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Daily Market Report

Call 0207 638 6996  or email  newaccounts@guardianstockbrokers.com  to discuss opening a trading account.

27 July 2020

 

Key global indices

FTSE 100

DJIA

DJ Euro STOXX50

 

Market snaphots

UK market snapshot

UK markets finished in the red on Friday, amid concerns over escalating trade tensions between the US and China. Vodafone Group declined 5.2%, after reporting a decline in its first quarter revenue. International Consolidated Airlines Group dropped 4.8%. The company announced that it is considering a rights issue of up to €2.75 billion to strengthen its balance sheet. Pearson fell 1.0%, after the company swung to an interim loss due to the coronavirus pandemic. On the contrary, Centrica surged 16.8%, after the gas owner announced plans to sell its US energy business to NRG Energy for a consideration of £2.9 billion. IMI climbed 6.8%, as the company recorded a rise in interim profit. Ferguson added 1.7%, after the company announced that its trading had improved steadily. Computacenter rose 0.4%, after a top broker raised its target price to 2,450.0p from 1,700.0p. The FTSE 100 declined 1.4%, to close at 6,123.8, while the FTSE 250 fell 1.3%, to end at 17,264.8.

US Market Snapshot 

US markets closed lower on Friday, amid rising US-China trade tensions and dismal corporate earnings reports. Intel tumbled 16.2%, after the chipmaker announced a delay in production of a smaller, faster 7-nonometer chip. American Express dropped 1.4%, as the company’s second quarter revenue came in below analysts’ expectations. AstraZeneca fell 1.1%. The drugmaker announced that it received approval from Food and Drug Administration for its drug to treat patients with chronic obstructive pulmonary disease (COPD). Goldman Sachs Group slid 0.8%, after the bank reached a $3.9 billion settlement with Malaysia over the 1MDB financial scandal. On the flipside, Verizon Communications advanced 1.8%, after reporting better than expected revenue and earnings in the second quarter. Schlumberger rose 0.9%, despite reporting a decline in its second quarter revenue. The S&P 500 slipped 0.6%, to settle at 3,215.6. The DJIA fell 0.7%, to settle at 26,469.9, while the NASDAQ shed 0.9%, to close at 10,363.2. 

Europe Market Snapshot 

European markets finished lower on Friday, led by rising trade tensions between the US and China and lingering worries about global economic growth. Thales declined 6.3%, as the company slashed its financial forecasts for the year citing the impact of coronavirus outbreak. Dassault Aviation fell 5.6%, after the aircraft maker reported a decline in its interim net income. Novartis fell 2.1%. According to reports, the drugmaker's sickle cell disease treatment, Adakveo, is likely to be approved by from European regulators after a key committee gave its backing to the drug. On the flipside, Signify jumped 5.7%, after reporting a surge in its second quarter net profit. Equinor advanced 4.6%, amid strong performance from its refinery and trading business. The FTSEurofirst 300 index slipped 1.7%, to settle at 1,429.7. The German DAX Xetra fell 2.0%, to settle at 12,838.1, while the French CAC-40 shed 1.5%, to close at 4,956.4.  

Asia Market Snapshot 

Markets in Asia are trading mostly higher this morning. In Japan, Tokyo Electron and Mitsubishi Motors have dropped 2.7% and 2.9%, respectively. Meanwhile, Komatsu and Mitsubishi Electric have advanced 1.6% and 1.9%, respectively. In Hong Kong, China Mengniu Dairy and Galaxy Entertainment Group have risen 1.0% and 1.1%, respectively. Meanwhile, CK Asset Holdings and Hong Kong Exchanges & Clearing have fallen 1.2% and 1.3%, respectively. In South Korea, SK Discovery and Kyeryong Construction Industrial have climbed 14.0% and 15.6%, respectively. Meanwhile, Ilsung Pharmaceutical and Kyongbo Pharmaceutical have declined 6.6% and 7.1%, respectively. The Nikkei 225 index is trading 0.5% lower at 22,629.3. The Hang Seng index is trading 0.4% up at 24,797.2, while the Kospi index is trading 1.2% higher at 2,226.2.   

 

Key corporate releases today

Commodity, Currency and Bitcoin

 

Commodity 

At 0330GMT today, Brent crude oil one-month futures contract is trading 0.23% or $0.10 lower at $43.24 per barrel. On Friday, the contract climbed 0.07% or $0.03, to settle at $43.34 per barrel. Meanwhile, Baker Hughes reported that the US oil rigs rose by 1 to 181 last week, recording its first increase since the week ended 13 March.


At 0330GMT today, Gold futures contract is trading 3.04% or $57.60 higher at $1955.10 per ounce. On Friday, the contract climbed 0.4% or $7.50, to settle at $1897.50 per ounce, as investors preferred to seek shelter in the safe haven asset, amid rising US-China trade tensions.

 

Currency 

At 0330GMT today, the EUR is trading 0.49% higher against the USD at $1.1713, ahead of the German Ifo survey indices data for July, due in a few hours. Additionally, investors await the US durable goods orders for June and the Dallas Fed manufacturing business index data for July, slated to be released later today. On Friday, the EUR strengthened 0.52% versus the USD, to close at$1.1656, after the Euro-zone manufacturing activity expanded in July. In other economic news, the US manufacturing PMI rose less than market forecast in July.


At 0330GMT today, the GBP is trading 0.41% higher against the USD at $1.2846. On Friday, the GBP strengthened 0.42% versus the USD, to close at $1.2794, after the UK manufacturing PMI advanced more than anticipated in July, while the nation’s retail sales climbed more than expected in June.

 

Bitcoin

At 0330GMT today, BTC is trading 5.56% higher against the USD at $10164.53. On Friday, BTC advanced 0.37% against the USD to close at $9629.44. In a key development, China based mining pool Btc.top has launched a “joint mining” platform to upgrade the concept of cloud mining which allows users to mine crypto remotely by buying a certain amount of hash power from a third-party. In another development, Opera, a popular web browser, announced the expansion of its cryptocurrency integration by extending crypto wallet top ups to the UK through a partnership with crypto processor, Ramp.

 

Share tips, bids and rumours

  • The Daily Telegraph (Questor share tips): “Buy” Tesco.

  • The Guardian: Debenhams has put itself up for sale in a last-ditch attempt to prevent a fall into liquidation.

  • Daily Mail: American private equity giants, KKR, Carlyle and Blackstone, are circling Rolls-Royce's £1 billion Spanish business, ITP

Aero.

  • The Times: HSBC is under mounting pressure to consider selling its U.S. retail bank to boost returns and address international tensions

with China.

  • The Times (Comment): Increased public sector spending puts an even greater burden on the private sector.

 

Newspaper Summary

The Times
‘Four years’ to recover from record
recession: The economy will not get back
to pre-pandemic levels until 2024 as hopes
of a V-shaped recovery evaporate, the EY
Item Club has warned.
Senior employee at Mastercard was
‘involved in money laundering’: A
Mastercard executive allegedly was
involved in a money-laundering operation at
a bank accused of terrorist financing and
organised crime that had links to Wirecard,
the disgraced German payments group.
HSBC under pressure to sell U.S. retail
arm: HSBC is under mounting pressure to
consider selling its U.S. retail bank to boost
returns and address international tensions
with China.
BHP uses own coronavirus tracing app
to avoid shutdowns on mines: The
world’s biggest miner has developed its
own Covid-19 contact-tracing app and is in
talks to share the technology more widely in
Chile as the country battles the pandemic.
Woburn Hotel closes permanently as it
joins list of coronavirus casualties: A
luxury hotel on the Duke of Bedford’s
Woburn Estate is to close permanently as a
result of the coronavirus, adding to signs of
stress in the sector.
Trump’s ‘empty threat’ to quit World
Trade Organisation: The former head of
the World Trade Organisation has accused
President Trump of issuing an “empty
threat” in warning that he could withdraw
the United States.
Over 400 Travelodges in line for Ibis
name change: Hundreds of Travelodge
hotels could be rebranded as Ibis hotels as
the chain’s landlords seek better terms.


Financial Times
Food box provider Gousto set to recruit
1,000 extra staff: Gousto, the U.K.-based
recipe box company, is planning to recruit
an extra 1,000 staff as demand for its online
meal kits soars during the pandemic.
To Read More Click Here
Mediterranean resort fund raises €680
million in show of faith in European
travel: A Spanish real estate company
once backed by George Soros has raised
€680 million for a new €1.5 billion fund to
invest in “sun and beach” hotels around the
Mediterranean, in a sign of confidence that
Europe’s struggling tourism sector will soon
recover.
To Read More Click Here
Kuwait sovereign wealth fund fights
court battle with fired executives: The
Kuwait Investment Authority’s London arm
has launched High Court proceedings
against former executives over an alleged
conspiracy to award unlawful pay
increases.
To Read More Click Here
Nightingale investment before pandemic
would have made NHS resilient:
England’s NHS would have been in far
better shape to cope with the coronavirus
crisis if the £1.5 billion spent on creating the
field-style Nightingale hospitals and
discharging people into care homes to clear
space for Covid-19 patients, had instead
been invested earlier in community care, a
think-tank has argued.
To Read More Click Here
Boohoo plans ‘model factory’ to counter
low-pay criticism: Boohoo, the fastfashion
group at the centre of a row over
poor pay and working conditions, will start
manufacturing its clothes for the first time
with plans to set up a factory in Leicester.
To Read More Click Here
Casual dining chains have ‘no future’,
says ex-PizzaExpress entrepreneur: High
street casual dining chains have “no future”
after coronavirus, according to the
entrepreneur who turned PizzaExpress into
the U.K.’s first midmarket restaurant chain.
To Read More Click Here
Debenhams up for sale again as
lockdown stymies rescue efforts:
Debenhams, the U.K. department store
chain, is seeking buyers in an effort to
secure the business and prevent it going
into liquidation.
To Read More Click Here
Nando’s to trial feeding chickens algae
and insects in eco push: Nando’s, the
South African restaurant chain, plans to trial
feeding chickens algae and insects as part
of efforts to sharply reduce its carbon
emissions over the next decade.
To Read More Click Here
SAP announces IPO of Qualtrics: The
German software giant SAP says it intends
to float American subsidiary Qualtrics,
which it bought for $8 billion two years ago
just days before the U.S. company had
itself planned to go public.
To Read More Click Here
Lex:
Agricultural banks: betting the ranch:
Oxbury goes against grain in bid to become
U.K.’s first agricultural lender in a century.
To Read More Click Here

The Times
‘Four years’ to recover from record
recession: The economy will not get back
to pre-pandemic levels until 2024 as hopes
of a V-shaped recovery evaporate, the EY
Item Club has warned.
Senior employee at Mastercard was
‘involved in money laundering’: A
Mastercard executive allegedly was
involved in a money-laundering operation at
a bank accused of terrorist financing and
organised crime that had links to Wirecard,
the disgraced German payments group.
HSBC under pressure to sell U.S. retail
arm: HSBC is under mounting pressure to
consider selling its U.S. retail bank to boost
returns and address international tensions
with China.
BHP uses own coronavirus tracing app
to avoid shutdowns on mines: The
world’s biggest miner has developed its
own Covid-19 contact-tracing app and is in
talks to share the technology more widely in
Chile as the country battles the pandemic.
Woburn Hotel closes permanently as it
joins list of coronavirus casualties: A
luxury hotel on the Duke of Bedford’s
Woburn Estate is to close permanently as a
result of the coronavirus, adding to signs of
stress in the sector.
Trump’s ‘empty threat’ to quit World
Trade Organisation: The former head of
the World Trade Organisation has accused
President Trump of issuing an “empty
threat” in warning that he could withdraw
the United States.
Over 400 Travelodges in line for Ibis
name change: Hundreds of Travelodge
hotels could be rebranded as Ibis hotels as
the chain’s landlords seek better terms.


Financial Times
Food box provider Gousto set to recruit
1,000 extra staff: Gousto, the U.K.-based
recipe box company, is planning to recruit
an extra 1,000 staff as demand for its online
meal kits soars during the pandemic.
To Read More Click Here
Mediterranean resort fund raises €680
million in show of faith in European
travel: A Spanish real estate company
once backed by George Soros has raised
€680 million for a new €1.5 billion fund to
invest in “sun and beach” hotels around the
Mediterranean, in a sign of confidence that
Europe’s struggling tourism sector will soon
recover.
To Read More Click Here
Kuwait sovereign wealth fund fights
court battle with fired executives: The
Kuwait Investment Authority’s London arm
has launched High Court proceedings
against former executives over an alleged
conspiracy to award unlawful pay
increases.
To Read More Click Here
Nightingale investment before pandemic
would have made NHS resilient:
England’s NHS would have been in far
better shape to cope with the coronavirus
crisis if the £1.5 billion spent on creating the
field-style Nightingale hospitals and
discharging people into care homes to clear
space for Covid-19 patients, had instead
been invested earlier in community care, a
think-tank has argued.
To Read More Click Here
Boohoo plans ‘model factory’ to counter
low-pay criticism: Boohoo, the fastfashion
group at the centre of a row over
poor pay and working conditions, will start
manufacturing its clothes for the first time
with plans to set up a factory in Leicester.
To Read More Click Here
Casual dining chains have ‘no future’,
says ex-PizzaExpress entrepreneur: High
street casual dining chains have “no future”
after coronavirus, according to the
entrepreneur who turned PizzaExpress into
the U.K.’s first midmarket restaurant chain.
To Read More Click Here
Debenhams up for sale again as
lockdown stymies rescue efforts:
Debenhams, the U.K. department store
chain, is seeking buyers in an effort to
secure the business and prevent it going
into liquidation.
To Read More Click Here
Nando’s to trial feeding chickens algae
and insects in eco push: Nando’s, the
South African restaurant chain, plans to trial
feeding chickens algae and insects as part
of efforts to sharply reduce its carbon
emissions over the next decade.
To Read More Click Here
SAP announces IPO of Qualtrics: The
German software giant SAP says it intends
to float American subsidiary Qualtrics,
which it bought for $8 billion two years ago
just days before the U.S. company had
itself planned to go public.
To Read More Click Here
Lex:
Agricultural banks: betting the ranch:
Oxbury goes against grain in bid to become
U.K.’s first agricultural lender in a century.
To Read More Click Here

The Times
‘Four years’ to recover from record
recession: The economy will not get back
to pre-pandemic levels until 2024 as hopes
of a V-shaped recovery evaporate, the EY
Item Club has warned.
Senior employee at Mastercard was
‘involved in money laundering’: A
Mastercard executive allegedly was
involved in a money-laundering operation at
a bank accused of terrorist financing and
organised crime that had links to Wirecard,
the disgraced German payments group.
HSBC under pressure to sell U.S. retail
arm: HSBC is under mounting pressure to
consider selling its U.S. retail bank to boost
returns and address international tensions
with China.
BHP uses own coronavirus tracing app
to avoid shutdowns on mines: The
world’s biggest miner has developed its
own Covid-19 contact-tracing app and is in
talks to share the technology more widely in
Chile as the country battles the pandemic.
Woburn Hotel closes permanently as it
joins list of coronavirus casualties: A
luxury hotel on the Duke of Bedford’s
Woburn Estate is to close permanently as a
result of the coronavirus, adding to signs of
stress in the sector.
Trump’s ‘empty threat’ to quit World
Trade Organisation: The former head of
the World Trade Organisation has accused
President Trump of issuing an “empty
threat” in warning that he could withdraw
the United States.
Over 400 Travelodges in line for Ibis
name change: Hundreds of Travelodge
hotels could be rebranded as Ibis hotels as
the chain’s landlords seek better terms.


Financial Times
Food box provider Gousto set to recruit
1,000 extra staff: Gousto, the U.K.-based
recipe box company, is planning to recruit
an extra 1,000 staff as demand for its online
meal kits soars during the pandemic.
To Read More Click Here
Mediterranean resort fund raises €680
million in show of faith in European
travel: A Spanish real estate company
once backed by George Soros has raised
€680 million for a new €1.5 billion fund to
invest in “sun and beach” hotels around the
Mediterranean, in a sign of confidence that
Europe’s struggling tourism sector will soon
recover.
To Read More Click Here
Kuwait sovereign wealth fund fights
court battle with fired executives: The
Kuwait Investment Authority’s London arm
has launched High Court proceedings
against former executives over an alleged
conspiracy to award unlawful pay
increases.
To Read More Click Here
Nightingale investment before pandemic
would have made NHS resilient:
England’s NHS would have been in far
better shape to cope with the coronavirus
crisis if the £1.5 billion spent on creating the
field-style Nightingale hospitals and
discharging people into care homes to clear
space for Covid-19 patients, had instead
been invested earlier in community care, a
think-tank has argued.
To Read More Click Here
Boohoo plans ‘model factory’ to counter
low-pay criticism: Boohoo, the fastfashion
group at the centre of a row over
poor pay and working conditions, will start
manufacturing its clothes for the first time
with plans to set up a factory in Leicester.
To Read More Click Here
Casual dining chains have ‘no future’,
says ex-PizzaExpress entrepreneur: High
street casual dining chains have “no future”
after coronavirus, according to the
entrepreneur who turned PizzaExpress into
the U.K.’s first midmarket restaurant chain.
To Read More Click Here
Debenhams up for sale again as
lockdown stymies rescue efforts:
Debenhams, the U.K. department store
chain, is seeking buyers in an effort to
secure the business and prevent it going
into liquidation.
To Read More Click Here
Nando’s to trial feeding chickens algae
and insects in eco push: Nando’s, the
South African restaurant chain, plans to trial
feeding chickens algae and insects as part
of efforts to sharply reduce its carbon
emissions over the next decade.
To Read More Click Here
SAP announces IPO of Qualtrics: The
German software giant SAP says it intends
to float American subsidiary Qualtrics,
which it bought for $8 billion two years ago
just days before the U.S. company had
itself planned to go public.
To Read More Click Here
Lex:
Agricultural banks: betting the ranch:
Oxbury goes against grain in bid to become
U.K.’s first agricultural lender in a century.
To Read More Click Here

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