FINANCIAL MARKETS UPDATE 15/04/2016

The FTSE 100 is called to open 1 point higher at 6366

UK Gilt 10 Year Yield 1.4502 Spot Gold $1231.55 +3.70 Brent Crude $43.92 +16.9

$ per £ 1.4165

$ per € 1.1270

€ per £ 1.2569

U.S. stocks ended little changed on Thursday, with the Standard & Poor’s 500 Index near a four-month high and the Dow Jones Industrial Average edging to the highest since July, as investors assessed earnings releases and data showing the labour market is improving with little pickup in inflation. Banks advanced, with Bank of America Corp. advancing a fifth day after saying it sees more room for cost cuts. Airline operators jumped along with Delta Air Lines Inc., which posted quarterly earnings that beat projections. Technology shares retreated as Seagate Technology Plc plummeted 20 percent after reporting preliminary revenue that trailed estimates. The S&P 500 added less than 0.1 percent to 2,082.78 at 4 p.m. in New York, after reaching the highest level since Dec. 4 yesterday. Financial shares and commodity producers have led the benchmark gauge to a 1.7 percent advance so far this week, after the measure faltered last week amid scepticism central banks’ efforts to shore up growth will fail to be effective. The Dow Jones Industrial Average increased by 18 points to 17,926.43 on Thursday, the highest since July 20. The index is 2.1 percent below its record.

PRESS COMMENTARY  

• The Times: Shareholders in BP voted overwhelmingly to reject a massive pay rise for its chief executive yesterday amid mounting anger over boardroom excess.

 COMPANY NEWS

Carrefour SA, France’s largest retailer, reported higher first-quarter revenue as growth in southern Europe and Latin America compensated for a decline in China. Revenue reached 20.1 billion euros ($22.6 billion), Boulogne-Billancourt, France-based Carrefour said Friday in a statement. Analysts expected 20 billion euros, according to the median of 13 estimates compiled by Bloomberg.an Group Plc, the world’s largest publicly traded hedge-fund firm, reported net inflows of $500 million in the first quarter as its computer-driven funds attracted investors. Sales of $5.1 billion more than offset $4.6 billion in redemptions, the London-listed firm said in a statement on Friday. Asset under management marginally fell to $78.6 billion from $78.7 billion at the end of December.

Faurecia 1Q Reported Sales Rise 0.1%: FY Forecast Reiterated. Faurecia reported sales up 0.1% to EU4.66b. Lfl sales up 4.4%. FX negatively impacted business activity by 1.5%. Reiterates Feb. guidance for: FY total sales growth 1%-3%, oper margin improvement.

Credit Suisse Japan Unit Faces Penalty for Leaking Information. Japan’s Securities and Exchange Surveillance Commission recommends Financial Services Agency take administrative action against Credit Suisse Securities Japan.

H&M says March sales incl. VAT increased by 2% in local currencies y/y, as previously announced.

Edenred 1Q LFL Issue Vol. Growth Beats, Had Negative Latam FX. Edenred 1Q issue volume EU4.28b, est. EU4.41b. Total Edenred LFL issue vol. growth 7.4%, est. 6.7%. Source Quilter Cheviot

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