed plans to relocate its headquarters back to the UK from Switzerland for tax reasons. The group, formerly known as Wolseley, said profits for this year would be at the lower end of analysts’ expectations after it revised down its estimate for revenue growth. Shares in the company fell more than 7 per cent to £47.97 on Tuesday after investors were spooked that Ferguson’s weakened performance expectations reflected a serious slowdown in the US market, which represents 80 per cent of group sales and 90 per cent of profits.
The company also forecast higher revenue for the year ending March 31 as utilities in Britain benefit from outcome delivery incentives (ODIs) paid by regulator Ofwat for meeting or exceeding targets including project completions. United Utilities, which supplies water to 3 million homes and 200,000 businesses in the north-west of England, said trading was in line with its expectations for the year ending in March 31. United Utilities warned in November that an extreme period of hot and dry weather during the summer had caused significant strain on its water resources and network, with reservoir levels running "extremely low".
Goldman Sachs “sell” advice weighed on Spectris , the precision instrumentation and controls specialist. Goldman told clients that Spectris was trading at a premium to peers in spite of weak relative growth, lacklustre cash conversion and a high correlation with industrial production trends. The broker also argued that Spectris had boosted returns by cutting the proportion of sales spent on research and development.
The Kazakh mining group ENRC, which fell out of the FTSE 100 more than five years ago following claims of fraud and corruption, is suing the UK Serious Fraud Office for £70m for alleged wrongdoing in the way it conducted its investigation. ENRC alleges that Neil Gerrard, a lawyer it hired to conduct an internal investigation after a whistleblower made claims of fraud and corruption, passed confidential information to senior officials at the SFO with whom he was friendly, according to a claim filed in the High Court this week. The miner, which was founded by a trio of Kazakh oligarchs, was once listed on the London Stock Exchange but was made private in 2013 after allegations of fraud and corruption surfaced concerning its activities in Kazakhstan and its acquisition of assets in Africa.
The FTSE 100 fell 0.4 percent and the domestically-focussed FTSE 250 shed 1.1 percent to hit its lowest since Feb. 12. Last week's cautious remarks from the U.S. Federal Reserve and weak manufacturing data from Germany and the United States once again raised concerns about the world economy, making stocks, generally considered riskier assets, less appealing.
Global equities plunge after the U.S. ten-year treasury yield inverts, Trump is cleared of colluding with Russia.
U.K. Prime Minister Theresa May will put a version of her Brexit withdrawal agreement to a vote in Parliament on Tuesday, according to local reports. This will be the third vote on May's deal, which has previously been rejected in January and earlier this month. The U.K. was scheduled to leave the European Union by March 29, but last week secured an extension that would postpone the deadline to June 30 if May's deal was supported by lawmakers. If the deal is rejected, the U.K. will have until April 12 to decide on next steps or leave the EU without a withdrawal agreement. The British pound pared earlier losses following the reports and was last up 0.2% at $1.3242.
US stocks steady as stronger-than-expected reading of German business sentiment takes sting from yield curve inversion following heavy selling overnight in Asia. U.S. Treasury curve slopes positive between 3-month bills and 10-year notes, after tipping into inversion for the first time since 2007 last week, as Chicago Fed President Evans plays down the chances of near-term recession. US equity sentiment gets a modest boost from Muller report conclusions, which suggest there was no Russian collusion with the Trump campaign during the 2016 election, even as many questions regarding the probe remain unanswered..
The FTSE 100 Index retreated 0.5 percent as Prime Minister Theresa May is hoping for one more chance to put the divorce agreement she’s negotiated with the European Union to a vote in the House of Commons this week. Oil stocks, including BP, fell, as Brent retreated.
Global stocks retreat on growth concerns as bond markets continue to suggest near-term recession in the world's biggest economy and manufacturing data hits multi-year lows. U.S. Treasury curve remains inverted between 3-month bills and 10-year notes after tipping for the first time since 2007 last week, although Chicago Fed President Evans plays down the implications for near-term recession. US equity sentiment gets a modest boost from Muller report conclusions, which suggest there was no Russian collusion with the Trump campaign during the 2016 election, even as many questions regarding the probe remain unanswered..
Brexit, U.S – China trade talks, the Robert Mueller Report and a mass of economic data will provide the markets with plenty to consider in the week ahead.
While a Brexit extension cut the Pound’s losses for the week, risk aversion and a yield curve inversion drove demand for the Greenback and the Yen.
The former Reed & Elsevier publishing company is transforming itself into a tech player powered by artificial intelligence. Investors should give the new RELX a fresh look.