Market Report
Sunday share tips: Mitie, Royal Bank of Scotland, Diageo, Gleeson Homes
Mitie shares are worth avoiding, said the Sunday Times' Inside the City column, having rebounded hard since former chief executive Ruby McGregor-Smith left. On Monday, new boss Phil Bentley will unveil his new strategy for the outsourcing group. So far the ex British Gas and Cable & Wireless veteran has written off £50m the balance sheet and bought £3. 6m worth of shares in his new employer.
US close: Nasdaq-100 has worst day since September as tech stocks deFANGed
Wall Street finished on a mixed note in a light day in terms of corporate and economic news, as Technology shares sold-off alongside data revealing the largest inflows into bonds for 122 weeks.
Sunday newspaper round-up: Election fallout, Brexit, insurers, energy companies, BP
Sterling, the market’s usual prism for viewing the UK’s departure from the European Union, fell 2% on Friday but the pound is still higher than it was on the morning of 18 April, the day Theresa May announced her fateful plan to go to the country to secure a stronger negotiating hand. Investors’ mood of semi-cheerfulness flows from the idea that May is now so weakened that she, or the next Tory leader, won’t be able to pursue a hard Brexit that seeks to take the UK out of the EU single market and customs union.
PM May yet to agree pact with DUP, Corbyn eyes Queen's speech defeat
Theresa May has yet to reach a formal agreement with Northern Ireland's Democratic Unionist Party over a pact to allow her Conservative party to form a minority government, 10 Downing Street said on Sunday.