Monthly Archives: April 2018

WEEKLY FAYRE

WEEKLY FAYRE – Monday 30th April 2018

 

Stop all the clocks, cut off the telephone,
Prevent the dog from barking with a juicy bone,
Silence the pianos and with muffled drum
Bring out the coffin, let the mourners come.

Let aeroplanes circle moaning overhead
Scribbling on the sky the message ‘He is Dead’.
Put crepe bows round the white necks of the public doves,
Let the traffic policemen wear black cotton gloves.

He was my North, my South, my East and West,
My working week and my Sunday rest,
My noon, my midnight, my talk, my song;
I thought that love would last forever: I was wrong.

The stars are not wanted now; put out every one,
Pack up the moon and dismantle the sun,
Pour away the ocean and sweep up the wood;
For nothing now can ever come to any good.”

 

WH Auden – poet – 1907-1973

 

Apart from Fulham winning promotion to the Premiership, I very much doubt that any sporting competition could bring me as much pleasure as Willie Mullins winning the Irish NH training championship. I have nothing at all against Gordon Elliott, who is an amazing trainer – having won Gold Cups and Grand Nationals by the age of 40.

 

At the start of the Punchestown festival meeting the legendary Irish trainer, Willie Mullins was a short $500k behind Elliott in Irish Trainers’ Championship. With one day to go it looks as if Willie Mullins will win with a bit to spare with a current lead of €550,648! His horses have been on fire at this gloriously competitive festival.

 

A couple of years ago, Michael O’Leary of Ryanair fame took close on 60 horses away from Mullins’s Closutton Yard and sent most them to Elliott – having refused to accept a 10% increase in training fees (the first request for an increase for some years). I dislike disloyalty and bullying. These are unattractive traits. Willie Mullins is not only a trainer in a league of his own, he is also a delightful person, who refrained from complaining about the potentially dramatic and damaging action taken by Gigginstown Stud (O’Leary), never once ‘bad mouthing’ the Ryanair magnate. In concert with millions of other race goers, this achievement has provided unbridled joy for all of us.

 

After an amazing race meeting in Ireland, NH enthusiasts heard that Katie Walsh – daughter of Ted and sister of Ruby and Mark and Nina Carberry, daughter of Tommy and sister of Paul – easily the best lady riders ever to grace the NH scene – both announced their retirement. This has not been an uneventful week for this fabulous sport.

 

Another astonishing week has manifested itself – full of fascinating political stories and innuendos, a slew of mainly decent earnings and economic news with some varying degrees of satisfaction and disappointment.

Out of the clouds came the ‘love-in’ between North and South Korea, warmly supported by the Trump administration. The cynics say Kim Jong Un will never give up nuclear weapons, but N Korea’s economy is hanging in rags, so maybe there is a genuine need and will to make peace.

 

On the economic front US GDP came in at a slightly disappointing level of 2.3% on an annualised basis. In the case of the U.K., though there was good news on the public sector borrowing front – the lowest level since the credit crisis. However, GDP posted on Friday was confirmed at 0.1% for the 1st quarter, down to the weather and supposedly uncertainty of BREXIT, though Moody’s, the rating agency, believes that the ‘Brexit effect’ on UK growth has been minimal. By the end of the week the foreign exchange market decided that the greenback had been under sufficient pressure in the last six weeks. So, it had a very strong run on the rails with Sterling suffering at the hands of those who believe that the U.K. economy is looking brittle – Cable fell from $1.4120 early last week to $1.3785 on Friday.

 

Due the drop in Sterling the FTSE 100 had a decent little surge on Friday to finish above 7500 Threshold, with so many dollar related earning companies in that index. The DAX had a relatively sepulchral week with Paris performing with a little more panache. The earnings season in the US was rather more mixed than had been expected, though there were great results from Amazon, Twitter, Microsoft, Chevron, Viacom and the resurgence of Facebook being the picks of the week, with the defence industry stocks, Caterpillar, 3Ms and Exxon Mobil slightly disappointing their acolytes. There was an insufficient excellence to encourage the Street of Dreams to push on.  This coming Tuesday Apple announces results and is rumoured to invoke a $100 billion share buy-back.

 

 

INDEX 23/4/18 27/4/18 Another astonishing % gain/loss
FTSE 100 7368 7502 +1.82%
XETRA-DAX 12538 12581 +0.34%
CAC40 5405 5483 +1.44%
DJIA 24488 24311 -0.72%
 S&P 500 2675 2670 -0.18%
NASDAQ 7174 7120 -0.75%
Hang Seng 30327 30281 -0.15%
Nikkei 22157 22468 +1,40%
Shanghai Comp 3063 3082 +0.62%

 

 

Here in Old Blighty the banks dominated the agenda with Lloyds and RBS posting improved efforts, though it may be some time before RBS leaves the vice like grip of the taxpayer.  Certainly, there were signs of encouragement for shareholders.  In the case of Barclays, CEO Jes Staley threw the kitchen sink at the market, posting a loss of £236m, much of it down to a fine of £1.4 billion paid to the US authorities. Recovery signs are there but the market needs full discovery on the Qatar fund raising trial and Amanda Staveley £1.5 billion claim. Edward Bransom should be more interested in the future tie up with PayPal than breaking up the investment bank. Numbers from UBS and Credit Suisse suggest that their respective shows are back on the road, but it will be some time before Deutsche Bank under Christian Sewing will be able to post a strong balance sheet, which the market has confidence in.

 

There were tales of woe from Metro Bank – some might say conflict of interest at board level and further damaging technical nightmares from TSB, which might have been avoided.  A £700 million rights issue for Capita which was well received and there were some decent numbers from Boohoo, one of a few retail outlets not suffering the slings and arrows of outrageous fortune.

 

The bulk of the corporate news was provided by Whitbread and Shire. CEO Alison Brittain confirmed that Costa Coffee would be sold off by 2020, having been bullied by Paul Singer and Elliott Advisers. Shire confirmed that it had agreed terms to fall in to the arms of Japan’s Takeda for £46 billion.

 

Finally, out the blue came news that Walmart (ASDA) have been in talks for some time with J Sainsbury about a £12 billion merger.  It is hard to see the synergy of this deal – ASDA supplies for the lower end of the market and Sainsbury, having just bedded down Argos in a £1.4 billion acquisition, supplies groceries for the better healed. This joint venture will corner just short of 31% of the supermarket share in the UK leaving Tesco with 28%. Tesco recently consummated its £3.7 billion takeover of Booker, which gave it better access to the wholesale supply market. Will the Competition regulator be happy with this state of affairs? Probably not, meaning hundreds of outlets may need to be sold to satisfy its criteria. Who might benefit? – Aldi’s and Lidl’s prospects will surely be enhanced by this deal and many are rekindling gossip that Morrison and the Coop may do more than hold hands in the weeks to come. It appears that Walmart will own 42% of the joint venture. Neither ASDA or Sainsbury have increased the supermarket share for some years; so a merger makes sense and could see annual costs cut by £500m. Online trading and Amazon have dramatically changed the dynamics of retailing.

 

As an aside business sanctions against Russia seem to be biting. Oleg Deripaska is considering cutting his 70% stake in EN+ to below 50%, which to all intents and purposes means relinquishing control. If the US agrees to this proposal, it could mean that 8% of the world’s supply of aluminium, supplied by Rusal, could be released. 

 

 

UK companies posting results this week – Monday – WPP, Tuesday – BP, Jardine Lloyd Thompson, DS Smith, Just Eat, Virgin Money, Wednesday – Howden Joinery, Standard Chartered Bank, Direct Line, J Sainsbury, Inmarsat, Indivior, Paddy Power Betfair, Sage Thursday – Smith & Nephew, IMI, Cardtronics, Centamin, eSure, Glencore, Lancashire Holdings,  Friday – HSBC, Pearson, Intercontinental Hotel Group, Millennium & Copthorne Hotels, Aon, Smurfit Kappa

 

 

US companies posting results this week – Monday – Allergan, Loews, Tuesday – Aetna, Carlyle Group, Pfizer, Apple, Merck, Wednesday – Estee Lauder, Mastercard, Pitney Bowes, Tesla, Kraft Heinz, Metlife, Thursday – BGC Partners, Cigna, Kellogg, Marriott, CBS, Friday – Johnson Outfitters

 

 

 

Economic data posted this week – Tuesday – UK Mortgage and credit data, UK & US manufacturing PMI, Wednesday – FOMC decision, UK PMI Construction, US ADP Employment Index, Thursday UK & US Services PMI, UK New Cars, Non-Farm payroll 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.

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WEEKLY FAYRE

WEEKLY FAYRE – Monday 23rd April 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 – poet & playwright – 1564-1616

 

I think it would be churlish not to congratulate ITV Racing on its coverage of Cheltenham and Aintree as well as its ‘bread and butter’ weekend fayre.  It is a far superior product than Channel 4 Racing’s effort. Ed Chamberlin is an excellent and enthusiastic host. Francesca Cumani, Alice Plunkett and Jason Weaver are experts in their own field, as are Mick Fitzgerald, Luke Harvey and Sir AP. I salute them. The coverage of racing has been revitalised and it is is user friendly!

 

Geopolitical issues in Russia, Syria, US, UK, and France took more of a back seat this week on most peoples’ investment agenda. The embers from the US/China trade spat are still smouldering and President Trump was reluctant to stay out of the headlines by continuing to make cryptic comments on James Coney as well as holding some slights doubts about his mission to North Korea next month. On the European front the EU continued to leave the U.K. in no doubt that it was no more enamoured with the negotiation process than the U.K. was. NO deal can certainly not be ruled out. The EU’s trade deal with the US has hit some rough waters and we understand that the U.K. is making good progress with India and Canada – small beer to ‘Remainers’, but nonetheless progress.

 

However, it was corporate news on both sides of the Pond, US 2nd quarter earnings and economics that mainly captured the imagination of fund managers, analysts and economists. The IMF had many positive comments to make about the world’s economy in Washington this week, but Mme Lagarde was very begrudging towards the U.K. She and the IMF very reluctantly agreed to put GDP up from 1.5% to 1.6% for 2018 with the world up a pip or two to 3.9%. We in the U.K. have got the message but I think it is fair to say we are over it, as the IMF’S forecasting for the U.K. economy in recent years has been woeful. Inflation in the U.K. thanks to the Pound rallying and clothes and some food prices falling dipped to 2.5%, whereas full employment is being maintained in the U.K. (unemployment rate 4.2%), with wage inflation rising to 2.8%. ‘One swallow does not make a summer’ but it is a start. Governor Carney started to prevaricate again against a hike in May, but symbolically the BOE is almost obliged to act. Again, forward guidance must be held to account. Mr Carney keeps being wrong footed on this issue. I was also pleased to see that Sam Woods, the BOE’S head of Prudential Banking, posted more realistic job losses figure over BREXIT in the financial sector down to 5-10k, on the same day the City of London was still officially considered the No:1 global centre, according to Duff and Phelps.

 

There was plenty of corporate news this side of the Pond. Hammerson’s £21 billion bid for Intu looks dead in the water and Klepierre’s interest seems to have been stifled. Sir Martin Sorrell bade farewell to WPP with no fanfare. The messy stuff is being kept under wraps. Many believe that Mark Read will land the spoils or possibly some luminary from Silicon Valley, but other market observers have thrown Jeremy Darroch’s, Adam Crozier’s, formerly of ITV, Roland Rudd’s and Andrew Robertson’s hats in to the ring as candidates. Darroch expressed amusement in telling the media he had no interest in the position and I doubt the others have either.

 

Edward Bramson has raised to his game to have Barclays split up – mad idea and with only 5.2% of the shares has he a realistic prayer? Investors were rather more interested in Barclays’ CEO Jes Staley’s possible fine for the whistleblowing offence. It could cost a year’s bonus. Unilever was under the cosh for wanting to move head office to Rotterdam in isolation. RBS and Lloyds Banking Group are lightening up jobs and branches and RBS is supposedly making a £3.5 billion provision for a pensions shortfall. The Government and GKN have just one month to ward off Melrose’s attentions. It has an 82% shareholder approval. Their efforts may be forlorn. Paul Singer’s Elliott Advisors has also been busy poking their noses in to Whitbread’s affairs, insisting that splitting Costa Coffee from Premier Inns and other assets will enhance shareholder value. No doubt, Alison Brittain the CEO will update us with results on Wednesday if not before.  No one quite understood why Allergan wanted to spoil Shire’s party by feebly talking about trumping Takeda’s bid. Anyway, Allergan went to ground very quickly, and Shire and Takeda will continue their talks.

 

Back here in Old Blighty, JD Sports posted stellar numbers with profits up 24%. AB Foods on the back of Primark’s efforts also did well in a difficult retail environment. Greene King, the brewer and restaurateur, which had previously dipped in to the doldrums, also pleased its shareholders allowing its shares to bounce by 7%. Debenhams posted a nightmare set of results with sales down over 2% resulting in profits falling 84% to £13 million for the last trading period.

 

The earning season in the US was, to all intents and purposes, positive with decent numbers from Bank of America, Proctor & Gamble, Goldman Sachs, Morgan Stanley and surprisingly the dog in the pack GE (shares initially +7%). IBM’S efforts did not pass muster and the shares fell 5%. Netflix’s achievements were outstanding with 1.3 million extra subscribers in US and 5.4 million globally with record revenues of $3.4 billion. The outlook was excellent.

 

So, despite all the machinations markets in Europe made measurable gains. The same cannot be said for the US and Asia. The Dollar affected some earnings in the US, with tech stocks towards the end of the week were under pressure, especially Apple. So far 87% of S&P 500 companies have posted their results and 79.3% have beaten expectation. Despite China’s GDP coming in at 6.8%, Asia was experiencing FX volatility and Central banking influence being brought to bear. Tokyo was the exception to the rule. As you can be see, set out below is a massive earnings week on both sides of the Atlantic.  In London, great attention will be paid to bank earnings, especially Barclays and RBS. Also, UBS, Deutsche Bank report on Monday, with UBS and Credit Suisse stepping up to the plate on Friday. All three are in recovery mode. Metro Bank’s Chairman Vernon Hill is coming under extreme pressure over expenses – shareholders believe a conflict of interest. Star the Canadian ‘on-line’ gaming magnate have bid £3.36 billion for Sky Bet, 70% owned by CVC Capital. Making the largest gaming group in the world. 

 

 

INDEX 16/4/18 20/4/18 % gain/loss
FTSE 100 7264 7368 +1.40%
XETRA-DAX 12478 12540 +0.5%
CAC40 5314 5412 +1.8%
DJIA 24582 24462 -0.49%
S&P 500 2676 2670 -0.2%
NASDAQ 7179 7146 -0.46%
Hang Seng 30849 30418 -1.40%
Nikkei 21843 22162 +1.46%
Shanghai Comp 3152 3071 -0.6%

 

UK companies posting results this week – Tuesday – AA, LSE, St James’s Place, Wednesday – Boohoo, Whitbread, Fenner, Antofagasta, Cromarty’s International, Fresnilloo, GSK, Lloyds Banking Group, Metro Bank, Persimmon, Tullow Oil, Thursday – Capita, Barclays Bank, Cobham, Elementis, Hastings, Kaz Minerals, Meggitt, Royal Dutch Shell, Shire, Taylor Wimpey, Weir, Friday – RBS, Virgin Money, Computacenter, Merlin Entertainment, Rotork, Travis Perkins,

US companies posting results this week – Monday – Halliburton, Tuesday – Caterpillar, Coca-Cola, United Technologies, Lockheed Martin, 3MS, Biogen, Freeport-McMoRan, Pulte, Amgen, Texas Instruments, Wynn Resorts, Wednesday – Boston Scientific, NASDAQ, Boeing, Northrop Grumman, Comcast, Viacom, Twitter, Facebook, Visa, AT&T, eBay, Ford Motor, PayPal, Thursday – Zimmer, PepsiCo, Altria, Raytheon, Valero Energy, Conoco-Phillips, Hershey, DR Horton, Abbvie, GM, Amazon, Microsoft, Starbucks, Mattel, Friday – Chevron, Exxon Mobil

 

Economic data posted this week – Monday – US PMI survey, Tuesday – UK PSBR UK CBI Industrial trends, Thursday – UK loans and housing data, US Durable Goods, Friday -UK GDP, US GDP, UK GSK Consumer Confidence

 

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 16th April 2018

 

“Once more unto the breach, dear friends, once more;

Or close the wall up with our English dead.

In peace there’s nothing so becomes a man

As modest stillness and humility:

But when the blast of war blows in our ears,

Then imitate the action of the tiger;

Stiffen the sinews, summon up the blood,

Disguise fair nature with hard-favour’d rage;

Then lend the eye a terrible aspect;

Let pry through the portage of the head

Like the brass cannon; let the brow o’erwhelm it

As fearfully as doth a galled rock

O’erhang and jutty his confounded base,

Swill’d with the wild and wasteful ocean.

Now set the teeth and stretch the nostril wide,

Hold hard the breath and bend up every spirit

To his full height. On, on, you noblest English.

Whose blood is fet from fathers of war-proof!

Fathers that, like so many Alexanders,

Have in these parts from morn till even fought

And sheathed their swords for lack of argument:

Dishonour not your mothers; now attest

That those whom you call’d fathers did beget you.

Be copy now to men of grosser blood,

And teach them how to war. And you, good yeoman,

Whose limbs were made in England, show us here

The mettle of your pasture; let us swear

That you are worth your breeding; which I doubt not;

For there is none of you so mean and base,

That hath not noble lustre in your eyes.

I see you stand like greyhounds in the slips,

Straining upon the start. The game’s afoot:

Follow your spirit, and upon this charge

Cry ‘God for Harry, England, and Saint George!’”

 

 William Shakespeare – poet & playwright – 1564-1616

 

Last week’s investment agenda has been unsurprisingly dominated by the bellicose war of attrition and words between Russian and the US and its allies towards the inhuman and barbaric chemical attack against defenceless civilians in Syria. A very diligent and focused military track on Syria, which would not cause the loss of civilian lives, seemed inevitable last Tuesday. But as the week has moved on, there has been a degree of prevarication by the Trump administration as to what form the retaliation would look like. It appears that the Pentagon and the State Department encouraged a more cautious approach than perhaps President Trump might have adopted.  Though the support was there from France and U.K., there still seemed to be a lack of crystal clear evidence to totally satisfy the public at large as to where the chemical attacks originated from to justify an immediate military strike.

 

There were also other major issues to take in to the mix for formulating last week’s investment plans. The trade tariff spat between the US and China looked ugly initially, but the threats seemed to have abated for the time being, but this saga has plenty of momentum left in its tank. Trade tariffs will be at the top of the agenda at meetings of the IMF and World Bank this week.  Then, on the US domestic front the FED posted its FOMC minutes, which suggested that the economy was robust enough to cope with further modest rate hikes, which was endorsed by rising inflation in the US, especially wage inflation, which reached 2.7% at its last reading. And finally, the vibes for the second quarter US earnings season, which started in earnest on Friday are by all accounts very encouraging. As the week progressed confidence slowly returned with most global indices gaining between 1% and 2%.

 

Then, low and behold in the small hours of Saturday morning, the US with the help of UK and France bombed chemical weapon development sights and factories, east of Damascus and in Homs. Russia was outraged, and the world waits for reprisals, though it seems unlikely that Russia would want to engage in all-out war with the US. Is that it, we are all asking? We may well ask. One suspects the dirty trick department in Moscow will be flat to the boards with sophisticated and brutal cyber retaliation. Putin is not a man to be trifled with and markets may react with a further degree of excessive volatility in the early part of next week, despite the fact equity markets have the desire to crack on.

 

Looking at the global indices performances collated below, again one could be forgiven for thinking it was a decent week of steady progress, but it wasn’t.  What this table should have expressed was the high degree of volatility and underlying uncertainty. The fact that the world’s economy appears to be in good shape, is not being fully reflected, due to high-octane geopolitical uncertainty.

 

INDEX 9/4/18 13/4/18 % gain/loss
FTSE 100 7183 7264 +1.1%
XETRA-DAX 12311 12442 +1.1%
CAC40 5271 5315 +0.8%
DJIA 24037 24360 +1.2%
 S&P 500 2617 2656 +1.5%
NASDAQ 6971 7106 +1.9%
Hang Seng 30104 30808 +2.3%
Nikkei 21534 21778 +1.1%
Shanghai Comp 3125 3159 +1.1%

 

The US earnings season kicked off in earnest last Friday with Citigroup, Wells Fargo and JP Morgan Chase all posting their numbers. In the past year, thanks to promised tax changes and the attractiveness of proposed higher interest rates, bank shares have enjoyed stellar gains – JP Morgan +28% and Citigroup +20%, Bank of America +30%, Goldman Sachs only 13%, thanks to poor trading revenues, Morgan Stanley +27%, though Wells Fargo, thanks to scandals and write-downs, has seen its shares ease by 2%.   On Friday Wells Fargo’s numbers indicated a 10% drop in revenues in the past year, whilst JP Morgan’s income rose by 35%. Bank tax rates fell from 23% to 17%. Expectations were high for bank earnings. Though these numbers were solid, it was a case of having ‘travelled and arrived!’ – JPM -2.7% on the Friday, Citigroup -1.5% and Wells -1.8%. Analysts and investors are expecting quite a lift in earnings this coming quarter and few analysts are being sucked in to the age-old game of beating unrealistically low earnings estimations. These may not wash anymore. Facebook never left the headlines and it appears that CEO Mark Zuckerberg has much to do to placate Congress and investors that he is on top of corporate governance and security issues.

 

Here in Old Blighty a few FTSE 250 companies posted greatly improved numbers last week – Dunelm, Greene King, Man Group and Saga particularly come to mind; all gaining over 6% in value on Thursday. On Friday Sage posted poor numbers, resulting in the shares falling by 17%. De La Rue will need to be on their metal to avoid being taken over, with its shares having fallen 50% in the past 4 years.  Corporate raider Ed Bramson may raise his game to see Barclays Bank revitalised with perhaps a break up of the bank, easing out investment banking.  That would be bad for London as a leading financial centre. Bramson owns 5.2% of Barclays. Hedge Fund investors with Elliott to the fore will be making demands to have Whitbread broken up, with a view to achieving greater shareholder value, hoping that Costa Coffee will be hived off.

 

Three big personalities hit the business front pages this week. John Cryan CEO of Deutsche Bank was relieved of his duties on Monday. He did not have the Vorstadt’s support to balance Deutsche’s affairs, with decent joint stock banking coupled with a major role in investment banking.  In terms of derivative trading Deutsche global influence was always considered to have been too great! Also, the DOJ’s $7.2 billion fine for market abuse on mortgage backed securities was probably the straw that broke the camel’s back. Deutsche shares have been in the doldrums in recent times falling by 60% in 3 years to €11.70.

 

 

News broke last night that after 32 years Sir Martin Sorrell will step down as CEO of WPP – an amazing compendium of marketing, advertising and PR companies in 120 countries employing over 200k people.  He did an amazing job and often courted controversy with the huge bonuses he earned.  I hasten to add that Sir Martin was an entrepreneur and not a manager; so much of his remuneration was justified in comparison to the huge disproportionate amounts paid to managers of businesses. WPP rather lost its way in the last year. WPP seemed to miss the change in emphasis in its business, with digital advertising being miles more important than TV and newspapers with the likes of Google, Apple, Amazon and Microsoft possibly responsible for 40% of advertising revenues. WPP’s shares have fallen 30% in the last year. There were allegation of exaggerated expenses claims, vigorously denied – all very sad after such a brilliant career. 

 

After an unpleasant and dangerous spat between LSE Chairman Donald Brydon and CEO Xavier Rolet, Europe’s premier exchange has witnessed the departure of the brilliant Frenchman, who distinguished himself over the past 9 years of his stewardship – shares up from 400p to 4270p.  He is being replaced by the relatively unknown Goldman Sachs director David Schwimmer – not the actor. Mr Schwimmer (49), an US Ivy League product form Yale has been at Goldman for 20 years.  He has big boots to fill.  He must make it clear from the start – no deal with Deutsche Boerse. He must reassure markets that BREXIT is not a disaster. He must ensure that most of LCH’s business remains in London. Finally, if there is going to be an alliance one with an international flavour – US or Far East – is infinitely preferable. 

 

Sanctions against Russian oligarchs saw shares in Deripaska’s Rusal and EN+ fall by nearly 50% last week. Many believe that this will be not good news for London as a financial centre.  We shall see.

 

UK companies posting results this week – Tuesday – , JD Sports, AA, AB Foods, Ashmore, Rio Tinto, Wednesday – BHP Billiton, Countryside, Hochschild Mining, Relx, Bunzl, Moneysupermarket, Polymetal, Jupiter, Thursday – Sky, Debenhams, Acacia Mining, Unilever, Rentokil, Essentra, Pentair, Segro, Domino Pizza, Friday – Reckitt Benckiser

 

US companies posting results this week – Monday – Netflix, M&T Bank, Bank of America Merrill Lynch, Tuesday – Goldman, UnitedHealth, Comerica, Omnicom, Johnson & Johnson, CSX, Wednesday – Morgan Stanley, Abbott Labs, Fred’s, American Express, Alcoa, US Bancorp Thursday – Bank of New York Mellon, Philip Morris, Friday – Baker Hughes, Honeywell, Schlumberger, Proctor & Gamble, GE

 

Economic data posted this week – Monday – US Retail Sales, Tuesday – Germany’s ZEW, UK Labour figures, US Housing data, Wednesday – UK Inflation data, House prices, FED Beige Book, Thursday – UK Retail sales

 

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 9th April 2018

 
“LOVE lives beyond the tomb
And earth, which fades like dew:
I love the fond,
The faithful, and the true.
Love lives in sleep:
’Tis happiness of healthy dreams;
Eve’s dews may weep,
But love delightful seems.
’Tis seen in flowers,
And in the morning’s pearly dew;
In earth’s green bowers,
And in the heaven’s eternal blue.
’Tis heard in Spring;
When light and sunbeams, warm and kind,
On angel’s wing
Bring love and music to the mind.
And where ’s the voice
So young, so beautiful, and sweet,
As Nature’s choice
Where Spring and lovers meet?
Love lives beyond the tomb
And earth, which fades like dew:
I love the fond,
The faithful, and the true.”

 

 

John Clare – poet – 1793-1864

 

 

 

Towards the second week in April the sporting calendar starts to come in its spring coat with US Masters’ Golf, the Grand National and the latter stages of our domestic football season entering the final stages, as does the Champions league tournament. Of course, it would folly to forget the IPL, which is now a ‘red letter’ competition to savour. I still experience the same tingling feeling of excitement as I did sixty years ago.  Starting with Aintree next week, could it be ‘Anibale Fly’ or ‘Total Recall’ both at about 12/1 or ‘Tiger Roll’ at 14/1 or an outsider like ‘Regal Encore’ at 33/1.  If the latter bothers to turn up, he certainly has the ability – who knows? In the Champions League, Manchester City have made life very difficult for themselves, losing 0-3 to Liverpool at Anfield. What a wonder ‘bicycle-kick’ goal Ronaldo scored against Juve! Also, Man City losing at home to United 2-3 was also unexpected. As I write this week’s piece, the outcome to the US Masters’ golf was initially always going to be difficult to predict – but what astonishing golf! However by the last round, it was hard to see another winner apart from Patrick Reed, though Rory McIlroy pushed him most of the way, with Ricky Fowler and Jordan Spieth finishing under a wet sail!

 

INDEX 29/3/18 6/4/18 % gain/loss
FTSE 100 7044 7183 +1.97%
XETRA-DAX 11956 12241 +2.4%
CAC40 5152 5258 +2.1%
DJIA 23949 23932 -0.01%
       
S&P 500 2614 2604 -0.3%
NASDAQ 6984 6915 -0.9%
Hang Seng 30510 29844 -2.2%
Nikkei225 21441* 21567 +0.6%
Shanghai Composite 3127 3131 +0.1%
       

 

 

  • Denotes from 2/4/18

 

INDEX 29/12/17 6/4/18 % gain/loss
FTSE 100 7687 7183 -6.6%
XETRA-DAX 12917 12241 -5.2%
CAC40 5312 5258 -1.1%
DJIA 24719 23932 -3.2%
 S&P 500 2673 2604 -2.6%
NASDAQ 6903 6915 +0.2%
Hang Seng 29919 29844 -0.3%
Nikkei 22764 21567 -5.3%
Shanghai Comp 3307 3131 -5.3%

 

Again, the global political agenda dominated international equity bourses last week. President Trump seems not content to just throw a pebble in to a pond to get a reaction to his proposed policies. No, it must be a boulder to send out seismic waves of concern and uncertainty. So, it was hardly surprising that China reacted adversely to Trump’s proposed trade tariffs by returning their imposed tariffs with interest. Then we saw some conflicting placatory comments on Wednesday from the White House, which calmed frayed nerves. By Thursday night POTUS raised his game with more trade tariff threats, which sent Beijing in to overdrive with even greater retaliatory measures. As I said last week, in observing global markets for over 50 years, I have never seen greater intraday volatility such as has been experienced by the DJIA in recent weeks, with close to 1000 points turn around in a day, not uncommon. This is all caused by fear of the unknown. We can only hope that all these threats are only jingoistic nonsense and that once all the huffing and puffing has abated, good sense will prevail. If not, the world’s trade will be severely damaged at enormous cost.

 

There is little doubt that China has behaved badly over trade arrangements for some years. Nonetheless a sensible resolution to this spat is a prerequisite. I am less than convinced that US Treasury Secretary Steve Mnuchin’s intemperate and injudicious comments on the threat of a trade war being a reality, was helpful.  It certainly wasn’t to Wall Street’s plight on Friday, with the DJIA falling by 700 points, though finishing just 572 points down on the session. Many like me felt that Mnuchin probably did not care as he has made his pile at Goldman and as a successful film producer. My former colleague and still great friend Simon French at Panmure Gordon made the salient comment “If you are going to use tariffs as credible threat to bring China to the table then your rhetoric needs to be convincing. If Beijing think the US is bluffing it hasn’t got any chance of working (note I don’t think the chances are that high to start with). Mnuchin was on the money!” I have my doubts that diplomacy should be conducted on social media, Fox or NBC. Simon would argue that Trump has tried the diplomatic route and it has failed abjectly.  It’s time to try a harder line! I sincerely hope that the EU is observing the dangers of an unnecessary trade war.

 

Friday’s rather disappointing non-farm payroll data paled in to insignificance in comparison to Trump’s trade tariff war and was drowned in the morass of Mnuchin’s jingoism towards China. Only 103k jobs were created in March – a third of what was created in February. The unemployment rate remained at 4.1%, when consensus expected a pip drop.  However, wage inflation rose by 0.3%, which is likely to carry on encouraging the FED with its gentle rate increase policy.

 

At the end of this coming week, the earnings season gets under way with Blackrock and Costco reporting on Thursday and JP Morgan and Wells Fargo stepping up to the plate on Friday.  It is hoped that the earnings season will be positive, thus alleviating concern and uncertainty over trade tariffs, which has put markets on the back foot. However last week was the third week running that investors were deserting US equity markets for emerging market risk to the tune of $38 billion.

 

On Tuesday Spotify  finished its long-awaited “direct listing” experiment. The music streaming company went public without the IPO. After completing its first trade halfway through the session at $165.90, Spotify fell to $149.01, 10 percent beneath the open. Despite adverse market conditions, Spotify was valued at $26.5 billion.  The shares ended the week at $142, which considering the level of uncertainty and volatility was satisfactory.

The top end of the recent range of $132, was used as a “reference point,” valuing the company at $23.5 billion. Because there was no IPO price, that demarcation is being used to say that Spotify traded up about 13 percent on its first day. Morgan Stanley, Goldman Sachs and Allen & Co were advisors to this tech giant.

On the domestic front, it looks as though Disney will be the eventual owners of Sky News, which may allow 21st Century to complete its 61% purchase of Sky before selling on key assets to Disney – all being well. De La Rue’s failure to land the UK passport contract has been met with a wave of criticism. Its uncompetitive bid in comparison to the Franco-Dutch Gemalto group seems to be irrelevant. I suspect we have not heard the last of this issue – De La Rue lost 6% in share value.  Executive pay also hit the headlines with Persimmon’s Jeff Fairbairn, Reckitt’s Rakesh Kapoor, the Pru’s Mike Wells and BP’S Robert Dudley, all under the cosh to cut their pots of gold. The UK retail sector is enjoying a very bad trading period. This week Mothercare and Card Factory are expected to endorse that trend, though Tesco’s improvement is expected to continue. Food inflation is coming down, so any increase beyond May’s 25 basis point expected hike is unlikely. Tesco may post profits up 60% to £1.6 billion. We shall see.

 

WPP’S Sir Martin Sorrell has his work cut out, as he vigorously defends his reputation against allegations of financial impropriety by enlisting the help of the very best legal advice money can buy. The 73-year-old PR and advertising veteran, who started WPP in 1986 has been at the heartbeat of this astonishingly effective global media mogul. This investigative process could be damaging for WPP, whose share price has already fallen 40% in the last year, though hardly at all in the last week. Last year WPP invoiced £15 billion of services and made a profit of £2 billion. Whatever the outcome WPP will be overhauled.

 

UK companies posting results this week – Monday – Centamin, Tuesday – Card Factory, Eddie Stobart, Hostelworld, Robert Walters, Wednesday – McCarthy & Stone, Tesco, ASOS, PageGroup, Vedanta Resources, Thursday – WH Smith, Man Group, Saga, Dunelm, Greene King, PZ Cussons, Mothercare

 

US companies posting results this week – Thursday – Costco, Blackrock, L-Brands, Delta, Friday – Wells Fargo, JP Morgan, PNC Financial Services

 

 

Economic data posted this week – Monday – Halifax House Price Index, Tuesday – BRC Sales, US PPI, Wednesday – UK Manufacturing & Industrial Output, US CPI, US FOMC minutes, UK NIESR GDP, Thursday – BOE Credit Conditions, US Import Export Price Index

 

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.

“ARE WE DONE? OR COULD THERE BE ANOTHER PULLBACK?”

“ARE WE DONE? OR COULD THERE BE ANOTHER PULLBACK?”

 

Since the 2008/9 banking and credit crisis, equities have come a long way – much of the initial rally was down to quantitative easing and of course, we have little idea how much damage unwinding this facility would have on the market.  There are signs that the US are tapering their needs and others are ruminating over the possibility. The FED have indicated that it could raise rates for times this year, such is the robustness of the US economy.  Speaking personally, I would much rather all major central banks raised their game over QE tapering than deal with inflation through monetary policy. The US has started in a very modest way and Japan has been tapering sensibly since 2014. Many will say that I am in ‘cloud-cuckoo-land’; however, I am less than convinced that the world’s economy would be able to cope with interest rates much higher, such are the wafer-thin margins of profit that currently prevail.

 

INDEX 6th March 2009 3rd April 2018 Percentage gain
DJIA 6626 23644 256%
NASDAQ 1293 6870 431%
FTSE 100 3530 7004 98%
XETRADAX 3666 11994 227%
Hang Seng 11921 30227 153%
NIKKEI 7173 21292 196%

 

*These losses gains do not allow for the vagaries of the currency markets.

The table above took my breath away somewhat, apart from the FTSE 100, which is not a barometer of the UK’s economy and this index has suffered at the hands of banking stocks, mining and oil shortfalls.  Since the turn of the year the DJIA is down -6.4%, NASDAQ only -0.47%, FTSE 100 -8.8%, DAX -7.2% and the NIKKEI -6.4%. We have seen phenomenal levels of daily volatility, especially in US markets, which I have never experienced in 56 years in the market. Even though geopolitical issues such as Trump’s trade tariff war and serious diplomatic global issues with Russia have been the driving sources of the recent market corrections, may I venture to suggest that valuations in many places, particularly tech stocks are eye-wateringly rich.

The basic ‘fundamentals’ for the world’s economy are still positive and unless geopolitical issues get totally out of control, there is probably no need for a meltdown. Dividends still represent good value and rates have yet to be challenging. After a quiet start M&A activity seems to have regained its appetite. However, with the likes of Amazon, Tesla, Facebook and Twitter have rich valuations and in their own way have incurred the wrath and indignation of Trump, investors, economists, research geeks and the media in varying degrees.  Many of my market contacts tell me that a further 5% correction of global indices is not out of the question.  This could well be a year for stock picking. There is still some good value out there!

 

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

 

WEEKLY FAYRE

WEEKLY FAYRE – Tuesday 3rd April 2018

 

“You did not walk with me
Of late to the hill-top tree
By the gated ways,
As in earlier days;
You were weak and lame,
So you never came,
And I went alone, and I did not mind,
Not thinking of you as left behind.

I walked up there to-day
Just in the former way;
Surveyed around
The familiar ground
By myself again:
What difference, then?
Only that underlying sense
Of the look of a room on returning thence.

 

Thomas Hardy – poet and author – 1840-1928

 

Stephen Smith, the former Australia cricket captain and disputably the finest batsmen playing until last week, looked a broken man at his press conference over the ‘ball-tampering’ saga. I totally concur with Times’s Matthew Syed article on Good Friday. Enough is enough. This was ball tampering not murder. The public have enjoyed their emotional blood-letting at the caustic attitude adopted by this current Australian cricket team, resulting in draconian suspensions of the duplicitous Smith, the unattractive Warner and the naively weak Bancroft. Let’s move on!

 

March, normally a decent month for equities, was a dispiriting one this year. The downturn of global indices was attributed to President Trump’s persistently jingoistic attitude to trade tariffs and a realisation that the tech sector, which had two strident issues, which also gave cause for concern – valuation and corporate governance. The NASDAQ’S correction was highlighted by Facebook’s lack of responsibility in protecting data. Also, in the case of Amazon, Trump was becoming increasingly irritated with the lack of tax contribution from the e-commerce Titan.

 

 

On Monday and Tuesday last week the ‘heavy tech brigade’ came in for some very heavy treatment and the likes of Amazon, Alphabet, Netflix, Microsoft and Facebook losing more than an average of 5%. However, by the end of the week, many had recovered some poise, apart from Amazon down 5.9% on the week and Tesla down 14% (part courtesy of car death).  Last week’s machinations saw Alphabet was down 1.4%, Facebook -3.6%, Netflix -3.9% and Microsoft -2.2%.  In 50 years of observing markets, rarely have I witnessed such seismic levels of daily volatility.  The analogy would be dealers running around like headless chickens.  Spotify’s $20 billion IPO due this Tuesday is hardly ideal timing, with so much uncertainty prevailing. China announced tariffs of up to 25% on 128 US products, measures which match a list of potential tariffs on up to $3 billion worth of US goods which was published in China last month. This could be bad news for US farmers and companies like Walmart. Wall Street expressed its displeasure yesterday with a sharp ‘sell-off’ of circa 2.5%, with Amazon severely under the cosh – down 5.2%!

 

On the economic front US GDP increased at an annual rate of 2.9% in the fourth quarter of 2017, with the 3rd quarter being increased to 3.2%.

 

INDEX 23/3/18 29/3/18 % gain/loss
FTSE 100 6909 7056 -2.1%
XETRA-DAX 11886 12096 +1.7%
CAC40 5075 5167 +1.8%
DJIA 23533 24157 +2.7%
S&P 500 2588 2641 +2%
NASDAQ 6994 7063 +0.99%
Hang Seng 30297 30093 -0.7%
Nikkei225 20605 21159 +2.7%
Shanghai Composite 3151 3160 +0.3%
       

 

INDEX 28/2/18 29/3/18 % gain/loss
FTSE 100 7175 7056 -1.6%
XETRA-DAX 12435 12096 -2.7%
CAC40 5262 5167 -1.8%
DJIA 25029 24157 -3.4%
S&P 500 2713 2641 -2.7%
NASDAQ 7273 7063 -2.9%
Hang Seng 31044 30093 -2.3%
Nikkei 22068 21159 -4.2%
Shanghai Comp 3273 3160 -3.3%

 

Here in Old Blighty, again it was not a happy week, with the FTSE 100 dipping below the record close for December 1999. The retail sector continued to be under the cosh, with House of Fraser, New Look, Homebase, Jigsaw and Moss Bros adding to the existing concern of the High Street. Also, with Pound looking quite perky above the $1.40 level, mining stocks seemed to lose some of its glister. The UK’S GDP grew slower than any other EU country – steady at 0.4% in the fourth quarter, same as that seen in the previous readout. The annualized reading is also expected to show that the pace of expansion slowed down to 1.4% in Q4 versus 1.5% seen in the previous quarter. The marginally disappointing effort was way above the recession level forecasted by Project Fear. Such a pity the country could not have been more united in working together for the common cause. This has clearly had a negative effect on investment and planning, as has the government’s lack of preparation for the negotiation talks, if one can call them that, with the EU.

 

Despite the rather anaemic sentiment that prevailed, there was plenty of M&A activity to peruse over. GSK’s new CEO Emma Walmsley left her stamp on her first significant M&A initiative, in agreeing to buy Novartis’s healthcare division for $13 billion.

 

Also, after a rather nasty visceral and hostile bid for GKN, lasting over the last few months, Melrose, the most persistent of predators managed to persuade just over 52% of GKN’S shareholders to back the £8 billion takeover. However, the bid is far from done and dusted. Had GKN’S management done more to deliver shareholder value over the years, this part aerospace part car part engineer, employing 60k people world-wide and 6k here in the UK, would never have been put in this invidious position.

 

So, on the face of it Chairman Mike Turner (ex BAE Systems) and CEO Anne Stevens may have to bow to pressure and eventually move on. The prospect of GKN being given the opportunity of splitting the operation looks remote to many observers. The Unions, the staff and some politicians are up in arms at the prospect of this successful ‘asset stripper’ landing the spoils of war, despite Melrose insisting that jobs will be ‘secure’ and that head-office will remain in the UK. The Melrose management event went out of their way to reassure AIRBUS, an important client of GKN, that there were long term plans in place for the aerospace operations. Whether Melrose was believed or not remains to be seen.

 

Business Secretary Greg Clark, who in my humble opinion announced his inquiry rather too late, is aware of the concern expressed by Lord Heseltine most vociferously on Saturday’s BBC ‘Today’ programme and those of many others. I think I can dispel their concerns for two reasons – firstly the security issue and secondly who will Melrose eventually sell on to? I think the reasons are as follows. GKN is being sold to a UK operation, not an overseas company over whom there would be no control. Secondly, when GKN has been hospitalised, sharpened up and eventually ready to be re-sold, the Government of the day can intervene preventing a sale to an undesirable predator. As an illustration as to how GKN were under-valued as well under-performing, its share price since the beginning of the year has risen from 317p to 450p -up 42%!

 

There seems to have been no resistance to CME’S bid for NEX. Both parties appear to have been talking for some time and have agreed a £10 a share deal valuing NEX at £3.8 billion. NEX provides perfect synergy with CME offering the best tech driven IDB for the global bond market, with prowess for the massive US Treasury market. Many will be pleased that there will be a place on CME’S board for Michael Spencer. Since the start of 2018 NEX’S share price is up from 601p to 981p – up circa 55%.

 

Other M&A news includes and early conversation that Takeda, the Japanese drug Titan, has had with Shire of Ireland, though quoted in London about a possible takeover. Shares drifted from 3892p in January to 2953p in late March back up to 3570p on Thursday. Again, this liaison from a biotech perspective makes sense, though some investors believe that Takeda is a suitable bedfellow. Conviviality, owners of cheap booze are under the cosh and may call in the administrator – very short of cash and with a £30 million tax liability. Now that Barclays has settled its US $2.2 billion lawsuit, CEO Jes Staley may be looking to return money to shareholders, though he will 5.2% stakeholder, Edward Bramson breathing down his neck, looking for a good reason why the bank could not be broken up.

 

UK companies posting results this week – Tuesday – BTG, Thursday – Electrocomponents, Ferrexpo, Hammerson

 

US companies posting results this week – Wednesday – MaxCyte, Acuity Brands, Thursday – PriceSmart

 

Economic data posted this week – Tuesday – UK PMI, US PMI, US ISM       Manufacturing, Wednesday – UK PMI Construction, US ADP Employment index, US PMI Services and Factory Orders, US ISM Non-Manufacturing – Thursday – UK New car registration, UK PMI Services, US trade balance and Labour statistics, Friday – Non Farm Payrolls (+225k) & employment data (employment rate 4.1%)

 

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

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