|Day's range||7,324.54 - 7,370.70|
|52-week range||6,536.50 - 7,790.20|
Global markets are mixed as geopolitical tensions mounts, Trump prepares to hike tariffs, and the FOMC meeting comes into sharp focus.
Both the FTSE 100 index and the FTSE 250 midcap index ended 0.2% higher. With the spotlight on Wednesday's U.S. Federal Reserve policy decision, the banking index broke a four-day losing streak with a 0.9% rise, led by Asia-exposed banks including HSBC and Prudential after Hong Kong's leader backed down over an extradition bill that has sparked mass protests. "It's hard to recall a time we headed into an FOMC meeting with so much at stake and with so much uncertainty about what might be agreed," Markets.com analyst Neil Wilson said.
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.
The FTSE 100 slipped by 0.3%, with exporter stocks also weighing on the index. The FTSE 250 fell by the same amount, tugged lower by Kier's 35.5% plunge. Banks with exposure to Asia, pressured this week amid protests in Hong Kong against a Chinese extradition bill, slipped after China's industrial output growth slowed to a more than 17-year low.
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.
Global equities rebound, snapping a two-day losing streak as the June rally resumes its upward trajectory.
The FTSE 100 ended roughly flat, with notable gains in plumbing products distributor Ferguson and packaging firm DS Smith. Stocks on the domestically-focused mid-cap index as well blue-chip local financial shares skid after Johnson, the face of Britain's campaign to leave the European Union in the 2016 referendum, was backed by more than a third of voting lawmakers.
European stocks were expected to open lower again Thursday as U.K. lawmakers signaled the country is still open to leaving the European Union without a deal in place, a move which is bound to unnerve investors.
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 FTSE 100, up for seven days straight after falling more than 3% in a global stock market sell-off in May, and the mid-cap FTSE 250 dipped 0.4% on Wednesday. Oil majors were the biggest drags on the main index as oil prices slid more than 2%. Financial stocks also weighed as President Donald Trump added to the trade nerves by saying he was not interested in a deal with Beijing unless it agreed to some "major points" in negotiations, while China declared it was "not afraid of fighting a trade war".
The global indices are moving higher on trade hopes, FOMC optimism, and a new round of stimulus from China.
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.
Rio Tinto, Antofagasta, Glencore and BHP were 2.5-3% higher, while oil majors BP and Shell were lifted by a rise in crude oil prices on expectations that OPEC and its allies will keep withholding supply. Troubles on Britain's high street were reflected on the small- and mid-cap indexes, with Ted Baker falling nearly one-third to a 6-1/2 year low after warning profits would come in well below analysts' expectations, and fast-fashion retailer Quiz down 23.2% after reporting a 94% slump in underlying pretax profit. The FTSE 100 index, buoyed in the past week by hopes of more monetary and fiscal stimulus globally, rose 0.3% to its highest in nearly six weeks, gaining for the seventh straight session.
European stocks traded higher Tuesday after U.S. President Donald Trump told CNBC that immediate tariffs would be imposed on a further $300 billion of Chinese goods if President Xi does not attend this month's G-20 meeting.
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.
The FTSE 100 gained 0.6% as investors cheered the agreement between the United States and its southern neighbour. Gains were spread largely across the board on the blue-chip bourse, with heavyweight financial stocks, miners and oil shares all boosting the FTSE 100. Hopes of an interest rate cut by the Federal Reserve to stimulate the economy also lingered after weak U.S. jobs growth data on Friday.
The auto sector gained 0.7% on signs that Fiat Chrysler Automobiles NV and Renault SA were looking for ways to resuscitate their collapsed merger plan and secure the approval of Nissan Motor Co. Fiat Chrysler climbed 1.7% and Renault shares closed up 2.6% after sources close to the companies told Reuters they were back in discussions on ways to revive the deal.
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.