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U.S. equities climbed as Warren Buffett’s bet on Apple Inc. sent the iPhone maker’s shares rallying, while crude oil’s surge to a six-month high amid speculation a supply glut has eased boosted commodity-producer shares around the world. The S&P 500 Index rebounded after three weeks of losses, with Apple jumping the most in 10 weeks after Berkshire Hathaway Inc. disclosed a stake. Oil extended last week’s gains past $47 a barrel as Goldman Sachs Group Inc. increased its price forecast, saying the market had moved into a supply deficit earlier than expected. Precious metals rallied with aluminum and materials producers climbed, boosting stocks in developing nations. The pickup in commodity prices supported global equities after about $1.8 trillion in value was wiped out in the first two weeks of May amid weaker economic data and disappointing earnings reports. Buffett’s bet on Apple lifted its shares from their lowest level since 2014, after they’d slumped on concern over sales growth. Data Friday showing a jump in American retail sales bolstered the case for the Federal Reserveto raise interest rates as other central banks struggle to fuel price growth via stimulus efforts. The S&P 500 rose 1 percent to 2,066.66 as of 4 p.m. in New York, rebounding from a third weekly decline, its longest sliding streak since January. The gauge topped its average price during the past 50 days after closing Friday below that level for the first time in two months.
PRESS COMMENTARY
Financial Times: The oil price moved closer to the $50-a-barrel mark for the first time since November, on growing supply disruptions in Nigeria and a more positive assessment of the market from Goldman Sachs, the most bearish of the leading commodity banks.
COMPANY NEWS
Wireless carrier Vodafone Group Plc reported quarterly sales growth on its network that beat estimates, helped by improved results in several key European markets. Organic service revenue, which includes customer fees but excludes handset sales, rose 2.5 percent in the three months through March 31.
DCC PLC (DCC.LN) said it expects another year of profit growth as it raised its dividend by 15% after recording a rise in fiscal 2016 profit. The sales, marketing, distribution and business support services group said pretax profit rose 47% to 216.3 million pounds ($310.5 million) for the year ended March 31 compared with GBP147.1 million a year earlier as revenue notched GBP10.60 billion versus GBP10.61 million. DCC raised its dividend a share to 97.22 pence versus 84.54 pence.
Land Securities (LAND.LN) on Tuesday reported an 81% fall in pretax profit for its fiscal 2016 and added that a vote to leave the European Union would lead to business uncertainty.
BTG PLC (BTG.LN), a healthcare company, reported a rise in full-year profit and said it expects revenue for fiscal 2017 to be in the range of 485 million pounds to 515 million pounds ($697 million - $740 million).
Enterprise Inns 1H Ebitda before exceptional items GBP142m vs GBP144m y/y, in line with expectations and reflecting the impact of planned disposals
Greencore says performed well in H1 16; says U.K. backdrop expected to remain uncertain given “changing nature of the grocery industry and other potential economic headwinds.”
Speedy Hire PLC (SDY.LN), a tools, equipment and plant hire services company, on Tuesday said its full-year results are disappointing, but added that the business is starting to respond to its recent restructuring.
Iliad SA, the low-cost mobile-phone company founded by French billionaire Xavier Niel, reported a 6.6 percent increase in sales for the first quarter after promotions helped it win customers.
Schroders has reached an agreement with Brookfield Investment Management Inc. to acquire its securitized products investment management team with more than $4 billion in assets under management.
AstraZeneca Says Benralizumab Studies Achieved Primary Endpoint. Source Quilter Cheviot
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