Monthly Archives: May 2018

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

 

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

 

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

 

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

 

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

 

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

 

David Buik

Communications

Mobile – 07788 144 877

 

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

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

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

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PRESIDENT SERGIO MATTARELLA HAS MORE FRONT THAN BRIGHTON PIER!

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

 

David Buik

Communications

Mobile – 07788 144 877

 

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

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

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

ANY SALE OF RBS SHARES WILL REQUIRE DEFT HANDLING

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

 

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

 

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

 

David Buik

Communications

Mobile – 07788 144 877

 

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

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

WEEKLY FAYRE

WEEKLY FAYRE – Tuesday 29nd May 2018

 

I ne’er was struck before that hour

With love so sudden and so sweet,

Her face it bloomed like a sweet flower

And stole my heart away complete.

My face turned pale as deadly pale,

My legs refused to walk away,

And when she looked, what could I ail?

My life and all seemed turned to clay.

 

And then my blood rushed to my face

And took my eyesight quite away,

The trees and bushes round the place

Seemed midnight at noonday.

I could not see a single thing,

Words from my eyes did start—

They spoke as chords do from the string,

And blood burnt round my heart.

 

Are flowers the winter’s choice?

Is love’s bed always snow?

She seemed to hear my silent voice,

Not love’s appeals to know.

I never saw so sweet a face

As that I stood before.

My heart has left its dwelling-place

And can return no more.”

 

John Clare – poet – 1793-1864

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

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

 

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

 

 

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

 

 

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

 

 

 

David Buik

Communications

Mobile – 07788 144 877

 

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

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

MR PATTERSON – YOUR INCREASED EMOLUMENTS SHOULD BE POSTPONED OR WAVED FOR THE TIME BEING!

MR PATTERSON – YOUR INCREASED EMOLUMENTS SHOULD BE POSTPONED OR WAVED FOR THE TIME BEING!

It is very hard to extoll the virtues of capitalism, when some executives appear to take it to unusual lengths. BT’S CEO Gavin Patterson is in my humble opinion such a case. He has just been granted a pay increase, which I have no doubt is under the terms of his contract – up I believe about 72% to include a £1.3 million bonus and a £300k contribution to his pension fund. This contribution to his pension fund is against a background of BT’S £11 billion pension blackhole.

 

Since Mr Patterson took over from Lord Ian Livingston as CEO in September 2013, BT’S share price is down 40% from 340p to 201p and has all but been clattered since November 2015 (499P), Why? Too much commitment to BT Sport with an obsession to usurp Sky.  BT’S Broadband service in many parts of the UK seems poor. With the likes of poor Mrs Higginbottom’s kids in the valley near Hawes in North Yorkshire unable to receive a quality service as is the case in many other parts of the country, it is hard to accept this pay rise as being fair. Broadband should be BT’S number one priority. Little else matters. Surely the 5th largest economy in the world is entitled to something better than a 3rd world service?

 

To add to this miscellany of issues, the Italian scandal that may cost £500m and the fact that BT has hosed out 13000 jobs over the next few years these emoluments, this pay award does not make great reading. Surely to regain the respect of the public, Mr Patterson would be well advised to waive these bonuses for the time being. Timing is everything! He is clearly a very rich man and is hardly on the bread line.  I hope that he will have a re-think and I would also like to know what the new chairman Jan du Plessis and the remuneration committee were thinking of. Says now’t for the optics and credibility of big business.

 

 

 

 

 

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.

 

RUNES IN THE SAND DON’T LOOK ENCOURAGING FOR M&S!”

“THE RUNES IN THE SAND DON’T LOOK VERY ENCOURAGING FOR M&S!”

 

Chairman Archie Norman and CEO Steve Rowe post M&S’s last quarter results tomorrow and the runes in the sand, if accurate, suggest they make not make very pretty reading – merchandise sales down 1.1% and food down 0.2%. Steve Rowe has been ‘in situ’ as CEO since April 2016 – just over 2 years since he took over from the loquaciously smooth Marc Bolland, who achieved very little in his tenure. At the time Mr Rowe assumed the reins of command M&S’S share price stood at 444p. Today it stands at 300p – down 32%.

 

M&S has posted a £1 billion profit just twice – in 1997 under Sir Richard Greenbury and in 1997 under Lord Stuart Rose, who picked up the challenge after fending off Sir Philip Green’s bid to buy the company for £4 a share in 2004. In May 2007 M&S shares stood at the lofty and frothy level of 731p! Since 2007 M&S’S annual profit has never got close to £1 billion.  This year £600 million may be nearer the mark.

 

M&S seemed to lose their way under the chairmanship of Robert Swannell and the highly regarded Marc Bolland, who came with a terrific reputation from Morrison and before that at Heineken. He succeeded Stuart Rose in 2009. The company rather lost its way. The stores were badly laid out and the board forgot that the key word was fashion. The food was good, but it now faces challenges from the war games being played out by Tesco, Morrison, Aldi, Lidl and most recently by the proposed merger between Sainsbury’s and ASDA. So, for M&S to keep its market share of food, let alone increase it, that would be a great achievement, as competition will get fiercer by the day. Though M&S’s on-line operation shows signs of improving, it was very slow getting out of the traps.

 

 In terms of general merchandising, M&S have spent most of the last decade surrendering ground to the likes of Primark, Boohoo, H&M, Inditex (Zara) and even NEXT. M&S’S fashions are desperately dowdy and have little appeal to the young, who are very savvy and price conscious. Retail does look dire in the UK, but I believe it is the dynamics that have changed. The consumer is looking for much more of a bang for his/her buck. Sartorial elegance is no longer a key component. Suits are out – it seems that T-shirts, shorts, bobby socks, sandals and trainers are the order of the day, with razors and combs now very much endangered species. People now spend their leisure money on a big night out and on copious holidays. Therefore, if M&S wants to capture lost market share, which will be very difficult, then the right fashions at the right price and in the right quantities on the shelves, must be the order of the day.

 

I am quite surprised that it has taken so long for the penny to drop. Maybe Kate Bostock outstayed her welcome and Belinda Earl, who came from Debenhams, has yet to make a real impression. Jill McDonald has been brought in to shake up merchandising from Halfords. This is a tough assignment as the horse seems to have bolted.

 

People in retail have the utmost respect for Archie Norman and his achievements at ASDA and more recently at ITV. If anyone is going to lead a renaissance it will be Mr Norman. The appointment of Steve Rowe was a surprise as he was head of merchandising. The current share price suggests he has yet to deliver. The appointment of Katie Bickerstaffe of Dixons as a non-exec to help provide balance with Alison Brittain of Whitbread is a positive mood but will hardly guaranty an especially exuberant turnaround in M&S’S fortunes.

 

 

M&S shares popped by 3% yesterday. Was that part of a general bull market or will tomorrow’s figures be better than expected? The market is expecting between 60-100 stores to be closed, as part of a necessary cost cutting exercise. Personally speaking, I would like to see a merger between M&S and an operation that was synergistic with the UK’S favourite retailer. Maybe NEXT would be complimentary – Directory is a great business. A merger of that type would enable many properties to be sold thus cutting the cost base.  I suspect my suggestion is ‘pie in the sky’, but at least it is an idea. I just cannot see a rabbit being pulled out of the hat under the current business plan. We shall see!

 

David Buik

Communications

Mobile – 07788 144 877

 

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

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

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

WEEKLY FAYRE

WEEKLY FAYRE – Tuesday 22nd May 2018

 

 

It is eighteen years ago, almost to the day –

A sunny day with leaves just turning,

The touch-lines new-ruled – since I watched you play

Your first game of football, then, like a satellite

Wrenched from its orbit, go drifting away

 

Behind a scatter of boys. I can see

You walking away from me towards the school

With the pathos of a half-fledged thing set free

Into a wilderness, the gait of one

Who finds no path where the path should be?

 

That hesitant figure, eddying away

Like a winged seed loosened from its parent stem,

Has something I never quite grasp to convey

About nature’s give-and-take – the small, the scorching

Ordeals which fire one’s irresolute clay.

 

I have had worse partings, but none that so

Gnaws at my mind still. Perhaps it is roughly

Saying what God alone could perfectly show –

How selfhood begins with a walking away,

And love is proved in the letting go.”

 

 

Cecil Day-Lewis – author & poet – 1904-1972

 

There is no doubt that the world is in turmoil, with copious horrific acts of barbarism appearing as headlines, day after day and with political and social unrest at dangerous levels. Against that unappetising background, how fantastic it was to be able to enjoy the Royal Wedding!

 

An occasion of this nature the U.K. is seen at its very best with a level of pageantry unparalleled anywhere in the world.  This magnificent occasion created a fantastic ‘feel good factor’, which hopefully will put the ‘doom & gloom mob’ and the ‘Project Fear wallas’ temporarily to the sword. Maybe this glorious event will prove to be the pivotal moment when the economy, with the sun high on the yardarm, starts to select another modest gear!

 

 

INDEX 14/5/18 18/5//18 Another astonishing % gain/loss
FTSE 100 7724 7778 +0.70
XETRA-DAX 13099 13077 -0.17%
CAC40 5539 5614 +1.35%
DJIA 24879 24715 -0.66%
 S&P 500 2733 2713 -0.73%
NASDAQ 7429 7354 -1.30%
Hang Seng 31498 31047 -1.01%
Nikkei 22705 22930 +0.99%
Shanghai Comp 3167 3193 +0.82%

 

In terms of performance last week, global indices posted a bit of a mixed bag.  US markets tended to concern themselves with imponderables and a possible resolution to the Sino/US trade talks. Over the weekend it transpired that China is likely to increase its purchase of American goods and services with a view to reducing the multibillion-dollar trade imbalance with the United States. It is possible that China will consider making $200 billion of additional purchases from the US, but the possible agreement was very short on detail. The US economy is not exactly in overdrive, but market activists are resigned to the fact that rates will increase in the next couple of years, with 10-year Treasury yields bursting through the 3% threshold to 3.15%, dragging the yields of most other bond markets up with them in sympathy. 

 

The Dollar remained relatively strong and investors consequently became nervous about any possible over-exposure to emerging markets. Gold drifted quite sharply below the $1300 threshold to $1285 an ounce. Oil briefly nudged $80 a barrel, which could have a damaging effect on inflation. The FTSE 100 reached record levels with oil, mining and banks quietly gaining in value and despite dangerously frustrating inactivity over the BREXIT negotiations. Tokyo played catch up after its holiday period, with Chinese markets expressing a similar level of neurosis as the US ones. In mainland Europe, Italy grabbed most of the interesting headlines thanks to a right of centre anti-EU coalition likely to form the next administration. Italian assets expressed signs of anxiety and dipped, though they did not sink without trace.

Wall Street saw ‘key’ retail operators post numbers. Walmart saw its share price drop 10% in value in February 2018, due to a profits warning.  However, Thursday’s results were encouraging with revenues coming in at a gargantuan $122 billion for the first quarter with sales up 2.1% and overseas sales up 11.7% and eps beating expectations at $1.14 a share. But ‘after hours’ Walmart’s shares were down 1%. Campbell Soups’ earnings did not pass muster on Friday and its shares crashed by 11% on a profit’s warning. Blackstone decided to ‘bin’ its last 5.3% holding in Hilton Hotels.

Here in the UK last week, we were subjected to news that was ‘good, bad and ugly!’ Empl0yment data and wage inflation qualified as good and positive for equity markets, despite disappointing housing data. Bad news was inflicted on the bookmakers when the Government served notice to drop the maximum stake on FOBT from £100 to £2 with approval on both sides of the House.  It will have negative business ramifications with the potential loss of 20k jobs and conceivably as much as £400m annual revenue for the Treasury.  A day or two before this not wholly unexpected news came agreed proposals to change the betting license laws in the US, which added measurable value (between 8% and 12% to Wm Hill, GVC (the owners of Ladbrokes Coral) and Paddy Power Betfair. Personally speaking, I would not be too optimistic as to the benefits, even though the US betting black market is reputed to be worth as much as $400 billion. It seems inconceivable to me that the US will surrender market share to ‘Limey Mavericks!’ I suspect the likes of William Hill may be more vulnerable to a takeover by MGM or Caesars, despite Hills and Paddy Power having the foresight to build a presence in Nevada and California respectively. Further good news came from Ocado, which agreed a deal with the US’S Kroger, which resulted in it shares leaping by 40% on Thursday. Most market watchers were expecting some sort of deal with Metro or Carrefour, but this innovation was perceived as far more beneficial and valuable. 

Burberry, under new management of Marco Gobbetti, posted encouraging numbers. After a decade in the hot-seat Vodafone will be saying goodbye to Vittorio Colao as CEO to be replaced by CFO Nick Read. Vodafone’s share price has been trading water for 5 years and it is time for a change. The sale of Vodafone’s stake in Verizon should have been burning a hole in its pocket and Europe’s largest mobile operator’s efforts to get in to media appear anaemic at best. Astra Zeneca’s numbers on Friday were disappointing and CEO M Soirot’s £9.3 million remuneration package will not be popular with the market. Lidl plans on opening many more stores as well as offering a delivery service. This German operator and its fellow conspirator will relish taking on Tesco and Sainsbury/ASDA in their own backyard. On Wednesday M&S posts its latest set of numbers. This high street mogul may serve notice to close between 60 and 100 outlets. Like for like merchandise sales may have dropped by 1.2% in the last quarter and food by 0.2%. CEO Steve Rowe and chairman Archie Norman are discussing the possibility of Dixons’ Katie Bickerstaff becoming a non-executive director. M&S’S share price hit 731p in May 2007 under Lord Stuart Rose. Now it stands at 291p – 45% below where it was 2 years ago when Rower became CEO. M&S is in danger of coming out of the FTSE 100 and is the target of some hedge funds.  There has also been dispiriting news on the wires that Mothercare and House of Fraser will need to make cuts, close stores, implement redundancies and seek financial help to balance their respective books.

The ugly news came from the findings on the collapse of Carillion with the management appearing to be very much to blame, though the accounting and legal professions did not come out of this disaster smelling of violets.  chairman Philip Green, former chief executives Richard Howson, Keith Cochrane, Ricard Adam and a second former finance director, Zafar Khan, were castigated and vilified for their role in the demise of this company. Greed and incompetence at pricing these large government contracts will see thousands lose their jobs as well as a delay in competing these projects.  Surely some heads will have to roll? The government also did not win too many prizes for it role in this tawdry affair.

 

UK companies posting results this week – Tuesday – Homeserve, Shaftesbury, Big Yellow, Bloomsbury Publishing, International Game Technology, NEX, Pets at Home, Halfords, Entertainment One, Cranswick, Glencore, Wednesday – M&S, Severn Trent, Softcat, Assura, Dairy Crest, Great Portland Estates, Vedanta Resources, Babcock International, Thursday – Kingfisher, TalkTalk, Intertek, Electrocomponents, PayPoint, Tate & Lyle, United Utilities, Wizz Air, Paragon, Go-Ahead, Inchcape, Friday – Pennon, SSE, Spectris

 

 

US companies posting results this week – Monday – America’s Car-Mart, Pure Storage, Tuesday – Toll Bros, Urban Outfitters, Hewlett-Packard Enterprises, Wednesday – Ralph Lauren, Tiffany’s, Target, L-Brands, Thursday – Stage Stores, Best Buy, Ross Stores, Gap, Friday – Foot Locker

 

 

Economic data posted this week – Tuesday – UK PSBR, Wednesday – FOMC Meeting, UK Inflation Data, US PMI Survey, Thursday – UK Retail Sales, Friday – UK GDP estimate

 

 

 

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.

“GAMBLING TERMINALS ARE A PROBLEM, BUT THE ‘NANNY STATE’ MUST NOT PLAY THE ROLE OF MATINEE IDOL!”

“GAMBLING TERMINALS ARE A PROBLEM,

BUT THE ‘NANNY STATE’ MUST NOT PLAY THE ROLE OF MATINEE IDOL!”

 

Culture Secretary Matt Hancock’s announcement that the maximum stake on fixed-odds betting terminals (FOBTs) will be reduced to £2 under new rules flagged up a few weeks ago came as no surprise to the industry, with the main publicly quoted bookmakers taking roughly a 5% cut in their share price. So, this morning’s confirmed news saw some of these stocks go in to temporary reverse by about 2.5%. However, at the time of writing Paddy Power, not so reliant on this source of income was up 6%, whilst preening themselves like a peacock, setting themselves as the paragons of virtue. CVC’S share price was up 1% and William Hill down a smidgen by 0.3% – a mere bagatelle

The reduction from £100 every 20 seconds on electronic casino games such as roulette to £2 to be implemented at an agreed date in the future, will have serious connotations for the industry. This piece of legislation is likely to cost the industry 20,000 jobs and in isolation over £400 million in revenue to the Treasury. GVC Holdings, which owns Ladbrokes, said it expected profit to be cut by about £160m in the first full year that the £2 limit is in force. The number of betting shops to close, resulting from this initiative and consequently jobs, is open to debate, as the industry moves more aggressively on line as the months roll by. Mobile phone gambling is also increasingly popular and therefore potentially as dangerous. So expect some major regulatory control on this aspect of gambling to be introduced before too long.

According to BBC research about £1.75 billion is bet on these machines.  There apparently 400,000 people who are either addicts or these obsessive gamblers are making their families vulnerable.

True to form, Tom Watson, the shadow culture secretary understandably pleaded the case for the vulnerable, whilst at the same time attempting to give the world at large the impression that the industry just did not care – not so.   I know, for a fact, that Ladbrokes and Hills have been very sensitive about getting the balance right, always scrutinising that their products meet the needs of their clients and just accepting the ‘Nanny State’ which is slowly swamping society. Everyone knows that many thousands of families have suffered from and have been destroyed by gambling debts. It is a major problem.  However, I am very surprised that self-control, discipline, education and parental guidance have never played more than a spear carrying role.

I am not heartless, but we must surely respect freedom of choice and action? ‘The Nanny State’ must not play the matinee idol role in Society. Personal discipline and education must step up! Surely, £20 a pop would have been an acceptable compromise.

 

My former colleague and friend Simon French, chief economist at Panmure Gordon & Co slightly scolded me this morning in pointing out – “You need to net off any estimates of loss in revenue by the reduced burden on the NHS and associated support services – given evidence of negative personal and societal impact. Only looking at the income side of the ledger is what industry lobbyists do!” The CEBR have done significant research on the subject and Douglas McWilliams endorses Simon’s sentiments.

 

 

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.

UK BOOKMAKERS THINK THEY HAVE LANDED THE SPOILS – BEST TO WAIT & SEE – & VODAFONE – Thanks for the memory!

If you have been a patient shareholder in William Hill and Ladrokes and Mecca (Corals) over the years, until recently you would have been rather disappointed.  Wm Hill shares in the last 5 years have fallen from 440p to 276p to Monday morning on 14th May 2018. Ladbrokes in isolation have halved in value in roughly the same period, until GVC appeared like a ‘Knight in white shining armour’ to sweep up what appeared to be this damsel in distress, until CEO Jim Mullen sorted out their technical problems as well as acquiring Corals.  Conversely, if you have been a Paddy Power Betfair acolyte, you would be purring like a Cheshire cat – shares up from £19 to £79 and change, again in the same period.

We know for a fact that Fred Done at Betfred has made a King’s Ransom including robbing the government blind metaphorically speaking in acquiring The Tote for £265m.  Those obsessed with online gaming such as GVC and 888 Holdings, have done extremely well.  888 Holding’s shares have doubled in the last five years having taken a bit of time to come on to the bridle after its IPO in 2005.

 

It is interesting to note that William Hill had the foresight to employ 400 people in Nevada in the hope that yesterday’s legislation would be passed – that many more states in the US apart from Nevada, Oregon and Montana would be granted licenses, as it has transpired. As for Paddy Power Betfair, they bought a licence in California as well as have a racing presence in Hollywood Park. So unsurprisingly Paddy Power Betfair’s share price rose like a grilse by 12.2%, with William Hill showing some form in adding 10.7% with GVC grabbing on to a gain of 7.4%. The betting industry in the US is gargantuan by any standards, with some luminaries suggesting it could be valued at $150 billion. Only the NFL seems to have balked at the idea of these massive radical changes in betting legislation.

 

Though these UK bookmakers have seen their vision rewarded with a bounce in their share prices, they will be really on their metal to perform and will need to be on top of their technological game.  Let’s be under no illusion, US operators such as Churchill Downs, Caesar’s Entertainments and Draft Kings already have very large footprints on the ground and they will be very reluctant to surrender ground to the ‘Limey Brigade.’ A more likely outcome is for Wm Hill to eventually fall in to the arms of a US predator. Another mild headache for PM May or whoever is in situ at the time to muse and decide on.

 

David Buik

Communications

Mobile – 07788 144 877

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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.

 

VODAFONE _ COLAO TO GO – “Thanks fro the memory!”

In 2000 Vodafone’s CEO Chris Gent orchestrated the takeover of Mannesmann of Germany for €225 billion – easily the largest UK M&A deal on record.  It took the City’s breath away.  Yes, it made the joint venture the largest European mobile phone operator.  It also drowned the company in debt. Operations were also started with joint ventures In India, South Africa and in other parts of Europe. Sir Chris Gent retired in 2003 and handed over the reins to Arun Sarin. And he was succeeded by Vittorio Colao in 2008. During the Sarin dynasty Vodafone’s share price performance was anaemic – partly growing pains, partly debt and partly TNT companies being out of favour – they were bobbing around between 150-160p.

 

Vittorio Colao’s appointment signalled a reasonable improvement in its fortunes, culmination with Vodafone banking $130 billion from its sale of its stake in Verizon in January 2014, which saw the share price reach 299p. Debt was paid down but business inertia seem to set in. Since then the performance of Vodafone’s share price has been disappointing.  It has fallen from 299p to 198.54p today. Colao has not grasped the concept of a one stop media shop. Yes, Vodafone has paid off a huge amount of debt, but the lack of vision has clearly ruffled shareholders’ feathers. The recent acquisition of Liberty Media’s European assets for €12 billion was but a mere bagatelle.  It is time for a change. As Bob Hope would sing – “Thanks for the memory….!” Time to go! We need action.  Let’s hope CFO Nick Read, who takes over Colao’s reins, is more visionary. It has been a very disappointing decade for its loyal shareholders!

 

David Buik

Communications

Mobile – 07788 144 877

 

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

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

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

 

WEEKLY FAYRE

WEEKLY FAYRE – Tuesday 15th May 2018

 

“It was your way, my dear,
To be gone without a word
When callers, friends, or kin
Had left, and I hastened in
To rejoin you, as I inferred.

And when you’d a mind to career
Off anywhere – say to town –
You were all on a sudden gone
Before I had thought thereon,
Or noticed your trunks were down.

So, now that you disappear
For ever in that swift style,
Your meaning seems to me
Just as it used to be:
‘Good-bye is not worthwhile!’ 

 

 

Thomas Hardy – author & poet – 1840-1928

 

Like thousands of people I was very sad to hear of the death of Dame Tessa Jowell yesterday. She was a true humanitarian respected across the political divide. I was privileged to meet her a few times, as she very sensitively looked after the British families, who lost loved ones after the ‘9/11’ attack at the World Trade Center. Most of the British people, who perished worked for Cantor Fitzgerald, for whom I worked at that time in London.

 

 

INDEX 7/5/18 11/5//18 Another astonishing % gain/loss
FTSE 100 # 7502 7724 +2.97%
XETRA-DAX 12827 13001 +1.36%
CAC40 5511 5541 +0.54%
DJIA 24317 24831 +2.11%
S&P 500 2669 2727 +2.17%
NASDAQ 7241 7402 +2.22%
Hang Seng 30102 31122 +3.38%
Nikkei 22513 22758 +1.08%
Shanghai Comp 3094 3163 +2.27%

 

# UK holiday (7/5/18) from 4/5/18

 

International politics grabbed most of the headlines on global markets’ agendas last week, with President Trump rejecting the Iran Nuclear deal, much to the chagrin and disappointment of his European allies, China and Russia, even though it was no surprise to Washington. This decision, of course, put the powers that be in Iran, Israel and Syria on high alert, as tensions were raised. Also, Trump’s PR bandwagon was at its most assertive, as he was seen welcoming three US citizens, detained North Korea, back at Andrews Airbase in the small hours of Thursday morning ahead of his scheduled meeting with Kim Jong Un in Singapore on 12th June 2018.

 

Despite all this uncertainty and bellicose behaviour, equity markets took these diplomatic shenanigans in their stride, with most international bourses making memorable gains. The contributing factors were as follows. Oil maintained its 40-month high, despite drifting mildly in price towards the end of the week. The Dollar retreated from recent highs. The S&P 500 enjoyed its most significant rally on the week for two months and the US Treasury yield curve started to flatten, due to some rather benign comments made by FED Chairman Powell in Switzerland, though he expressed mild concern that business seemed reluctant to accept that the FED may raise rates regularly if not slowly in the next couple of years.

 

The relative strength of the Dollar helped the FTSE no end as did the resurgence of the mining and oil sectors. The CAC underperformed most of its peers due to the poor performance of its major banks – Societe Generale and BNP Paribas. In the US the earning season continued to please its acolytes and across the world M&A activity remained buoyant – Takeda and Shire – Sky & Comcast, Vodafone and Liberty Media (European assets), Virgin Money and CYBG, Sainsbury/ASDA and IWG being chased by 3 predators to name the most recent deals. Of course, AT&T’S and Time Warner’s marriage remains very much in abeyance.

 

Last week the earning season in the US, UK and Europe was starting to come to a satisfactory close (S&P). In the US the next couple of weeks will be focused on retail company results – such an important barometer of economic progress in the US.

 

Nonetheless there were a few interesting companies in the UK, which set down their stall last week and probably the most interesting and certainly the most controversial was BT Group. When Lord Ian Livingstone took over from Ben Verwaayen as CEO in February 2005, its share price was roughly 70p. The company seemed to have no idea as to what its modus operandi was. 02 had been sold and the regular fixed line and business operations were not performing with any great credit. By the time Lord Livingstone handed over the reins to Gavin Patterson in 2014, this share was in many people’s portfolio breaching the 400p threshold. BT was profitable. It was a cash cow.

 

Then CEO Patterson was obsessed with pouring billions in to BT Sport, getting back into mobile phones spending £12 billion on EE. In recent times there has been a £500 million fraud in Italy to contend with, coupled with a perception that its Broadband operation was poor with so many other operations reliant on it.  It is a disgrace for the UK, supposedly the 5th largest economy in the world, to provide a 3rd world broadband service. Investors also believe too much emphasis has been placed on attempting to take on Sky at sport. The share price has almost halved in the last 27 months and the fact that BT has an £11 billion pension black hole is not helping its recovery process.  Last week, CEO Patterson announced 13000 redundancies are to be implemented over the next 3 years to cut costs. Many are beginning to think that BT may well be vulnerable to takeover.  Maybe Deutsche Telekom, which already owns 12% of this telecom titan, could be the obvious predator.

 

News of RBS’s agreed $4.9 billion fine in New York for mis-selling mortgage backed securities was heralded as good news by analysts.  Many believe that UK investments could start selling £4 billion of stock back into private ownership within the next year, now that there is some clarity for the balance sheet. CEO Ross McEwan may feel that his time is up before too long. So, there will be much speculation as to who will want this coveted position, which 5 years ago was a poisoned chalice! Though there are a few internal candidates, Virgin Money’s Jayne-Anne Gadhia’s name is also being bandied about. Personally, I thought she would want to deal with Virgin’s acquisition of CYBG.  ITV came in to focus with analysts now that advertising revenues are on the increase. Many feel it may just be time for Dame Carolyn McCall to start talking to John Malone of Liberty Media about possible synergy going forward with I suspect ITV being the bride rather than the groom. Imperial Brands had a decent run on the rails, as sales appear to be on the increase. Representing the bookmakers William Hill will have the last throw of the dice in trying to persuade the government against implementing the £2 maximum bet on slot machines. If this figure is not adjusted, it could cost the revenue £1 billion and the loss of 20k jobs.

 

Economic data in the UK last week was very disappointing. Retail sales were down by 3.8% in April, much of it blamed on the weather, though lack of disposable income cannot be underestimated as a contributing cause.  This news and the ‘drop’ in service sector activity and industrial production plus house prices falling 3.1% last month, according to the Halifax, put the skids under the MPC, which kept rates on hold at 0.5% on Thursday, with Governor Carney being the recipient of some solid criticism for attaching credence and importance to forward guidance. All and sundry from the Bank, including Deputy Governor Broadbent were sent to strut their stuff with the media in defence of their boss. Not sure forward guidance works any more. Whilst on the subject of retail, it looks as though Mothercare may require financial assistance to keep up its business plans and also it now appears that Poundland, after its owner Steinhoff, ditched a rescue plan and put the discount chain up for sale instead.

 

In closing, despite some pieces of dispiriting economic news, many across the pond are beginning to think that some UK companies are beginning to look rather cheap. PM May could have some decisions to make on M&A, which would make a change away from BREXIT!

 

UK companies posting results this week – Monday – Dignity, Lonmin, Centrica, Tuesday – Vodafone, CYBG, BTG, Land Securities, Hargreaves Lansdown, Northgate, Wednesday – Coats Group, Burberry, SSP Group, Mitchell & Butlers, National Express, Marston’s, Crest Nicholson, Galliford Try, Mondi,  Thursday – Experian, Investec, Mothercare, National Grid, Sophos, Grainger, Thos Cook, Countryside, Just Group, Royal Mail Group, 3i Group, British Land, Manchester United, Friday – Astra Zeneca, Hikma Pharmaceuticals

 

US companies posting results this week – Wednesday – Macy’s, Jack-in-the-Box, Cisco Systems, Thursday – JC Penney, Nordstrom, AMD

 

Economic data posted this week – Tuesday – UK wage growth, Wednesday – US Housing data and Industrial Production

 

 

David Buik

Communications

Mobile – 07788 144 877

 

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

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

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

 

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