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Weekend Press & Week Ahead

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26 July 2020

Weekend Press & Week Ahead

FTSE 100

S&P 500

EUR / USD

Gold

 

Weekly round up

Equity Markets

Global equity markets ended mostly lower last week, amid persistent concerns over rising coronavirus cases around the world and escalation in global geopolitical tensions. UK markets ended in the red last week, amid renewed fears of a no-deal Brexit. On the data front, the UK public sector net borrowing deficit narrowed less than anticipated in June. Meanwhile, British manufacturing and services PMI climbed more than expected in July, while the nation’s consumer confidence index remained steady in July. European markets finished lower during the week, as investor sentiment dented amid rising coronavirus cases. In economic news, the Euro-zone consumer confidence index unexpectedly dropped in July, while the region’s current account surplus unexpectedly narrowed in May. On the other hand, the Euro-zone services PMI advanced more than anticipated in July. Separately, German consumer confidence index improved in August, while the nation’s manufacturing and services activity rose more than expected in July. US markets closed lower in the previous week, amid rising trade tensions between the US and China and after President Donald Trump warned that US coronavirus outbreak will probably ‘get worse before it gets better’. On the macro front, the US existing home sales advanced less than market forecast in June, while the nation’s initial jobless claims surprisingly advanced in the week ended 17 July 2020. On the flipside, the US leading indicator rose in June. Also, US business activity increased to a six-month high in July, but companies reported a drop in new orders as a resurgence in new COVID-19 cases across the country weighed on demand. Asian markets finished mostly lower during the week.

Currency Markets

  • The EUR ended higher against the USD, after the European Union leaders agreed on a €750.0 billion economic relief package to support the economy.

  • The GBP ended higher against the USD, after Britain’s retail sales climbed more thanexpected in June.

  • The USD ended lower against its peers, after US initial jobless claims unexpectedly rose for the first time since March.

  • The GBP rose 1.8% against the USD to finish at 1.2794, while the EUR gained 2.0% against the USD to close at 1.1656.

Gold

  • Gold prices rose last week, as investors preferred to seek shelter in the safe haven asset due to rising coronavirus cases and amid weakness in the US Dollar.

  • Gold prices advanced 5.0% to close the week at $1,925.20/oz.

Commodities

  • Brent oil prices gained last week, as positive trial results for a coronavirus vaccine lowered concerns over energy demand.

  • Brent crude oil prices rose 0.5% to $43.34/barrel.

Corporate News and Updates

  • Real estate sector stocks gained a lot of attention last week. Countryside Properties raised £250.0 million through a discounted placing and subscription to strengthen its balance sheet. Peer, St Modwen Properties swung to a loss in the first half and slashed its dividend.

  • In other corporate news, AstraZeneca announced that the first human trial of its potential COVID-19 vaccine showed positive results.

 

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

 

Global economic calendar - Week Ahead

 

UK Corporate Calendar - Week Ahead

 

UK Dividend Calendar - Week Ahead

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