Market Report
Analysts say June election could help Brexit negotiations but also Tory domestic policies
Prime Minister Theresa May has called a snap general election on the 8 June, depending on her gathering two thirds of MPs approval in Parliament to repeal the Fixed Term Parliament Act.
FX round-up: Sterling leaps as markets mark down political uncertainty
Sterling shot higher as analysts said snap elections increased the chances that the UK would not crash out of the European Union, thus helping Westminster clinch a more benign outcome for the economy.
Bonds: Gilts higher after snap elections called, US central bank data-dependent
These were the movements in some of the most widely-followed 10-year sovereign bond yields: US: 2. 19% (-6bp)UK: 1. 01% (-3bp)Germany: 0. 16% (-3bp)France: 0. 89% (-2bp)Spain: 1. 67% (-4bp)Italy: 2. 26% (-6bp)Portugal: 3. 81% (-7bp)Greece: 6. 79% (+12bp)Japan: 0. 01% (+0bp).
Europe close: Investors play it safe ahead of French elections
Polls showing French Far-Left presidential candidate Jean Luc Melenchon was continuing to win new backers with just under a week before the first round of voting saw investors duck for cover, with news of snap general elections in the UK adding a large dose of volatility.
Bank of America continues strong US banking results with earnings beat
Another Wall Street giant revealed a strong performance on Tuesday after Bank of America reported better-than-expected earnings for the first quarter of 2017.
London close: Pound strength, French election uncertainty weighs on stocks
Theresa May's decision to call for snap elections triggered a sharp reversal in traders' preferred Brexit plays, with the more internationally focused Footsie getting pummelled as Sterling leapt higher in reaction, even as shares of homebuilders found a bid.
US open: Stocks fall on disappointing Goldman Sachs quarterly earnings
US stocks were trading lower on Tuesday with the Dow weighed by Goldman Sachs, which reported weaker-than-expected first quarterly results, while the dollar fell.
ASA Resource reports evidence of managers funnelling cash
ASA Resource Group announced on Tuesday that, further to its announcement on 4 April, its board had now received and considered the initial report it commissioned into anonymous allegations made in relation to Freda Rebecca Gold Mine, Zimbabwe, in which the group has an 85% interest.
All Asia Asset Capital disposal hits delay
All Asia Asset Capital announced on Tuesday that, further to its announcement on 24 March regarding the passing of all resolutions at its extraordinary general meeting on the same day, it had not received the consideration payment equivalent to THB 34. 89m for the disposal of its entire interest in Energy Central.
Urals Energy makes solid progress at Petrosakh and Arcticneft
Independent exploration and production company Urals Energy updated the market on its operations on Tuesday, saying that at Petrosakh, its drilling team had spudded Well 130, located on the main licence area on the Eastern coast of Sakhalin Island.
Cloudbuy makes progress with large contracts
Investors in cloud-based e-commerce marketplaces and B2B buyer and supplier solutions cloudBuy were gathering for the company’s annual general meeting on Tuesday, at which management made a statement on the AIM-traded firm’s progress.
South32 calls off Metropolitan Colliery acquisition
Shares in South32 fell on Tuesday after the miner said that it will no longer pursue the acquisition of the Metropolitan Colliery and a 16. 67% stake in the Port Kembla coal terminal in Australia from Peabody Energy Corporation.
Almost half of SMEs 'lost money' in tax self-assessment
Almost half of small to medium enterprises lost money during the tax self-assessment process in the last year, a new survey released on Tuesday suggested, at a time when the Government was pushing through its ‘Making Tax Digital’ initiative.
Civitas Social Housing to buy Midlands property portfolio for £11.5m
Civitas Social Housing is to buy a portfolio of regulated social housing in the Midlands for £11. 5m.
Broker tips: Esure, Hastings, DirectPageGroup
Barclays downgraded Esure and Hastings Direct to ‘equalweight’ from ‘overweight’ as it took a look at the UK motor insurance sector.
Mining, utilities buoy US industrial production in March
US industrial production grew a tad more quickly than expected last month, with a surge in utilities output more than offsetting weakness in manufacturing.
FTSE 250 movers: Ladbrokes boosted by upgrade; Ashmore drops
London’s FTSE 250 was down 1% to 19,326. 05 in afternoon trade as market participants digested news of Prime Minister Theresa May's plans for a snap general election on 8 June.
Sector movers: Miners hit by poor market sentiment around China
The roof fell in on miners as a wave of risk aversion swept over markets at the start of the week amid sharp falls in the prices of many industrial metals and iron ore in particular, with strength in the pound after May's announcement of snap general elections further denting the sector.
FTSE 100 movers: Retailers on the rise but miners drop as iron ore retreats
London’s FTSE 100 was down 2% to 7,178. 87 in afternoon trade as the pound surged versus the euro and the dollar after Prime Minister Theresa May announced plans for a snap general election on 8 June.
US housing starts decline unexpectedly in March
Homebuilding activity in the US slowed in March although a key indicator of futures trends held up.