Market Report
Tuesday newspaper round-up: Meta, Aviva Investors, Govia Thameslink
Mark Zuckerberg has announced his social media empire is building what he claims is the world’s fastest artificial intelligence supercomputer as part of plans to build a virtual metaverse. The Facebook founder said in a blogpost that the metaverse, a concept that blends the physical and digital world via virtual and augmented reality, will require “enormous” computing power. The AI supercomputer, dubbed AI Research SuperCluster (RSC) by Zuckerberg’s Meta business, is already the fifth fastest in the world, the company said.
US close: Stocks end session in the red as earnings and IMF global growth downgrade take centre stage
Wall Street stocks closed lower on Tuesday as corporate earnings, geopolitical tensions and a downgrade in global growth forecasts were all in focus throughout the session.
Europe close: Major stocks indices put in small bounce
European shares put in a slight bounce on the back of a big bounce on Wall Street overnight from its session lows despite the still extremely heightened tensions over Ukraine.
London close: Stocks keep hold of gains through afternoon trading
London stocks managed a positive finish on Tuesday, maintaining their momentum from a positive close on Wall Street, with Royal Mail pacing the advance after a well-received update.
US house prices continue growing at near-record pace in November, S&P says
A record surge in US home prices barely slowed towards the end of November, the results of a closely-followed survey revealed.
FTSE 250 movers: Capricorn Energy rallies; Baltic Classifieds falls again
London’s FTSE 250 was 0. 7% firmer in afternoon trade on Tuesday at 21,598. 73.
FTSE 100 movers: Banks on the rise; Rightmove in the red
London’s FTSE 100 was up 0. 9% at 7,364. 29in afternoon trade on Tuesday.
Broker tips: Boohoo, Bakkavor, THG
RBC Capital Markets downgraded fast-fashion retailer Boohoo to 'sector perform' from 'outperform' on Tuesday, slashing the price target to 150. 0p from 330. 0p.
Nvidia preparing to abandon Arm deal - report
US tech company Nvidia was said on Tuesday to be preparing to abandon its purchase of chip maker Arm from Softbank after making little to no progress in winning approval for the $40bn deal.
US consumer confidence deteriorates in January
US consumer confidence deteriorated in January as short-term expectations weakened, according to a survey released on Tuesday.
Sopheon set for strong full-year revenue growth
Enterprise management software and service provider Sopheon said in a trading update on Tuesday that revenue for 2021 would exceed $34m, up from $30m in 2020.
IMF downgrades expectations for global economic recovery in 2022
The International Monetary Fund cut global growth forecasts on Tuesday, citing a number of threats to the world's economic recovery from the Covid-19 pandemic.
US open: Stocks trade lower following modest gains in previous session
Wall Street stocks were firmly in the red early on Tuesday as corporate earnings, geopolitical tensions and a downgrade in global growth forecasts were all in focus at the bell.
Eleco ends 2021 with revenue above expectations
Construction software company Eleco said in a trading update on Tuesday that its unaudited revenue for 2021 was expected to be £27. 3m, an increase of 8% year-on-year, and above market expectations.
N4 Pharma outlines work plan after 'encouraging' data
Specialist treatment and vaccine delivery system developer N4 Pharma updated the market on its work plan on Tuesday, following “encouraging data” from its oncology research as announced on 13 December.
Fonix earnings grow faster than forecast in first half
Mobile payments and messaging provider Fonix Mobile said in a trading update on Tuesday that gross profit and adjusted EBITDA in the first half had grown ahead of management expectations.
AssetCo to buy River and Mercantile in £98.8m deal
Acquisitions vehicle AssetCo has agreed to buy asset management firm River and Mercantile in an all-share £98. 8m deal.
Trinity Exploration reports 'good progress' on initiatives
Trinidad and Tobago-focussed energy company Trinity Exploration & Production said in an update on Tuesday that it made “good progress” on some of its initiatives in the fourth quarter, as it maintained production levels and continued its “strong” operating cash generation.
Pebble Beach flags forecast-beating set of results
Broadcast and streaming software company Pebble Beach Systems said in a trading update on Tuesday that it was anticipating 2021 results ahead of market expectations, with revenue set to rise 26% year-on-year to £10. 6m, and adjusted EBITDA ahead 19% at £3. 2m.
Europe midday: Stocks only marginally higher, despite elevated volatility
European shares are putting in a slight bounce on the back of a big bounce on Wall Street overnight from the session lows despite the still extremely heightened tensions over Ukraine.