|Day's Range||7,316.44 - 7,368.80|
|52 Week Range||6,536.50 - 7,790.20|
Global markets are moving lower with chip stocks and tech in the lead. Weaker than expected data in China weighs on sentiment.
The daughter of one of the founding oligarchs of ENRC, the miner that delisted from the FTSE 100 amid corruption allegations, has been charged by the Serious Fraud Office. The SFO said in a short statement on Friday that Anna Machkevitch was charged in connection with its long-running corruption investigation into ENRC. Ms Machkevitch, 36, is the director of London-based ALM Services UK and the daughter of Alexander Mashkevich, one of ENRC’s trio of founders.
Global stocks retreat, bonds rally, as weak China data has investors fleeing to safe-haven assets. Global oil markets remain nervous over developments in the Gulf region, where U.S. officials have blamed this week's attacks on tankers in the Strait of Hormuz on the Iranian government. Wall Street futures weaken into the opening bell, with investors looking to May retail sales data at 8:30 am Eastern time for more clues as to how the Fed could react on rates next week in Washington.
Rolls-Royce has been approached by Spain’s Indra Sistemas about the possible purchase of a majority stake in its Spanish aircraft engine manufacturing business ITP Aero. The FTSE 100 aero-engine group said on Friday it had received a “preliminary and conditional indication of interest” from Indra, a Spanish technology group. Rolls-Royce said on Friday that ITP was a “key partner” and that it “intends to retain a long-term relationship with the business” regardless of any deal that takes place with Indra.
Lululemon Athletica and Tyson were early leaders Thursday as oil prices and earnings lifted stocks, and the stock market rally aimed for a rebound.
Global equities rebound, snapping a two-day losing streak as the June rally resumes its upward trajectory.
Two ships reported being hit by missiles or explosives, while U.S. Navy vessels were sent in support, as tensions in the busy crude traffic lane intensify. U.S. stock futures traded higher Thursday, supported by an overnight surge in oil prices following attacks on ships in the Strait of Hormuz, even as global investors continue to favor defensive assets in the face of slowing economic growth and an uncertain path in U.S.-China trade talks.
Global stocks slide as investors pare recent gains fueled by rate cut hopes and switched focused to slowing economic growth. President Trump says he's "holding up" U.S.-China trade deal, but still plans Xi meeting at G20 Summit: China won't confirm one-on-one sit down. Global oil prices slumped following the softer China data and a surprise build in domestic U.S. crude inventories.
Reckitt has turned outside the group for Kapoor’s successor, the first time it has done so since its formation in 1999 out of Reckitt & Colman and Benckiser. Laxman Narasimhan, chief commercial officer of PepsiCo, will join in July and take over on September 1. By opting for Narasimhan, Reckitt has hedged consumer sector experience (“the dimension that really counts”) with the M&A expertise of an ex-McKinsey consultant.
The global indices are moving higher on trade hopes, FOMC optimism, and a new round of stimulus from China.
Global stocks extend gains on hopes of central bank support, helping U.S. equity futures trade higher into the opening bell. European stocks gain as German markets return from Monday holiday and take car stocks higher following President Trump's Mexico tariff suspension. Global oil prices edge higher as the dollar weakens and OPEC reportedly readies an extension of its production cuts.
FT subscribers can click here to receive Market Forces every day by email. Equity markets are pushing towards a test of their April and early-May peaks. Optimism about a US and China trade deal has faded, with risk assets leaning heavily on the bond market's call for central bank easing in the coming months.
European shares followed Asian stocks higher on Monday after the United States shelved plans to impose tariffs on Mexico and as investors anticipated lower U.S. interest rates when the Federal Reserve meets next week on the back of poor jobs data. Investors had fretted that opening up another trade conflict, while still battling with China, could push the United States and other major economies into recession.
Hargreaves Lansdown shares have shed nearly a fifth of their value this month following the freezing last week of Neil Woodford’s £3.7bn equity income fund to investor withdrawals. Hargreaves, the FTSE 100 platform used by 1.1m retail investors, has been criticised for its support of the Woodford Equity Income fund, which was one of its Wealth 50 list of favourite funds. to tens of thousands of customers affected by the suspension of Mr Woodford’s equity income fund, which the company continued to support until the fund was frozen to investor withdrawals.
US stocks set to extend gains following President Trump's decision to suspend tariffs on Mexican imports Saturday, as well as stronger-than-expected China export data and the ongoing tailwind of dovish global central banks. FTSE 100 posts solid gains as the pound slides following the steepest decline in manufacturing output since 2002. Raytheon and United Technologies lay out details of the aerospace and defence sector's biggest-ever merger with a tie-up that would create a "top to tail" planemaker valued at $120 billion.
UK online supermarket Ocado is investing £17m in developing indoor farms, in a move that could eventually lead to customers picking their own produce. Indoor or “vertical” farms grow produce in stacked layers in purpose-built warehouses and under artificial light. for other supermarket groups — said it ultimately aimed to have vertical farms next to its own delivery warehouses, with a view to delivering fresh produce within an hour of picking.
It’s another action-packed week ahead. Central bank chatter, trade, UK politics, and economic data will keep the markets on their toes.
A shift in FED sentiment towards monetary policy and hopes of progress in trade talks drove the majors in the week.