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Tuesday newspaper round-up: Brexit transition, energy price cap, Aston Martin, Carillion
A senior Conservative MP has criticised the government for failing to make progress on a transition deal to smooth Britain’s exit from the EU, warning that businesses could relocate jobs outside of the UK without urgent action. Nicky Morgan, the chair of the Commons Treasury select committee, said businesses were “crying out” for details of a proposed period to cushion Britain’s withdrawal from the EU from March 2019, calling on ministers to swiftly resolve their differences and reach a deal with Brussels or face damaging consequences.
Sunday share tips: Saga, Arena Events, G4S
Saga shares were branded 'avoid' in the Sunday Times' Inside the City column, even though its debt has been shrinking and its profits rising, in contrast with former stablemate, the AA. The share price has also recently been on the way down after warning on profits in early December due to higher costs and "more challenging trading” in insurance broking, with growth in underlying profit before tax expected to be between 1% and 2% for the year to 31 January 2018.
UK travel networks prepare for Russian freeze
Transport authorities and local councils in London and across the east of England have assured there are procedures in place to "minimise the consequences" of the Russian blast of freezing temperatures and heavy snow due to hit the country this week.
Sunday newspaper round-up: Interest rates, Brexit, RBS, Lloyds, O2 IPO
Signs of accelerating wage growth have convinced a deputy governor of the Bank of England that swifter rises in interest rates are needed. The change of heart for Sir Dave Ramsden, until now one of the doves on the Bank’s monetary policy committee (MPC), will add to a growing conviction in the City that a further increase to 0. 75% is coming in May. - Sunday Times .
Thursday newspaper round-up: Brexit, wages, GKN, ITV, Apple
The Cabinet did not agree to Theresa May's negotiating strategy for the transition period after Brexit before it was sent to EU nations, senior ministers have told Telegraph. The official strategy document, which was published on Wednesday, prompted a furious backlash after raising the prospect of an open-ended transition period after Brexit. - Telegraph.
Tuesday newspaper round-up: BHP activist, BT, Energean, Carillion
Two more shareholders in BHP Billiton have put pressure on the board of the FTSE 100 mining giant by urging it to consider dropping its dual listing, which Elliott Advisors, an activist investor, says is “obsolete and value destroying”. Baring Asset Management and Plato Investment Management, which control shares worth about $280 million, have asked BHP to set out why it believes the time is not right to consider simplifying its structure. - The Times.
Friday newspaper round-up: Tesco, homes, Brexit, internet tax
One of the City’s most influential shareholder advisory groups has told investors in Booker Group to vote against a proposed £3. 7 billion sale of the cash-and-carry business to Tesco. With just two weeks before a shareholder vote on the takeover, Institutional Shareholder Services (ISS) said that the recent uplift in Booker’s share price meant that Tesco “appears to be getting the better deal under the current terms”. - The Times.
Thursday newspaper round-up: Wages, sterling, Sky, food warning, Booker
Britain is set for a pay rise as the world economy lifts growth and falling migration makes it harder for companies to find cheap foreign labour. A report by the regional agents of the Bank of England suggests firms expect to give the average worker a 3. 1 per cent pay rise in 2018, compared to 2. 6 per cent last year, amid the strongest growth for a decade. - Daily Mail.
Market buzz: Wall Street regains its nerve
After two days of blood-letting that sparked a global stock market selloff and worries that more was to come, Wall Street held its nerve on Tuesday after an initial lurch lower and ended the session in the green.
Commodities: Hedge funds, money managers trimmed net long crude positions
Industrial metals edged lower on Friday, as a stronger-than-expected US jobs report sent the US dollar higher and weighed on prices.
Bonds: Gilt yields rise on BoE rate hike expectation
These were the movements in some of the most widely followed 10-year sovereign bond yields:.
Commodities: Energy, metals benefit from strong demand, weak US dollar
Metals gained modestly on London Metal Exchange on Thursday, oil prices rose and gold's relationship with the dollar outweighed that with Treasury yields.
Bonds: Treasury yields rise ahead of US jobs data
These were the movements in some of the most widely followed 10-year sovereign bond yields:.
Commodities: Base metal prices supported by PMI data, soft USD
Oil prices fell on Wednesday, as the US crude inventories rose by 6. 8m barrels last week, compared with a rise of 900,000 barrels expected by analysts. This is the first build in eleven weeks.
Bonds: Nomura economist sees 10-year Gilt yield at 2.5% by year end
These were the movements in some of the most widely followed 10-year sovereign bond yields:.