MIDDAY UPDATE ON UK EQUITIES

It’s been like pulling teeth during this session! – Duller than dish water! – deader than the proverbial witch’s nipple! The FTSE 100 has dropped a whole 6 points at 7296 by 12.20pm. However there were some good export numbers for cars from the SMMT – up 7% last month though domestic sales were flat. US Treasury Secretary Steven Mnuchin is slowly coming to hand, by making the odd sound and grunt, suggesting he might be interested in the economy.  However he feels that the US economy may not select a measurable gear until early 2018.

 

Barclays rose initially by 3% but then it dawned on investors that the bank had yet to settle with the DOJ on litigious issues and it had also cut its dividend, which was not a great surprise, but nonetheless annoying. BAE Systems posted decent numbers but as I write they are off their best level – Up 1.5%. Glencore opened lower but having had a decent butcher’s hook investors felt there was more left in the tank, despite having risen 184% in the last year. Centrica’s effort did not pass muster.  It lost customers and the dividend was light. Relex was up 0.5% after decent numbers but investors will be far more interested in what CEO Rakesh Kapoor takes out of the ring for remuneration.  The guess is about $15 million. Finally RSA posted an upbeat effort.  The shares rose 3%, but the FD collapsed at the meeting bringing it to an abrupt close.  However he made a good recovery, I am told.  The DOW is set to open relatively flat.

TODAY’S FAYRE – LLOYDS MUCH BETTER! – (amended)

 
TODAY’S FAYRE – Wednesday, 23rd February 2017

 

Thou still unravish’d bride of quietness,

Thou foster-child of silence and slow time,

Sylvan historian, who canst thus express

A flowery tale more sweetly than our rhyme:

What leaf-fring’d legend haunts about thy shape

Of deities or mortals, or of both,

In Tempe or the dales of Arcady?

What men or gods are these? What maidens loth?

What mad pursuit? What struggle to escape?

What pipes and timbrels? What wild ecstasy?

 

Heard melodies are sweet, but those unheard

Are sweeter; therefore, ye soft pipes, play on;

Not to the sensual ear, but, more endear’d,

Pipe to the spirit ditties of no tone:

Fair youth, beneath the trees, thou canst not leave

Thy song, nor ever can those trees be bare;

Bold Lover, never, never canst thou kiss,

Though winning near the goal yet, do not grieve;

She cannot fade, though thou hast not thy bliss,

For ever wilt thou love, and she be fair!

 

Ah, happy, happy boughs! that cannot shed

Your leaves, nor ever bid the Spring adieu;

And, happy melodist, unwearied,

For ever piping songs for ever new;

More happy love! more happy, happy love!

For ever warm and still to be enjoy’d,

For ever panting, and for ever young;

All breathing human passion far above,

That leaves a heart high-sorrowful and cloy’d,

A burning forehead, and a parching tongue.

 

Who are these coming to the sacrifice?

To what green altar, O mysterious priest,

Lead’st thou that heifer lowing at the skies,

And all her silken flanks with garlands drest?

What little town by river or sea shore,

Or mountain-built with peaceful citadel,

Is emptied of this folk, this pious morn?

And, little town, thy streets for evermore

Will silent be; and not a soul to tell

Why thou art desolate, can e’er return.

 

O Attic shape! Fair attitude! with brede

Of marble men and maidens overwrought,

With forest branches and the trodden weed;

Thou, silent form, dost tease us out of thought

As doth eternity: Cold Pastoral!

When old age shall this generation waste,

Thou shalt remain, in midst of other woe

Than ours, a friend to man, to whom thou say’st,

“Beauty is truth, truth beauty,—that is all

Ye know on earth, and all ye need to know.”

 

John Keats – poet – 1795-1821

 

Apple’s war with the EU over the €13 billion tax demand will shortly reach new levels of controversy, despite the Irish government’s assistance in supporting their objection. I venture to suggest until there is a water-tight tax policy for all EU members, Apple should be allowed to exploit its benefits. Morally it is probably not right, but we have been down this road and it’s up to global legislators to sort the situation out or there will be hell to pay, resulting in Apple spreading its pleasure elsewhere.

This whole commercial rating system needs sorting out.  It is archaic.  How can it be possible be right to rate businesses entirely on the value of their property in a digital age, where technology will continue to be more rampant by the day? Surely Sajid Javid, his Civil Service advisors and the government know this? The whole system needs revamping and hauling in to the modern age.

I must say I am very surprised that ‘Snap’s’ entourage are coming over to London for a road show. Not that many moons ago, I think Facebook offered Evan Spiegel, the founder, $3 billion for SnapChat. I would describe myself as anything approaching the fountain of all knowledge on technology, but raising money at between $14-16 a share puts a valuation of $20-$25 billion for an app that has yet to make money. That price tag seems to have a very rich valuation attached to it. With the quality of advisors – Goldman and Morgan Stanley – One ventures to suggest there is mileage in this company. Let’s hope there is a sense of realism, a lack of avarice and the required luck needed that market conditions will be conducive for punters to enter the fray.

 

Having supported Kraft Heinz in an abortive attempt to buy Unilever, it might just be that the Warren Buffett/3G Capital juggernaut, which has a $15 billion war chest at its disposal, may sortie again in to the food market, with perhaps an appetite for the likes of Kellogg, Campbell Soups or General Mills. They are also invested in Burger King and AB InBev. It is also felt that Kraft Heinz may go back for Mondolez to whom they sold Cadbury. 

 

 I was highly amused to hear that French presidential candidate Emmanuel Macron wants to lure bankers from London to Paris in the aftermath of Brexit. In his dreams!  There are a few incontrovertible issues – language, taxation and lack of infrastructure for a start. If bankers are going to leave in droves from London, they ain’t going to Paris or Frankfurt, they are off to New York or Hong Kong!

 

Having enjoyed the President’s Day public holiday on Monday, US stock market luminaries returned to the Street of Dreams in a positive frame of mind without too many Trump tweets and the appointment of a new head of National Security – Lieut Gen McMaster. Retail captured most of the headline with Wal-Mart posting its best results for four years. Shares rose by 3%.  There were also good efforts from Home Depot (+1.41%) and Macy’s (unch).  Wal-Mart’s profit was $3.76 billion, or $1.22 per share in the three months ended Jan. 31. That compares with $4.57 billion, or $1.43 per share, a year ago. Sales totalled $129.75 billion.

 

 

 

I was beginning to wonder if the US had a Treasury Secretary as the silence has been deafening.  Low and behold yesterday Steven Mnuchin rose from his slumber and urged the IMF to use its surveillance powers to police the exchange-rate policies of its members, part of the Trump administration’s broader effort to challenge some of America’s biggest trading partners. It’s good to know he’s alive and on the case. I think it is also imperative that we hear something very positive about infrastructure spending and corporate tax cuts before too long.  Otherwise investors could take flight.  These stock markets have come a long way since 8th November 2016. The US markets closed with year to date gains as follows – DOW: 20,743 +0.58% +4.96%, S&P: 2,365 +0.60% +5.65% NASDAQ: 5,350 +0.49% +10.01%.

 

 

As we all know yesterday’s session in London was dispiriting thanks to a poor effort from HSBC, which saw the FTSE 100 lose 25 points to 7274.  This morning we had a far better effort from Lloyds Banking Group, which posted a profit of £4.2 billion – up 158% – net £2.41 billion.  Tier One capital came in at a healthy 13.8%. MBNA have bedded down nicely and synergistically. Lending margins are at 2.7%.  SME lending grew by 3% and by 30% in the last 6 years. The bonus pool was 4.9% of profits and came in at £392.9 million across all staff. Antonio Horta Osario’s salary will be increased by 8% to £1.22 million. That seems very reasonable by modern day standards.

 

Mark Carney indicated to a Treasury Select Committee that a smooth Brexit process would lead to a faster rate of interest rate increases. He also said that if Britain achieves a “bold, ambitious trade deal” without significant obstacles “that is a scenario that is consistent with faster growth relative to forecast, higher inflationary pressure relative to forecast and tighter monetary policy relative to forecast. Bank’s chief economist Andy Haldane was also present and added that Prime Minister Theresa May’s plans for Brexit are not expected to affect growth over the next three years.

 

 UK companies posting interim results this week –  Wednesday –Lloyds Banking Group, Barratt Development, Weir, Serco, Hays, McBride, Metro Bank, Thursday – Barclays, Intu, Rathbones, Monetise, Howden Joinery, BAE Systems, BATS, Glencore, National Express, Centrica, RSA, Kaz Minerals, Friday – Standard Life, Pearson, Wm Hill, Standard Chartered Bank, RBS, Jupiter Fund Management, Rightmove

 

 US companies posting interim results – Wednesday – Toll Bros, TJX, L-Brands, Tesla, Thursday – Kohl’s, BJ Restaurants, Dynergy, Nordstrom, Friday – JC Penney, Foot Locker,

 

 

David Buik

 


Market Commentator – Panmure Gordon & co


+44 (0)20 7886 2775


Mobile – 0044 7788 144 877


Panmure Gordon & Co


One New Change | London | EC4M 9AF

TODAY’S FAYRE



TODAY’S FAYRE – Wednesday, 23rd February 2017

 

Thou still unravish’d bride of quietness,

Thou foster-child of silence and slow time,

Sylvan historian, who canst thus express

A flowery tale more sweetly than our rhyme:

What leaf-fring’d legend haunts about thy shape

Of deities or mortals, or of both,

In Tempe or the dales of Arcady?

What men or gods are these? What maidens loth?

What mad pursuit? What struggle to escape?

What pipes and timbrels? What wild ecstasy?

 

Heard melodies are sweet, but those unheard

Are sweeter; therefore, ye soft pipes, play on;

Not to the sensual ear, but, more endear’d,

Pipe to the spirit ditties of no tone:

Fair youth, beneath the trees, thou canst not leave

Thy song, nor ever can those trees be bare;

Bold Lover, never, never canst thou kiss,

Though winning near the goal yet, do not grieve;

She cannot fade, though thou hast not thy bliss,

For ever wilt thou love, and she be fair!

 

Ah, happy, happy boughs! that cannot shed

Your leaves, nor ever bid the Spring adieu;

And, happy melodist, unwearied,

For ever piping songs for ever new;

More happy love! more happy, happy love!

For ever warm and still to be enjoy’d,

For ever panting, and for ever young;

All breathing human passion far above,

That leaves a heart high-sorrowful and cloy’d,

A burning forehead, and a parching tongue.

 

Who are these coming to the sacrifice?

To what green altar, O mysterious priest,

Lead’st thou that heifer lowing at the skies,

And all her silken flanks with garlands drest?

What little town by river or sea shore,

Or mountain-built with peaceful citadel,

Is emptied of this folk, this pious morn?

And, little town, thy streets for evermore

Will silent be; and not a soul to tell

Why thou art desolate, can e’er return.

 

O Attic shape! Fair attitude! with brede

Of marble men and maidens overwrought,

With forest branches and the trodden weed;

Thou, silent form, dost tease us out of thought

As doth eternity: Cold Pastoral!

When old age shall this generation waste,

Thou shalt remain, in midst of other woe

Than ours, a friend to man, to whom thou say’st,

“Beauty is truth, truth beauty,—that is all

Ye know on earth, and all ye need to know.”

 

John Keats – poet – 1795-1821

 

Apple’s war with the EU over the €13 billion tax demand will shortly reach new levels of controversy, despite the Irish government’s assistance in supporting their objection. I venture to suggest until there is a water-tight tax policy for all EU members, Apple should be allowed to exploit its benefits. Morally it is probably not right, but we have been down this road and it’s up to global legislators to sort the situation out or there will be hell to pay, resulting in Apple spreading its pleasure elsewhere.

This whole commercial rating system needs sorting out.  It is archaic.  How can it be possible be right to rate businesses entirely on the value of their property in a digital age, where technology will continue to be more rampant by the day? Surely Sajid Javid, his Civil Service advisors and the government know this? The whole system needs revamping and hauling in to the modern age.

I must say I am very surprised that ‘Snap’s’ entourage are coming over to London for a road show. Not that many moons ago, I think Facebook offered Evan Spiegel, the founder, $3 billion for SnapChat. I would describe myself as anything approaching the fountain of all knowledge on technology, but raising money at between $14-16 a share puts a valuation of $20-$25 billion for an app that has yet to make money. That price tag seems to have a very rich valuation attached to it. With the quality of advisors – Goldman and Morgan Stanley – One ventures to suggest there is mileage in this company. Let’s hope there is a sense of realism, a lack of avarice and the required luck needed that market conditions will be conducive for punters to enter the fray.

 

Having supported Kraft Heinz in an abortive attempt to buy Unilever, it might just be that the Warren Buffett/3G Capital juggernaut, which has a $15 billion war chest at its disposal, may sortie again in to the food market, with perhaps an appetite for the likes of Kellogg, Campbell Soups or General Mills. They are also invested in Burger King and AB InBev. It is also felt that Kraft Heinz may go back for Mondolez to whom they sold Cadbury. 

 

Having enjoyed the President’s Day public holiday on Monday, US stock market luminaries returned to the Street of Dreams in a positive frame of mind without to many Trump tweets and the appointment of a new head of National Security – Lieut Gen McMaster. Retail captured most of the headline with Wal-Mart posting its best results for four years. Shares rose by 3%.  There were also good efforts from Home Depot (+1.41%) and Macy’s (unch). I was beginning to wonder if the US had a treasury Secretary as the silence has been deafening.  Low and behold yesterday Steven Mnuchin rose from his slumber and urged the IMF to use its surveillance powers to police the exchange-rate policies of its members, part of the Trump administration’s broader effort to challenge some of America’s biggest trading partners. Its good to know he’s alive and on the case. I think it is also imperative that we hear something very positive about infrastructure spending and corporate tax cuts before too long.  Otherwise investors could take flight.  These stock markets have come a long way since 8th November 2016.

 

 

 

 Wal-Mart – Macy’s – Carney

 UK companies posting interim results this week –  Wednesday –Lloyds Banking Group, Barratt Development, Weir, Serco, Hays, McBride, Metro Bank, Thursday – Barclays, Intu, Rathbones, Monetise, Howden Joinery, BAE Systems, BATS, Glencore, National Express, Centrica, RSA, Kaz Minerals, Friday – Standard Life, Pearson, Wm Hill, Standard Chartered Bank, RBS, Jupiter Fund Management, Rightmove

 

 

US companies posting interim results – Wednesday – Toll Bros, TJX, L-Brands, Tesla, Thursday – Kohl’s, BJ Restaurants, Dynergy, Nordstrom, Friday – JC Penney, Foot Locker,

 

 

David Buik

 


Market Commentator – Panmure Gordon & co

 
+44 (0)20 7886 2775


Mobile – 0044 7788 144 877


Panmure Gordon & Co

MARKET UPDATE – HSBC HAS GIVEN THE MARKET AND ME THE HUMP!

I have found today’s equity session thoroughly irritating and dispiriting. I leapt out of bed with a spring in my heels, but by 6.00am I had the raving ache, thanks to HSBC. No excuses – that was a poor set of numbers. BREXIT, TRUMP and LE PEN used as part excuses! PLEASE! Mr Flint you’ll have to do better than that! That does not wash. Also HSBC account in Dollars – Sterling has fallen 19% against the Dollar since 23rd June 2016! Anyway greater luminaries than me have more insight in to these numbers than I have – shares are down 7% and that says it all. This morning HSBC’S shares were up by 58% since this time last year. Anyway that lame number had a modestly adverse effect on other banks which are down an average of 1% – By the by the FTSE at 1.35pm is down 19 points at 7281 – all attributable to HSBC!

 

Drugs bubbled away unenthusiastically – up 0.5% with Shire the best of the bunch. Tobacco was asleep – sector up 0.25%. Retail was fairly miserable – M&S unch, Next +0.5%, Dixon Carphone +0.75% with AO World the main loser on the day thanks to a negative note from Morgan Stanley – down 4%!

 

Of the other companies reporting today – Anglo American and BHP Billiton were up 2% at the opening and are now unchanged – a question of travelled and arrived. Galliford is 0.75% to the good and Intercontinental Hotel Group bounced out of the traps with profits up 4% triggering a 3% rise in its share price. It did not last – now up only 0.3%.

 

The DOW is set to open up 60 points. Wal-Mart posted reasonable results – eps $1 a share against expectations of 96 cents. Home Depot was also good with Macy’s also in fine form. Their respective shares are expected to open +3%, +2.5% and +2%.

TODAY’S FAYRE & HSBC’S POOR RESULTS

  TODAY’S FAYRE – Tuesday, 21sth February 2017

 

“Much have I travell’d in the realms of gold,

And many goodly states and kingdoms seen;

Round many western islands have I been

Which bards in fealty to Apollo hold.

Oft of one wide expanse had I been told

That deep-brow’d Homer ruled as his demesne;

Yet did I never breathe its pure serene

Till I heard Chapman speak out loud and bold:

Then felt I like some watcher of the skies

When a new planet swims into his ken;

Or like stout Cortez when with eagle eyes

He star’d at the Pacific—and all his men

Look’d at each other with a wild surmise—

Silent, upon a peak in Darien.” 

John Keats – poet – 1795-1821

 

Whenever I hear Lord Mandelson I keep thinking to myself that his is a modern day Malvolio! – Devious and duplicitous but thoroughly plausible. He did know his Europe and may still do so from a trade commissioner’s perspective, but my Dear Lord, we have moved on and you must stay up with the pace of public opinion and help rather that attempt to throw a spanner in the works with a negative outlook.

I much enjoyed watching PM May overlooking proceedings in the Lords yesterday, greatly comforted by seeing Lord Fowler, hopefully doing all he can as Leader, to stop matters getting out of hand!

 Yesterday there was an excellent interview by BBC’S John Humphrys of Lord John Hill, David Cameron’s EU Commissioner, who threw his toys out of the pram when UK voted BREXIT. It is such a pity that such a quality diplomat resigned. He was crystal clear that a deal could be struck with the EU, but it would be very difficult. At least he was not like Sir Ivan Rogers, who implied it was impossible. What a pity he is not there to help, particularly with the financial sector.

 

With New York shut for President’s day, European bourses were suffering from inertia yesterday, with the FTSE closing all but flat. Let me blaze straight in to HSBC’S thoroughly disappointing results, with profits down 62% from circa $18 billion to $7.1 billion. Now I understand that the cost of capital has increased with banks needing double the amount to do the same business as they did 8 years ago. I ‘get it’ that low interest rates don’t help; nor do litigation, PPI and money laundering fines. I also realise that that divesting from Brazil was an expensive occupational hazard. But for Chairman Douglas Flint to have blamed the vagaries of BREXIT, Donald Trump and the French election on HSBC’S indifferent performance is ludicrous. The effect of BREXIT, Mme Le-Pen and isolationism won’t be felt for some months. Also the fall in the value of the Pound and the strength of the Dollar should have really helped HSBC’S earnings. Also what ever happened to this wonderful Asian base for earnings?

HSBC UK has a new chairman in Dame Clara Furse and a new CEO in Ian Stuart. Flint confirmed that 1000 people would be moved as a precaution re BREXIT to Paris in the next 2 years. 8,000 jobs will go in the UK and 50,000 globally from 2015 over a 5 year cycle. HSBC is to close another 62 branches in the UK on top of 223 already closed last year. HSBC hopes to save another $5 billion of costs annually. The shares have risen by 58 in the last year until these results were posted. The shares fell 6.5%. I was VERY disappointed – poor effort. Chairman Douglas Flint goes this year and CEO Stuart Gulliver the CEO next year. Maybe it is time for a change. Other banks fell by an average of 2% in sympathy.

 

There were great results from BHP Billiton and Anglo-American both up 2%+ and also IHG pleased its acolytes – +3% at 9.00am. The FTSE 100 -25 points at 7275, thanks to HSBC!

 

Asian Markets today & YTD at 8.00am – NIKKEI 19,381 +0.68 +1.4%, HANG SENG 24,029 -0.48% +9.22%, CHINA 3,483 +0.35% +5.21%, ASX 5,791 -0.07 +2.21%

 

 UK companies posting interim results this week –  Tuesday – InterContinental Hotels Group, Vernalis, HSBC, Anglo American, BHP Billiton, Galliford, Wednesday –Lloyds Banking Group, Barratt Development, Weir, Serco, Barratt Development, Hays, McBride, Metro Bank, Thursday – Barclays, Intu, Rathbones, Monetise, Howden Joinery, BAE Systems, BATS, Glencore, National Express, Centrica, RSA, Kaz Minerals, Friday – Standard Life, Pearson, Wm Hill, Standard Chartered Bank, RBS, Jupiter Fund Management, Rightmove

 

 

US companies posting interim results – Monday – American Car-Mart, Tuesday – Macy’s La-Z-Boy, Wal-Mart, Wednesday – Toll Bros, TJX, L-Brands, Tesla, Thursday – Kohl’s, BJ Restaurants, Dynergy, Nordstrom, Friday – JC Penney, Foot Locker,

 

 

David Buik

 

Market Commentator – Panmure Gordon & co

 +44 (0)20 7886 2775

Mobile – 0044 7788 144 877

Panmure Gordon & Co

One New Change | London | EC4M 9AF

TODAY’S FAYRE

TODAY’S FAYRE – Sunday, 19th February 2017

 

 

“Bright star, would I were steadfast as thou art-

Not in lone splendour hung aloft the night,

And watching, with eternal lids apart,

Like Nature’s patient sleepless Eremite,

The moving waters at their priest-like task

Of pure ablution round earth’s human shores,

Or gazing on the new soft-fallen mask

Of snow upon the mountains and the moors-

No- yet still steadfast, still unchangeable,

Pillowed upon my fair love’s ripening breast,

To feel for ever its soft fall and swell,

Awake for ever in a sweet unrest,

Still, still to hear her tender-taken breath,

And so live ever- or else swoon to death.”

 

John Keats – poet – 1795-1821

 

“There is nothing more difficult to plan, more doubtful of success, nor more dangerous to manage than the creation of a new order of things. … Whenever his enemies have occasion to attack the innovator they do so with the passion of partisans, while the others defend him sluggishly so that the innovator and his party alike are vulnerable.” –  Niccolo Machiavelli – Philosopher – 1469-1527

 

If you are a blind and passionate ‘Remainer’ and regardless as to whether you think Tony Blair is a toxic ‘busted flush’, it was an excellent speech the former PM gave, when preaching to the converted, at Bloomberg on Friday. Even though Mr Blair has plenty of ‘previous’, his passion and the delivery of his powerful rhetoric had to be admired. The problem was there was absolutely no balance in his speech. Listening to him one could be forgiven for thinking that everything in the EU garden was rosy.  Who would guess that the EU has political cracks appearing on every part of its veneer – both economic and political? Holland, Greece, France and the impregnable Germany could all have different administrations by the end of October. Where was he last April, May and June?  That was the time to say his bit, with his considerable powers of oratory.  The people have made their decision.  There is no turning back.  It is also unreasonable to suggest that PM May and her Government will deliver Brexit at any cost.

 

‘Cue Card’ was back to his ebullient best in winning the ‘Betfair Ascot Chase yesterday, doing hand springs. Colin Tizzard’s exuberant staying chaser won by nearly 20 lengths over 2 miles 5 furlongs.  I still don’t think that ‘Cue Card’ will get 3 miles 2 furlongs in the Gold Cup. However it is astonishing to think that Tizzard has THREE live contenders entered in this race – ‘Native River’ my idea of the winner, ‘Thistlecrack’ and ‘Cue Card.’

 

GM’s proposed disposal of Vauxhall to Peugeot/Opel has certainly put the cat amongst the pigeons for the 4500 car workers at Ellesmere Port and Luton. The nerves of these employees and their union representatives will certainly be out to the test.  Not only has it triggered Industry Secretary Greg Clark to shuttle himself between London and Paris to see the CEO of GM and his political counterpart in the French capital, but it will also see PM May intervene with conversations with GM next week, which hopefully will have been reassuring, with perhaps some guarantees, similar to those offered to Nissan.

 

However France & Germany are not exactly enamoured with UK re BREXIT, which makes a cordial and sympathetic approach to negotiations unlikely. It should not be forgotten that Peugeot/Opel have 24 manufacturing units/factories in Europe – 22 in France 8 in EU and 2 in UK (Ellesmere Port & Luton) employing 4,500.  Also it costs a great deal more to make French workers redundant! If you were Peugeot/Opel – what would you do without a significant sweetener! Finally the fact that the Pound has fallen 12% against the Euro and 18% against the Dollar in the last 8 months is not helpful in terms of the competitive pricing of vehicles. An unhappy outcome to this deal could rattle the cage of workers and Unions at BMW (Mini) and Rolls Royce.

 

 With so much political turmoil manifesting itself on either side of the Atlantic, the last thing many people in the City expected last Friday was the prospect of £205 billion deal involving Kraft Heinz bidding for the hand in marriage of Unilever! Unilever’s Paul Polson and his board have turned the offer down out of hand, believing that it grossly undervalues the Anglo-Dutch conglomerate. Kraft Heinz is reputed to have bid £105 billion or £40 a share. Considering Unilever’s share price rose 13.4% on Friday with Heinz Kraft rallying by 7% suggests this deal still has smouldering embers, with KH likely to raise its bid, perhaps in a hostile manner, with the backing of Warren Buffett and 3-G Capital. Were this deal to come off, it would probably be the largest deal involving a European company since Vodafone bought Mannesmann for E220 billion in 2000. This deal could run for some weeks. Unfortunately the drop in the Pound makes Unilever look cheap to KH.

 

There is synergy with these two household goods titans with Unilever perhaps providing that little bit extra in terms of non-food products.  In Unilever’s portfolio are Marmite, Dove, Dermologica, Flora, Ben & Jerry’s, Hellman’s, Knorr and for Kraft cheese, spaghetti, Ketchup, beans etc!! Kraft CEO Bernard Hees is every bit as robust as Unilever’s Paul Polson. What is unnerving is the jobs factor with Unilever in UK and Ireland employing 7000 workers. The cost saving possibilities must be colossal.

 

This week sees the main 5 UK banks post their results. Apart from RBS, we should see their profits jump substantially. Starting on Tuesday with HSBC, which has just appointed Ian Stuart as head of UK Banking, the ‘local’ bank may see profits up from $10 billion to $13.2 billion for the year. On Wednesday Lloyds Banking Group is expected to raise its profits to £4.7 billion from £1.6 billion, though the CEO Antonio Horta-Osorio’s pay will drop from £8.8 million to a mere £6 million.  The taxpayers’ stake is down to 4.99% and the PPI claims which reached £16 billion are quietly abating. Barclays Bank steps up to the plate on Thursday with Jon Macfarlane Jes Staley likely to up profits from £1.1 billion to £3.75 billion.

 

On Friday RBS will be shaking all the skeletons out of the cupboard in posting its ninth loss running – maybe as much as £6 billion including fines from the US, PPI and non-performing loans. It is hard to see the taxpayer getting his money back for another 5 years. However one potentially interesting and good piece of news may transpire. RBS could abandon the sale of its Williams & Glyn unit, under government plans, after struggling to offload the small-business lender. Eight years ago RBS had been ordered by the European Union to sell 300 odd branches with 1.8 million customers by the end of 2017 to address competition concerns. The bank failed to sell the business to Santander last year and talks with Clydesdale Bank also stalled. These branches are now likely to remain in RBS’S portfolio.  The quid pro quo is that about £750 million will be made available by RBS to assist challenger banks lend money to SMES. This exercise at the behest of the EU, which no one ever understood, was part and parcel of bail-out terms, which as far as I know never affected the EU.  Anyway RBS has wasted hundreds of millions of pounds in an abortive and unnecessary attempts to sell perfectly valid profit making branches. No doubt CEO Ross McEwan will clarify matters later next week.

 

Despite the vagaries of ‘Trumpism’ equities kept hold of their poise last week, though towards the end of the week sentiment turned negative in the Eurozone. I must say it does look like a political and economic minefield. The S&P 500 added 1.18%, the FTSE +0.57%, European Stocks by an average of +0.8% with Tokyo after a bright start to the week saw the NIKKEI ease by 0.74% on the week.

 

UK companies posting interim results this week –  Monday – Gemfields, Hammerson, Bovis Homes, Vedanta Resources, Tuesday – Inter Continental Hotels Group, Vernales, HSBC, Anglo America, BHP Billiton, Galliford, Wednesday –Lloyds Banking Group, Barratt Development, Weir, Serco, Barratt Development, Hays, McBride, Metro Bank, Thursday – Barclays, Intu, Rathbones, Monetise, Howden Joinery, BAE Systems, BATS, Glencore, National Express, Centrica, RSA, Kaz Minerals, Friday – Standard Life, Pearson, Wm Hill, Standard Chartered Bank, RBS, Jupiter Fund Management, Rightmove

 

 

US companies posting interim results – Monday – American Car-Mart, Tuesday – Macy’s La-Z-Boy, Wal-Mart, Wednesday – Toll Bros, TJX, L-Brands, Tesla, Thursday – Kohl’s, BJ Restaurants, Dynergy, Nordstrom, Friday – JC Penney, Foot Locker,

 

 

 

David Buik

 
Market Commentator – Panmure Gordon & co 
+44 (0)20 7886 2775
Mobile – 0044 7788 144 877
Panmure Gordon & Co
One New Change | London | EC4M 9AF

 

MARKET UPDATE

Despite the US markets adding an average of another 50 basis points yesterday, taking all three of their main indices into uncharted waters to record heights, the level of activity on London’s main index was measured, bordering on dull. At present markets seem immune from political fall-out, with a President seemingly having difficulty in deciphering the difference between right and wrong. Yesterday we enjoyed a measurable renaissance by the banks.  The start of today’s session saw the FTSE 100 on the back foot, needing to make up 29 points for EX Dividend payments made by Astra, BP, Shell and Imperial Brands, before opening the batting.  At 2.45pm the FTSE was down just 25 points at 7275. Needless to say BP, Shell and Astra have adjusted to marginally lower levels.

Cobham reported its fifth profits warning in 15 months – down 15%. Shire posted excellent results at lunchtime with the acquisition of Baxalta looking as if it is starting to pay dividends. Its shares are up 5.5%. Coca-Cola Bottling – up 40% this past year made a slow start after posting solid numbers, but is currently 3% to the good. Heineken’s bid for Punch Taverns will be subject to a regulatory review.  Many think it will go through – down 1.4%. Drax failed to please its acolytes – down 6% and finally the ‘yellow jersey’ goes to a mid-cap – Lancashire – up 10%. The DOW is down a somnolent 10 points.

TODAY’S FAYRE

  TODAY’S FAYRE – Thursday, 16th February 2017

 

“The grey sea and the long black land;

And the yellow half-moon large and low;

And the startled little waves that leap

In fiery ringlets from their sleep,

As I gain the cove with pushing prow,

And quench its speed i’ the slushy sand.

 

Then a mile of warm sea-scented beach;

Three fields to cross till a farm appears;

A tap at the pane, the quick sharp scratch

And blue spurt of a lighted match,

And a voice less loud, thro’ its joys and fears,

Than the two hearts beating each to each!”

 

Robert Browning – poet – 1812-1889

 

I am sure many of you watched the BBC’S controversial production of the Shannon Matthews abduction in Dewsbury, which took place eight years ago, screened recently on television – ‘Moorside’. Though a deeply depressing subject, with huge social connotation problems, the quality of the acting was off the Richter scale – Sian Brooke, Sheridan Smith and Gemma Whelan put in mind-blowing performances of brilliance.

 

The Toshiba scandal resulting in the resignation of Chairman Shigenori Shiga has greater connotations than was superficially envisaged.  Losing a pot of money – circa a Y712.5bn (£5.01bn) write-down due to impairment charges, which would wipe out shareholder equity and drag the company to a full-year loss, is one thing, but to put nuclear power deals in Cumbria in doubt is another.  There has been a delay in posting their results, which are reputed to show a Y390bn net loss for the year ending March 31, compared with a Y460bn loss a year earlier.

 

In 2015, Toshiba twice delayed earnings announcements after it struggled to manage the fallout of a previous accounting anomaly. Toshiba has previously said it will withdraw from its nuclear plant constructions overseas, including at least a partial exit from its British venture. The firm owns a 60 per cent stake in NuGeneration, or NuGen, a British firm planning to build three nuclear reactors at the Moorside plant in Cumbria.

NuGen acknowledges that Toshiba’s review into the future of its nuclear power business outside Japan is complete and that it remains committed to developing NuGen’s Moorside Project. We shall see!

You have to smile with affection and respect at Warren Buffett and Berkshire Hathaway. On Tuesday Berkshire Hathaway’s share price hit $250,000 each up from $195k 15 months ago – up 30% and up 117% from 5 years ago when a share cost $117,000! Warren Buffett will be 87 in August and seems as smart and spry as ever. Since Trump became President, despite Buffett’s concern about President Trump’s credentials, he is alleged to have added another £12 billion of assets to his BH’S portfolio. Above all else Buffett is a pragmatist and appears to like the cut of the Presidents plans for business. Assets at BH total $552 billion and the share capital is worth $413 billion. Berkshire Hathaway employs 331k people globally and head office is in Omaha, Nebraska, the home of the great investor and philanthropist.

 

It would appear that equity markets seem totally immune to Trump vagaries and controversy. They have hung their hat on infrastructure spending, severe cuts in regulation and tax cuts – corporate from 35% to 15% in a two year span. That makes a very fizzy cocktail for fund manager, which should be good for business. There was little in the way of great corporate news apart from the fact that Verizon may pay a smidgen less for Yahoo! than was previously agreed. New York closed as follows with a YTD update –DOW: 20,611 +0.52% +4.3%, S&P: 2,349 +0.50% +4.93%, NASDAQ: 5,302 +0.59% +9.02%

 

Asian Markets performed as follows with YTD update. Conditions were sepulchral – NIKKEI 19,347 -0.47% +1.22%, HANG SENG 24,097 +0.44% +9.48%, CHINA 3,430 +0.28% +3.55%, ASX 5,816 +0.12% +2.68%. Yesterday the FTSE added 33 points to 7302 with banks leading the charge. The FTSE now has a valuation of over £400 billion and the FTSE 250 is at an all time record. Did somebody swear and say BREXIT? This morning the FTSE is down 22 points at 8.30am but Ex-Div players such as BP, Shell. Astra and Imps have taken a 29 point toll this morning. Cobham announced another profits warning and its shares fell by 18% to 110p. They stood at 240p a year ago.

UK companies posting interim results this week –  Thursday – DRAX, Coca-Cola HB, Shire Pharmaceuticals, Friday – Millennium Copthorne, Kingspan, Segro, Essentra

 

US companies posting interim results –Thursday – MGM Resorts, Wendy’s Dean Foods

 

Economic data posted this week – Thursday – Phili-Fed Index, Initial Claims, Friday – UK PSBR, UK Retail sales M/O/M

 

 

David Buik

 

Market Commentator – Panmure Gordon & co +44 (0)20 7886 2775

Mobile – 0044 7788 144 877

Panmure Gordon & Co

One New Change | London | EC4M 9AF

TODAY’S FAYRE

TODAY’S FAYRE – Tuesday, 14th February 2017

 

There is pleasure in the wet, wet clay

When the artist’s hand is  potting it.

There is pleasure in the wet, wet lay —

When the poet’s pad is blotting it.

There is pleasure in the shine of your picture on the line

At the Royal Acade-my;

But the pleasure felt in these is as chalk to Cheddar cheese

When it comes to a well-made Lie–

 

To a quite unwreckable Lie,

To a most impeccable Lie!

To  a water-right,  fire-proof,  angle-iron,  sunk-hinge,  time-lock,

steel-faced Lie!

Not a private handsome Lie,

But a pair-and-brougham Lie,

Not a little-place-at-Tooting, but a country-house-with-shooting

And a ring-fence-deer-park Lie.

 

Rudyard Kipling – poet – 1865-1936

 

I must have been daft to think that Ken Loach would behave himself when receiving the BAFTA for best British film – ‘I Daniel’ – which I am told he deserved. However he had to come out with all that bitter ‘left wing’ vitriol he has been associated with since making ‘Cathy Come Home!’ and ‘Kes’ – totally uncalled for! It was an unnecessary and a pathetic gesture for an octogenarian, when most people had come to the Royal Albert Hall to pay homage to great artists and technicians in the film world. One only had to see the film to know that there was a social message in it and why not! But that was surely enough.  Film buffs do not need a lecture from Loach, whom I am told is absolutely loaded. We just wanted to enjoy this glittering occasion.  What is even more galling is the fact that he used public funds to make many of his films.  This is hypocrisy personified! Mr Loach is entitled to air his political beliefs – love them or hate them – but there is a time and a place! The BAFTA awards ceremony is not one of them!

 

Emma Stone is a vivacious breath of spring air and her performance in ‘La La Land’ was delightful. But best actress?  You jest. She just exuded a really lovely ‘feel-good-factor’; acting?  Never! In my opinion Emily Blunt – the star of ‘The Girl on a Train’ was far more deserving of this coveted award. 

 

Like many others I was incandescent with rage at Speaker Bercow’s castigation of President Trump and the fact that, as far as he was concerned, he’d be unwelcome to give an address from the Palace of Westminster – bang out of order!  However ‘off the cuff’ remarks about how he voted in the EU Referendum and why to students at Reading University, is I think, no reason to call for his resignation. Strip out the arrogance and his insatiable appetite to play to the gallery like some ‘Diva’ or Prima Donna, I think he’s a very good ‘Speaker!’

 

Tax reform promises, part of the Trump election manifesto which actually may end up being at odds with the EU in terms of trade, buoyed US equity markets to new record levels and for the first time the market capital value of the S&P 500 breached through the $20 trillion level. The main US indices finished as follows with YTD data as well – DOW: 20,412 +0.7% +3.29%, S&P: 2,328 +0.52% +3.9%, NASDAQ: 5,256 +0.58% +8.08%.  The US Treasury market remained somnolent, with yield reflecting two increases this year. Oil still bounces around uncomfortable between $52 and $56 a barrel. From a corporate perspective there was little to get one’s teeth into, though interesting to note that the telecoms took a modest dive based on competition issues thrown up by Verizon. There were falls varying between Verizon -0.9% and T-Mobile -3%.

 

 

Here in Old Blighty the FTSE 100 was up 0.3% at 7278 with miners very much in the vanguard; the sector gaining by an average of 3%. However mid-cap and small cap companies hit record levels. AB Foods had a little run on the rails – up 1.6% on news that sales at Primark had been quite buoyant. Today Rolls Royce posted an expected ‘kitchen sink’ set of numbers with an eye-watering £4.4 billion loss for the year; the operating profit was down 49% at £813 million. Rolls Royce shares are down 42% in the last 3 years but are up 20% in the last year. Warren East is proving to be a very strong CEO, having previously done a stunning job at ARM Holdings, which last year was sold for £24 billion to SoftBank of Japan. From an investors’ perspective I think we would like to have known more about the £671 million fine for bribery and corruption but perhaps the SFO have not finished their deliberations. In hindsight I suspect Sir John Rose’s 12 year tenure at CEO was too long, resulting in John Rishden collecting a ‘hospital pass’, before handing over to Warren East – shares down 0.25% at 8.30am. in the last 3 years Rolls Royce shares have fallen 42%, but are up 20% in the last year.   Tui posted adequate numbers – shares +2%.

 

Asian markets performed as follows today and on a YTD basis – DOW: 20,412 +0.7% +3.29%, S&P: 2,328 +0.52% +3.9%, NASDAQ: 5,256 +0.58% +8.08%. Toshiba’s chairman stood down today as its shares plunged 20% as a result of a request to delay its multi-billion loss. Maybe the UK’s nuclear power initiative is in danger? We shall see.

 

 

Finally today, the vagaries of the Cooperative Bank; It looks as though post the disastrous acquisition of Britannia Building Society which created a £1.5 billion black hole in its balance sheet, the abortive attempt to buy 631 branches from Lloyds Banking Group and the doubtful qualities of Rev Flowers as chairman, this bank seems unlikely to meet the Bank of England’s capital requirements. This has resulted in the bank being put up for sale. The two main Hedge Funds, which own most of the 80% – Aurelius Capital Management and Silver Point Capital -, will not want to take a loss.  There are few if any natural buyers who will want to buy the whole shooting match.  The ethical tag will have some appeal to a few. Strip out Virgin Money and Clydesdale – the latter being a possibility if its quest to buy Williams & Glyn fails – and the cupboard look quite bare. BREXIT may restrict the number of predators – European banks may be reluctant to get involved.  The Spivs, vagabonds, asset stripper and challenger banks will be there to cherry-pick. I doubt the main shareholders will countenance the idea.  One Savings and maybe Aldermore could be to the fore.  I doubt private equity will have much of an appetite to get in to the fray. Depositors and those with loans are safe, but jobs, whatever happens, will go.

 

Inflation data will be posted at 9.30am this morning – estimate +1.9%

 

UK companies posting interim results this week –  Tuesday – Acacia Mining, Rolls Royce, Tui Travel, Wednesday – Qinetiq, NEX, Thursday – DRAX, Coca-Cola HB, Shire Pharmaceuticals, Friday – Millennium Copthorne, Kingspan, Segro, Essentra

 

US companies posting interim results – Tuesday – Molson Coors, Dr Pepper Snapples, AIG, Wednesday – PepsiCo, Marriott, Kraft Heinz, AMAT, Groupon, Thursday – MGM Resorts, Wendy’s Dean Foods

 

Economic data posted this week – Tuesday – BRC Retail Sales Monitor, UL CPI & RPI, Germany’s ZEW, Wednesday – UK Employment data, UK Average Earnings, US Retail Sales, US Empire State Index, US CPI, Thursday – Phili-Fed Index, Initial Claims, Friday – UK PSBR, UK Retail sales M/O/M

 

 

David Buik

 

Market Commentator – Panmure Gordon & co +44 (0)20 7886 2775

Mobile – 0044 7788 144 877

Panmure Gordon & Co

One New Change | London | EC4M 9AF

TODAY’S FAYRE

 

TODAY’S FAYRE – Sunday, 12th February 2017

 

“When I was but thirteen or so

I went into a golden land,

Chimborazo, Cotopaxi

Took me by the hand.

 

My father died, my brother too,

They passed like fleeting dreams,

I stood where Popocatapetl

In the sunlight gleams.

 

I dimly heard the master’s voice

And boys far-off at play,

Chimborazo, Cotopaxi

Had stolen me away.

 

I walked in a great golden dream

To and fro from school–

Shining Popocatapetl

The dusty streets did rule.

 

I walked home with a gold dark boy,

And never a word I’d say,

Chimborazo, Cotopaxi

Had taken my speech away:

 

I gazed entranced upon his face

Fairer than any flower–

O shining Popocatapetl

It was thy magic hour:

 

The houses, people, traffic seemed

Thin fading dreams by day,

Chimborazo, Cotopaxi

They had stolen my soul away!”

 
WJ Turner – poet – 1889-1946

 

What a fantastic game of ruby at the Millennium Stadium last night!  I have to say that Eddie Jones is the most inspirational team coach and leader imaginable – tough, resolute, uncompromising, funny and greatly respected. He ticks all the boxes.

Regardless of the possibility of Francois Fillon or Emmanuel Macron having any skeletons in their respective cupboard, the French press just won’t countenance the possibility of Marine Le Pen becoming the next President of France. It seems extraordinary that the polls and research done are comfortable that either Fillon or probably Macron will see her off. I am far from an expert on French politics but it must be possible that Fillon, having admitted paying his family for political services rendered, will damage his chances and more likely Macron’s chances, if he refuses to gracefully leave the hustings. Also, like it or not, France has a very severe immigration crisis, unlike the UK, which my comparison is not acute. Macron is fiercely EU supportive and as the days roll by, Le Pen may not only be prepared to ditch the Euro, but she may also take France out of the EU.  That may be an attractive proposition to many voters.

 

I knew that Charlotte Hogg, aged 46, was persuaded by Governor Mark Carney to come to the Bank of England in July 2103 from Santander to totally reorganise and upgrade its daily workings and its operations.

 

I knew M/S Hogg is a top drawer intellect with degrees at Oxford and Harvard plus a brilliant business CV with experience as an economist at McKinsey and Morgan Stanley.  However I was unaware of her Central banking credentials that have made her a very warm order to succeed Mark Carney as Governor in June 2019. Her appointment as Deputy Governor of the Bank of England, responsible for markets and banking, succeeding Minouche Shafik, was richly endorsed by Chancellor Philip Hammond. She will also be on the MPC and Financial Stability Committee.

 

She certainly has the right political conformation, being the daughter of Douglas Hogg, QC, 3rd Viscount Hailsham, the former Tory MP and minister and Dame Sarah Hogg and granddaughter of Quentin Hogg QC, 2nd Lord Hailsham and whose maternal grandfather was John, Lord Boyd-Carpenter. She has clearly made a very great impression in her four years at the BOE. Many thought that the excellent Andrew Bailey, who is MD of the FCA or the Bank’s highly regarded Chief Economist Andy Haldane, were the likely probable front runners to succeed Mr Carney, but this may not look to be the case anymore.

 

There was more jingoistic rhetoric from EU luminaries. Dr Andreas Dombret of the Bundesbank insisted that ‘BREXIT’ could result in London losing its status as the financial “gateway to Europe. He further said that any deal struck between the UK and the European Union following Brexit would be “miles away from access to the single market”. I hope he’s not under any illusion that Germany might pick the business up.  If so he is wrong. It will go to New York of the Far East.

 

The first three days last week stock market activity seemed rather turgid, with investors becoming frustrated, thus giving the impression that they had ‘a monkey on their back’, despite the fact that the DOW and NASDAQ rather surreptitiously reached record levels.  President Trump, despite his twitter account booming, seemed to be making little progress in the areas he wanted to and the cumuli nimbus clouds of political uncertainty seemed to gather over Brussels Strasbourg, Amsterdam and Paris. The Wilders juggernaut is definitely on a roll and those contemptuous of Le Pen’s chances in April/May are becoming more nervous by the day, as they move uncomfortable from one cheek of their backsides to the other. This is clearly illustrated in France by the fact that French bond yields have increased and seem to be decoupling from Bunds.

 

So after a quiet start to the week, the S&P ended +0.75%, thanks to suggestions made on Thursday evening that Trump would shortly announce radical tax cuts.  The FTSE 100 cracked on and ended the week 0.98% to the good.  European bourses added a smidgen less – 0.85% and Japan’s Nikkei, thanks to a softer Yen, gathered in ‘ye rosebuds whilst ye may!’ – _2.44%.  It is interesting to note that the FED is still sending signals that are not that obtuse than rates may go up next month by 0.25% and that another hike is highly likely in 2017. This did not deter equity geeks.  China’s economy also seems quite robust with imports in January up 16.7% and exports by 7.9%. Gold was up $5 on the week to $1234 an ounce, Copper bounced by 4% and crude oil by 2.2%.

 

In London last week commodity stocks took their lead from Rio Tinto which reported a profit of $4.6 billion against a loss of $866 million last year.  The shares rallied by over 5% and are up over 90% since this time last year. Reckitt Benckiser raised a few eyebrows when bidding $18 billion for baby milk titan Mead Johnson. Shares dipped 3%. There are likely to be protestations from shareholders over remuneration and bonuses. Rakesh Kapoor, the CEO, who earned £23 million last year may well incur the wrath and indication for his and his colleagues’ emoluments. Mr Kapoor could earn another £15 million if shareholders’ earnings are boosted by 10% – ridiculous for a manager!  Reckitt posts numbers on Monday.

 

Sir John Rose former CEO of Rolls Royce has been interviewed under caution over the bribery scandal that has dogged this very special British brand for the last 4 years. Several other directors and managers have also been interviewed. Rolls Royce paid a fine of £621 million to the regulators to bring the curtain down on this unsavoury affair. Current CEO Warren East seems to have thrown all the skeletons out of the cupboard and hopefully has this Derby based operation back on the bridle. On Tuesday, Rolls Royce may declare a £4 billion – some of it due to a 17% drop in the value of the Pound against the Dollar and the £671m fine for bribery in countries like Indonesia and Brazil.  

Across the pond markets stayed ahead of the game. Twitter’s results were very disappointing only growing its users by 4% to 319 million with inadequate advertising revenue to sustain the business model, resulting in a loss of £133 million resulting in the share price tumbling by 12.6% on Thursday night. I suspect that Jack Dorsey’s company will eventually be taken over. In the next two weeks we should get a handle on retail results, which is a reliable barometer to measure the robustness of the US economy.

 

When RBS comes to post its results on 24th February, these are likely to be another horror story with a 9th annual loss in a row – £5 billion, which includes copious fines and PPI payments. CEO Ross McEwan has already implemented £2 billion annual savings. However this is not enough.  Therefore another 15,000 jobs are likely to be lost with a view to cutting costs by another £1 billion a year, according to the Sunday Times. Despite a £12 billion rights issue in 2008 and a £46 billion taxpayer bail-out, the likelihood of RBS paying the taxpayer back in the next 10 years is remote.

 

UK companies posting interim results this week – Monday – Reckitt Benckiser, Fidessa, Tuesday – Acacia Mining, Rolls Royce, Wednesday – Qinetiq, NEX, Thursday – DRAX, Coca-Cola HB, Shire Pharmaceuticals, Friday – Millennium Copthorne, Kingspan, Segro, Essentra

 

US companies posting interim results – Tuesday – Molson Coors, Dr Pepper Snapples, AIG, Wednesday – PepsiCo, Marriott, Kraft Heinz, AMAT, Groupon, Thursday – MGM Resorts, Wendy’s Dean Foods

 

Economic data posted this week – Tuesday – BRC Retail Sales Monitor, UL CPI & RPI, Germany’s ZEW, Wednesday – UK Employment data, UK Average Earnings, US Retail Sales, US Empire State Index, US CPI, Thursday – Phili-Fed Index, Initial Claims, Friday – UK PSBR, UK Retail sales M/O/M

 

David Buik

 


Market Commentator – Panmure Gordon & co
+44 (0)20 7886 2775


Mobile – 0044 7788 144 877


Panmure Gordon & Co


One New Change | London | EC4M 9AF