Sensex, Nifty Resume Decline After A Day’s Breather As Earnings Disappoint

Indian equity benchmarks resumed decline after taking a breather in the previous session as quarterly earnings of most Indian companies trailed analyst estimates.

The S&P BSE Sensex fell 0.88 percent or 306 points to 34,345 and the NSE Nifty 50 index tumbled 1 percent or 106 points to 10,430.

Profits at more than half the Nifty companies that have reported earnings so far have trailed estimates, with profits in March quarter rising an average 13 percent from a year earlier. Profits of Nifty companies rose an average 26 percent in the previous quarter, according to Bloomberg.

Seventeen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Metal index's 3.9 percent drop. On the flipside, the S&P BSE Consumer Durables index was the top gainer, up 0.3 percent.

The mid- and small-cap shares also ended lower as the S&P BSE MidCap index fell 0.2 percent and the S&P BSE SmallCap index declined 0.5 percent.

• Indian rupee weakened further and fell as much as 0.51 percent to 68.39, its fresh low since Jan. 11, 2017.

Shares of Bharat Petroleum, Indian Oil and Hindustan Petroleum declined in trade and fell as much as 8 percent after a report suggested that excise duty on petrol and diesel my be cut by Rs 2-4 per litre.

The Prime Minister’s Office (PMO) will take a final call on a cut in the excise duty on petrol and diesel, Business Standard reported citing senior government officials.

• Indian equity benchmarks extended losses led by decline in bluechips like HDFC Bank, Reliance Industries and ITC.
• The S&P BSE Sensex fell 0.9 percent or 326 points to 34,325 and the NSE Nifty 50 index plunged 1.08 percent or 113 points to 10,425.
• The overall market breadth was extremely negative as 1,500 shares were declining while 1,107 were advancing on the BSE.

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Minda Industries: The Delhi-based auto parts maker rose as much as 16.5 percent, the most in over two years, to Rs 1,310 after its profit more than doubled in March quarter.

• Revenue up 53 percent at Rs 1,371 crore.
• Net profit up 122 percent at Rs 140 crore.
• Profit higher due to exceptional gain of Rs 38 crore in current quarter.
• Ebitda up 62 percent at Rs 170 crore.
• Margin at 12.4 percent.

Ruchi Soya: The debt-ridden cooking oil maker rose as much as 10.3 percent, the most in over a fortnight, to Rs 11.80 after Ramdev’s Patanjali Ayurveda and Adani group pitched their bids for the company, news agency PTI reported on Tuesday.

MM Forgings: The Chennai-based steel forgings maker surged as much as 14.44 percent, the most in over a year, to record high of Rs 1,259 as its board will meet on May 28 to consider bonus issue.

Gravita India: The Jaipur-based lead manufacturer rose as much as 5 percent to Rs 170.95 after it signed a contract with Amara Raja Batteries to supply pure lead and its alloys.

Shares of the Thrissur-based private sector lender rose 8.5 percent to Rs 20.45 after its asset quality improved in March quarter.

Key earnings highlights:

• Net loss at Rs 17.16 crore versus profit of Rs 8.81 crore (YoY)
• Net interest income unchanged at Rs 85 crore versus
• Net NPAs at 3.19 percent versus 4.08 percent (QoQ)
• Gross NPAs at 7.35 percent versus 6.96 percent (QoQ)

Shares of the Pune-based real estate developer were little changed at Rs 300 after it reported March quarter earnings.

Key earnings highlights:

• Net profit up 29 percent at Rs 40.6 crore versus Rs 31.5 crore (YoY)
• Revenues up 43 percent at Rs 478 crore versus Rs 333 crore (YoY)
• EBITDA up 52 percent at Rs 104 crore versus Rs 68.3 crore (YoY)
• Margins 21.8 percent versus 20.5 percent (YoY)

Shares of the Madhya Pradesh-based diversified company swung after its net profit missed consensus Bloomberg estimates in March quarter.

Key earnings highlights:

• Net profit up 18 percent at Rs 373.12 crore versus estimate of Rs 504 crore
• Revenues up 61 percent at Rs 4,605 crore versus Rs 2,876 crore (YoY)
• EBITDA up 61 percent at Rs 844.8 crore versus Rs 525 crore (YoY)
• Margins unchanged at 18.3 percent

Shares of the Chennai-based cement maker fell as much as 4.5 percent to Rs 756 after its profit declined in March quarter.

Key earnings highlights:

• Margin at Rs 22.5 percent versus 26.3 percent (YoY)
• EBITDA up 4.3 percent at Rs 282 crore versus Rs 270.4 crore (YoY)
• Revenue up 22.3 percent at Rs 1,254.6 crore versus Rs 1,026.2 crore (YoY)
• Net profit down 19.3 percent at Rs 108.5 crore versus Rs 134.4 crore (YoY)

Shares of the Mumbai-based electric fans and lighting items maker pared gains after its March quarter profit dipped over 80 percent.

Key earnings highlights:

• Net profit down 81 percent at Rs 7.3 crore versus Rs 38.42 crore (YoY)
• Revenues 25 percent at Rs 1,596.66 crore versus Rs 1,273.59 crore (YoY)

Shares of the Delhi-based hospital chain operator rose 0.3 percent to Rs 145.70.

• Suvalaxmi Chakraborty, Ravi Rajagopal, Indrajit Banerjee appointed new directors
• Shareholders approve resolution to remove director Brian Tempest

Shares of the Kolkata-based power producer rebounded from intraday lows after its March quarter profit beat Bloomberg consensus estimates.

Key earnings highlights:

• Net profit down 1 percent at Rs 292 crore versus estimate of Rs 259 crore
• Revenue up 14.2 percent at Rs 1,795 crore versus estimate of Rs 1,710 crore
• Standalone margin at 14.8 percent versus 13 percent (YoY)
• Standalone EBITDA up 30 percent At Rs 265 crore versus Rs 204 crore (YoY)

Shares of the Noida-based auto parts maker fell as much as 5 percent to Rs 318 after it missed Bloomberg consensus estimates in March quarter.

Key earnings highlights:

• Net profit attributable to shareholders up 9 percent at Rs 518 crore versus estimate of Rs 556 crore
• Revenues up 37 percent at Rs 15,407 crore versus estimate of Rs 15,823 crore
• EBITDA up 24 percent at Rs 1,499 crore versus Rs 1,211 crore (YoY)
• Margins at 9.7 percent versus Rs 10.7 percent (YoY)

• India’s 10-year government bond extended decline while yield rose 6 basis points to 7.87 percent.

• Symphony: The Ahmedabad-based air cooler maker fell 3 percent to Rs 1,416. Trading volume was 27.3 times its 20-day average.
• Syngene International: The Bengaluru-based drug research and manufacturing firm fell 0.3 percent to Rs 610.25. Trading volume was 33.3 times its 20-day average.
• Mahindra Holidays and Resorts: The Chennai-based hotel and resort operator rose 0.3 percent to Rs 336. Trading volume 10.4 times its 20-day average.
• 8K Miles Software: The Chennai-based software developer rose 3.6 percent to Rs 681. Trading volume was 9.1 times its 20-day average.

Shares of Vedanta extended decline after Madras High Court halted Sterlite Copper's expansion plan in Tuticorin, Tamil Nadu. The stock fell as much as 6 percent to Rs 253.75, its lowest level in over ten months.

Madurai bench of Madras High Court stayed construction of a new copper smelter by Sterlite industries in Thoothukudi, news agency ANI tweeted.

Shares of debt-ridden cooking oil maker rose as much as 10.3 percent, the most in over a fortnight, to Rs 11.80 after Ramdev’s Patanjali Ayurveda and Adani group pitched their bids for the company, news agency PTI reported on Tuesday.

Shares of the Mumbai-based radio station operator rose as much as 6.6 percent, the most in over three months, to Rs 359 after its profit tripled in March quarter.

Key earnings highlights:

• Revenue up 13.4 percent at Rs 76 crore.
• Net profit up 3.55 times at Rs 16 crore.
• Ebitda up 54 percent at Rs 27 crore.
• Margin at 35.5 percent.

Shares of the Mumbai-based automaker rose as much as 2.2 percent to Rs 314.60 ahead of its results announcement. The stock had rallied 4 percent on Tuesday, after China reduced import duty on cars to 15 percent.

Here’s what to expect from Tata Motors in March quarter:

• Consolidated revenues seen at Rs 88,160 crore versus Rs 77,217 crore, up 14 percent
• EBITDA seen at Rs 11,458 crore versus Rs 10,765 crore , up 6.4 percent
• Consolidated profit seen at Rs 3,750 crore versus Rs 4,336 crore , down 13.5 percent
• Margins seen at 13 percent versus 13.9 percent

Shares of the drugmaker rose as much as 1.6 percent to Rs 460.15.

The pharmaceutical company received a green signal from the U.S. FDA for its cancer drug Yonsa, according to its stock exchange notification.

Shares of the state-run oil refiner fell 6 percent to Rs 292 after its profit declined in March quarter.

Key earnings highlights:

• Revenue up 6 percent at Rs 60,810 crore
• Net profit down 10 percent at Rs 1,748 crore
• EBITDA down 8 percent at Rs 2,923 crore
• Margin at 4.8 percent
• FY18 GRM at $7.40/barrel versus $6.20/barrel (YoY)

The Madras High Court will today deliver its interim order on the construction of a new copper smelter, after the months-long protest demanding the closure of Vedanta's Sterlite Copper unit in Thoothukudi.

Meanwhile, speaking to BloombergQuint, P Ramnath, CEO of Sterlite Copper said:

• Police and collector had taken preventive measures
• Only one faction of protesters participated in the peace talks yesterday
• Public have been misled by people spreading wrong information about the plant
• Currently the plant is on scheduled maintenance shutdown
• Consent to operate has not been renewed by Pollution Control Board; Next hearing on June 6
• Environmental concerns have all been dealt with by various courts & committees
• Recommendations of NGT, Supreme Court have all been recommended
• State-of-the-art environment protection measures have been implemented
• Have spent Rs 500 crore to upgrade environment protection measures of the plant

Nifty 10,600 strike price call option was among the most active option contracts on the National Stock Exchange.

The premium on the contract fell 40 percent to Rs 27.50. Over 5.7 lakh shares were added to the open interest which stood at over 41.4 lakh shares.

Why Are Traders Unwinding Positions In Cipla? Find Out On The F&O Show

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Shares of the Vadodara-based engineering services provider rose as much as 7.35 percent, the most in a month, to Rs 1,367 after it surpassed Bloomberg consensus estimates in March quarter.

Key earnings highlights:

• Revenue up 30 percent at Rs 1,055 crore versus estimate of Rs 1,003 crore
• Net profit up 66 percent at Rs 159 crore versus estimate of Rs 130 crore
• Other income of Rs 75.5 crore in current quarter
• Ebitda up 21.5 percent at Rs 164 crore
• Margin at 15.5 percent

Shares of the Delhi-based auto parts maker rose as much as 8.34 percent, the most in over three months, to Rs 1,218 after its profit more than doubled in March quarter.

Key earnings highlights:

• Revenue up 53 percent at Rs 1,371 crore.
• Net profit up 122 percent at Rs 140 crore.
• Profit higher due to exceptional gain of Rs 38 crore in current quarter.
• Ebitda up 62 percent at Rs 170 crore.
• Margin at 12.4 percent.

Commenting on the March quarter performance Sudhir Jain, group CFO of Minda Industries said:

• Optimistic about growth to be healthy in FY19, Expect 20 percent growth in sales, profit
• Diversity in products, geography aid growth prospects for the company
• Alloy Wheels, filters have shown strong growth
• Target to cross 12.5 percent margins in FY19
• Environment continues to be competitive in auto business
• Air bag and safety features continues to remain a decent opportunity for the company

Shares of the Gurugram-based shoe maker rose as much as 4.3 percent, the most in over a month, to Rs 782.20 after its profit and revenue surpassed Bloomberg consensus estimates in March quarter.

Key earnings highlights:

• Revenue up 7 percent at Rs 632 crore versus estimate of Rs 626 crore
• Net profit up 44 percent at Rs 52 crore versus estimate of Rs 49 crore
• Ebitda up 43 percent at Rs 82 crore
• Margin at 13 percent

Shares of the Anil Aggarwal-led company fell as much as 5.5 percent, the most in a month, to Rs 255.10 after protest demanding closure of its Sterlite Copper unit in Thoothukudi, Tamil Nadu turned violent.

• At least 11 killed, over a dozen injured as anti-Sterlite protests turn violent
• CM Edappadi Palaniswamy announces ex-gratia for victims
• DMK Chief Stalin to not attend HD Kumaraswamy’s swearing-in
• DMK, Makkal NeedhI Maiam and actor Rajnikanth condemned the AIADMK government

Shares of the Bengaluru-based drugmaker rose as much as 8 percent to Rs 422.40 after couple of block deals in yesterday's session.

• BNP Paribas Arbitrage bought 4.85 lakh shares 0.5 percent equity at Rs 365.25 each
• Brookdale Mauritius International bought 10 lakh shares or 1.1 percent equity at Rs 375.27 each

Shares of the country's largest government-owned bank rose as much as 5.12 percent to Rs 267 on top of yesterday's 4 percent gain after it reported March quarter earnings.

Trading volume was 13.5 times its 20-day average for this time of the day.

Oil and elections will impact markets more than the U.S.-China tariff wars and other international developments, Nilesh Shah of Kotak AMC told BloombergQuint in an interview.

Key conversation highlights:

• Expect global factors to cast a shadow on Indian markets
• Q3FY18 saw momentum building up in the economy which has continued in Q4FY18
• Expect some more power sector NPAs to surface in the coming quarters
• Believe NPA cycle will bottom out in a few quarters

Indian equity benchmarks edged lower dragged by metal stocks. However, the losses were capped as IT shares moved higher after rupee hit fresh 16-month low against the U.S. dollar.

The S&P BSE Sensex was little changed at 34,640 and the NSE Nifty 50 index fell 0.12 percent to 10,524.

Six out of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Metal index's over 1 percent drop. On the other hand, the Nifty PSU Bank index was the top gainer, up 2.2 percent.

The mid- and small-cap shares were outperforming their larger counterparts as both the indices rose 0.2 percent each.

The rupee declined 25 paise to hit a fresh 16-month low of 68.29 per dollar in early trade today ahead of the minutes of U.S. Federal Reserve's last policy meet scheduled to be released later in the day.

The greenback strengthened against most global currencies as investors await hints on the pace of further U.S. monetary tightening amid sustained capital outflows, forex dealers said.

Weakness in the domestic stock market and demand for the U.S. currency from importers also weighed on the rupee, they added.

Source: Press Trust of India

The rupee may start trading lower in line with other emerging Asian currencies, while bond traders will be focusing on a sale of Rs 15,000 crore of Treasury bills by the central government.

The government will auction Rs 7,000 crore of 91-day bills, and Rs 4,000 crore each of 182-day and 364-day notes.

The market is hopeful that an OMO bond purchase announcement will come through in a few days, according to an Edelweiss Securities.

State-run oil marketers hiked petrol and diesel prices for the tenth day in a row.

The price of petrol was hiked by 29 paise today to Rs 84.9 a litre in Mumbai and diesel was raised by 28 paise to Rs 72.76 a litre, according to data released by Indian Oil Corporation Ltd.

Brokerages On SBI

Credit Suisse

• Maintained ‘Underperform’; cut price target to Rs 322 from Rs 381.
• Residual stress contracting, but further capital required.
• Gross NPAs have likely peaked at 10.9 percent this quarter.
• Cut FY19 EPS by 3 percent and FY20 EPS by 20 percent on higher provisions.

Bank of America Merrill Lynch

• Maintained ‘Buy’ with a price target Rs 380.
• Recognition now behind; recovery and loan growth to drive sharp rebound.
• March-quarter weakness led by new NPL norms, treasury losses.
• SBI is the key beneficiary of asset quality cycle.

Other Brokerage Calls

CLSA On HPCL

• Maintained ‘Sell’ with a price target of Rs 300
• Core Ebitda and net profit above estimates but Ebit misses.
• Macro risks in election-heavy 2018-19 to keep buyers away.

CLSA On Bharat Forge

• Maintained ‘Buy’ with a price target Rs 915.
• Solid Q4 performance while growth outlook remains strong.
• New orders to provide a boost over the next 2-3 years.
• 27 times FY19 PE is not cheap but justified given the strong outlook.

Credit Suisse On Bharat Forge

• Maintained ‘Neutral’, cut price target to Rs 750 from Rs 780.
• A decent quarter but below estimates due to sluggish India non-autos.
• Continued strong performance in the India CV and PV businesses.
• Strong momentum in the exports business, but growth rates to slow as base gets tougher.

Bank of America Merrill Lynch On Dr. Reddy’s Laboratories

• Cut price target to Rs 2,388 from Rs 2,573.
• Q4 miss on most fronts but overall thesis intact.
• Complex generics catalysts are near but binary.
• Have moved generic Copaxone to 2HFY20 and generic NuvaRing to 1HFY20

CLSA On Dr. Reddy’s Laboratories

• Maintained ‘Outperform’; cut price target to Rs 2,260 from Rs 2,720.
• Q4 results impacted by shift in channel purchasing pattern in Russia.
• Nuvaring launch delayed by another six months to 4QFY19.
• Believe earnings have bottomed in growth markets like India and Russia.

CLSA on Cipla

• Maintained ‘Buy’; cut price target to Rs 650 from Rs 750.
• Q4 results weak despite adjusting for one-time items.
• U.S. growth impacted by supply issues but will revive in Q2FY19.
• Muted Ebitda margin expansion in FY19, but expect pick-up in FY20.

Macquarie on Cipla

• Maintained ‘Outperform’ with a price target of Rs 636.
• Ebitda margins were impacted by seasonally weak sales mix in India.
• Cipla remains our preferred large-cap pharma pick.
• Management optimistic about 2018-19; U.S. business on growth track.

Who's Meeting Whom

• TVS Motor to meet Birla Sun Life AMC, Goldman Sachs and others from May 23 – 24
• BSE to meet Banyan Tree Advisors on May 23
• Asian Granito to meet Edelweiss Broking on May 23
• Jyothy labs to meet CIMB on May 23

Trading Tweaks

• Amtek Auto under additional surveillance
• Indostar Capital Finance added to BSE IPO index

Bulk Deals

Strides Shasun

• BNP Paribas Arbitrage bought 4.85 lakh shares 0.5 percent equity at Rs 365.25 each
• Brookdale Mauritius International bought 10 lakh shares or 1.1 percent equity at Rs 375.27 each

F&O Cues

• Nifty May futures closed at 10,553, at a premium of 16 points versus 22 points earlier
• Max call option open interest at 10,800 strike price; OI at 64.8 lakh shares
• Max put open interest at 10,500 strike price; OI at 52.4 lakh shares

Nifty Results Today

• Grasim Industries
• Tata Motors

Other Results Today

• Apollo Pipes
• Bajaj Electricals
• Bayer Cropscience
• CESC
• IGL
• Jet Airways
• Kolte Patil Developers
• KPIT Technologies
• Larsen & Toubro Infotech
• Motherson Sumi Systems
• Natco Pharma
• Repco Home Finance

Earnings Reaction To Watch

Cipla (Q4, YoY)

• Revenue up 3 percent at Rs 3,698 crore.
• Net profit of Rs 179 crore.
• Ebitda up 10 percent at Rs 557 crore.
• Margin at 15.1 percent.
  

Bata India (Q4, YoY)

• Revenue up 7 percent at Rs 632 crore.
• Net profit up 44 percent at Rs 52 crore.
• Ebitda up 43 percent at Rs 82 crore.
• Margin at 13 percent.

Future Consumer (Q4, YoY)

• Revenue up 51 percent at Rs 807 crore.
• Net loss of Rs 4 crore.
• Ebitda at Rs 17 crore from Rs 2 crore.
• Margin at 2.1 percent.

L&T Technology Services (Q4, YoY)

• Revenue up 30 percent at Rs 1,055 crore.
• Net profit up 66 percent at Rs 159 crore.
• Other income of Rs 75.5 crore in current quarter.
• Ebitda up 21.5 percent at Rs 164 crore.
• Margin at 15.5 percent.

Minda Industries (Q4, YoY)

• Revenue up 53 percent at Rs 1,371 crore.
• Net profit up 122 percent at Rs 140 crore.
• Profit higher due to exceptional gain of Rs 38 crore in current quarter.
• Ebitda up 62 percent at Rs 170 crore.
• Margin at 12.4 percent.

Music Broadcast (Q4, YoY)

• Revenue up 13.4 percent at Rs 76 crore.
• Net profit up 3.55 times at Rs 16 crore.
• Ebitda up 54 percent at Rs 27 crore.
• Margin at 35.5 percent.

HPCL (Q4, QoQ)

• Revenue up 6 percent at Rs 60,810 crore.
• Net profit down 10 percent at Rs 1,748 crore.
• EBITDA down 8 percent at Rs 2,923 crore.
• Margin at 4.8 percent.
• FY18 GRM at $7.40/barrel versus $6.20/barrel (YoY).

Healthcare Global Enterprises (Q4, YoY)

• Revenue up 22 percent at Rs 222 crore.
• Net profit down 57 percent at Rs 3 crore.
• Ebitda up 7 percent at Rs 32 crore.
• Margin at 14.4 percent.

TV Today Network (Q4, YoY)

• Revenue up 2 percent at Rs 181 crore.
• Net profit down 11 percent at Rs 33 crore.
• Ebitda up 8 percent at Rs 52 crore.
• Margin at 28.7 percent.

Igarashi Motors India (Q4 YoY)

• Revenues down 19 percent at Rs 106 crore versus Rs 131 crore
• Net profit down 13 percent at Rs 16.5 crore versus Rs 19 crore
• EBITDA down 7 percent at Rs 27 crore versus Rs 29 crore
• Margins at 25.5 percent versus 22.1 percent

Sonata Software (Q4 QoQ)

• Revenues down 18 percent at Rs 626 crore versus Rs 767 crore
• Net profit up 10 percent at Rs 54 crore versus Rs 49 crore
• Other income of Rs 12 crore in current quarter versus 6.5 crore
• EBIT flat at Rs 61 crore versus Rs 62 crore
• Margins at 9.7 percent versus 8.1 percent

• CCI approves acquisition of Monsanto by Bayer AG, subject to compliance of certain modifications
• Minda Industries board approves 2:1 bonus issue
• Majesco gets contract from Gibraltar BSN Life for distribution management solution
• Gravita India enters into contract with Amara Raja Batteries to collect/purchase lead acid battery scrap and supply pure lead, alloys in return.

• India’s opposition party is running out of cash
• Karnataka drama: Singhvi’s behind-the-scenes account
• Anti-Sterlite protests: At least 11 killed, over a dozen injured
• SBI draws out a two-year road map to recovery
• SGX’s new contracts disregard intellectual property rights, says NSE
• Bhushan Steel gets new management after Tata Steel takeover
• SEBI probes insider trading violation, other regulatory lapses at Fortis
• IOC working to steady Indian oil imports as U.S. exits Iran deal
• Enforcement Directorate seizes Rs 20.87 crore assets of Dabur’s Burman
• Why India’s offshore clampdown irks global markets
• Soon, no penalty for air tickets cancelled within 24 hours
• Coffee waste is now fetching a 480% premium over coffee itself
• For stock traders, the number 16 is especially sweet
• All roads, electric or oil, lead to China

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India fell 0.20 percent to 10,529 as of 7:45 a.m.

Asian stocks fluctuated at the open on Wednesday as investors weighed renewed geopolitical tensions against easing trade strains. The dollar steadied alongside U.S. Treasury yields.

Benchmarks nudged lower in Japan and South Korea, which returned from a holiday, while Australian shares headed higher.

Bonds

• The yield on 10-year Treasuries was little changed at 3.0578 percent.
• Australia’s 10-year bond yield held at 2.86 percent.

Commodities

• West Texas Intermediate crude rose 0.1 percent to $72.20 a barrel.
• Gold rose 0.3 percent to $1,294.85 an ounce.
• LME copper fell 0.2 percent to $6,962 a metric ton after rallying 1.5 percent.

Here are some key events to watch this week:

• The Federal Reserve releases minutes of the May 1-2 meeting today; U.S. new home sale are also due, so as are euro-area and Japan PMIs.
• Thursday sees the Bank of England Markets Forum at Bloomberg London. Speakers include BOE Governor Mark Carney and New York Fed President William Dudley.
• At the St. Petersburg Forum on Friday, Russian President Vladimir Putin, French President Emmanuel Macron, Japan Prime Minister Shinzo Abe, and IMF Managing Director Christine Lagarde, participate on a panel moderated by Bloomberg News Editor-in-Chief John Micklethwait.
• Also on Friday, European Union finance ministers discuss the latest on Brexit talks, in Brussels.