UK Sparks: Asos Suffers 68% Profits Slump
Online fashion retailer Asos has announced a 68% fall in full-year pre-tax profits to £33.1m on revenues up 13% at £2.7bn. Sales were up by 15% in the UK, 12% in the European Union, 9% in the US and 12% in the rest of the world. However, the group’s gross margin fell from 49.9% to 47.4% and “transition and restructuring costs” nearly doubled from £25m to £50.5m.
Closing Bell (Oct.16)
The Talks Go On
FX Rundown: October 15, 2019
Trading Around the World
Steelpath October MLP Update and News
French energy giant Total is spending big: on Monday, it announced a $600 million deal to tap into India’s growing gas market. Total, the world’s sixth-largest oil company, is buying a 37% stake in India’s Adani Gas, which distributes to homes, offices, and factories across the country. Total’s already the world’s second-biggest producer of liquefied natural gas (LNG), but as part of the deal, it’ll supply Adani with three megatons of the stuff.
October 15, 2019
Technical Analysis Heading into Tuesday’s Open: October 15, 2019
UK Sparks: Bellway Breaks Through £3bn Revenues
Housebuilder Bellway has announced a 3.4% increase in full-year pre-tax profits to £663m on revenues 8.6% higher at a record £3.2bn. Housing completions rose by 5.7% to 10,892 but gross margins declined from 25.6% to 24.6% and operating margins slipped from 22.1% to 21%. Chairman John Watson says the company remains fully committed to “growing the business in a safe, responsible and sustainable manner”.
Closing Bell (Oct.15)
S&P500 (ES) Daily MACD Positively Crossing
FX Rundown: October 14, 2019
Fundamentals: Risk assets found broad support to finish last week as President Trump paraded an interim trade deal. Mounting positivity surrounding Brexit and soft U.S inflation data brought additional tailwinds to help the Euro settle Friday at the highest level since September 19th. The tables quickly turned coming out of the weekend though, cold water was poured over progress on each U.S-China and Brexit. Still, the Euro is clinging to gains in a low volatility atmosphere ahead of a crucial German ZEW Sentiment read tomorrow morning. The economic data has not gotten any better, Chinese Trade Balance last night showed Exports and Imports both contracted more than expected and tomorrow we hear the IMF’s revised growth estimates. We continue to believe rallies in the Euro are sell opportunities and if ZEW misses at 4:00 am CT tomorrow, look for follow through from today’s session to the downside.
Global Production Weakening, Inflation Signals Weakening
UK Sparks: Sophos Recommends $3.8bn Takeover Bid
Computer security company Sophos Group is recommending a $3.8bn takeover offer from US private equity firm Thoma Bravo. The deal would see shareholders receive $7.40 (583p) per share in cash, a 37% premium to the 425.5p closing price on Friday. Irrevocable commitments to accept the offer have been received from shareholders holding 27.2% of the stock.
Closing Bell (Oct.14)
Wheat (ZW) Testing 50% Fib Retrace of Jun-Sep Fall
Crude Oil Power Rankings: Middle East Takes Center Stage
Saudi Arabia’s response to September attack will have the biggest impact on crude prices for the remainder of 2019. U.S. oil production has leveled off, coinciding with a perceived drop in global demand. In March of this year, we began a series on which countries matter most for the price of crude oil.
Advisors Need to Bring Clients’ Kids into the Conversation
Parents are looking for guidance on how to talk to their children about money. Retirement Director Ben Rizzuto explains how advisors can address this need while establishing themselves as the family’s primary wealth manager – all without putting their other client relationships at risk.
Quarterly Markets Review – Q3 2019
Takeaways From Our Q4 Outlook
Closing Bell (Oct.11)
UK Sparks: TP ICAP Pays £15.4m To Settle FCA Probe
TP ICAP has agreed to pay £15.4m to settle a Financial Conduct Authority investigation into trades by its subsidiary company Tullett Prebon (Europe) between 2008-2011. The FCA found that certain former managers in TP ICAP’s global broking division and compliance department failed to act with due skill, care and diligence. It also ruled that inadequate systems and controls were in place to deal with the risk of improper broker conduct.