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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Arbuthnot Banking Group PLC    ARBB   GB0007922338

ARBUTHNOT BANKING GROUP PLC

(ARBB)
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Global Stocks Waver Amid Uncertainty on Rates, Trade Talks

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08/20/2019 | 06:00am EDT

By Anna Isaac

-- European, Asian stocks little changed

-- U.S. stock futures flat

-- Treasury yields tick down

Global stocks paused on Tuesday as investors took a wait-and-see approach to trade developments and the Federal Reserve's next policy moves.

The Stoxx Europe 600 bounced between small gains and losses, with rises in its health-care constituents mostly offset by weakness in its banking and auto sectors. U.S. stock futures were also broadly flat.

Gregory Perdon, co-chief investment officer at Arbuthnot Latham, said, "There's definitely selloff fatigue at the moment. I think we're really just in a sideways summer of trading activity."

Shares in the world's largest miner, BHP Group, dropped 1% after Chief Executive Andrew Mackenzie said the trade dispute between the world's two largest economies had clouded the company's outlook.

In Asia, major indexes were mostly positive or flat, though Hong Kong's Hang Seng slipped 0.2% as recent political protests put pressure on the city's government to enter talks. Japan's Nikkei gained 0.6% and the Korean Kospi jumped more than 1%.

On Monday, President Trump resumed his social-media criticism of the U.S. central bank, saying it had showed "horrendous lack of vision." He said the Fed should instigate a rate cut of 1%, a level of action normally associated with a severe downturn. He also called for a package of measures such as quantitative easing to stimulate the economy and efforts to address dollar strength.

Investors will pay close attention to the minutes from the Federal Reserve's latest meeting on Wednesday, as well as any statements from Chairman Jerome Powell ahead of the economic symposium in Jackson Hole, Wyo., starting on Friday.

The U.S. dollar was unchanged on Tuesday, holding on to its recent gains. It would likely stay strong ahead of the gathering, said Fritz Louw, currency analyst at MUFG bank.

"There's nothing ahead of the week that is going to weaken the dollar. If there isn't dovish capitulation from the Fed on Friday then we will see more dollar strength," he said.

In that case, "there would likely be some more pressure from Mr. Trump," he added.

White House officials also said Monday they were weighing a range of actions that could boost business and spending activity.

However, Arbuthnot Latham's Mr. Perdon said that sharp downturn fears and the need for rate cuts may have been overblown, adding that the response to the financial crisis from the Fed continued to distort bond-yield curves, he said.

"I would be surprised if members of the Fed would allow themselves to get overly intimidated by the rhetoric," he said.

Yields on U.S. 10-year Treasurys edged down to 1.575% Tuesday, from 1.603% on Monday when they saw their biggest gain since July 5. Bond yields fall as prices rise.

On the earnings front, results are due on Tuesday from Home Depot and Medtronic.

Write to Anna Isaac at anna.isaac@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ARBUTHNOT BANKING GROUP PLC 0.00% 722.5 Delayed Quote.-46.48%
BHP GROUP -1.31% 39.3 End-of-day quote.0.98%
BHP GROUP -0.85% 1764 Delayed Quote.-0.72%
EURO / US DOLLAR (EUR/USD) -0.02% 1.1785 Delayed Quote.5.90%
HANG SENG -1.66% 24516.86 Real-time Quote.-13.03%
JUST GROUP PLC 2.06% 46.54 Delayed Quote.-41.09%
KOSPI COMPOSITE INDEX 0.57% 2350.9 Real-time Quote.6.91%
MEDTRONIC PLC 3.43% 100.05 Delayed Quote.-11.81%
MEMBERS CO., LTD. 0.00% 1562 End-of-day quote.-31.40%
NIKKEI 225 -0.39% 22329.94 Real-time Quote.-5.61%
RISE, INC. 0.00% 29 End-of-day quote.-3.33%
STOXX EUROPE 600 0.29% 363.55 Delayed Quote.-12.57%
STOXX EUROPE 600 NR 0.30% 797.4 Delayed Quote.-11.15%
THE GLOBAL LTD. 2.59% 198 End-of-day quote.-57.96%
THE HOME DEPOT, INC. 0.84% 271.64 Delayed Quote.24.39%
VISION INC. 0.77% 654 End-of-day quote.-63.91%
WILL GROUP, INC. 3.10% 599 End-of-day quote.-52.16%
WORLD CO., LTD. 0.07% 1421 End-of-day quote.-47.19%
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Financials
Sales 2020 70,3 M 91,7 M 91,7 M
Net income 2020 1,00 M 1,31 M 1,31 M
Net Debt 2020 - - -
P/E ratio 2020 151x
Yield 2020 -
Capitalization 109 M 142 M 142 M
Capi. / Sales 2020 1,54x
Capi. / Sales 2021 1,31x
Nbr of Employees 500
Free-Float 36,9%
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Mean consensus UNDERPERFORM
Number of Analysts 3
Average target price 935,00 GBX
Last Close Price 722,50 GBX
Spread / Highest target 29,4%
Spread / Average Target 29,4%
Spread / Lowest Target 29,4%
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Managers
NameTitle
Henry Angest Executive Chairman & Chief Executive Officer
Andrew Alfred Salmon Chief Operating Officer & Executive Director
James Robert Cobb Group Finance Director & Executive Director
Christopher J. Meyer Independent Non-Executive Director
Ian Andrew Dewar Independent Non-Executive Director
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