Market Pulse
Broker tips: BAE Systems, IAG, Debenhams
Analysts at Berenberg pared their earnings estimates for BAE Systems, while highlighting the risk that the debate surrounding the UK’s maritime defence budget might drive negative sentiment in the backhalf of 2016, which led them to downgrade their recommendation.
US open: Stocks in the black as UK votes on Brexit
Stocks on Wall Street advanced on Thursday as market participants bet the UK would vote to remain in the European Union in Thursday’s referendum.
UBS eyes possible break in the clouds for IAG, RyanAir after referendum
A break in the clouds of political uncertainty might allow European airline carriers shares to recover some of the year-to-date drop, UBS said.
Berenberg downgrades BAE Systems, sees scant impact in case of Brexit
Analysts at Berenberg pared their earnings estimates for BAE Systems, while highlighting the risk that the debate surrounding the UK’s maritime defence budget might drive negative sentiment in the backhalf of 2016, which led them to downgrade their recommendation.
Paddy Power gives Remain 93% likelihood of victory
Bookmaker Paddy Power slashed its odds on a Remain victory in the United Kingdom's referendum on European Union membership, with the result to be revealed early on Friday morning.
US new home sales fall more than expected in May
Sales of new US single-family homes declined more than expected in May, official data released on Thursday showed.
Markit's flash US manufacturing PMI bounces back
Markit’s flash manufacturing purchasing managers’ index printed at a three-month high of 51. 4 in June, up from 50. 7 in May and ahead of economists’ expectations for a reading of 50. 8.
FTSE 250 movers: DS Smith rallies on results; Elementis drops again
London’s FTSE 250 index was up 1. 4% to 17,289. 55 in afternoon trade, tracking a broader rally in equity markets amid expectations that voters in the UK will opt to remain in the European Union on Thursday.
Result of referendum far from a foregone conclusion due to high number of undecideds, HSBC says
The result of the referendum on the country’s membership of the European Union was far from a foregone conclusion and even a vote to ‘Remain’ would not lift all of the uncertainties hanging over the future of the EU, one of the UK’s top-rated equity research team said.
Prime People's profits jump but recruitment sector likely to soften
Recruiter Prime People impressed with much improved profits last year thanks to a good performance in the UK property recruitment sector and from the Hong Kong office, although it cautioned that market conditions are likely be softer in the remainder of 2016.
US initial jobless claims drop more than expected
The number of Americans filing for unemployment benefits fell more than expected last week, according to the Labor Department.
New downside risks from Brexit as trader's 'squeaky bums' ease off
As the UK wades through the torrential rain to vote in the EU referendum and polls show a lead for the Remain campaign, analysts warned that overconfidence in the City brings news risks.
Yen and Swiss franc would lose out initially in Remain scenario, says Nomura
If UK voters opt to stay in the European Union at Thursday’s referendum, the yen and the Swiss franc would be the initial losers, Nomura said.
Europe midday: Stocks and sterling rally as polls suggest Remain lead
A buoyant mood prevailed in financial markets on Thursday, with European stocks and sterling sharply higher as the latest EU referendum polls put the Remain campaign just ahead.
Populus online poll puts Remain at 55%
The results of an online poll carried out by market research firm Populus revealed on Twitter on Thursday showed support for the Remain campaign in the European Union referendum at 55%, with 45% in favour of leaving.
Goldman Sachs reiterates sell on Debenhams on expected drop in like-for-likes
Goldman Sachs lowered its near and medium-term earnings forecasts and target price for department store-operator Debenhams.
London midday: Flying FTSE and pound suggest confidence in Remain win
Stocks were hitting their highest levels in around seven weeks by midday on Thursday as voting for the EU referendum began in the UK amid torrential rain as bookmakers odds and opinion polls suggested Brexit would be avoided.
Brexit poll from Ipsos Mori shows Remain retake lead, pound resurges
An EU referendum opinion poll from Ipsos Mori before voting stations opened on Thursday showed that the Vote Remain campaign had held onto its lead.
Stocks and sterling rally as Betfair Remain odds surge to 84%
Equity markets took another leg higher on Thursday morning, along with the pound, as the odds of a Remain vote in the EU referendum at bookmaker Betfair surged to 84%.