Market Pulse
US close: Stocks end higher as US GDP revised higher
US equities closed higher on Tuesday as oil prices jumped and first quarter economic growth data came in better than expected.
London close: Stocks gain but analysts expect post-Brexit selloff to continue
London stocks closed in positive territory on Tuesday after two days of falls in the aftershock of Brexit.
Europe close: Markets attempt to clean up after Brexit
Markets in Europe finished up on Tuesday and the two major currencies gained some ground, as investors picked up the pieces in the wake of Friday’s market-shattering decision by the UK to exit the European Union.
Premier Veterinary signs agreement for pet care plan in US
Premier Veterinary’s subsidiary, Premier Vet Alliance, is to provide its preventative healthcare programme, Premier Pet Care Plan, to Merritt Veterinary Supplies in the US.
Ex-BoE's Mervyn King criticises Remain's exagerrated claims
Ex-Bank of England governor Mervyn King reportedly criticised the ‘Remain’ camp’s “exaggerated claims” about the costs of leaving the European Union.
Urals Energy FY losses narrow but revenue falls
Full-year revenues at oil company Urals Energy fell despite an increase in production as volatility in oil prices and foreign exchange markets took their toll.
Some UK property stocks may be approaching oversold levels, JP Morgan says
Inactivity bred by the uncertainty after Brexit would create material headwinds for UK property stocks, but even after factoring-in 30% declines in capital values over the coming three years shares in Land Securities, Derwent London and Hammerson might be approaching oversold levels, JP Morgan said.
US open: Stocks gain after better-than-expected US GDP data
US stocks rose on Tuesday as data showed the nation’s economy slowed less than originally estimated in the first quarter.
Tuesday newspaper round-up: $3trn lost, AAA rating, EU negotiation, banks
Global stock markets lost a record $3trn in the past two trading days after a sharp sell-off in equities around the world in response to the UK referendum vote to leave the EU. Observers said the falls on the first day after the vote on Friday were tied mainly to the short-term unwinding of trading positions related to expectations of a Remain vote ahead of the shock result, while the further selling on Monday was more about long-term revaluing of assets in anticipation of the potential fallout from the decision.
BoE to cut rates to zero, no Fed hikes until 2017, says SocGen
Negotiations between the UK and the European Union will take time but Societe Generale’s working assumption is that a solution will be found were the UK largely retains access to the single market.
UK retail sales hold up in June but economists downbeat
A widely-followed gauge of UK retail sales was stronger than expected in June, although economists saw signs of caution on the part of consumers in the data in the run-up to the EU referendum and were generally downbeat regarding the immediate outlook for consumption.
US house price growth eases a touch in April, in line with views
US house price growth slowed just a touch in April, according to the S&P/Case-Shiller National Home Price Index, and the outlook is uncertain following Brexit and ahead of the US elections.
FX round-up: Cable stages largest two-day fall since 1971
Sterling plumbed its lowest level since 1985 on Monday – hitting an intra-day-low of 1. 3118.
US first-quarter GDP growth revised up to 1.1%
The latest data from the Commerce Department showed the US economy slowed down less than originally estimated in the first quarter.
Bonds: Markets speculate with July cut in Bank Rate
The yield on the benchmark 10-year Gilt dropped below 1. 0% for the first time ever on Monday, against the backdrop of a falling pound, as UK investors sought refuge amid the Brexit storm.
Broker tips: Ocado, G4S, AB Foods
Numis reiterated a ‘buy’ rating and target price of 400p on Ocado Group on Tuesday after the online grocer reported growth in first half revenue and earnings.
Firmer profits but weaker revenue at Carpetright
Flooring retailer Carpetright reported an uplift in underlying profit, but a decrease in revenue as market conditions remained tough in its full-year results to 30 April on Tuesday.
RBS and Lloyds sale on hold while £8bn falls of share price
The government has scrapped plans to sell its shares in the Royal Bank of Scotland (RBS) and Lloyds Banking Group on Tuesday due to Brexit, while the result wiped out almost £8bn on the banks’ share price on Monday.
Credit Suisse upgrades G4S on valuation, sterling weakness
Credit Suisse upgraded security services company G4S to ‘outperform’ from ‘neutral’ and lifted the price target to 210p from 200p, pointing to four main reasons for the move.
Europe midday: Stocks rise as investors snap up bargains
European stocks rose on Tuesday as investors stepped in to pick up stocks that were battered in the aftermath of Britain’s decision to leave the European Union, while the pound and the euro recovered a little ground.