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Asia report: Markets mixed after China GDP data
Asian markets ended the week mixed on Friday, in a somewhat muted reaction to China’s GDP numbers for the first quarter, which were in line with forecasts.
Broker tips: Mothercare, Man Group, Poundland
Berenberg downgraded Mothercare to ‘sell’ from ‘hold’ and slashed the price target to 130p from 250p following the company’s update on Thursday.
EU new car sales up in March but VW loses market share
New car sales in the European Union rose 6% in March to 1. 7m units, according to the latest figures from the European Automobile Manufacturers Association (ACEA).
UK construction output dips in February
Output in the UK construction industry dipped 0. 3% in February compared with the previous month, falling short of expectations for no change, according to data from the Office for National Statistics.
Spain's industry minister steps down after Panama papers leak
Spain’s industry minister stepped down following a newspaper reports linking him to the controversial Panamanian law firm Mossack Fonseca.
Circle Oil secures extension to debt waivers
AIM-listed oil and gas exploration company Circle Oil said on Friday that the International Finance Corporation has agreed to extend the suspension of repayments due under the group’s reserve based lending facility.
London open: Stocks fall as China economic growth slows
London stocks declined on Friday as China’s economic growth slowed further in the first quarter.
Berenberg downgrades Mothercare on international weakness
Berenberg downgraded Mothercare to ‘sell’ from ‘hold’ and slashed the price target to 130p from 250p following the company’s update on Thursday.
ShoreCap hails strong Q1 net inflows at Man Group
Shares in Man Group are significantly undervalued, analysts at Shore Capital argued following the company’s first quarter update.
JPMorgan cuts InterContinental Hotels to 'underweight'
JPMorgan Cazenove downgraded InterContinental Hotels Group to ‘underweight’ from ‘neutral’ but lifted the price target to 2,865p from 2,750p as it took at the European hotels sector.
Europe open: Stocks nudge lower as investors digest China data
European stocks nudged lower in early trade as investors digested some key data releases out of China and looked ahead to this weekend’s meeting of oil producers in Doha.
Poundland slumps to new low after HSBC downgrade
HSBC downgraded Poundland to 'hold' from 'buy' and slashed its target price to 160p from 290p after disappointingly slow growth in core trading with no recovery expected until the second half of 2017.
Seasonal downturn, lower grades hit Polymetal
A seasonal downturn and declines in grade saw volumes and sales take a hit at Polymetal in the first quarter, it revealed in a production update on Friday.
China GDP growth slows to 6.7% in first quarter, in line with views
China’s economy grew 6. 7% on the year in the first quarter compared with 6. 8% in the fourth quarter of last year, according to official data.
Goldman downgrades William Hill, sees underperformance continuing
Goldman Sachs downgraded bookmaker William Hill to ‘neutral’ from ‘buy’ and cut the price target to 380p from 460p following the company’s most recent trading update, which highlighted slower growth in the online business partly on the back of new regulation.
London pre-open: Stocks seen flat after muted Asia session
London stocks were set to open broadly flat on Friday following a muted session in Asia, after Chinese first quarter GDP met expectations.
Rio Tinto and Sinosteel extend Channar joint venture
FTSE 100 mining firm Rio Tinto and Chinese state-backed Sinosteel Corporation announced the extension of their Channar Mining joint venture in Australia’s Pilbara region on Friday.
Friday newspaper round-up: Brexit, BP, HMRC, tax evasion
The British economy will be weaker, its international influence will be reduced and the EU will be damaged if the UK votes to leave the bloc in June, the White House said on Thursday. Speaking ahead of a visit to the UK next week by Barack Obama, senior administration officials insisted that the Brexit decision was one for British voters and that the US president would offer his views as a “friend” only if asked during his two days in London. – Financial Times.
Rio extends Pilbara JV, Man Group a rock in a storm
London open The FTSE 100 is expected to open 3 points higher on Friday, after three up days so far this week.