Market Pulse
Cabinet reshuffle: Gove, Morgan, Whittingdale, Letwin sacked
A handful of ministers were sacked from the Conservative government on Thursday as new Prime Minister Theresa May continued to form her cabinet.
City happy as Chancellor Hammond dismisses emergency Brexit budget
Philip Hammond was appointed Chancellor of the Exchequer by new Prime Minister Theresa May overnight and was warmly welcomed by the City as he said there will be no emergency 'Brexit budget'.
US close: Markets finish at record levels as BoE stands pat
Equities in the United States closed at new record levels on Thursday, after the Bank of England hinted at a loosening of monetary policy in August, and as the markets were in the thick of the new earnings season.
Bank of America predicts mild recession due to drawn-out EU negotiations
Uncertainty over future trading relationships between the UK and EU post Brexit increases the likelihood of a mild UK recession, according to a report by a Bank of America.
SocGen still bearish on cable, recommends staying away from banks
Brexit drove an exodus of money from UK funds, a top broker said.
Week ahead: BoE in focus
The Bank of England's policy meeting on Thursday will focus markets' attention.
Cabinet reshuffle: May appoints women to prominent positions but not by much
In her first cabinet reshuffle, Britain’s second woman prime minister Theresa May reorganised Whitehall departments and promoted women to prominent positions in government, but did not increase the number significantly.
Minoan reports wider H1 pre-tax loss, cautious about Brexit
Minoan, a resort developer and travel agency, reported a wider half year pre-tax loss as its revenue grew and said it was cautious about Brexit.
Europe close: Gains in stocks continue
Investors were caught by surprise on Thursday as the Bank of England decided to leave interest rates unchanged despite concerns about the potential fallout from Brexit.
Small caps news round-up
Veterinary medicine supplier Animalcare said full year revenues rose by 8. 6% to £14. 70m and underlying operating profits were expected to be broadly in line with last year, exceeding market expectations. Revenue from sales of the Licensed Veterinary Medicines group was up 7. 7% to £9. 24m, with growth driven by full year sales of new distribution products launched late in the prior period, Animalcare said.
Bayer raises bid for Monsanto
German chemicals giant Bayer raised its bid for US rival Monsanto against a backdrop of intense negotiating activity between companies in the sector.
London close: Stocks fall as BoE leaves interest rates unchanged
London stocks finished slightly lower on Thursday after the Bank of England surprised the market with its decision to keep interest rates unchanged.
Fed's Lockhart sees little near-term impact from Brexit, but argues for patience
It would be best for the US central bank to excercise patience and wait until matters were clearer before acting on monetary policy following the UK's decision to leave the European Union, a top official from the Federal Reserve said.
Director dealings: LXB director buying spree continues
LXB Retail Properties director John Irvine has bought £0. 54m worth of the property investor's shares to add to his pension fund.
Consumer Reports urges Tesla to drop autosteering feature
An influential US magazine has urged Tesla to reconsider its use of automatic steering as part of its new Autopilot self-driving system, after an investigation into a fatal crash involving the car's new technology.
Digital Globe takes margin hit in favour of top line growth
Digital Globe Services warned that operating profits would miss forecasts even though revenues would beat forecasts thanks to winning clients in new verticals and increased volumes from existing ones.
US open: Equities pushed higher by banking stocks
US stocks rose on Thursday as JP Morgan Chase & Co. led banking stocks higher after better-than-expected results.
UK equity funds see USD4.7bn outflows in two weeks after Brexit
In the two weeks between the EU referendum and 6 July, UK equity funds saw outflows of $4. 7bn, according to Societe Generale and data provider EPFR Global.
Nostra Terra raises GBP250,000 in share placing
Exploration and production company Nostra Terra Oil & Gas has raised £250,000 through the placing of 12. 5m new shares at 2p each.
Fulham Shore's profits rise and remains confident despite Brexit
Restaurant operator Fulham Shore’s full year profits rose after expanding its portfolio and said the company will prosper despite Brexit because of its price and product value.