WEEKLY FAYRE

 

 

WEEKLY FAYRE – Monday 18th June 2018

 

Fear no more the heat o’ the sun,

Nor the furious winter’s rages;

Thou thy worldly task hast done,

Home art gone, and ta’en thy wages:

Golden lads and girls all must,

As chimney-sweepers, come to dust.

 

Fear no more the frown o’ the great;

Thou art past the tyrant’s stroke;

Care no more to clothe and eat;

To thee the reed is as the oak:

The scepter, learning, physic, must

All follow this, and come to dust.

 

Fear no more the lightning flash,

Nor the all-dreaded thunder stone;

Fear not slander, censure rash;

Thou hast finished joy and moan:

All lovers young, all lovers must

Consign to thee, and come to dust.

 

No exorciser harm thee!

Nor no witchcraft charm thee!

Ghost unlaid forbear thee!

Nothing ill come near thee!

Quiet consummation have;

And renownèd be thy grave!”

 

.

William Shakespeare – playwright & poet – 1564-1616

 

So, the great World Cup Party finally got underway in Moscow with the host nation giving Saudi Arabia a 5-0 drubbing in front of its omnipotent President, Vladimir Putin and 82000 ecstatic fans in glorious sunshine. What a PR exercise Russian TV put on for its leader, including handshakes and smiles during the game with his guest of honour The Crown Prince of the Kingdom of Saudi Arabia. I suspect the two of them were far more interested in chatting about how they could keep the price of oil close to $80 a barrel for the benefit of their respective economies, than they were about the thrills and spills of the beautiful game! In terms of superficially improving his image, Putin will have thought that this occasion was ‘manna from Heaven!’

 

On Friday the BBC beamed the Portugal/Spain Match. This 3-3 draw was as exciting and as skilful a game as any neutral fan could ever wish to see, with Cristiano Renaldo providing millions of fans with a masterclass as to why he must be the most valuable footballing asset on the planet with his 52nd hattrick, despite being 33 years of age. He is the ultimate professional.

 

On Saturday, all football fans hoped that Lionel Messi would put on a similar display as Ronaldo had in Argentina’s 1-1 draw against Iceland. It was not to be, but there is still all to play for! On Sunday Mexico lowered Germany’s colours winning 1-0 in a desperately exciting game. Let’s hope England do us proud in their opening game against Tunisia on tonight, Expectations are at fever-pitch!

 

 

INDEX 11/6/18 15/6//18  % gain/loss  
FTSE 100 7881 7633 -0.62%  
XETRA-DAX 12816 13010 +1.51%  
CAC40 5459 5501 +0.78%  
DJIA 25336 25090 -0.97%  
 S&P 500 2780 2719 -0.01%  
NASDAQ 7647 7746 +1.29%  
Hang Seng 31018 30309 -2.27%  
Nikkei 22687 22851 +0.72%  
Shanghai Comp 3057 3022 -1.14%  

 

 

Global equity markets started the week promisingly, despite the inevitable 25 basis point hike in the Fed rate to 2%, which was confirmed by Fed Chairman Jay Powell on Wednesday, accompanied by a slightly more hawkish statement than many expected with. A further two increases are expected this year. Thursday’s ECB meeting had few fears for markets with Draghi suggesting that the tapering of QE would probably start at the end of the year as a final valedictory act of his tenure. Once it became clear that President Trump was going to impose tariffs of $50 billion on the import of Chinese goods, the mood on some global bourses changed, with investors in Shanghai and Hong Kong being underwhelmed at the prospect, knowing that China was likely to respond with equally chilling reprisal tariffs.

 

By the end of the week the losses incurred on the Street of Dreams were minimal with the Nasdaq continuing to blaze the trail. The confirmation that AT&T would be allowed to buy Time Warner could well prove to be a litmus Test for other large M&A deals to follow. It looks as if Comcast may well usurp Disney’s efforts to buy 21st Century Fox, once the Sky deal has been completed by the Murdoch empire. It may just be that 700 Sky employees could share as much as £350 million from this deal. At the end of the week there were strong performances by Procter & Gamble, Nike and Coca-Cola. Conversely Caterpillar, Chevron and GE surrendered some value. US retail sales rose sharply by 0.8% in May against expectations of 0.4%. In the U.K. Retail sales rebounded quite sharply – +1.3%; much of the euphoria being attributed to Harry’s & Meghan’s Wedding. This news may cause the MPC to twitch but any rise in rates may require a sustained improvement in the growth of the UK’S economy.

 

Here in Old Blighty there were quite a few nuggets of news to keep us on our toes. UK inflation remained benign at 2.4% in May, but the price of oil and petrol at current levels may trigger a symbolic increase by the end of the year. The rather tawdry Sorrell Saga seems to have plenty of legs on it. Chairman Quarta gave a rather pathetic explanation to justify Sir Martin’s severance package in suggesting he might ‘throw his toys out of his pram’ if he was not satisfied with the settlement. Many will admire Sir Martin’s courage or maybe arrogance, when he delivers a key note speech at a Cannes Advertising bunfight at the end of this coming week, with all his guns blazing!

 

The rumour that Rolls Royce would be making 4000 people redundant became a reality on Wednesday when CEO Warren East explained the realities of life, by announcing the loss of 4600 jobs. Cutting 5 divisions down to three does not require duplication of management. There may be more bad news for the folk in Derby. Canada’s Bombardier UK operation failed to land the tube’s new rolling stock contract, which could cost a few hundred jobs. Having returned £23 billion to shareholders in recent years, it appears that Allianz still has the appetite to pick up a large synergistic operation in the UK. It is thought that RSA or Aviva are under consideration according to the Sunday Times.

 

Though the recent retail sales numbers were a blessed relief, the ‘High Street’ is starting to look like a morgue; so, it was good to see Boohoo with a 53% increase in sales and Ted Baker continuing to buck the trend. Also, Tesco on Friday saw a 3.5% increase in like for like sales for the last quarter, thanks to a 14.3% increase in sales from its recent acquisition – Booker. House of Fraser is far from out of the woods despite closing half of its units.

 

With house prices starting to dip, resulting in demand for new houses falling, house builder share prices took a bit of a tumble last week with some, such as Bellway falling by an average of 3%. Many are amazed that TSB’S Peter Pester has kept his job after the damning evidence provided by IBM on its IT system. These issues may have cost TSB a £1 billion. Dixon Carphone seem to have avoided a£17 million fine for a data protection breach, which may have exposed 5.9 million customers. Finally, it was a surprise to see Nationwide’s management taking such a huge bonus of £6.4 million out of the pot with CEO Joe Garner, ‘trousering’ £2.3 million.

 

 

UK companies posting results this week –  Monday – DS Smith, Tuesday – Telecom Plus, Ashtead Group, Flybe Wednesday – Berkeley Group, Thursday – Saga, Chemring, Dixon Carphone

 

US companies posting results this week – Tuesday -Oracle, La-Z-Boy, Wednesday – Micron Technology, Thursday – Barnes & Noble, Darden Restaurants, Kroger, Red Hat, Friday – Carmax

 

 

Economic data posted this week – Monday – US NAHB Housing, Tuesday – US Housing starts, Wednesday – US MBA Mortgage Applications, US Existing Home Sales, Thursday, UK PSBR, UK MPC meeting, US Initial Jobless Claims, US FED Bank Stress tests

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CEOS HAVE A HABIT OF OUTSTAYING THEIR WELCOME!

 

“CEOS HAVE A HABIT OF OUTSTAYING THEIR WELCOME!”

 

We may be enjoying the balmy summer days with test cricket, the World Cup, Royal Ascot and Wimbledon upon us. However, the business headlines are continuing to shake the very fabric of financial society.

Reams has already been written and reported on Sir Martin Sorrell’s departure from WPP with indecent haste and the rather tawdry and lude allegations of his private life, providing the reasons for the severance of his connection from WPP, after 33 years of devoted servive and relentless duty. I have no intention of having the drains up on any aspects of his alleged tasteless private life which he vigorously denies.

 

However, suffice to say there is a strong message that should go out to all chief executives, who are prone to outstay their welcome, even if they are entrepreneurs like Sir Martin, who built WPP’s business up man and boy. An over-extended tenure of such senior positions is fraught with danger. The situation becomes even more exacerbated when the CEO involves himself metaphorically with anything from the purchase of paper clips to corporate finance. It will eventually and inevitably end in tears. There is no doubt that the art of good management is delegation. It appears that Sir Martin was none too smart on this point and because he could hardly spell relaxation; hence the waters on genuine expenses and leisure were muddied. Sir Martin has been immersed in his operation since its inception, with I suspect business and pleasure being one and the same thing.  How well his new advertising venture will be received remains to be seen. In passing, how Roberto Quarta, WPP’S chairman was allowed to walk out of the door, without signing a ‘non-compete’ agreement amazes me and many other observers.

 

Sir Martin’s unfortunate plight is frankly purely a catalyst. Sir John Rose made the same mistake as CEO of Rolls Royce. He took over in 1996 until 2011 and saw the share price go from 235p to 1150p. He handed over to John Rishden, the then CFO, who completed 14 years at RR, when he retired as CEO in 2015. The share price then was 800p.  The cracks in the business started to appear, the allegations of bribery, the profits warnings, triggered by increasing expenditure, all started to manifest themselves. Warren East, the newish CEO, who came from ARM Holdings, who has been CEO since July 2015, has been attending to these issues, streamlining the company from five divisions to three.  Of course, cost-cutting exercises and we suspect 4000 redundancies will be implemented before too long. There has been too much duplication of the middle management. Again, these changes will need to be delivered to give momentum to its share price – currently 832p.

 

As for Tesco’s Sir Terry Leahy, he was in situ for 14 years – too long. He did an amazing job. However, when he left, Tesco’s share price was 400p. It then fell to 162p under Phil Clarke and is currently in remission under the stewardship of Dave Lewis – share price today 249p. So often after a sustained period in office CEOS cannot see the wood from the trees.  It needs a fresh outlook to prevent mistakes and fresh initiatives to take the company forward. There are many other illustrations of CEOS out-staying their welcome – too many to list.

 

 

David Buik

Communications

Mobile – 07788 144 877

 

Spread bets and CFDs are leveraged products, which means you could lose more than you deposit. You should ensure spread betting meets your investment objectives. View full risk warning

This email neither constitutes, nor is to be construed as an offer to buy or sell investments. The information and opinions expressed herein are based on sources we believe to be reliable but we do not represent that they are accurate or complete. No liability is accepted by Core Spreads for any direct or consequential loss arising from this email. Please carry out your own virus checks.

Core Spreads  is a trading name of Finsa Europe Ltd, a company registered in England and Wales under number 07073413, which is authorised and regulated by the Financial Conduct Authority under firm reference number 525164. Registered Office: Tower Bridge Business Centre, 46 – 48 East Smithfield, London, E1W 1AW, United Kingdom. www.corespreads.com is owned and operated by Finsa Europe Limited. © 2018 Core Spreads.

WEEKLY FAYRE

WEEKLY FAYRE – Monday 11th June 2018

 

Light, so low upon earth,

You send a flash to the sun.

Here is the golden close of love,

All my wooing is done.

Oh, all the woods and the meadows,

Woods, where we hid from the wet,

Stiles where we stayed to be kind,

Meadows in which we met!

 

Light, so low in the vale

You flash and lighten afar,

For this is the golden morning of love,

And you are his morning star.

Flash, I am coming, I come,

By meadow and stile and wood,

Oh, lighten into my eyes and my heart,

Into my heart and my blood!

 

Heart, are you great enough

For a love that never tires?

O heart, are you great enough for love?

I have heard of thorns and briers.

Over the thorns and briers,

Over the meadows and stiles,

Over the world to the end of it

Flash of a million miles.

 

Alfred, Lord Tennyson – poet – 1809-1892

 

“My Name Is Lucy Barton” is currently being produced at the Bridge Theatre, near Tower Bridge and is a dramatization of Elizabeth Strout’s bestselling novel. It is a one person play about a woman laid up in a Manhattan hospital bed, battling a life-threatening illness after a routine appendix operation. It stars the American Laura Linney.  In the play she reveals not only her fear of her hospitalisation, but also her dysfunctional relationship with her mother who lives in Amgash, Illinois, her decaying marriage, which eventually ends in divorce, which seriously and adversely affects her relationship with her two daughters.

Laura Linney’s performance is breathtakingly strong, as well as it being filled with subtle humour. Laura is on stage for 90 minutes without a break. This is a must for all theatre goers. An outstanding performance by this wonderfully sensitive actress, who portrays her mother’s chilly attitude to her daughter as well as her own shortcomings in life with great heart-rending emotion in a low-key manner. 

 

 

Before assessing the reasons as to why the only international bourses to perform with any aplomb last week were US and Japan, it is as well to look at reasons why investors have just started to feel a little more cautious about global growth than they were led to believe at the beginning of the year. Investors are losing a little confidence in equities, even in the US, despite barnstorming employment data. 2.5% US GDP is just starting to look ambitious for 2018 and there are signs of anxiety the EU is not selecting another gear in the manner France’s President Macron and others would have had us think. Of the larger constituent countries, only Spain seems to be blazing the trail. Admittedly we are only half way through the year. As for the UK some of the trashed embers of UK economic data are beginning to be rekindled – UK PMI and retail sales perked up over the recent holiday period and some encouraging news that the UK’S export sales soared by more than 6% last month was pleasing, defying the fear of a post-Brexit slump in trade, despite overall growth seemingly unexciting at about 1.4%.

 

INDEX 1/6/18 8/6//18  % gain/loss  
FTSE 100 7701 7681 -0.26%  
XETRA-DAX 12839 12766 -0.57%  
CAC40 5497 5450 -0.86%  
DJIA 24727 25316 +2.39%  
 S&P 500 2741 2779 +1.39%  
NASDAQ 7570 7645 +0.99%  
Hang Seng 30836 30958 +0.40%  
Nikkei 22365 22694 +1.47%  
Shanghai Comp 3083 3067 -0.52%  

 

 

The sting came out of the Italian political storm and the pressure on its banks, but many believe there will be a scorpion sting in the tale to this saga. The EU will eventually feel uncomfortable.  So, in some respects it was surprising to hear ECB’S Mario Draghi discuss the possibility of tapering QE before too long. The trade tariff war, which President Trump is attempting to wage, seems to have gathered momentum in Quebec over the weekend. There were already signs of anxiety last week with ‘Le Petit Napoleon’ stoking the fires of retaliation. At the G7 meeting Canada’s PM Trudeau seemed to hit a raw nerve with President Trump over agricultural tariffs, which may result in the US hitting back with car import duty!  The President seemed to throw his toys out of his pram before heading back to Washington, ahead of his meeting with Kim Jong-Un in Singapore on Tuesday.   So, last week US markets were full of summer joy, with the NASDAQ hitting an all-time high on Thursday. The UK Culture minister, Matt Hancock nodded through 21st Century Fox’s £11 billion bid for 61% of Sky provided Sky News is protected, allowing Comcast or possibly Disney, though unlikely, to scrap it out for 21st Century.  Then enter stage left came a $7.6 billion bid for software specialist Github by Microsoft.

 

Here in Europe the auto sector and steel making operations took a bit of tap and the market cynics were convinced that there were large cracks appearing in the ‘Fortress EU’s’ defences with Italy and Spain providing the evidence to support that theory. In the UK, despite better news for retail over the Bank Holiday, Poundsworth and Mothercare were throwing out distress signals as did House of Fraser, which served notice to close 29 of their 59 outlets with a view to placating their creditors and banking covenants. This dispiriting news follows in the wake of bad news emanating in recent weeks from Maplin, Toys R Us, Debenhams and M&S. Local government and Central Government need to understand that business rates are too ‘high’ and that corporation tax is too low at 17-19%.  Quiz, which came to the market last year broke the negative trend with a 30% increase in sales and AO World also saw some improvement. This week Ted Baker and Boohoo are expected to please their acolytes on Tuesday. Amazon announced that another 2500 jobs will be created in the UK.

 

TSB’S Paul Pester was subjected to some severe criticism from Andrew Bailey at the FCA and from Nicky Morgan’s Treasury Select Committee for gross incompetence over its flawed IT systems.  He will do well to keep his job. Such good fortune did not fall on BT’S Gavin Patterson, who was thrown to wolves at the behest of the city.  Since Patterson took over from Lord Ian Livingstone in 2013, BT’S share price has fallen from 330p to 205p due to a litany of judgement errors and poor management.  This compendium of bad news includes a €500m Italian fraud issue, an £11 million pension black hole, over-spending on BT Sport and the total incompetence of BT to provide quality broadband service to millions of customers and users. Who will replace him?  It is hard to look further than Marc Alera from the internal candidates.  Maybe Chairman Jan Du Plessis will want fresh blood from outside – someone like Adam Crozier who has retail experience even though he will lack the technical savvy. News filtered out over the weekend that 4000 jobs are due to be shed by Rolls Royce – most of them in Derby. CEO Warren East has been ruthless in his efficiency drive at RR. Finally, the CYBG/Virgin Money merger may trigger the loss of 1500 jobs.

 

This morning equity and bond markets have a reflective look about them. Corporate results are thin on the ground and the investment agenda is likely to be dominated by the FOMC and ECB meetings.

 

 

UK companies posting results this week –  Tuesday – BATS, Bellway, Halma, Ted Baker, Cres Nicholson, Boohoo, Wednesday – Norcross, Thursday – Aveva, Majestic Wine, SafeStore, N Brown, PZ Cussons, Friday – Tesco (TS)

 

US companies posting results this week – Wednesday – Korn/Ferry, Thursday – Fred’s, Adobe Systems, Jabil

 

 

Economic data posted this week – Monday – UK Industrial production & Manufacturing output, UK Trade Balance, Tuesday – UK Labour statistics, US CPI Data, Wednesday – UK Inflation, UK House Prices, FOMC Meeting, Thursday – ECB Meeting, US Retail sales, UK Retail Sales, Friday – US Industrial Production

 

 

David Buik

Communications

Mobile – 07788 144 877

 

Spread bets and CFDs are leveraged products, which means you could lose more than you deposit. You should ensure spread betting meets your investment objectives. View full risk warning

This email neither constitutes, nor is to be construed as an offer to buy or sell investments. The information and opinions expressed herein are based on sources we believe to be reliable but we do not represent that they are accurate or complete. No liability is accepted by Core Spreads for any direct or consequential loss arising from this email. Please carry out your own virus checks.

Core Spreads  is a trading name of Finsa Europe Ltd, a company registered in England and Wales under number 07073413, which is authorised and regulated by the Financial Conduct Authority under firm reference number 525164. Registered Office: Tower Bridge Business Centre, 46 – 48 East Smithfield, London, E1W 1AW, United Kingdom. www.corespreads.com is owned and operated by Finsa Europe Limited. © 2018 Core Spreads.

NO ONE VOTED FOR THIS POLITICAL SHAMBLES!

No one, but no one – ‘Brexiteer’ or ‘Remainer – voted for this shambolic state of political disrepair that the UK finds itself in. A Government that has no stomach for delivering a clean break from the EU, as was decreed on 23rd June 2018, is not ideal, nor is it helpful, particularly when it appears to be driven and led in these negotiations, by civil servants, of the highest quality who serve the government, but who are clearly not in tune with the mandate delivered by the country’s electorate. It appears that the tail is wagging the dog! PM May and her government have employed far too few top-class international negotiators to deal with this unbelievably complex issue, resulting in David Davis and his team getting hopelessly behind in arriving with a cogent plan. To compound the problem, M Barnier, aided and abetted by persistent caustic comments and interjections from Juncker and Verhofstadt, has shown little inclination to negotiate and have preferred to adopt a dictatorial stance. Yes, the UK asked to leave; so why should the EU be constructive? The outcome to last June’s disastrous General Election has put Mrs May in a very weak position, giving M Barnier, on behalf of his ‘Lord & Masters’ a very strong hand to do as he likes, and he is relishing the free hand he has been given!  What I don’t think the UK government has yet grasped is that the electorate is not enjoying a love affair or much of a relationship with the establishment or the Westminster ‘bubble.’

 

The Cabinet is hopelessly ‘divided’ and the country remains venomously split! Time is running out; so ‘No deal is better than a poor deal’ appears to be no longer an option. I suspect, that if we are lucky we will be asked to swallow such a weak and watered-down version of BREXIT, the entire country will turn around and say – “What the hell was that exercise all about?” I find the EU’S arrogance intolerable, considering the disproportionate role the UK plays in the defense and security of Europe and how the EU relies so heavily on the UK for intelligence information. Only Greece, Estonia and Poland pay their full 2% spending target.  Let’s hope at the end of the day, business, industry and commerce on both sides of the divide will be more pragmatic than self-interested politicians and bureaucrats, resulting in good sense prevailing. However, I won’t be holding my breath!

RBS – THE SHOW IS SLOWLY GOING ON THE ROAD!

RBS – THE SHOW IS SLOWLY COMING ON THE ROAD!

 

Last night’s news, after trading hours, that the process of selling off the taxpayer’s 71% stake in RBS would be underway soon, came as no surprise to the market, with perhaps a few observers muttering under their breath – ‘Hammond, you are a bit late with this initiative, Old Bean!’ However, in all fairness, market conditions are not exactly ideal for an off-load of billions of Pounds worth of shares over a protracted period. Political turmoil in Europe leaves something to be desired! There could be a fair number of unforeseen imponderables over the proposed sale period. Investors dislike overhangs at the best of times, particularly if the time scale is 5 years.

 

So, as we understand it, UKGI will sell circa 925m shares – 7.7% of the bank, through what is described as an accelerated book building process. The idea is for the Government to offer £3 billion of shares over the next 5 years. With last night’s closing share price being 280.9p and breakeven for the taxpayer at 503p, a loss of £2 billion for the first tranche seems likely. A loss to the taxpayer is not a great concept, there is clearly a need to get RBS back into private ownership to give the bank a chance of making decent advances in terms of lending.  The balance sheet is about half the size it was a decade ago. There is little evidence of any remnants of investment banking. The fines have been made and paid.  PPI is diminishing in terms of damage limitation. There is of course the outstanding problem with its Global Restructuring Group and this issue could drag on. However, Optics and credibility suggest that RBS should come off the Government’s balance sheet and the net proceeds for the Treasury would be very welcome, even though a fair old loss of maybe as much as £10 billion could be incurred, unless the share price were to rise like the Phoenix from the ashes.  

 

News of this forthcoming part sale of RBS shares has hardly captured the market’s imagination this morning – shares are down 3.42% to 271.3p! Hopefully UKGI will put some more meat on the bone! The banking sector is very much ‘unloved.’ However, Rome was not built in a day and there are many investing punters out there who believe that there is scope for recovery in the years to come. But the process may be long and tortuous. However, there a fair few obstacles to negotiate and first and foremost we need to know if Ross McEwan is staying as CEO and who will be replacing Ewen Stevenson as finance Director?

 

UNICREDIT/SOCIETE GENERALE  

After 20 years at Societe Generale, UniCredit’s CEO Jean Pierre Mustier has clearly had the idea of this Franco/Italian bank merger in his sights for some time.  Italian banks were woefully under capitalised and in many cases, they still are. UniCredit’s health is in better shape than any others, after a €13 billion rights issue last year.   I would hardly describe the timing of this proposed merger, when cracks in the EU infrastructure are starting to appear with monotonous regularity. However, give M Mustier dix points for his vision, drive and ambition for putting these two banking titans in bed together. It is hard to see some of the synergy, but M Mustier knows both businesses exceptional well. To have shrugged off the Jerome Kervier scandal after a decade, says something of the resilience om M Mustier – Teflon come s to mind. We will all be watching the developments with interest, as Italy’s populous seems rather tired of the omnipotent power of Germany in France in EU affairs.

 

David Buik

Communications

Mobile – 07788 144 877

 

Spread bets and CFDs are leveraged products, which means you could lose more than you deposit. You should ensure spread betting meets your investment objectives. View full risk warning

This email neither constitutes, nor is to be construed as an offer to buy or sell investments. The information and opinions expressed herein are based on sources we believe to be reliable but we do not represent that they are accurate or complete. No liability is accepted by Core Spreads for any direct or consequential loss arising from this email. Please carry out your own virus checks.
Core Spreads  is a trading name of Finsa Europe Ltd, a company registered in England and Wales under number 07073413, which is authorised and regulated by the Financial Conduct Authority under firm reference number 525164. Registered Office: Tower Bridge Business Centre, 46 – 48 East Smithfield, London, E1W 1AW, United Kingdom. www.corespreads.com is owned and operated by Finsa Europe Limited. © 2018 Core Spreads.

 

WEEKLY FAYRE

WEEKLY FAYRE – Monday 4th June 2018

 

“On Waterloo Bridge, where we said our goodbyes,
the weather conditions bring tears to my eyes.
I wipe them away with a black woolly glove
And try not to notice I’ve fallen in love.

On Waterloo Bridge I am trying to think:
This is nothing, you’re high on the charm and the drink.
But the juke-box inside me is playing a song
That says something different. And when was it wrong?

On Waterloo Bridge with the wind in my hair
I am tempted to skip. You’re a fool. I don’t care.
the head does its best but the heart is the boss —
I admit it before I am halfway across.”

 

Wendy Cope – poet – 1945 –

 

One of life’s great privileges is to be invited to Glyndebourne to not only experience opera of the very highest quality, but also to witness the great beauty and ambiance of the setting and the occasion. Such was my luck in being invited by dear friends to see a wonderful production of ‘Madama Butterfly’ last Thursday. This opera has a dramatic ending and I doubt there was a dry eye in the house. Glyndebourne is uniquely British and is cherished by all patrons of this fantastic occasion, despite having to dodge torrential downpours last week!  I am still purring with contentment like a ‘Cheshire Cat’!

 

“Forever Together” really got herself together, having negotiated Tattenham Corner in softish ground before pulling away from “Wild Illusion” with a bit to spare, to win the Oaks at Epsom on Friday, yet again another huge triumph for the O’Brien family. However, the Derby on Saturday produced a shock result, with the odds-on favourite at 4/5, ‘Saxon Warrior’ running no kind of a race. Godolphin’s ‘Masar’ gave Charlie Appleby his first Derby win at 20/1, with a fair bit left in the tank.

 

 

 

INDEX 29/5/18 1/6//18 Another astonishing % gain/loss
FTSE 100 7716 7701 -0.19%
XETRA-DAX 13016 12724 -2.24%
CAC40 5565 5465 -1.80%
DJIA* 24781 24635 -0.59%
 S&P 500* 2723 2735 +0.44%
NASDAQ* 7422 7554 +1.78%
Hang Seng 30759 30492 -0.86%
Nikkei 22488 22171 -1.40%
Shanghai Comp 3137 3075 -1.97%

 

  • Denotes from 25/5/18

 

Brexiteers like me are not cackling away like hyenas, in response to the political and almost certainly subsequent financial distress, which is likely to be suffered in Italy and to a lesser degree in Spain. These are harrowing times for Italy with the ‘populous’ being told by their autocratic President Mattarella that democracy matters little to him if the coalition of ‘Five Star’ and ‘League’ want an anti-EU finance minister. So, a compromise candidate had to be found by the original nomination to be PM, Giuseppe Conte and consequently the heat is temporarily out of Italy’s kitchen, though another election before too long cannot be ruled out. The FTSE MIB had lost 14% in value from 15th May 2018 until last Wednesday, where it made a 2% recovery and 10-year bond yields rose like grilse from 1.90% to 3.10% before settling back to 2.67% on Friday. Italian banks have also been beaten up. They have recovered a little poise but are far from out of the woods. Spain’s Rajoy has been replaced as PM by Pedro Sanchez, thanks to corruption allegations, but there are number of imponderables, which will test Senor Sanchez’s resolve in the months to come.

 

All this political uncertainty, which started with Greece in 2010 followed up by the UK’s decision to leave the EU in 2016, with Italy showing its displeasure at the status quo and Spain at ‘sixes and sevens’ over independence for Catalan should have given the EU a sufficiently strong message that all was not well with many of its members. Had the EU been more accommodative towards members issues and problems with a touch less arrogance and intransigence and particularly by taking its foot off the ‘federalism’ accelerator, perhaps Europe would not be in this unholy mess! If this ‘Italia job’ goes pear-shaped, the devastating domino effect it will have on the European banks and the EU’S economy does not bear thinking about. The threat of the EU becoming a ‘busted flush’ looks more realistic as the months role by.

 

Let’s hope that this protectionist trade war adopted by the US does not see the EU over-react. Trump is misguided if he does not think protectionism is dangerous for the US consumer in the long-term.  This prickly issue requires diplomacy and I have my doubts if Messrs Merkel and Macron are up to the job in hand.  I am ever the ‘Walter Mitty’ in hoping that the EU will see sense over trade negotiations with the US and excessive reprisals towards their allies and learn from all these global trade problems, but I have my doubts.

 

Last week again saw most global indices finish in negative territory apart the S&P and the NASDAQ, which added 1.5% on Friday thanks to a very strong Non-farm payroll number, which saw 223k jobs created in May 2018 triggering gains in heavyweight tech companies such as Apple, Microsoft and Alphabet. Average hourly wages increased 0.3 percent, both topping economist estimates. The unemployment rate fell to an 18-year low of 3.8 percent. This data has all the hallmarks of a rate hike at the next FOMC meeting.

Here in Old Blighty, though the reconfirmation of 1st quarter GDP at 0.1% was disappointing, news that Gfk’s Consumer Confidence and unsecured borrowing bounced back in April helped to keep the loss on the FTSE 100 for last week at a bare minimum. Grocery sales, courtesy of the Royal Wedding had also popped; So, there was some good news about though the lack of progress in the BREXIT negotiations is cause for concern. The FCA’S managing director Andrew Bailey made it clear that limits and caps on high cost credit and overdrafts would be implemented after further investigation. De La Rue posted a profit warning, as did Card Factory and First Group’s CEO Tim O’Toole was shown the door after an inadequate performance.  RBS’S FD Ewen Stevenson served notice to leave the bank at a critical moment in its recovery process, prior to any sale of equity back to the public.  The bank had previously announced the closure of 162 branches. It look as though it will be ‘For Whom the Bell Tolls’ for House of Fraser unless it can pull the proverbial financial rabbit out of the hat in dealing with its banking covenants.

Deutsche Bank’s new chief executive officer, Christian Sewing, suffered a fresh setback in his efforts to reinvigorate Europe’s largest investment bank as S&P Global Ratings cut the lender’s credit rating. However, the bank’s share price rebounded on confirmation from S&P confirmed that it has good capital and liquidity buffers. TSB will also be gathering some unfavourable headlines as Paul Pester comes under scrutiny next week for inadequate stewarding over the IT crisis which has dragged on. The inability of the government to deliver another runway at Heathrow quickly may see the project hijacked by the airlines in attempt to stop the cost spiralling to more than £20 billion. CYBG have upped their bid for Virgin Money valuing the joint operation at £4 billion, giving this fresh operation greater market penetration with 6.1 million customers.

Save the best until last? – Not Sure! However, one must admire the stoicism and relentless drive of Sir Martin Sorrell, who is set to rise like the ‘phoenix from the ashes’ by starting another advertising empire to challenge WPP. I suppose revenge is best served up cold. I am gobsmacked that WPP Chairman Roberto Quarta did not tie Sir Martin up with a non-compete agreement for at least a year after he left.

UK companies posting results this week –  Tuesday – AO World, Johnston Press, Wednesday – WH Smith, RPC Group, Workspace, Thursday – CMC Markets, Auto Trader, Mitie

 

US companies posting results this week – Monday – Dell Technologies, Wednesday – Brown Forman, Thursday – Vail Resorts. Broadcom

 

 

Economic data posted this week – Monday – UK PMI Construction, US Factory Orders, US Durable Goods, Tuesday – UK & US PMI Services, US ISM Non-manufacturing, UK New Car Registrations, Wednesday – US Trade Balance, Thursday – Halifax House Prices, US Consumer Credit, EU 1st quarter GDP Estimates, Friday – BOE Inflation expectations survey

 

 

David Buik

Communications

Mobile – 07788 144 877

 

Spread bets and CFDs are leveraged products, which means you could lose more than you deposit. You should ensure spread betting meets your investment objectives. View full risk warning

This email neither constitutes, nor is to be construed as an offer to buy or sell investments. The information and opinions expressed herein are based on sources we believe to be reliable but we do not represent that they are accurate or complete. No liability is accepted by Core Spreads for any direct or consequential loss arising from this email. Please carry out your own virus checks.

Core Spreads  is a trading name of Finsa Europe Ltd, a company registered in England and Wales under number 07073413, which is authorised and regulated by the Financial Conduct Authority under firm reference number 525164. Registered Office: Tower Bridge Business Centre, 46 – 48 East Smithfield, London, E1W 1AW, United Kingdom. www.corespreads.com is owned and operated by Finsa Europe Limited. © 2018 Core Spreads.

ITALY – “IS THAT IT THEN; OR IS THE LULL BEFORE ANOTHER STORM?”

 

ITALY – “THE LULL BEFORE ANOTHER STORM OR IS THAT IT?”

 

The threat of an Italian political and financial crisis, which appears to have miraculously abated in the last 24 hours, bears absolutely no resemblance to what happened in Greece in 2010 or the UK Referendum in June 2016 or the uncertainty that prevailed in Holland between 2012 and 2107 or the threat of what might happen in Poland and Hungary in the future. And more poignantly if Spain’s PM Rajoy is ejected from power – not beyond the bounds of possibilities – the EU’s problems will be exacerbated by the Catalonian independence issue!  The establishment of the populous vote against the establishment or the elite was the only obvious correlation. In the case of Greece, the UK, and Italy the powers that be in Brussels refused to heed the warnings – which have prevailed like weeping carbuncles – and it has remained wholly intransigent to the individual needs or cries from the wilderness that each country has begged for. They have fallen on deaf ears.

 

Germany and to a lesser degree France were omnipotent in the EU in terms of getting Greece back on the bridle, when this Hellenic dynasty threatened to run riot under Tsipras. The UK was never a member of the Euro; So, in essence, the UK should find extricating itself from the EU’S vice-like-grip, a walk in the park, relatively speaking. To date nothing could be further from the truth.  The UK government appears to be acting like a eunuch. Frankly it should use the EU’s current plight as a bargaining bludgeon, but it seems reluctant to do so.

 

However, Italy is a different ‘ball game’ altogether. It is the 3rd largest economy in the Eurozone – a country of 60.6 million people – over 10% unemployed with gargantuan debts and an exceptionally weak banking sector. Frankly, much as I would love Italy to serve notice on the EU, I don’t think it can afford to do so. Italy is financially ‘trapped.’ Its debt market is very large and virtually every European country and the US has some stake in this quagmire of debt. With ECB promising not to help Italy, if it decides to leave the EU, this great cultural titan has its hands tied behind its back. The domino affect on all international markets could have catastrophic ramifications. The key to the future is for this mongrel of an Italian Coalition to find common ground on debt and its finances with the ECB to prevent the populous voting in another election, which could be called as early as July, to leave the EU.

 

International markets, both bonds and equities – have reacted badly in the past 2 weeks, with 10-year bond yields rising from 1.90% to 3.10% and back to 2.85%. The MIB lost 14% until Tuesday, with some major Italian banks losing between 20% and 30% in the same period. Yesterday, those markets improved – equities by 2% and bonds saw many ticks clipped off their yields and consequently many traders are of the opinion, that the worst maybe over, but that is a big call, considering Italy has yet to form a government. We shall see! However out of this current debacle, it is clear the EU is currently flawed and unless the EU realises its frailties, the dream could be all over in a decade!

 

David Buik

Communications

Mobile – 07788 144 877

 

Spread bets and CFDs are leveraged products, which means you could lose more than you deposit. You should ensure spread betting meets your investment objectives. View full risk warning

This email neither constitutes, nor is to be construed as an offer to buy or sell investments. The information and opinions expressed herein are based on sources we believe to be reliable but we do not represent that they are accurate or complete. No liability is accepted by Core Spreads for any direct or consequential loss arising from this email. Please carry out your own virus checks.

Core Spreads  is a trading name of Finsa Europe Ltd, a company registered in England and Wales under number 07073413, which is authorised and regulated by the Financial Conduct Authority under firm reference number 525164. Registered Office: Tower Bridge Business Centre, 46 – 48 East Smithfield, London, E1W 1AW, United Kingdom. www.corespreads.com is owned and operated by Finsa Europe Limited. © 2018 Core Spreads.

PRESIDENT SERGIO MATTARELLA HAS MORE FRONT THAN BRIGHTON PIER!

CORE SPREADS – ITALY’S current financial plight – Since 15th May 2018 MIB DOWN by 14.3%, the following bank share prices DOWN – UniCredit -21.6%, Intesa -22.9%, Banco BPM -30.06% – 10-year bond yield up from 1.90% to 3.12% – hardly a glittering performance! – some will be worried. Many are hopeful that President Sergio Mattarella can placate the Italian populous by bedding down former IMF economist Carlo Cottarelli as PM. I won’t be the only person holding doubts, as irritation towards the elite grows.  Frankly I felt Mattarella had more front than Brighton Pier, rejecting Giuseppe Conte’s financial minister’s credentials, despite the vulnerability of the Italian economy, which would have great difficulty leaving the Euro, without putting the world’s financial sector under catastrophic pressure! Today international markets have taken a breather awaiting to hear whether elections will be called in Italy in July. If that is the case Cottarelli may not be installed as PM yet!

 

David Buik

Communications

Mobile – 07788 144 877

 

Spread bets and CFDs are leveraged products, which means you could lose more than you deposit. You should ensure spread betting meets your investment objectives. View full risk warning

This email neither constitutes, nor is to be construed as an offer to buy or sell investments. The information and opinions expressed herein are based on sources we believe to be reliable but we do not represent that they are accurate or complete. No liability is accepted by Core Spreads for any direct or consequential loss arising from this email. Please carry out your own virus checks.

Core Spreads  is a trading name of Finsa Europe Ltd, a company registered in England and Wales under number 07073413, which is authorised and regulated by the Financial Conduct Authority under firm reference number 525164. Registered Office: Tower Bridge Business Centre, 46 – 48 East Smithfield, London, E1W 1AW, United Kingdom. www.corespreads.com is owned and operated by Finsa Europe Limited. © 2018 Core Spreads.

ANY SALE OF RBS SHARES WILL REQUIRE DEFT HANDLING

“ANY OFFER FOR SALE OF RBS SHARES WILL REQUIRE SOME DEFT HANDLING!”

 

On 9th May news filtered through that RBS had finally agreed to pay a $4.9 billion fine for miss-selling mortgage related securities. Superficially there appeared to be not too many more skeletons left in this bank’s cupboard – just the GRG small business scandal. On that date the shares stood at 276p.  Some diseased-ridden minds started to work overtime. People remembered George Osborne’s offer of 5% of the taxpayer’s shares at 330p with a possible discount to price at the time. Could Philip Hammond consider selling through UKGI some shares back to the public, which ten years ago had been stripped of its raiment? RBS’S share quickly bounced to 290p. Since then, they have drifted back to 280p today.  The problem is the banking sector remains deeply unloved.

 

I suspect we need a great deal more meat on the bone from Philip Hammond.  Will the taxpayer get his/her money back? I doubt it. However, to get RBS off the government’s balance sheet is important for an optics and credibility perspective. Breakeven is 502p. Maybe news will come out this week that 10% of the share capital with be offered for sale, with the remaining £12 billion shares being offered over the next 5 years. That depends of course on market conditions and investors loathe overhangs of share offers and the share price often reacts adversely. I think the public needs to know whether Ross McEwan is staying or not.  Confidence in the management is vital. Watch this space!

 

David Buik

Communications

Mobile – 07788 144 877

 

Spread bets and CFDs are leveraged products, which means you could lose more than you deposit. You should ensure spread betting meets your investment objectives. View full risk warning

This email neither constitutes, nor is to be construed as an offer to buy or sell investments. The information and opinions expressed herein are based on sources we believe to be reliable but we do not represent that they are accurate or complete. No liability is accepted by Core Spreads for any direct or consequential loss arising from this email. Please carry out your own virus checks.
Core Spreads  is a trading name of Finsa Europe Ltd, a company registered in England and Wales under number 07073413, which is authorised and regulated by the Financial Conduct Authority under firm reference number 525164. Registered Office: Tower Bridge Business Centre, 46 – 48 East Smithfield, London, E1W 1AW, United Kingdom. www.corespreads.com is owned and operated by Finsa Europe Limited. © 2018 Core Spreads.

WEEKLY FAYRE

WEEKLY FAYRE – Tuesday 29nd May 2018

 

I ne’er was struck before that hour

With love so sudden and so sweet,

Her face it bloomed like a sweet flower

And stole my heart away complete.

My face turned pale as deadly pale,

My legs refused to walk away,

And when she looked, what could I ail?

My life and all seemed turned to clay.

 

And then my blood rushed to my face

And took my eyesight quite away,

The trees and bushes round the place

Seemed midnight at noonday.

I could not see a single thing,

Words from my eyes did start—

They spoke as chords do from the string,

And blood burnt round my heart.

 

Are flowers the winter’s choice?

Is love’s bed always snow?

She seemed to hear my silent voice,

Not love’s appeals to know.

I never saw so sweet a face

As that I stood before.

My heart has left its dwelling-place

And can return no more.”

 

John Clare – poet – 1793-1864

 

My pride in seeing Fulham’s return to the Premiership, after Saturday’s dour and ugly struggle against Aston Villa at Wembley, knows no bounds. An almost equally endearing moment came from the sportsmanship of the Villa fans; it was amazing – fulsome in their praise, magnanimous in defeat, with many fans offering to help me round Wembley, seeing me carrying crutches. It was an edifying experience. The fans were not only a credit to their club, but also to the game.

 

How the UK’S second city does not have representation in the Premiership I will never know. Aston Villa deserves to represent the City of Birmingham. It’s a disgrace that Villa are not already established in the top flight! I suspect it is down to the recent owners for differing reasons.  Doug Ellis stayed around too long without having the money to support the changing culture of the beautiful game and frankly Randy Lerner was parsimonious with his dough and his heart was never in it.  Let’s hope the current owners, Recon Group see the light and give Steve Bruce the ammunition he requires to get the job done.

 

Need I comment much on England’s dire performance at Lords – totally humiliated by Pakistan? – not really. Suffice to say, so long as night follows day, I will never understand why Joe Root did not insert Pakistan in on a greenish surface with a generous humid cloud cover. One could dream for a decade for those conditions, when winning the toss!

 

Out of all the major indices, only the NASDAQ managed to stay in positive territory last week (see table below). Despite all the issues surrounding corporate governance and data protection, investors seem to still have an insatiable appetite for tech and tech fin! As for the rest of the market there was a compendium of reasons why bourses went in to reverse, resulting in investors taking some risk off the table.

 

First and foremost, the endless briefing for and against the Sino/US trade talks was far from constructive from an equity perspective. The Yo-yo reaction to President Trump’s on/off visit to meet Kim Jong Un in Singapore sent a few volatile ripples through the world’s major bourses. As far as Europe was concerned it was probably the adverse behaviour of the Italian and to a lesser degree Spanish bond markets that took its toll on investors. The jingoistic approach of this radical Italian coalition government, which has indicated that it might like to leave the EU rattled not only the ECB’s cage but also bond fund managers’ portfolios.

 

Screeds have been written on the danger Italy’s revolutionary new government – an interesting blend of ‘left’ and ‘right’ – which threatens to shake the very core foundations of the EU, though the main candidate, Giuseppe Conte to become PM has been dismissed from the fray. The EU may be a little relief that yesterday former IMF economist Carlo Cottarelli, an obsessively pro-EU was nominated by Italy’s President, Sergio Mattarella, who did not approve of Giuseppe Conte’s nomination as finance minister. PM Rajoy’s government is in turmoil in Spain, thus providing additional challenging months ahead for the ECB.  Were Italy to contemplate leaving the EU, many believe its banks would be unable to cope with the strain. It will come as no surprise that the major Italian and Spanish bank share prices were under the cosh for much of the week – Caixabank down 4%, Santander down 3% and in respect of Italy, Banco BPM down 7% and Intesa Sao Paolo down 4%. It is fair to say that all the ‘die-hard’ Europhiles, who believe that Brussels is their Valhalla on the way to Heaven, think these issues are a temporary blip and that investors will eventually be sucked in to buying the dip. Many are not that convinced about Italy but understand the rationale behind Spain.

 

To add to the week’s confusion, the Euro was given a right clattering by the ebullient foreign exchange markets. Sterling against the Dollar also ‘suffered the slings and arrows of outrageous fortune.’ To cap it all crude oil came off its best levels (-9.7% in recent sessions) thanks to concern on supply expectations, though the ailing Russian economy felt a very small temporary benefit from the recent sustained surge in oil prices. Last Wednesday’s FOMC meeting just confirmed the existing policy to gradually increase rates starting on 12th 13th June meeting, hardly caused a semblance of a ripple in equity markets.

 

UK economic data was mixed. The Consumer Prices Index (CPI) 12-month rate was 2.4% in April 2018, down from 2.5% in March 2018, following in the wake of good employment data last week.  However, GDP for the last quarter was estimated by the ONS to have grown at a dangerously low level of 0.1% (1.2% on an annualised basis), which saw a dip in the Pound’s fortunes ($1.3367). This is main reason why the FTSE dipped rather less last week than its European peers, with Dollar earning related companies benefiting.  Rather surprisingly Governor Carney was determined to keep his anti-Brexit stance fully ignited by insisting that everyone would be £900 worse off a year post BREXIT. The reception to his statement was very mixed.

 

INDEX 21/5/18 25/5//18 Another astonishing % gain/loss
FTSE 100 7778 7730 -0.62%
XETRA-DAX 13115 12938 -1.35%
CAC40 5626 5542 -1.49%
DJIA 24883 24573 -1.24%
S&P 500 2725 2721 -0.15%
NASDAQ 7406 7433 +0.36%
Hang Seng 31033 30558 -1.53%
Nikkei 22937 22450 -2.12%
Shanghai Comp 3206 3141 -2.03%

 

Asia had its cage truly rattled by the inconclusive trade talks, with many auto stocks suffering – Mazda lost 5%, Toyota, Nissan and Honda easing by circa 3%. On the ‘Street of Dreams’ it was geopolitical issues that determined.

 

Deutsche Bank served notice to cut its work force on trading and investment banking by 25% in the next few years, whilst implementing £1 billion of restructuring changes. Halfords posted a profits warning which saw shares larupped by 14%. TalkTalk pleased their acolytes with recovering numbers, which saw its stock bounce by 10%. Michael Spencer posted slightly improved results in his valedictory presentation of NEX’S results, before CME takes over the reins. BT’s Gavin Anderson grabbed unappetising headlines with the announcement of his bonus, which should have been put on ice until Broadband is sorted, evidence that the £11 billion blackhole is being dealt with and the share price is on the move in the right direction.  M&S’s numbers on Wednesday, we dealt with last week.  Many are less than certain that the closing of 100 outlets with some job losses and despite respect for Archie Norman, will be sufficient remedial action to turn its fortunes around. Finally, hardware chain Homebase has been sold to retail turnaround specialist Hilco Capital for the nominal sum of £1. Homebase was put up for sale by Wesfarmers earlier this year, just two years after completing a £340m takeover from Home Retail Group. The owners said it expects to record a loss on the disposal of £200m to £230m. Hopefully this week we get an update on M&A talks concerning CYBG £1.6 billion bid for Virgin Money. It also looks as though Smiths Group, the medical titan, could tie up with ICU Medical of the US in a $6 billion deal.

Many expect to see Ocado go in to the FTSE 100 reshuffle on 18th June at the expense of G4S. Ocado share price has tripled in the last year with fresh deals in Sweden and US having been negotiated, valuing the company at circa £6 billion. Friday’s Non-Farm Payroll data is likely to be focal point of next week’s economic agenda. Estimate of 185k jobs will have been created in May with unemployment remaining at 3.9%. BBC and ITV may spend up to £1 billion to buy UTV to provide some sort of competition for Netflix and other similar broadcasters. News broke on Monday that Chancellor Hammond may decide to see 10% (£3 billion) of RBS back to the public. The current share price is 289p – breakeven 502p.

 

UK companies posting results this week –  Wednesday – De La rue, London Metric, Thursday – Card Factory, First Group, Johnson Matthey,

 

 

US companies posting results this week – Tuesday – Booz, Allen & Hamilton, HP Inc, Wednesday – Dick’s Sporting Goods, Chico’s FAS, Thursday – Ciena, Dollar Tree, American Eagle Outfitters, Costco, Friday – Abercrombie & Fitch, Big Lots

 

 

Economic data posted this week – Wednesday – BRC Shop Price Index, ADP Employment Index, US 2nd Q GDP estimate, Thursday – UK Gfk Consumer Confidence, UK Lending Data, Friday – UK & US PMI Manufacturing data, US Non-Farm payrolls and employment data

 

 

 

David Buik

Communications

Mobile – 07788 144 877

 

Spread bets and CFDs are leveraged products, which means you could lose more than you deposit. You should ensure spread betting meets your investment objectives. View full risk warning

This email neither constitutes, nor is to be construed as an offer to buy or sell investments. The information and opinions expressed herein are based on sources we believe to be reliable but we do not represent that they are accurate or complete. No liability is accepted by Core Spreads for any direct or consequential loss arising from this email. Please carry out your own virus checks.
Core Spreads  is a trading name of Finsa Europe Ltd, a company registered in England and Wales under number 07073413, which is authorised and regulated by the Financial Conduct Authority under firm reference number 525164. Registered Office: Tower Bridge Business Centre, 46 – 48 East Smithfield, London, E1W 1AW, United Kingdom. www.corespreads.com is owned and operated by Finsa Europe Limited. © 2018 Core Spreads.