UK Gilt 10 Year Yield 1.4418 Spot Gold $1247.85 -7.65 Brent
Crude $43.92 -77.7
$ per £ 1.4239
$ per € 1.1351
€ per £ 1.2546
U.S. stocks rose to a one-week high as crude pushed past $42
a barrel to overshadow a tepid start to the first-quarter earnings season.
Energy producers surged 2.7 percent as crude climbed to a four-month high after
Saudi Arabia and Russia were seen agreeing on whether to freeze oil production.
Chesapeake Energy Corp. surged the most on record after pledging assets to
maintain access to financing. Alcoa Inc. slid 3.4 percent after the largest
U.S. aluminum producer cut its forecast for global demand. Juniper Networks
Inc. plunged 7.5 percent after sales missed forecasts, dragging the
semiconductor industry lower. The S&P 500 added 1 percent to 2,061.74 at 4
p.m. in New York. The index has alternated gains and losses for four days and
is now little changed for the month of April. The Dow Jones Industrial Average
climbed 165.05 points, or 0.9 percent, to 17,721.46.
PRESS COMMENTARY
• The Daily Telegraph: A British exit from the EU risks
causing "severe global damage" that would drag down UK growth for years
to come, the International Monetary Fund has warned.
• Financial Times: The heads of the world's largest oil
trading houses sought to draw a line under nearly two years of falling prices
on Tuesday as Brent crude rose to its highest level so far in 2016.
COMPANY NEWS
Tesco PLC swung to a full-year profit as the British
supermarket giant bounced back from a year-earlier period weighed down by
property write-downs, even as revenue continued to decline. For the year to
Feb. 27, Tesco's pre-tax profit was GBP162 million ($230.8 million), compared
with a loss of GBP6.33 billion a year ago.
McCormick Abandons Premier Foods Bid, Says Board Wants Too
Much. McCormick & Co. abandoned plans to make a takeover bid for Premier
Foods Plc, saying the U.K. company’s board wants too high a price. McCormick
finished a review of Premier’s finances with the cooperation of the company’s
management, the Sparks, Maryland- based company said in a statement Wednesday.
U.K. retailer WH Smith PLC (SMWH.LN) reported 11% growth in
first half pre-tax profit due to strong performance by both its business units,
travel and high street.
De La Rue PLC (DLAR.LN) said it expects full-year underlying
operating profit to be around 62 million pounds ($89.7 million), above previous
expectations, on a revenue broadly in line with views, adding that expectations
for fiscal 2017 remain unchanged.
WS Atkins Says Traded Well Through 4Q; Sees FY In Line. Co.
says traded well through 4Q; expects to report underlying results for the year
in line with expectations. Says good progress toward 8% group operating margin.
Sees net funds of ~GBP190m at March 31.
Halfords 11-Week LFL Up 2.6%, On Track For FY Profit
Expectation. Halfords says for 11-wks to April 1, group LFL 2.6%, Retail LFL
+3.1%, Autocentres LFL +1.7%. Source Quilter Cheviot
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