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President Donald Trump will hold a news conference later today to outline the formal U.S. response to China's move to tighten its grip on the island city of Hong Kong.
London stocks came under pressure on Friday, putting a stop to a string of winning sessions as investors waited to hear what President Donald Trump will say about China at a planned press conference later.
European stocks fell on Friday, ahead of a press conference by U.S. President Donald Trump over China and amid rising tensions between the countries, first over the coronavirus and now over Beijing’s fresh crackdown on Hong Kong.
Wall Street turned higher late in Friday’s session after Donald Trump’s latest salvo aimed at China did not deliver the harsh sanctions traders had feared. The S&P 500 closed up 0.5 per cent and the Dow Jones Industrial Average ended little changed, recovering from a fall of more than 1 per cent, after the US president said in a scheduled address that his administration would revoke special trade privileges for Hong Kong. Analysts had been predicting a much more aggressive US response to Beijing’s approval of a national security law for Hong Kong.
The bumper run in the US stock market is beginning to turn its doubters into believers, adding fresh thrust to a rally that has wrongfooted veteran investors, lured in retail traders, and defied the dire economic outlook caused by the global pandemic. The rally has built a legion of sceptics who worry the market is being driven entirely by Federal Reserve stimulus and that bullish investors are too confident a vaccine will emerge to rekindle corporate profits. “There’s an element of fear of missing out — FOMO — as investors start to look at the momentum,” said Emily Roland, co-chief investment strategist for John Hancock Investment Management in Boston.
European stocks advanced on Thursday for a fourth straight session, on building enthusiasm over the reopenings of economies across the world.
China's move to tighten its grip on Hong Kong is likely to provoke a reaction from the White House, but stocks are holding onto early gains ahead of first quarter GDP data at 8:30 am Eastern time.
Europe stocks rally on hopes that the European Union will unveil large stimulus package to reduce the economic fallout from the coronavirus pandemic.
The number of UK organisations reporting on their gender pay gap has halved during the past year, adding to concerns that the coronavirus pandemic could set back equality in the workplace. The average pay gap increased from 11.9 per cent to 12.9 per cent in the year to April, according to Financial Times analysis of government figures — but only half of the 10,000 eligible UK employers submitted data to the government in the period. The UK government removed the requirement for companies to report their pay gaps this year at the onset of the coronavirus crisis in March in an attempt to help companies that were struggling to cope.
Rolls-Royce has lost its investment-grade rating — held for the past 20 years — after Standard & Poor’s on Thursday downgraded the company to junk status because of “prolonged weak profitability” and expectations of materially lower cash flow from its engine service contracts. The downgrade is a severe blow to the aero-engine company, which only last week announced plans to cut 9,000 jobs, mainly from its civil aerospace division. It could also hit profitability of future long-term service contracts, as the perceived risk for customers of striking multiyear deals would increase.
The recovery from the coronavirus financial crash will take time for European stocks which are expected to end 2021 around 10% below this February's record high, a Reuters poll of about 30 fund managers, strategists and brokers showed. Taken over the past two weeks the survey showed the pan-European STOXX 600 <.STOXX> would reach 347 points, 368 points and 390 points by end-2020, mid-2021 and at the end of 2021 respectively. The index hit a record high of 433.9 points on Feb. 19 but the coronavirus pandemic and lockdowns imposed across the world to limit its spread triggered a global sell-off in anticipation of recessions caused by entire countries closing down.
The sun’s out, school holidays aren’t far off, and Dominic Cummings has made it clear that those rules weren’t meant to be interpreted too strictly anyway. From the size of the rally in travel and leisure stocks, though, you’d be forgiven for thinking the pub gardens were already full of punters quaffing Pimm’s and pints. The pan-European Stoxx travel and leisure index had risen more than 10 per cent for the week to date by midday on Thursday.
European stocks opened lower on Friday, with investors rattled by rising tensions between the U.S. and China. The Stoxx Europe 600 index fell 0.9%, while the German DAX dropped 1.2% and the FTSE 100 index fell 0.8%. U.S. equities fell into the close on Thursday after President Donald Trump said he would hold a news conference to discuss China on Friday. The U.S. has been expressing unhappiness with China, which just passed controversial new security laws for Hong Kong. Dow futures were down over 100 points. Among stocks on the move, shares of AstraZeneca PLC climbed 3.4% after the company reported strong results for a Phase III trial of its Tagrisso lung-cancer drug. Shares of Renault SA slid 4.5% after the French carmaker announced it would cut more than 14,000 jobs over 3 years. That was amid a weaker auto sector overall.
(Bloomberg) -- British Gas’s more than three-decade connection to the U.K.’s blue-chip stock index looks set to come to an end after shares of parent Centrica Plc plunged by more than half this year.Analysts expect Centrica to be demoted from the FTSE 100 benchmark in a quarterly re-shuffle next week. That would represent a moment of historical significance for a stock that under different names has been ever-present in the gauge since 1986, the year that the Conservative government of Margaret Thatcher privatized British Gas through an initial public offering.The shares’ 56% slide this year has reduced the company’s market value to a level where it no longer passes the test to retain its position in the FTSE 100.“Centrica’s ejection would cap a multi-year share-price slide that dates back to a peak of almost 400 pence in 2013,” Russ Mould, investment director at brokerage AJ Bell, said in emailed commentary. The stock closed on Thursday at 39.05 pence, valuing the business at 2.3 billion pounds ($2.8 billion).According to guidelines from index provider FTSE Russell, 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. At its current valuation, Centrica is the 140th biggest company on the FTSE All Share index. The next quarterly review will be based on June 2 closing prices and announced on June 3.The first half of 2020 has been torrid for Centrica, which suspended its dividend and paused a planned sale of North Sea oil and gas assets last month after the Covid-19 pandemic sapped energy demand and triggered a slump in crude prices. Chief Executive Officer Iain Conn stepped down in March after five years leading the group.But the share price fall dates back a lot further than that. On top of a longer-term slide in oil prices, the company has faced competition from smaller challengers like Octopus Energy and Bulb, while also being hit by a price cap by the U.K. Office of Gas and Electricity Markets. The shares are now 90% below a record high set in 2013.Tell SidBritish Gas Plc joined the FTSE 100 on Dec. 9, 1986 after a share sale that was promoted in a government television campaign urging Britons to spread word of the investment opportunity by telling “Sid,” a name that was meant to represent the general public.In 1997, the company, whose history stretches back more than 200 years, was split into separate firms, BG Plc and Centrica Plc. BG later became BG Group Plc and was bought by Royal Dutch Shell Plc in a deal announced in 2015.British Gas, under Centrica, has seen its share of the domestic market steadily decline over the past 15 years, according to Ofgem data, also losing ground to rivals like Electricite de France SA and SSE Plc.That said, a potential turnaround isn’t being ruled out by some analysts.“Following years of structural challenges faced by Centrica in the U.K. retail market, failed attempts to deliver growth in its consumer business and falling profits from its commodity-exposed units, we believe the worst is behind the company,” Citigroup analyst Jenny Ping wrote in a May 21 note.The company has sufficient liquidity to navigate volatile demand due to the pandemic, and a future simplification of the group could boost the shares, Ping wrote.A spokesman for Centrica declined to comment on the upcoming index review when reached by phone.Other stocks that might be demoted from the FTSE 100 in next week’s review include Princes and P&O cruise operator Carnival Plc, budget airline EasyJet Plc and plane-parts maker Meggitt Plc, reflecting the impact of the Covid-19 crisis on global travel demand, according to Helal Miah, an analyst at investment broker The Share Centre, who spoke by phone.That would potentially leave them vulnerable to selling by funds whose aim is to mirror the performance of the FTSE 100 -- known as tracker funds.Stocks that could be added to the benchmark gauge include cybersecurity firm Avast Plc, betting company GVC Holdings Plc and home emergency and repair services provider HomeServe Plc, Miah said.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.
European stocks opened higher Thursday, putting the Stoxx Europe 600 on track for its fourth consecutive gain. The German DAX rose 0.7% and the U.K. FTSE 100 added 0.8%. Low-frills carrier easyJet rose over 4% after saying winter bookings are ahead of last year's, while engine maker Rolls-Royce slumped nearly 7%. Futures on the Dow Jones Industrial Average rose 137 points.
European stocks ticked up on Wednesday after the European Union announced a larger-than-expected stimulus bill. Yahoo Finance’s Edmund Heaphy discusses.
Travel shares were again having a strong day in London, but two big names in that sector, easyJet PLC and Carnival PLC, were set to get the boot from the FT100 index at the close of Wednesday trading due to what one analyst called the biggest reshuffle since 2009.
European stocks climbed on Wednesday, amid reports the European Union will announce a bigger-than-expected €750 billion stimulus program for the region’s recovery efforts, and as investors continued to ride optimism over global recoveries.
The S&P; 500 is looking to hold its first close past the 3,000 point mark since March 5 as global stocks continue to rally on hopes of an end to the coronavirus pandemic.
Euro Zone stocks were supported as the European Commission (EC) prepares to unveil a plan to help the EU economy recover.
US stocks staged a late rally on Wednesday as hopes of a faster economic recovery overcame concerns over the relationship between the US and China. Wall Street’s S&P 500 finished the day 1.5 per cent higher, closing above 3,000 for the first time in 12 weeks. Other global equity benchmarks also rose, with London’s FTSE 100 gaining 1.3 per cent and the benchmark Euro Stoxx 600 closing 0.2 per cent higher.
Upheaval in the retail sector, accelerated by coronavirus, has wiped more than £1bn off the value of British Land’s portfolio. The FTSE 100 property company owns about £11bn worth of property, including key sites in Broadgate, east London, and Paddington in west London. Just over a third of that — £3.9bn — is made up of retail parks, stores and shopping centres, which have shed more than a quarter of their value over the year.