|Day's Range||6,341.44 - 6,489.99|
|52 Week Range||4,898.80 - 7,727.50|
European stocks surged in the afternoon, boosted by better-than-expected U.S. jobs data and a day after bigger-than-expected stimulus from the European Central Bank.
London markets weren’t left out of a global rally on Friday, with the FTSE 100 poised for its best weekly return in around a month, as energy shares surged on hopes for a pact by major oil producers to extend production cuts.
Stock futures are up again as investors await the release of employment figures for May. Earnings news is moving retail and tech shares and a Twitter beef is putting the focus on Tesla and Amazon.
The S&P 500 closed 2.6 per cent higher following the release of data that showed that non-farm payrolls rose by 2.5m last month. The tech-heavy Nasdaq rose 2.1 per cent, leaving it just three points short of its record high. Consensus expectations had been for a loss of 7.5m jobs, which would have put the US unemployment rate close to 20 per cent, not far off the Great Depression peak of 24.9 per cent. But the new jobs pushed the rate down to 13.3 per cent in May, from 14.7 per cent in April.
European stocks were rebounding on Friday, headed for what could be the best weekly return since early April. Stocks fell Thursday after the European Central Bank expanded its pandemic emergency purchase program by a bigger-than-expected amount, and President Christine Lagarde lowered growth and inflation forecasts. The Stoxx Europe 600 rose 0.7%, the German DAX rose 1.1% and the FTSE 100 index rose 0.8%. Shares of Deutsche Lufthansa AG rose 1.2%, but the struggling airline will be dropped from the DAX as of June 22. In that space, Internatioal Consolidated Airlines Group jumped 8.5% and easyJet PLC climbed nearly 9%. Dow futures climbed over 200 points, also indicating a rebound from a lackluster session on Thursday. Investors were waiting on a labor market report that's expected to reflect soaring jobless losses due to the coronavirus pandemic.
Hollywood Bowl shored up its balance sheet with a £10.9m placing post period end, and has also secured additional headroom with lenders, writes Alex Janiaud. With a March 31 period-end, Hollywood Bowl’s half-year figures do not reflect the worst effects of the lockdown. Excluding the fortnight commencing March 16, which was impacted by the roll-out of social distancing protocols, like-for-like turnover rose by 8.6 per cent, against a growth rate of 4.4 per cent for the corresponding period in 2019.
The four businesses soon to enter the FTSE 100 index reflect the commercial impact of coronavirus. Outdoor fun, such as going on holiday, has in turn suffered, triggering the exit of two travel groups. On June 22, index compiler FTSE Russell will reshuffle the FTSE 100.
European stocks moved off their lowest levels of the day on a slightly more aggressive European Central Bank move than expected.
LONDON MARKETS U.K. stocks edged lower on Thursday, retreating after a strong run. Up 28% from the lows of March and having climbed for three straight sessions, the FTSE (UK:UKX) lost 0.6% with most companies in the index declining.
(Bloomberg) -- As the coronavirus pandemic is reshaping the business world and boosting online retailers and streaming services, another corner of the digital economy is thriving at least as much: cybersecurity.Software maker Avast Plc expects long-lasting benefits from people around the world switching to home office as online workspace faces growing security threats, Chief Executive Officer Ondrej Vlcek said in an interview.Avast shares have rallied since mid-March, almost doubling its market value as a surge in remote working boosts sales and helps the Prague-based company recover from an earlier privacy scandal. It’s now joining the FTSE 100 Index, the first from the European Union’s eastern flank to win the blue-chip accolade in London just two years after selling shares.“There are surprisingly few technology companies in FTSE 100,” Vlcek said before the index changes were announced on Wednesday. “Not only are the tech stocks now more resilient than most other industries, but Covid-19 has also been associated with a significant increase in cyber attacks. So I don’t see it as a coincidence that we’re being added now.”Read more: FTSE Reshuffle Shows Lockdown Impact With Travel Out, DIY InCyber criminals are increasingly trying to exploit weaknesses of the new digital universe where millions of people log on to work from home. That’s boosting demand for defense against attacks like ransomware or data theft. Avast, which provides protection for individuals and small enterprises, sees such business boost lasting after the health crisis abates.“People will still be trying to avoid packed trains and other crowds,” Vlcek said. “The global pandemic will be an impulse for employers who previously didn’t encourage work from home to rethink their approach.”Read more: Danske Creates Permanent Work-From-Home Option for BankersExpectations of Avast’s promotion helped lift the share price to a four-month high of 518 pence two days ago. It has since retreated, trading at 490.2 pence on Thursday as of 12:53 p.m. in London, almost twice the price at which the company sold shares in its May 2018 IPO.While some other companies are delivering even bigger returns, among them Zoom Video Communications, Avast has outperformed the tech-heavy Nasdaq 100 benchmark and some of its behemoths like Amazon.com Inc.Avast shares have now almost fully recovered from the impact of reports that its marketing subsidiary Jumpshot was selling sensitive customer data. After the scandal early this year prompted some users to uninstall the company’s software, Avast decided to wind down the unit at a cost of about $25 million and stay away from the data-analytics business.While monetizing user data is helping profits of Internet giants such as Facebook or Google, the practice is raising concerns about potential abuses and attracting more scrutiny from regulators.The Avast CEO said testing such avenue was “a mistake and gross misjudgment,” but it has helped the company realize it should focus more on services for those willing to pay for better control of their privacy.“Not only do we find that much more compatible with our core mission and our values, but we also see the data-privacy segment as having a bigger potential from the business-strategy point of view,” Vlcek said. “I see a huge opportunity for companies like Avast in that our business model no longer depends on data mining and this could help us stand out.”Floppy DisksAvast founders Eduard Kucera and Pavel Baudis created their first anti-virus program in 1980s communist Czechoslovakia, when malware was mostly spread by floppy disks. Now, the company says it has more than 400 million users worldwide, prevents about 1.5 billion attacks per month, and its market capitalization is 5 billion pounds ($6.3 billion).That makes Avast the second-biggest publicly traded Czech company, even as its home country is far from being a hotbed for startups. Ex-communist central Europe still relies overwhelmingly on traditional manufacturing with lower-paid jobs and has been struggling to embrace more advanced services and technologies that are more common in the West.Most of Avast’s more than 1,700 employees, including the CEO, are based in the Czech Republic, but its smaller offices in California and London tend to host a majority of the product managers. They create the most value by coming up with new ideas and making them commercially viable.Still, the company expects a long-term shift toward remote working, which will transform white-collar jobs around the world as more people will look for careers outside their home countries or even continents.“The increased role of remote work is an equalizer of sorts in that it makes it less relevant where you live,” said Vlcek. “It’s good for workers, who won’t need to commute, it’s good for the environment, and it could be extremely good for diversity and inclusion of, for example, women with small children.”(Updates with share price in eighth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The European Central Bank boosted its Pandemic Emergency Purchase Program past €1.3 trillion today, adding further cash to market already supported by $2.4 billion in central bank purchases each and every hour.
The most beaten-up stocks, such as travel and leisure names, continue to rally even though stock-market futures are down Thursday morning.
A report from Automatic Data Processing showed that far fewer people lost their jobs than expected in May, adding to hope that economy is returning to normal.
(Bloomberg) -- The latest changes to the U.K.’s blue-chip stock benchmark demonstrate how Covid-19 has disrupted consumer spending and the business world.Airline EasyJet Plc, airplane parts-maker Meggitt Plc and cruise ship operator Carnival Plc are among four stocks exiting the FTSE 100 index following a quarterly re-balancing based on market capitalizations at Tuesday’s close, provider FTSE Russell announced Wednesday.B&Q home-improvement store owner Kingfisher Plc and household repair group HomeServe Plc earned promotion to the benchmark from the mid-cap FTSE 250 index, having prospered due to more time spent at home during lockdowns, along with cybersecurity group Avast Plc, whose business has benefited from the work-from-home trend.“This FTSE reshuffle is highly reflective of the current crisis environment,” Helal Miah, an analyst at investment broker The Share Centre, wrote in emailed comments prior to confirmation of the changes. “Out go stocks from sectors that have taken a beating and questions arise as to how and whether some of these can manage this crisis,” he said.The rejig may leave demoted stocks vulnerable to selling by funds whose aim is to mirror the performance of the FTSE 100, with new entrants benefiting as the so-called tracker funds increase their weightings.Both Homeserve and Avast enter the blue-chip gauge for the first time, while Kingfisher rejoins after its demotion to the FTSE 250 in March.Centrica, GVCThe final company leaving the FTSE 100 is Centrica Plc, in a demotion that represents a moment of historical significance for a stock that under different names has been ever-present in the gauge since 1986. That was the year the Conservative government of Margaret Thatcher privatized British Gas through an initial public offering. Among Centrica’s key attractions was a stable income stream: its annual dividend over the past two decades was about 2.5 times the median payout of a FTSE 100 stock. Its median payout of 500 million pounds ($630 million) is also remarkably similar to last year’s 471 million pounds, illustrating the level of consistency.Gambling company GVC Holdings Plc heads the other way, returning to the blue-chip index for the first time since March 2019.According to guidelines from FTSE Russell, a unit of London Stock Exchange Group Plc, a stock will be removed from the FTSE 100 if its market capitalization ranks 111 or below among eligible shares at the time of the re-balancing, while any that rise to 90th position or above join the index. Changes in the final review go into effect on June 22.(Confirms changes, adds details, chart on Centrica dividend)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
US stocks will test three-month highs Wednesday even as the economy continues to suffer the affects of the coronavirus pandemic and dozens of cities endure an eighth night of protests over the death of George Floyd.
Perhaps the razing of America is being seen as a stimulus measure for infrastructure investment. Latest newsflow around the EU Recovery Fund is encouraging: At the time, we highlighted that French-German proposals for the EU Recovery Fund were potentially a significant moment for the Eurozone and its asset markets.
European stocks extended gains for a third day on Wednesday as investors looked past U.S. unrest to data indicating more economic strength as global pandemic lock downs unwind.
Global stocks climbed and yields on longer-term US and German government debt rose as investors brushed aside political risks and pinned their hopes on a swift rebound for economies rocked by the coronavirus pandemic. The S&P 500 index was up 1.4 per cent, notching a fourth consecutive day of gains. The tech-weighted Nasdaq rose 0.8 per cent to within a couple of percentage points of an all-time high, recouping its coronavirus-induced losses.
European stocks were poised for a third day of gains on Wednesday, as upbeat economic data helped investors set aside concerns over U.S. domestic unrest. The Stoxx Europe 600 index climbed 0.7% and the German DAX index gained 0.9%. A private gauge of China's service sector activity showed a sharp rebound, as investors waited for PMI services data out of Europe and unemployment data. In the U.S., protests against the death of an unarmed black man by a white police officer continued, and earlier curfews were largely ignored, but President Donald Trump appeared to back away from a threat to send the military to the streets. Dow futures [S: YM00] rose 124 points, with investors waiting for a private-sector payrolls survey due later.
SSP’s day job is providing basic sustenance — sausage rolls and sandwiches — to rail and air travellers. The coronavirus crisis has allowed it to show it has deft culinary skills, too. On Wednesday it ...
The stock market rally continues Tuesday despite a lot of headwinds—protests, virus, unprecedented job loss and the potential policing of American cities by U.S. military personnel just to name a few.
European stocks on Tuesday extended recent gains as economies reopen, with German stocks booming after a three-day break.
US stocks continue to grind higher, with the S&P; 500 now just 11% from its February 19 peak, as recovery hopes, government spending and Federal Reserve purchases provide ongoing support for Wall Street.