MARKET UPDATE 26/05/2017

The FTSE 100 is called to open 1 point higher at 7518

UK Gilt 10 Year Yield 1.036 Spot Gold $1258.40 +2.75 Brent Crude $51.42 -0.20

$ per £ 1.2877
€ per £ 1.1500
$ per € 1.1198

DOW 21082.95 +70.53pts +0.34%
S&P 2414.75 +10.36pts +0.43%
NASDAQ 6205.26 +42.23pts +0.69%

Stocks began the session in positive territory and set new records for the S&P and Nasdaq in the process. There was little to account for the move as the absence of any Trump controversy and the rally overnight in global markets were attributed to investor optimism. Shares of Best Buy (BBY) surged over 21.5% after the electronics retailer reported better than expected earnings and revenue for the first quarter and updated its fiscal 2018 guidance to reflect better than expected Q1 results.

PRESS COMMENTARY

The Independent: The UK’s GDP growth in the first quarter of 2017 has been unexpectedly revised down to 0.2%, in news that will compound fears that the economy is slowing as the impact of last June’s Brexit vote finally hits home.

The Guardian: The world’s major oil producers have voted to continue their production cuts into 2018 in an attempt to prop up the oil price.

COMPANY NEWS

PepsiCo Inc. (PEP) plans to sell some or all of its 4.5% stake in Britvic PLC (BVIC.LN), the drinks company that produces and sells Pepsi in the U.K.

Informa PLC's (INF.LN) chief executive said he remains confident that the publisher and business events group will meet its full-year expectations.

Restaurant Group PLC's (RTN.LN) like-for-like sales for the 20 weeks ended May 31 have declined 1.8%, with total sales decreasing by 1.5%, but still expects to achieve 2017 profit target the Frankie & Benny's brand owner's chairman said.

BOC Aviation to Buy Six Aircraft from Airbus. Company plans to purchase 2 A320NEO, 2 A321NEO and 2 A330-900 aircraft, it says in Hong Kong stock exchange filing. Aggregate list price is approximately $1.05b.

Statoil sold 22.8m shares at C$4.77/share; aggregate proceeds about C$109m pursuant to the offer launched on April 24 by Lundin Petroleum BV. Source Quilter Cheviot

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