Highlights of the Day
Asian Markets
Were lower, with China and Hong Kong leading the way with declines around 1%. Korea and Taiwan were also down, following the pullback in the Technology Index in the U.S. overnight. |
U.S. Markets
U.S. stocks were mixed, as gains in the Oil & Gas, Telecoms and Utilities sectors offset losses in the Technology, Basic Materials and Healthcare sectors. |
Today's News
UK permanent job placement growth softened to a five-month low in May, the Report on Jobs published by IHS Markit and the Recruitment & Employment Confederation showed Friday. Permanent staff appointments increased markedly in May, but the pace of expansion was the softest seen so far this year. In contrast, temp billings expanded at the quickest rate in five months.
Boris Johnson has warned of a Brexit “meltdown” and branded the Treasury the “heart of Remain” in unguarded comments at a private dinner. At the gathering of the Conservative Way Forward, a Thatcherite campaign group, he said exit talks were approaching a “moment of truth”. The Foreign Secretary said he believed Brexit will happen and would be “irreversible” but the “risk is that it will not be the one we want”.
BT Group chief executive Gavin Patterson will step down later this year after the telecoms giant’s board wielded the axe after pressure from major shareholders.
Merlin Entertainments said it had appointed Andrew Fisher as a new non-executive director. Andrew was currently executive chairman of Shazam was previously European managing director of Infospace.
Kaz Minerals said Nonferrous China, or NFC, would invest $70m into the company’s Koksay project. Following the $70m investment, which is subject to regulatory approvals in Kazakhstan and China, NFC would hold a 19.4% stake in Kaz Minerals’ Koksay project.
Games Workshop said sales and profit growth had continued in the period to the end of the financial year on June 3. For the 53 weeks to 3 June, the company said it expected group sales of approximately £219m and a profit before tax at or above £74m. Royalties received from licensing are expected to come in at close to £10m.
Lloyds Banking Group said it had sold its 3.3% remaining stake in Standard Life Aberdeen at a price of 352.5p per share raising proceeds of £344m. There would be no impact on the income statement as the investment had been accounted for at fair value through other comprehensive income, Lloyds said.
Takeda Pharmaceutical said it entered into a term loan credit agreement to fund the cash portion of its multi billion acquisition of Irish rival Shire. The $7.50bn loan credit has been funded by several financial institutions including JPMorgan Chase Bank NA, Sumitomo Mitsui Banking Corporation, MUFG Bank Ltd and Mizuho Bank Ltd.
Oil Prices gave up earlier gains and fell as surging U.S. output as well as signs of weakening demand in China weighed on markets
Gold Prices held steady on as investors remained cautious ahead of a G7 meeting.
Companies Reporting this week
Day |
Companies |
Monday: |
– |
Tuesday: |
AO World |
Wednesday: |
RPC Group * Workspace Group |
Thursday: |
CMC Markets * Auto Trader |
Friday: |
– |
Early Market Movements
Market |
Index |
Change |
% Change |
UK 100 |
7,655.6 |
-48.8 |
-0.6% |
UK 250 |
21,077.9 |
-76.8 |
-0.4% |
GER 30 |
12,667.3 |
-143.7 |
-1.1% |
FRA 40 |
5,411.0 |
-37.4 |
-0.7% |
U.S. 30 |
25,241.41 |
+95.02 |
+0.4% |
U.S. 500 |
2,770.37 |
-1.98 |
-0.1% |
OIL (Crude) |
76.87 |
-0.45 |
-0.6% |
GOLD |
1,295.20 |
-1.98 |
-0.2% |
UK Risers & Fallers (8:15am)
Market |
Index |
Change |
% Change |
UK 100 |
7,655.6 |
-48.8 |
-0.6% |
UK 250 |
21,077.9 |
-76.8 |
-0.4% |
GER 30 |
12,667.3 |
-143.7 |
-1.1% |
FRA 40 |
5,411.0 |
-37.4 |
-0.7% |
U.S. 30 |
25,241.41 |
+95.02 |
+0.4% |
U.S. 500 |
2,770.37 |
-1.98 |
-0.1% |
OIL (Crude) |
76.87 |
-0.45 |
-0.6% |
GOLD |
1,295.20 |
-1.98 |
-0.2% |
Latest Broker Views
Company |
Broker |
Recommendation |
Price |
Target |
Just Eat |
Jefferies |
Buy |
859 |
1050 |
AB Foods |
Barclays |
Overweight |
2706 |
3400 |
Rio Tinto |
JPMorgan |
Neutral |
4450 |
5000 |
Anglo American |
JPMorgan |
Overweight |
1882 |
2060 |
Forthcoming Economic Data
Time/Date |
Previous |
Forecast |
Outcome |
All Day: G7 Meetings |
– |
– |
– |
Sources
https://www.marketwatch.com/story/asian-markets-slide-lower-dragged-by-tech-stocks-2018-06-07
https://www.investing.com/news/stock-market-news/us-stocks-mixed-at-close-of-trade-dow-jones-industrial-average-up-038-1485117
https://www.reuters.com/article/us-global-oil/oil-prices-rise-on-ongoing-venezuelan-supply-trouble-idUSKCN1J403W
https://uk.reuters.com/article/global-precious/precious-gold-prices-tread-water-ahead-of-g7-us-fed-meetings-idUKL3N1TA17H
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1528441168722050000.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1528436370131739000.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1528435721631717000.html
http://www.stockmarketwire.com/article/6004422/Merlin-Entertainments-appoints-Shazams-Andrew-Fisher-as-a-director.html
http://www.stockmarketwire.com/article/6004419/Kaz-Minerals-says-NFC-to-invest-70m-in-Koksay-project.html
http://www.stockmarketwire.com/article/6004379/Games-Workshop-declares-dividend-as-sales-profit-growth-continue.html
http://www.stockmarketwire.com/article/6004350/Lloyds-Banking-Group-sells-3-point-3pct-stake-in-Standard-Life-Aberdeen-for-pound344m.html
https://uk.webfg.com/news/news-and-announcements/bt-boss-patterson-axed-after-shareholder-pressure–3336591.html
https://www.bbc.co.uk/news/live/business-44334749