Financial Market Update 16/05/2017

The FTSE 100 is called to open 2 points higher at 7456
UK Gilt 10 Year Yield 1.136 Spot Gold $1234.64 +4.11 Brent Crude $52.11 +0.16

$ per £ 1.2911
€ per £ 1.1743
$ per € 1.0996

U.S. stocks climbed after equities posted their first back-to-back drop in almost a month, as commodity prices staged an early advance and financial shares rallied. The S&P 500 Index rose 0.5 percent to 2,402.32, a fresh record and first close above 2,400. The Dow Jones Industrial Average climbed 0.4 percent to 20,981.94, shy of its March 1 high, while the Nasdaq Composite added 0.5 percent to a record 6,149.67. Nine of 11 S&P 500 industry groups higher. S&P 500 Financials up 0.8% on gains in all but one company; Navient (NAVI) and Charles Schwab (SCHW) add at least 2.3%. Energy shares up 0.6% as WTI oil adds 2.2%. Utility, real estate and telecom shares lag broader market. Volume 11% below 30-day average in S&P 500 at this time. VIX up to 10.4.

PRESS COMMENTARY

Sky News: Virgin Money withdraws Co-op Bank interest.

Global IPOs Up 121% in 2017, JP Morgan Leads, Snap Inc Biggest.

Ford Plans to Cut About 10% of Global Workforce, WSJ Reports.

COMPANY NEWS

Vodafone Group PLC set its sights on more profit gains in the current year after achieving its organic growth target for fiscal 2017 and raised its final dividend a share by 2% to 10.03 cents, up 2%, giving total dividends per share of 14.77 cents.

Inmarsat says its fourth high-speed broadband communications satellite in the Global Xpress constellation was launched successfully by SpaceX.

BHP Billiton CEO: Olympic Dam Expansion Plans Progressing Well.

Warren Buffett’s Berkshire Hathaway Inc. spent the first quarter fine-tuning its investments in airlines and technology companies, and retreating from 21st Century Fox Inc.

EasyJet 1H Revenue Misses Est.

Novo to Lose Money on Brexit When Current FX Hedge Ends: Borsen.

Cairn Homes to offer as many as 33.7m Shares. Goodbody and BofA/ Merrill Lynch are bookrunners and Davy is acting lead manager, bbg report terms as to be at least €1.54/shr.

Crest Nicholson Holdings PLC said it is on track to deliver 10% growth in revenue in fiscal 2017.

BTG FY Rev. Beats Estimates, Sees FY18 Rev. Rising.

OM Asset Management Prices 17.3m Shares at $14.55 Each. Source Quilter Cheviot

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