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London open: Stocks fall as OECD warns on global economy
UK stocks declined on Wednesday after Chinese manufacturing failed to impress and the Organisation for Economic Co-operation and Development (OECD) issued a warning on the global economy.
Muller confirms closure of two Scottish dairies
More than 200 dairy jobs in Scotland were hanging in the balance on Wednesday, after dairy giant Muller announced the closure of two of its facilities there.
Tata Steel completes sale to Greybull; 4,800 jobs saved
Tata Steel UK has completed the sale of its long products Europe business to Greybull Capital LLP, saving 4,800 jobs in the UK and France.
Eurozone manufacturing PMI in line with flash estimate
Markit’s final Eurozone manufacturing purchasing managers’ index came in at 51. 5 in May, in line with the flash estimate but down a touch from April’s 51. 7.
Shop prices remain firmly in deflation mode, BRC-Nielsen index shows
Shop price deflation increased to 1. 8% in May from the 1. 7% decline in April, according to the BRC-Nielsen shop price index.
Tesco and Morrison gain share as big supermarkets fight on, Kantar says
All four of the major supermarkets - Tesco, Sainsbury, Walmart's Asda and Morrison - endured a year-on-year decline in sales during the last twelve weeks, according Kantar and Nielsen data, though their market share remained solid.
Telford Homes FY profit and revenue surge amid strong demand
Residential property developer Telford Homes posted a 28% jump in pre-tax profit for the year to the end of March as revenue surged amid strong demand.
Halfords disappoints despite results beating forecasts
Halfords full year numbers were largely flat but ahead of market expectations as new chief executive Jill McDonald claimed to be making progress with her Moving Up A Gear strategy, announcing new capital and debt targets "to allow for appropriate M&A".
Europe open: Stocks slip as investors digest China data
European stocks slipped in early trade as investors mulled over some mixed Chinese data.
Exchange rates push Wolseley Q3 results through deflation headwinds
Favourable currency movements helped third quarter results at heating and plumbing distributor Wolseley with revenue up 5. 9% at constant exchange rates to £3. 6bn and trading profit up 12. 2% to £230m.
Cobham looking to raise £506.7m in rights issue
FTSE 250 defence and aerospace group Cobham is looking to raise £506. 7m in a one-for-two underwritten rights issue.
Recurring earnings up, reported profits slashed at LondonMetric
Real estate investment trust LondonMetric reported a 19% increase in recurring profits on Wednesday, with its EPRA earnings for the year to 31 March hitting £48. 5m, compared with £40. 9m a year ago.
UBM buys Content Marketing Institute for $17.6m
UBM has acquired Content Marketing Institute (CMI) for $17. 6m with an additional earn-out subject to meeting profit targets over the next two years.
Meggitt completes $600m private placing
Aerospace engineer Meggitt said it had completed a private placement of $600m seven and 10 year senior notes with 23 US-based investors.
RSA completes sale of Mexico operations
RSA Insurance Group said it had completed the sale of its operations in Mexico to Suramericana SA, the insurance subsidiary of Grupo de Inversiones Suramericana.
London pre-open: Stocks seen flat as investors digest China data
London stocks were seen opening little changed as investors digested manufacturing data out of China.
Wednesday newspaper round-up: Tata Steel, Brexit, BHS
India’s Tata Steel has completed the sale of part of its European steel business, even as it remains silent on progress towards finding a buyer for the bulk of the UK operation. The European long products business — mostly consisting of UK operations including a steelworks in Scunthorpe and two mills on Teesside, as well as a mill in France — has been sold to Greybull Capital, an investment company that specialises in turning round struggling companies. – Financial Times.
Wolseley facing challenges, Halfords inches forward
London open The FTSE 100 is expected to fall at least seven points on Wednesday morning, extending the losses that left the previous day close at 6,230. 79.