German and U.K. stocks led advances in European equity trade Friday (Apr 27), amid weakness in the euro and the pound against the dollar. For the week, the pan-Europe benchmark posted a gain amid a raft of corporate quarterly results. Germany’s #DAX30 index rose 0.6% to close at 12,580.87, while the U.K.’s #FTSE100 added 1.1% to 7,502.21. France’s #CAC40 index tacked on 0.5% to reach 5,483.19. The #StoxxEurope600 index gained 0.2% to 384.65, rising 0.7% for the week. That marked a fifth straight winning week.


#France #Germany #UK #Europe #Stocks #StockMarket #StockTrading #StockIndex #StockExchange #EuropeanMarkets
#Europeanstocks lock in weekly gains as euro weakens
https://www.marketwatch.com/story/european-stocks-set-to-lock-in-weekly-gains-as-euro-continues-to-suffer-2018-04-27

On the trade front, #EmmanuelMacron is ready to do battle and #Trump has shown no immediate willingness to give in without some substantial concessions. Already, the French leader has prepared for this issue in which Trump badly needs a strong win - in large part to take the minds of Midwest voters off a big hit to their prime markets for soybeans, grain and pork as a result of the potential trade war with #China.

Last Thursday (Apr 19), to prepare for this visit, #Macron met in Berlin with German Chancellor #AngelaMerkel, who will be following Macron to Washington on Friday, though not in a formal state visit. Both are ready to present a united front to Trump's demands that #Europeanmarkets be more open to American products. While the United States runs a $16bn agricultural trade surplus with the rest of the world, it carries a $12bn trade deficit in farm and food products with the #EuropeanUnion.


#GlobalEconomy #Protectionism #America #Globalisation #GlobalTrade #TradeWars #EconomicRisk #Economy #TradePolicy #InternationalTrade #TradeTariffs #Politics #Geopolitics #InternationalRelations #USA
What do Trump and Macron want from each other?
https://edition.cnn.com/2018/04/23/opinions/trump-macron-what-do-they-want-andelman-opinion-intl/index.html

Most European #equitymarkets ended modestly higher Thursday (Apr 19), buoyed by oil stocks as crude prices extended a rally, while investors waded through a pile of corporate earnings reports. The broader #StoxxEurope600 index ended up by less than 1 point at 381.95, but it was enough to mark a third consecutive gain. The oil and gas, consumer services, industrial and financial sectors rose, but tech and consumer goods shares slumped.

On the national indexes, France’s #CAC40 index rose 0.2% to end at 5,391.64, and the U.K.’s #FTSE100 index picked up 0.2% to close at 7,328.92. Spain’s #IBEX35 picked up 0.1% at 9,868.00. But Germany’s #DAX30 index underperformed, losing 0.2% to close at 12,567.42, as shares of lender Deutsche Bank AG lost ground.


#France #Germany #Spain #UK #Europe #Stocks #StockMarket #StockTrading #StockIndex #StockExchange #EuropeanMarkets
#Europeanstocks edge up as deal developments, earnings reports roll in
https://www.marketwatch.com/story/european-stocks-edge-up-as-commodity-industrial-shares-advance-2018-04-19

#Europeanstocks logged (Apr 17) the best close in about 7 weeks, taking the lead from an upbeat session the prior day in the U.S., as attention shifted from geopolitical concerns to the earnings season. The #StoxxEurope600 index rose 0.8% to 380.77, recovering from a 0.4% loss on Monday, which came as traders digested a U.S.-led missile attack on Syria over the weekend.

Germany’s #DAX30 index surged 1.6% to 12,585.57 on Tuesday. The closing level marked the German index’s best since Feb. 7. Meanwhile, France’s #CAC40 index added 0.8% to 5,353.54, representing its highest close since Feb. 2. The U.K.’s #FTSE100 index erased an earlier loss and ended positive, up 0.4% at 7,226.05.


#France #Germany #UK #Europe #Stocks #StockMarket #StockTrading #StockIndex #StockExchange #EuropeanMarkets
European stocks end at 7-week high as traders take cue from Wall Street
https://www.marketwatch.com/story/european-stocks-march-higher-as-traders-take-cue-from-wall-street-2018-04-17

#Europeanmarkets finished mostly mixed on Thursday (May 5), as investors digested the latest slew of earnings amid a rise in oil prices while keeping a watchful eye on Friday's crucial US jobs numbers. The pan-European #STOXX600 fluctuated throughout the choppy session, closing 0.3% up provisionally. Sectors, however, ended mostly higher. London's #FTSE100 finished 0.1% up following a raft of U.K. earnings. Meanwhile, Germany's #DAX closed up 0.2% and France's #CAC40 slipped 0.1%. In peripheral bourses, the #Athensstockexchange closed almost 2% up, buoyed by a rally in its banking sector.

#France #Germany #Greece #UK #Europe #Stocks #StockMarket #StockTrading #StockIndexes
Europe ends mostly mixed despite oil gains; UK earnings in focus
http://www.cnbc.com/2016/05/05/european-markets-oil-prices-earnings.html

Turning to #europeanmarkets   #Investing   #UK   #LSE   #Greece   #Smallcaps  

And an apparent shift in stance from Greece helped generate further gains on Tuesday. The STOXX50 increased by 1.3% to 3,414 with the FTSE 100 yesterday increasing by the same amount to close at 6,871.

Supportive QE from the ECB also looks set to remain in place with Italy seeing negative inflation of 0.4% in January. This is the lowest rate for Italy since at least 1997 and compares to a 0.1% fall in prices in December.

Greek shift of stance?
The Greek Finance Minister, Yanis Varoufakis, has apparently shifted stance from an outright debt write-off to the issue of new bonds linked to growth. He also suggested in London that privately held government bonds would be spared from losses. As such the proposed debt plan from Syriza for Greece may not be as radical as had been feared. The comments helped Greek stocks stage a rally with Greek banks seeing double-digit share price gains.

The crux is whether Greece can reach an agreement with its creditors or not before the money runs out. Given the stakes involved it is no surprise that investors are watching the negotiations and posturing for signs that Europe and Greece are able to compromise. We note that Mr Varoufakis is an economist with an expertise in game theory which sees players attempt to maximise their results. More attention so far, though, has been given to his dress sense which is not formal business attire. 

Turing to the UK, the construction sector remains in good health with the Markit/CIPS construction PMI rising to 59.1 in January. This was up from the 16-month low of 57.6 in December and was well ahead of forecasts for a reading at 57. The figure was below the 61.8 PMI construction average seen for 2014 but still signals robust growth. UK portfolio holdings that should benefit include Low & Bonar and Travis Perkins.

Both BG and BP reported results on Tuesday with profits and revenue hit by lower energy prices. Full year results from BG saw earnings per share, before impairments, fall by 8% with this driven by a 20% fall in the fourth quarter. A notable feature of the fourth quarter was asset impairments in the fourth quarter due to lower commodity prices. This came in at US$8.9bn (US$5.9bn post-tax) and reflects the current five-year forward curve for Brent crude oil.
BG will see its new CEO, Helge Lund, join shortly with his remuneration package having been adjusted to assuage shareholders. 

The group has signed agreements for US$6.6bn of non-core asset disposals after US$1.1bn of sales in 2014. BP saw a similar result with fourth quarter underlying earnings declining by 20% and full year profits fall by 10%. The oil major also took an impairment in the fourth quarter with a US$3.6bn post-tax charge mainly relates to upstream assets.

To adjust to the lower energy price environment BP is cutting organic capex in 2015 to around US$20bn from the previous guidance of US$24-26bn. Both figures compare to total organic capex in 2014 at US$22.9bn. The key focus for investors in both energy groups are the dividends with the fourth quarter payout at BG down by 8%. However, BP maintained its quarterly dividend at 10 US cents per share.

Passing the Low point >>>>>
Fabric and textiles manufacturer Low and Bonar (LSE: LWB, initial buy 71p) yesterday reported its numbers for the year ended 30 November and the underlying results were solid given the backdrop, and the market responded by sending the shares surging almost 10 percent. This was a welcome tonic for shareholders after a profit warning last year sent the shares tumbling.

Low & Bonar (Chart Pictured.)

However, even given the jump in price we believe the industrial offers good long term potential from the current level. The shares trading on a single-digit forward multiple of circa 9.4 times for FY15 and a juicy projected dividend of 5.2 percent, around two times covered. Looking further out the multiple falls to 8.6 times for FY16 and the yield increases to 5.4 percent, still well covered.

The firm is coming off the back of a relatively tough 2014, with the Eurozone economy bumbling along. Should the QE bazooka stimulate the Eurozone as expected, Low and Bonar should benefit and with little in the way of expectations baked into the valuation even modest growth is likely to result in a positive re-rating.
Former Dow Chemical executive Brett Simpson took over the top job at LWB in September last year and we believe he is well equipped to steer the company going forward.

LWB’s top line from continuing operations edged up 1.9 percent in FY14 to £410.6 million, despite being buffeted by forex headwinds. On a constant currency basis, the growth on the top line was much more robust, climbing 7.2 percent.

The currency headwinds impacted other lines further down the profit and loss statement as well, with the operating profit (from continuing operations) rising only 1.2 percent in sterling terms, but 8.2 percent in constant currency. The company’s Saudi Arabia JV incurred a loss of £1.1 million, but this was previously flagged to the market.

However, if we strip out the maiden result from the JV, profit before tax increased 4 percent on an actual basis and a healthy 12 percent on constant currencies. Pre-tax statutory profit was flat with the prior year, coming in at £16.7 million. Importantly for income seekers, the final divvie was maintained at 1.75 pence, resulting in a full year dividend that edged up 3.8 percent to 2.7p.

The company’s Technical Coated Fabrics division starred, with constant currency sales increased 8.8 percent to £128.2 million and the operating profit margin expanding 1.4 percentage points to 11.1 percent. The division makes advertising banners and the like and significant growth was achieved in the architecture and industrial sectors. We will be covering the LWB result in detail in the UK report.
We have been positive on the UK for a while now, and the pushing of the QE button bolsters the investment case for the market, which offers a blend of reasonable multiples, growth and attractive dividend yields.

For those who prefer to stick to large caps, both BMW (DE: BMW, initial buy at €57.60) and Volkswagen (DE; VOW, initial buy at €177.20) are cruising along nicely, and a pickup in European sales would be a fillip to their stories. And pan-European exchange Euronext (PA; ENX, initial buy €19.50) is positioned to be a prime beneficiary of a pickup in activity across the European equity markets.

Carpe Diem!

Angus.

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