|Day's range||7,094.98 - 7,188.59|
|52-week range||6,536.50 - 7,727.50|
The median pay package for a FTSE 100 chief in 2018 was £3.4m, down from £4m in 2017, according to data produced this week. Martin Sorrell was paid £13.9m at advertising group WPP last year before leaving.
The FTSE 100 shed 0.5% after enjoying a recovery for most of the day, as a tweet from Trump about U.S.-China trade just minutes before the closing bell sharply raised concerns over international trade. The FTSE 250 ended 0.2% higher. Oil majors Shell and BP were the worst hit after Trump said U.S. companies should "immediately start looking for an alternative to China", after Beijing officials earlier retaliated by imposing tariffs on $75 billion of U.S. goods.
European stock markets rose at the start of trading on Friday, with London's benchmark FTSE 100 index up 0.5 percent at 7,166.36 points. In the eurozone, Frankfurt's DAX 30 index gained 0.5 percent to ...
In a surprise move Beijing imposed additional tariffs on thousands of U.S. products effective Sept. 1, infuriating Trump who hit back asking U.S. companies to start looking for alternatives to their China operations. "Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing ... your companies HOME and making your products in the USA," Trump said as part of a series of tweets.
The past week has typified the lull that often becalms business news in late August. The lull also grants creative opportunities to corporate leaders who have shunned migrating to sunnier climes. Who knows where he was, but the heat must have got to Patrick Byrne, chief executive of US discount home furnishings group Overstock.com.
Global stock markets were subdued Thursday following Wall Street's rebound as investors looked ahead to a speech by the U.S. Federal Reserve chairman for clues about possible interest rate cuts. Investor reaction was muted following Wednesday's release of notes from the latest Fed meeting showing conflicting opinions about rates. Benchmarks in London and Paris declined in early trading.
The FTSE 100 shed 1.1%, while the FTSE 250 was roughly flat. Companies that book a major chunk of their earnings in dollars, including Diageo and Unilever dropped after Merkel said a solution to the Irish border problem could be found before Britain leaves the European Union on Oct. 31. Imperial Brands lost 2.7%, as the stock also traded ex-dividend.
The major European stock markets are trading higher at the mid-session and Asian shares finished mixed as investors await the release of the minutes from the U.S. Federal Reserve’s July monetary policy meeting. Additionally, there are reports that President Trump may be weighing measures to boost the U.S. economy. Perhaps keeping a lid on the markets are lingering concerns over U.S.-China relations after Trump “reiterated on Tuesday that he was not prepared to make a trade deal with China amid the current standoff, with Chinese communications giant Huawei still firmly in Washington’s cross hairs,” according to CNBC.
Global stock markets were back in positive territory Wednesday as investors looked ahead to a speech by the Federal Reserve chairman for signs of possible plans for more U.S. interest rate cuts. Market benchmarks in London and Frankfurt rose in early trading. Investors are now looking ahead to the Fed's Wednesday release of notes from its policymaking meeting last month and a speech Friday by Chairman Jerome Powell.
The mid-cap FTSE 250 also rose by the same level. BAT , AstraZeneca and other stocks that book a major chunk of their earnings in dollars gained from a fall in sterling as investors took little heart from hints by German Chancellor Angela Merkel that there might be room for Brexit negotiation as chances of a no deal grow. NMC Health , a United Arab Emirates-based healthcare provider, climbed more than 4% to be among top FTSE 100 gainers ahead of Thursday's scheduled trading update.
Ferguson has sounded out top investors about switching its listing from the UK to the US, a proposal that has caused a transatlantic rift among shareholders at the £14bn plumbing merchant. in June that it had acquired an almost 6 per cent stake in Ferguson to become one of its largest shareholders. At the time, Trian said the group, previously called Wolseley, was “an attractive business that trades at a discount to comparable US peers”.
Chief executives of the UK’s largest businesses received a pay cut of 13 per cent last year, although they still earned 117 times the average salary, according to an influential annual report on FTSE 100 remuneration. The report by the CIPD, the professional body for the HR industry, and the High Pay Centre think-tank found that the nation’s top chief executives shared a pot of £465.4m last year, receiving a median of £3.46m each. Luke Hildyard, director of the High Pay Centre, said the pay drop for chief executives was the result of Britain’s top company leaders becoming the “lightning rod” for anger about executive pay.
Concerns about Italy's government further dented sentiment, though Italian bond yields fell after Prime Minister Giuseppe Conte said he would resign, potentially paving the way for a new coalition government. Markets in Italy have been volatile since the leader of the League, Matteo Salvini, pulled support from his coalition arrangement with the 5-Star Movement on August 8. Milan's blue-chip index ended 1.1% lower, a reaction that analysts said was relatively mild because the possibility of the prime minister's resignation was more or less priced in and after Salvini said he was ready to keep the coalition government alive to approve a 2020 budget before heading to early elections.
Liberum analysts said that was in line with market expectations, and Persimmon shares were little changed at 0900 GMT. The company lost nearly a third of its value last year and appointed company insider Dave Jenkinson as Chief Executive Officer permanently in February after former CEO Jeff Fairburn stepped down after a row over his bonus package. "The change of CEO gives it an advantage to be open and honest about its previous issues and attempt to start its relationship with its customers anew," said Julie Palmer, a partner at corporate restructuring consultancy Begbies Traynor.
Increasingly, top executives think carefully about their weight for health reasons. Pay for bosses of Britain’s largest public companies fell more than a tenth to £3.4m on average last year, a five-year low, says Deloitte. The FTSE 100 lost some of the best-paid executives during 2018, suggesting that the pay decline will continue.
Median pay for a FTSE 100 chief executive was £3.4m in the last financial year, down from £4m in the previous period, according to a Deloitte analysis of filings in the latest season of annual general meetings.
The London Stock Exchange suffered a "technical software issue", which postponed the opening of trading until 0840 GMT, a spokeswoman said in an email. Traders were frustrated by the latest outage coming during a hectic week on global financial markets, hit by worries about a U.S. recession and the U.S.-China trade spat. A large number of market participants were also away on holiday, which may have limited the impact of the failure.
London's FTSE 100 shares index rebounded when it finally opened on Friday after a delay caused by an unspecified trading issue. Eurozone stock markets also recovered Friday, with Frankfurt's DAX 30 up 1.1 percent to 11,534.66 points as the FTSE opened, while the Paris CAC 40 was showing a gain of 0.9 percent at 5,285.73. The London Stock Exchange Group said it had been "investigating a potential trading services issue" that prevented the FTSE 100 and second-tier FTSE 250 indices from opening on time at 0700 GMT.
A software glitch on the London Stock Exchange caused a nearly two-hour delay to the start of trading on Friday, in the most serious malfunction for the LSE in eight years. The outage affected securities listed on the FTSE 100 and 250, the two main UK stock indices, which track large and midsized companies worth about £2.3tn.