Latest news with #ScopeMarkets
Business Recorder
21-07-2025
- Business
- Business Recorder
FTSE 100 logs fourth straight week of gains
LONDON: The UK's FTSE 100 extended its winning streak to a fourth week on Friday, as investors looked past economic concerns to focus on the Bank of England's policy path, while a slate of positive corporate updates also lifted mood. The internationally-oriented FTSE 100 closed 0.2% higher, adding 0.6% for the week, while the midcap FTSE 250 index rose 0.6%. For the week, the domestically focussed index gained 1.3%. The blue-chip index surged to all-time highs earlier this week as investors shrugged off domestic growth concerns to take comfort in a relatively US tariff-shielded market, higher commodity prices and hopes of a Bank of England rate cut. 'The FTSE 100 continues to prove that the stock market is not the economy, with rising unemployment, a black hole in the public finances, and resurgent inflation pressures doing little to dampen sentiment for the UK's top stock index,' said Joshua Mahony, chief market analyst at Scope Markets. The FTSE 100 has gained about 10% so far this year, surpassing the pan-European STOXX 600 index's 7.7% gains. Traders are currently pricing in a 78% probability of a 25 basis-points rate cut at the Bank of England's policy meeting next month. Among company moves, Burberry shares jumped 5.5% to their highest in nearly 17 months after the luxury brand's comparable retail sales fell less than expected. The strong earnings showed early signs of a recovery for the company that has struggled with underperformance. The UK's personal goods index surged 5% on the back of Burberry to its highest in five months. Heavyweight BP also gained 0.7% after the energy major said it had agreed to sell its US onshore wind business, bp Wind Energy, to US-based electricity transmission systems operator LS Power.
Reuters
18-07-2025
- Business
- Reuters
FTSE 100 set for fourth week of gains as Burberry soars
July 18 (Reuters) - London's main stock indexes rose on Friday, with the blue-chip index hovering near record highs, aided by a slew of positive updates from companies such as Burberry. The internationally-oriented FTSE 100 (.FTSE), opens new tab was up 0.1% as of 1044 GMT, and was on track for a fourth consecutive week of gains, while the midcap FTSE 250 index (.FTMC), opens new tab rose 0.5%. The blue-chip index surged to all-time highs earlier this week as investors shrugged off domestic growth concerns to take comfort in a relatively U.S. tariff-shielded market, higher commodity prices and hopes of a Bank of England rate cut. "The FTSE 100 continues to prove that the stock market is not the economy, with rising unemployment, a black hole in the public finances, and resurgent inflation pressures doing little to dampen sentiment for the UK's top stock index," said Joshua Mahony, chief market analyst at Scope Markets. The FTSE 100 has gained about 10% so far this year, beating the pan-European STOXX 600 index (.STOXX), opens new tab which is up 8.1%. Among stocks, Burberry (BRBY.L), opens new tab shares jumped 6.5% on Friday to their highest in nearly 17 months after the luxury brand's comparable retail sales fell less than expected. The strong earnings showed early signs of a recovery for the company that has struggled with underperformance. Heavyweight BP (BP.L), opens new tab also gained 2% after the energy major said it had agreed to sell its U.S. onshore wind business, bp Wind Energy, to U.S.-based electricity transmission systems operator LS Power. On the flip side, GSK (GSK.L), opens new tab was the biggest drag on the blue-chip index, dropping 6.1% to a three-month low, after a U.S. FDA advisory panel recommended against approving the pharmaceutical giant's blood cancer drug Blenrep, citing earlier concerns over eye-related side effects. Reckitt (RKT.L), opens new tab rose 0.3% after the consumer goods group said it has sold a majority stake in its Essential Home business to private equity firm Advent International in a deal valued at $4.8 billion, including debt. ($1 = 0.7746 pounds)
Gulf Today
01-04-2025
- Business
- Gulf Today
Global stock markets advance ahead of Trump tariff deadline
Asian and European stock markets advanced on Tuesday, clawing back some of the recent hefty losses, as traders hoped for greater clarity ahead of impending US tariffs. In a sign of market uncertainty, safe-haven gold reached a fresh record high of $3,149 an ounce. Investors are bracing for a fresh onslaught of tariffs on US President Donald Trump's 'Liberation Day' due Wednesday, expected to see him impose levies on 'all countries'. 'Markets are hoping for a clean decision, that allows traders to move on from tariffs,' said Kathleen Brooks, research director at trading group XTB. 'Hopes are that a recovery rally could take hold if Trump's tariff announcements are seen as the final move from the White House in its trade war,' she added. But she warned that 'the downside risk for stocks could emerge once more if Trump suggests that even more tariffs could be coming down the line'. Trump said Monday he would be 'very kind' when he unveils the tariffs. But the lack of details on who will be hit with what has stoked market unease and fears of a recession in the world's largest economy. In Europe, Paris and Frankfurt extended the morning's gains after data showed inflation in the eurozone slowed closer toward the European Central Bank's two-percent target in March. London also rose, even as Prime Minister Keir Starmer said Britain is likely to suffer from US tariffs and despite making progress over a post-Brexit trade deal. 'While countries such as the UK might stand in a good position to strike a deal, there is a risk that tomorrow marks the beginning of a tit-for-tat trade war that brings yet more uncertainty and concern for markets,' said Joshua Mahony, chief market analyst at Scope Markets. 'The expected retaliation from Canada, the eurozone, China, Japan, and Korea does signal that it could get worse before it gets better,' he added. On Tuesday, Vietnam said it would slash duties on a range of goods including cars, liquefied gas and some agricultural products, while the European Union and Taiwan indicated they had plans to deal with the announcement. 'Some on Wall Street are already talking about how 'April 2' may very well be lighter-than-feared, producing a snap-back rally in risk assets,' said Jose Torres, a senior economist at Interactive Brokers. 'But others worry that this economy can't handle a stress test of this magnitude and point to households increasingly unable to sustain expenditure patterns in light of mounting headwinds.' The Tokyo stock market, which has borne the brunt of the pain owing to hefty selling of car giants including Toyota and Honda on tariff plans, closed flat while Hong Kong and Shanghai advanced. The rebound was as fragile as that seen in New York, where the S&P 500 rose on Monday but closed its worst quarter since 2022. Factory activity showed early signs of a meaningful recovery in the Eurozone in March but mostly weakened around Asia as an intensifying US tariff war and slowing global demand hurt business sentiment, darkening the outlook, surveys showed. US President Donald Trump is set to announce a comprehensive tariff proposal on what he's called 'Liberation Day' on Wednesday, after implementing levies on aluminium, steel, and automobiles, along with increased tariffs on all goods from China. Still, the euro zone's long-suffering manufacturing industry showed initial signs of a meaningful recovery last month as output rose for the first time in two years, its PMI showed, but the upswing could be hurt by the trade tariffs. HCOB's final Eurozone manufacturing Purchasing Managers' Index, compiled by S&P Global, bounced to 48.6 in March, just below a preliminary estimate for 48.7 yet much closer to the 50 mark separating growth from contraction. The index has been below that line since mid-2022. A measure of output, which feeds into a composite PMI due on Thursday, jumped to 50.5 from 48.9. 'Things are looking up. The PMI has increased for the third month in a row and the output index even surpassed the threshold for growth,' said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. 'A significant part of this movement may have to do with the frontloading of orders from the US ahead of the tariffs, which means some backlash is to be expected in the coming months.' Inflation in the region eased as expected last month and a key measure of underlying price pressures also fell, likely adding to already widespread expectations for another European Central Bank interest rate cut later in April, official data showed. 'March's big decline in Eurozone services inflation strengthens the case for the ECB to cut interest rates at the meeting on April 17,' said Jack Allen-Reynolds at Capital Economics. In Germany, Europe's largest economy, there were also signs of recovery with its first production increase in nearly two years, while the downturn eased in France. But British manufacturers endured a torrid March as the tariff threat and impending tax increases contributed to a plunge in new orders and ebbing optimism. Agencies
Observer
14-03-2025
- Business
- Observer
Gold tops $3,000 for first time on tariff threats
London - Safe-haven gold surpassed $3,000 for the first time Friday, boosted by uncertainty over US President Donald Trump's tariffs, while stock markets gained on hopes US lawmakers will avert a government shutdown. "Markets hate uncertainty, and Trump's second tenure in the White House has provided huge instability over expectations for trade, jobs, inflation, and government spending," said Joshua Mahony, chief market analyst at Scope Markets. However, Asian equities managed to end the week on a positive note, while European markets were also up in midday deals. Stocks gained support from "hopes that the US government would avoid a shutdown of non-essential services", said Derren Nathan, head of equity research at Hargreaves Lansdown. With just hours until a deadline to push a Republican spending bill through, Senate Democratic leader Chuck Schumer dropped his threat to block it. The package would keep the lights on through September, but Democrats have come under pressure from their grassroots to defy the plan, which they say is full of harmful spending cuts. London's FTSE 100 index rose as the pound dropped against the dollar after data showed the UK economy unexpectedly shrank in January.
The Independent
28-01-2025
- Business
- The Independent
London markets avoid tech sector turbulence to close higher
London's top index moved closer to another record high on Tuesday as it benefitted from defensive traders buying into consumer and property stocks. Energy firms in the UK and across Europe also benefitted from stabilising prices during the session. It came amid continued volatility for technology stocks linked to the emergence of Chinese artificial intelligence firm DeepSeek. The FTSE 100 finished 30.16 points, or 0.35%, higher to end the day at 8,533.87. Across the Atlantic, the S&P 500 and Nasdaq both opened in the red but recovered ground as traders started a cautious rebound. Joshua Mahoney, chief market analyst at Scope Markets, said: 'The FTSE 100 continues to sail through choppy water with relative ease, as European traders enjoy a brief period of outperformance built around the general lack of big tech companies this side of the Atlantic. 'Chinese stocks continue to rise as people seek the weigh up the validity of the valuation disparity compared with the US in a world where AI isn't just a US-centric affair.' In continental Europe, Germany's Dax increased to a fresh record high as it benefitted from a rebound in Siemens Energy shares. The Cac 40 ended 0.12% lower for the day and the Dax index was up 0.74%. Meanwhile, sterling slipped back against a strengthening dollar which was supported by further speculation regarding impending tariffs. The pound was down 0.52% at 1.243 US dollars and was up 0.13% at 1.192 euros when London's markets closed. In company news, Halfords shares found another gear on Tuesday after the motor accessories and cycling retailer said profits are set to be better than forecast thanks to a recent recovery in trading. The firm said retail trading rebounded over Christmas, with like-for-like bike sales jumping 13.1% in December and motoring sales boosted by cold in Halfords were up 13.5% at 143p as a result. Elsewhere, Smiths Group was among the FTSE 100's weaker performers after it revealed its global systems have been hit by a cyber attack. The FTSE 100 engineering firm said it was 'currently managing' the hack, which has affected its internal systems worldwide. Investors were nervous as a result, with shares slipping by 2% to 1,845p. Wickes made strong gains after reporting better news on profits thanks to improving sales in the face of an ongoing clampdown on spending for big purchases. The retailer saw like-for-like retail sales to DIY customers and local trade professionals rise 2.6% over the six months to December 28, up from growth of 0.6% in the first half. Shares were up 16.3% to 178.2p for the session. The price of oil swung back higher amid further tariff threats from US President Donald Trump. A barrel of Brent crude oil was up by 0.26% to 76.88 dollars (£61.86) as markets were closing in London. The biggest risers on the FTSE 100 were Experian, up 143p to 3,966p, Scottish Mortgage Investment Trust, up 37.5p to 1,042p, Spirax, up 285p to 7,960p, Halma, up 105p to 2,944p, and Barratt Redrow, up 15.7p to 452.5p. The biggest fallers on the FTSE 100 were Beazley, down 20.5p to 812p, Antofagasta, down 37.5p to 1,659p, Fresnillo, down 14.5p to 657p, Smiths Group, down 38p to 1,845p, and Glencore, down 6.55p to 354.95p.
