^FTSE - FTSE 100
| Previous close | 5,677.73 |
| Open | 5,677.73 |
| Volume | 0 |
| Day's range | 5,677.68 - 5,842.66 |
| 52-week range | 4,898.80 - 7,727.50 |
| Avg. volume | 1,129,169,281 |
- Financial Times
Markets Now - Thursday 9th April 2020
The three key risk metrics we track keep moving in the right direction as policymakers squeeze systemic risk from safe havens and risk assets begin to more directly price growth uncertainty: (1) the UST 10-year rose for a third day to 77bps and TYVIX is below 8 for six consecutive days while both JPY and gold implied volatility fell again. TYVIX settling into a 6-8 range is very positive for risk markets; (2) the VIX curve fell and flattened again with every point along the term structure lower.
- Reuters
Packaging firm Mondi scraps dividend as lockdowns hit order book
Mondi's flexible packaging division, which makes paper bags and kraft paper used for industrial packaging, saw weaker trading in building and construction industries, and improvement in food, beverage and personal care sectors, it said. Mondi, which makes container boards, pulp and corrugated boxes, said it had temporarily stopped production at its Merebank mill in South Africa and its Neusiedler mill in Austria as demand had slumped due to the coronavirus lockdowns.
- Investing.com
Stocks - Europe Posts Gains; Eurogroup to Meet Again
European stock markets pushed higher Thursday, as investors took in the strong gains on Wall Street overnight but remained cautious ahead of the resumption of talks on how to fund the massive government borrowing needed to support the region's economy through the crisis. The Eurogroup meeting had originally started Tuesday, but disagreements persisted over the conditions for loans to hard-hit countries like Spain and Italy under the eurozone bailout fund, the European Stability Mechanism, as well as whether to issue joint debt known as ‘coronabonds’ as part of a wider recovery plan. In corporate news, UBS (NYSE:UBS) and Credit Suisse (SIX:CSGN), Switzerland’s two biggest banks, said Thursday that they had decided to partially postpone the payment of their dividend for 2019 until later this year.
- Reuters
Sensex, Nifty end lower on fears of lockdown extension
Indian stocks closed lower on Wednesday as investors locked in some recent gains amid fears of an extension of the coronavirus-led lockdown and its impact on business. Senior officials told Reuters earlier on Wednesday that India's financial hub Mumbai was set to extend lockdown measures until at least April 30. "Globally, things are not great, it is very volatile, there will be pressure and some profit-taking," said Neeraj Dewan, director at Quantum Securities in New Delhi.
- Reuters
FTSE 100 retreats as insurers, Tesco take hit
The blue-chip FTSE 100 index ended 0.5% lower after closing at a near two-week high on Tuesday. Shares of Aviva Plc and Direct Line , RSA and Lloyds of London-member Hiscox fell between 3.8% and 7.9% after saying they were cancelling 2019 investor payouts. Both EU and British regulators had urged restraint on dividend payments and payment of bonuses as a buffer against potential losses from the pandemic.
- Reuters
European shares inch up, all eyes on euro zone fiscal package
The pan-European STOXX 600 index ended up 0.02%, reversing earlier losses of as much as 1.5%. Equities posted a strong start to the week on hopes that the rate of coronavirus infections was plateauing in western Europe and the United States. While the daily death toll rose again in Spain, and France became the fourth country to register more than 10,000 deaths from the virus, Wall Street rallied on hopes that the outbreak was close to its peak in the United States.
- Financial Times
Linklaters cancels partner payouts to conserve cash
Elite “magic circle” law firm Linklaters is cancelling its quarterly payout to partners in an effort to conserve cash, the latest move by the largest global law firms to weather an impending drop in revenue. City stalwart Linklaters, which generated a profit of £1.63bn in its last financial year, sent a video to staff on Wednesday informing them that its 480 equity partners would not receive a June payout as planned. The firm said “it is right that partners should meet the initial impact of this crisis” rather than more junior staff.
Investing.comStocks - Europe Weakens; Finance Ministers Split on Funding
European stock markets weakened Wednesday, as the region’s finance ministers failed to agree on how best to finance the response to the coronavirus crisis, reviving old doubts about the long-term viability of the euro. The broader based Stoxx 600 Europe index dropped 0.6%. Eurozone finance ministers have again failed to agree on an economic package to support the region’s economy after all night talks brought no breakthrough.
- Reuters
Coronavirus slowdown hopes boost London stocks
The FTSE 100 rose 2.1%, extending gains for a second session, as the hardest-hit Italy and Spain looked to relax lockdowns after steady declines in fatality rates, while the outbreak showed signs of levelling off in New York. "The falling cases in Europe are giving investors hope that lockdown could come down in May and we could echo what's taking place in China," said Aneeka Gupta, associate director of research at WisdomTree in London. Low-cost airline Easyjet jumped 24.4%, while Carnival Corp shot up 23.3% after Saudi Arabia's sovereign wealth fund disclosed an 8.2% stake in the coronavirus-hit cruise operator.
- Financial Times
Executive pay: beware pro-managerial massage
Median earnings of FTSE 100 top executives rose by two-fifths between the 2007 financial crisis and 2013. One reason was that incentive schemes were reset to make them more achievable, often by rebasing earnings per share targets. To work, long-term incentive plans must hold out a realistic possibility of reward.
- Investing.com
Stocks - Europe Seen Higher; More Stimulus Expected
European stock markets are set to push higher Tuesday, following on from Monday’s strong gains, as investors look for more financial aid to help bolster the region’s battered economies. At 2:25 AM ET (0625 GMT), the DAX futures contract in Germany traded up 1.1%. France's CAC 40 futures were up 1.9%, while the FTSE 100 futures contract in the U.K. rose 1.4%.
- Financial Times
Opening Quote: Investors take comfort from latest coronavirus data
Stock markets across Europe are set to rise on Monday, after investors took comfort from the latest Covid-19 data. There are signs the pandemic may be stabilising in some of the worst-affected countries, with the daily death toll slowing in Italy, Spain and France. The FTSE 100 is on course for a 2.6 per cent rise, while in Europe, Germany’s Dax is on course for a 3.9 per cent rise and the Cac 40 set for a 3.4 per cent increase.
Investing.comStocks - Europe Pushes Higher; Virus Optimism Rises
European stock markets posted strong gains Monday, helped by signs of a slowdown in coronavirus-related deaths in the region, and by expectations of more financial aid to help bolster its battered economies. The broader-based Stoxx 600 Europe index climbed 2.6%. The number of deaths has fallen in recent days in Italy and Spain, the two European countries worst hit, as well as in Germany, the region’s most populous country.
- Financial Times
Value stocks/Mark Barnett: so much for Brexit bounce
A small positive amid the encompassing horror of coronavirus is that it stops Britons bickering over Brexit. Mr Barnett got the job running top Invesco UK funds after Neil Woodford quit to set up his own business. Unfortunately, Mr Barnett invested in a similar ragbag of stocks to his mentor: defensive blue-chips, domestic plays and a sprinkling of biotechs.
- Financial Times
CEOs must turn their coronavirus-prompted pay gestures into real reform
For decades, chief executives seemed to be paid according to two rules of thumb. Warren Buffett nicknamed the pay consultants who lubricated the remuneration merry-go-round “Ratchet, Ratchet & Bingo”. As chief executives take tough decisions about the salaries, jobs, and future of their staff, many are recognising that at the very least they too should be seen to suffer.
- FX Empire
The Week Ahead – COVID-19 and OPEC in Focus, with Economic Data on the Lighter Side
While it is a shortened week, with economic data on the lighter side, there is still plenty for the markets to focus on and OPEC and COVID-19 in particular.
- Financial Times
Stocks end week on sour note as data reveal virus toll
The benchmark S&P 500 fell 1.5 per cent on Friday after the US recorded its largest pace of job losses since the financial crisis and reports out of Europe showed a sharp contraction in the service sector. The latest decline for the US blue-chip index, which suffered a loss of more than 2 per cent for the week as a whole, was mirrored by other closely followed indices including the technology-heavy Nasdaq Composite and the Dow Jones Industrial Average.
