Highlights of the Day
Asian Markets
As early declines in Japan and South Korea moderated by late morning, stock indexes across Asia were little changed, roughly split between and up and down. |
U.S. Markets
Wall Street stocks finished solidly lower on revived trade war fears. Trade an issue, early in the day President Trump backed off a plan to impose tough new restrictions on Chinese investment in the United States. |
Today's News
BP said it has agreed to buy Chargemaster, the UK’s largest electric vehicle charging company. Chargemaster – to be rebranded as BP Chargemaster after the deal completes – operates the UK’s largest public network of EV charging points, with over 6,500 across the country. It also designs, builds, sells and maintains EV charging units.
Stagecoach slated its dividend as adjusted annual pre-tax profit and revenue slipped and the company reported a £85.6m increase in expenses as it prepares to transfer its Virgin Trains East Coast Business. For the 12 months to 28 April, adjusted pre-tax profit fell 4.1% to £144.8m, from £151.0m a year ago, revenue slipped 18.1% to £2.23bn, operating profit fell to £179.9m from £185.1m.
Greene King has benefitted from the Summer weather and the World Cup. Adjusted pre-tax profit for the year to the end of April fell 11.2% to £243m as revenue declined 1.8% to £2.18bn. Pub like-for-like sales fell 1.2% excluding the impact of snow in March but have revived to show a 2.2% increase in the last eight weeks.
JD Sports Fashion said it continues to be on track to deliver a full year in line with consensus market expectations, having opened a net 36 shops in its new financial year.
A group of Takeda Pharmaceutical shareholders has failed in its bid to try to block Japanese company’s $62bn takeover of Shire. The group’s proposal that the board should be required to gain advance shareholder approval for large acquisitions was not passed at the drugmaker’s annual meeting on Thursday.
Apple and Samsung have finally settled a seven-year-long patent dispute, bringing to an end the long-running battle over the design of their rival smartphones. The terms were not disclosed. But it comes weeks after a US jury ordered Samsung to pay Apple $539m (£403m) in damages for copying features of the original iPhone.
McCarthy & Stone said its chief executive officer plans to retire at the end of August. Clive Fenton will leave the retirement development builder on August 31. The company’s chief operating officer, John Tonkiss, will step up as interim CEO until a replacement can be found.
Oil Prices dipped away from three-and-a-half year highs amid high output from Russia, the United States and Saudi Arabia, although unplanned supply disruptions elsewhere and record demand stemmed a bigger decline.
Gold Prices inched up, but hovered close to an over six-month low hit in the previous session, as the dollar failed to build on overnight gains amid conflicting signals from Washington while the U.S.-China trade row deepened.
Companies Reporting this week
Day |
Companies |
Monday: |
– |
Tuesday: |
Carpetright, HML Holdings |
Wednesday: |
Bunzl, Whitbread |
Thursday: |
Greene King, Stagecoach Group |
Friday: |
– |
Early Market Movements
Market |
Index |
Change |
% Change |
UK 100 |
7,589.5 |
-32.2 |
-0.4% |
UK 250 |
20,765.2 |
-78.9 |
-0.4% |
GER 30 |
12,315.7 |
-32.9 |
-0.3% |
FRA 40 |
5,323.1 |
-4.1 |
-0.1% |
U.S. 30 |
24,117.59 |
-165.52 |
-0.7% |
U.S. 500 |
2,699.63 |
-23.43 |
-0.9% |
OIL (Crude) |
77.44 |
-0.18 |
-0.2% |
GOLD |
1,251.83 |
-0.52 |
-0.0% |
UK Risers & Fallers (8:15am)
Company |
Price |
Change |
% Change |
Shire |
4185.5 |
+91 |
+2.2% |
Diageo |
2729 |
+18 |
+0.7% |
Inmarsat |
566 |
+11 |
+2.0% |
Micro Focus |
1296 |
-27 |
-2.0% |
Mediclinic |
524 |
-10.8 |
-2.0% |
Greene King |
600.5 |
-38.1 |
-6.0% |
Latest Broker Views
Company |
Broker |
Recommendation |
Price |
Target |
Just Eat |
Credit Suisse |
Outperform |
755.2 |
920 |
RELX |
Goldman Sachs |
Buy |
1594.5 |
1961 |
Reckitt Benckiser |
Goldman Sachs |
Neutral |
6228 |
7000 |
Forthcoming Economic Data
Time/Date |
Previous |
Forecast |
Outcome |
Day 1: EU Economic Summit |
– |
– |
– |
1:30pm: U.S. Final GDP q/q |
2.2% |
2.2% |
– |
1:30pm: U.S. Unemployment Claims |
218k |
220k |
– |
2:30pm: MPC Member Haldane Speaks |
– |
– |
– |
Sources
http://www.stockmarketwire.com/article/6030441/Stagecoach-slashes-dividend-as-profits-revenues-slip.html
https://uk.webfg.com/news/news-and-announcements/greene-king–3370425.html
https://uk.webfg.com/news/news-and-announcements/jd-sportsing-trading-update-36-new-stores–3370437.html
https://uk.webfg.com/news/news-and-announcements/takeda-shareholder-group-fails-first-attempt-to-block-shire-deal–3370456.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1530170083381755500.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1530168671141671100.html
https://www.bbc.co.uk/news/business-44633489
https://uk.reuters.com/article/uk-global-oil/oil-dips-but-markets-remain-tight-due-to-disruptions-record-demand-idUKKBN1JO06N
https://uk.reuters.com/article/global-precious/precious-gold-edges-higher-but-lingers-near-6-month-trough-idUKL4N1TU0H6
https://www.marketwatch.com/story/up-and-down-start-for-asian-markets-2018-06-28
http://news.abs-cbn.com/business/06/28/18/trump-trade-uncertainty-weighs-on-us-stocks-as-oil-prices-surge