Market Report
Kingfisher sales slow as corporate DIY work continues
DIY retailer Kingfisher reported solid UK growth for the first quarter of its financial year, but total like-for-like sales were dragged down by continued weaker sales in France and disruption from its own restructuring plans.
London midday: Stocks edge up ahead of FOMC minutes; M&S rebounds
London stocks nudged higher by noon on Wednesday as investors sifted through a raft of corporate news and looked ahead to the release of Federal Reserve minutes, although a downgrade of China’s credit rating weighed on the mining sector.
Wood Group acquires US automotive controls and processes expert
Oil services engineer John Wood Group has acquired Detroit-based automotive controls business CEC Controls for up to $59m, adding clients such as Ford, GM and Fiat-Chrysler.
EC probes Jaguar Land Rover's Slovakia investment plans
European regulators have raised doubts about state funding for Jaguar Land Rover to invest in a car plant in Nitra in Slovakia.
Keywords Studios founders, CEO sell 8% stake
The founders and the chief executive of AIM-listed Keywords Studios have sold just under 4. 5m shares in the company, or an 8. 1% stake.
Glencore in talks over possible US agriculture merger
Glencore has confirmed that it has been in talks with US grain trader Bunge over a potential merger with its agricultural arm.
BAE Systems rallies as UBS says it will benefit from higher US defence spending
Defence contractor BAE Systems rallied on Wednesday as UBS said the US defence budget blueprint supports US revenue growth acceleration.
Global trade jumps in March thanks to surge in emerging markets
The recent improvement in European business confidence surveys was not just the result of the psychological boost to sentiment from the French elections, UniCredit Research said.
Asia report: Most markets higher as Moody's downgrades China rating
Markets in Asia finished mostly higher on Wednesday, with downgrade in China’s credit rating from Moody’s coming during the day, and investors beginning to close their wallets as they waited for the FOMC minutes to be released during their Thursday session.
Europe midday: Investors look to ECB chief Draghi amid buoyant global trade data
European indices are trading on a mixed note as investors wait for a speech from European Central Bank chief Mario Draghi.
Britvic bottles up improved revenue in first half
Britvic posted its interim results for the 28 weeks to 16 April on Wednesday, reporting an 11. 5% increase in revenue to £756. 3m.
Europe open: Stocks hit by China downgrade
European indices recovered from a weak start to the session following news that ratings agency Moody's had downgraded its view on China's sovereign debt.
Electra Private Equity gets £50m from Epiris sale of PINE Unit Trust
Epiris, the portfolio manager of Electra Private Equity, has sold freehold investment property portfolio PINE Unit Trust to Universities Superannuation Scheme for £95m.
US pre-open: Stocks seen muted ahead of FOMC minutes
US futures pointed to a muted open on Wall Street on Wednesday as investors awaited the release of the latest Federal Reserve minutes for clues on the timing of the next rate hike.
JPMorgan downgrades Go-Ahead, upgrades National Express
JPMorgan Cazenove upgraded National Express to 'overweight' from 'neutral' as it did the opposite to peer Go-Ahead.
Goldman downgrades TalkTalk, says growth priced in
Goldman Sachs downgraded TalkTalk to 'sell' from 'neutral' and cut the price target to 150p from 190p on valuation grounds as it took a look at the UK telecoms sector.
Moody's downgrades China credit rating on fears of slowdown
Ratings agency Moody's has downgraded China's credit rating for the first time in 30 years as fears grow that the Asian superpower's economy will experience a major slowdown.
RBC Capital downgrades Homeserve on valuation grounds
Homeserve was under pressure on Wednesday as RBC Capital Markets cut the stock to 'sector perform' from 'outperform', saying the valuation is now prohibitive for new money given the strong run in the share price.
Wednesday broker round-up
Homeserve: RBC downgrades to Sector Perform with a target price of 750p.
Ibstock lays solid start to year
Clay brick and concrete products manufacturer Ibstock updated the market on its trading in the four months to 30 April on Wednesday morning, ahead of its annual general meeting being held in London during the afternoon.