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London open: Stocks little changed at start of busy week
London stocks were little changed in early trade on Monday at the start of a week that includes the latest policy announcement from the European Central Bank and the kick-off of US earnings season.
At 0920 BST, the FTSE 100 was up just 0.1% at 7,915.86.
Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, said: “There’s an expectation that rates will be held at 4.5%, and even more important will be the commentary around the decision, as investors look for clues of cuts coming in summer.
“At the same time, we have CPI numbers in the US to look forward to, following a much hotter read on employment numbers last week than hoped for. Together with the starting gun for earnings season on Friday with financial bellwether JPMorgan Chase results, it’s all eyes forward this week.”
Meanwhile, gold prices hit a new record high, shooting past $2,340 an ounce. Lund-Yates said investors are continuing to untangle the implications of a stronger US jobs market, and the potential for higher interest rates.
“The needle is likely to move this week, depending on the outcome of the Federal Reserve’s March minutes and CPI data. Some commentators believe that sub-$2,000 pricing for the shiny stuff could be a thing of the past, but as with all commodities, there will be ups and downs,” she said.
“There’s an element of people chasing the high which is contributing to the climbs seen in recent days, rather than the rally being solely based on fundamental factors.”
In equity markets, precious metals miner Fresnillo shone as gold prices rallied.
Miners more generally were firmer, with Rio Tinto, Anglo American and Glencore all up.
Rio was also in focus as it announced the appointment of Bold Baatar as its chief commercial officer to oversee its global commercial and business development, succeeding Alf Barrios.
Ladbrokes owner Entain advanced following a report that private equity firm Apollo is keeping a keen eye on the impending departure of the company’s chairman Barry Gibson, a man who blocked two previous takeover attempts.
According to The Times, the fate of “a whole range” of assets was uncertain following speculation that a number of other buyout firms were interested in Entain’s brands, including CVC Capital.
Top 10 FTSE 100 Risers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Tui Ag | +3.37% | +22.00 | 674.50 |
| 2 |  |
Rio Tinto Plc | +2.76% | +137.50 | 5,112.00 |
| 3 |  |
Easyjet Plc | +2.47% | +13.80 | 573.00 |
| 4 |  |
Anglo American Plc | +1.53% | +32.00 | 2,120.00 |
| 5 |  |
Glencore Plc | +1.39% | +6.35 | 464.45 |
| 6 |  |
Fresnillo Plc | +1.38% | +7.50 | 549.50 |
| 7 |  |
Bhp Group Limited | +1.36% | +31.00 | 2,316.00 |
| 8 |  |
Burberry Group Plc | +1.25% | +14.50 | 1,174.00 |
| 9 |  |
Centrica Plc | +1.21% | +1.50 | 125.55 |
| 10 |  |
Lloyds Banking Group Plc | +1.05% | +0.56 | 53.88 |
Top 10 FTSE 100 Fallers
| Sponsored by Plus500 |
|
| # | Name | Change Pct | Change | Cur Price | |
|---|---|---|---|---|---|
| 1 |  |
Marks And Spencer Group Plc | -2.76% | -7.20 | 254.00 |
| 2 |  |
Rightmove Plc | -2.28% | -12.40 | 532.40 |
| 3 |  |
Ocado Group Plc | -2.03% | -7.70 | 372.00 |
| 4 |  |
Sage Group Plc | -1.92% | -24.00 | 1,223.00 |
| 5 |  |
United Utilities Group Plc | -1.51% | -15.50 | 1,008.00 |
| 6 |  |
Severn Trent Plc | -1.40% | -34.00 | 2,394.00 |
| 7 |  |
Diageo Plc | -1.18% | -33.50 | 2,816.00 |
| 8 |  |
Auto Trader Group Plc | -1.00% | -7.00 | 690.40 |
| 9 |  |
Smith & Nephew Plc | -0.96% | -9.40 | 965.40 |
| 10 |  |
Hikma Pharmaceuticals Plc | -0.91% | -17.00 | 1,846.00 |
Monday newspaper round-up: Boeing, rent rises, e-scooters, Santander UK
US airline regulators have launched an investigation after an engine cowling on a Boeing plane fell off during takeoff and struck the wing flap. The Southwest Airlines flight 3695 rose to about 10,300ft (3,140 metres) before returning safely 25 minutes after takeoff to Denver international airport at about 8.15am local time on Sunday. It was towed to the gate after landing. The Boeing aircraft with 135 passengers and six crew members aboard had been headed to Houston. No one was injured. – Guardian
Rent rises in Britain are forecast to outpace wage growth, despite having already surged at the fastest pace on record after the Covid pandemic and the cost of living crisis. The Resolution Foundation expects added pressure on millions of households and said average rents could increase by 13% over the next three years as current high growth in the private rental market work their way through existing tenancies. – Guardian
E-scooter start-up Lime is plotting a £25m expansion in London after the company was banned from Paris last year. Investment in the UK capital will allow the US scooter and e-bike hire company to branch out into three more boroughs and open a new warehouse in North London. It comes after e-scooters were cleared from the French capital’s streets last year following a referendum. – Telegraph
Britain’s biggest long-term savings and retirement business is drawing up plans to launch a new superfund to back fast-growing companies in a boost for Jeremy Hunt. Phoenix, which owns insurer Standard Life, is in the early stages of creating a multibillion-pound investment vehicle that insiders say will help turbocharge investment in high-growth sectors and lift pension returns. – Telegraph
Santander UK, Britain’s fifth-biggest high street bank, is cancelling its membership of a key lending standards body because of the duplication of regulatory standards to which the industry is required to adhere. Sky News has learnt that the Spanish-owned bank served notice last week of its intention to quit the Lending Standards Board, citing the establishment of the City watchdog’s Consumer Duty and the imminent implementation of new fraud reimbursement rules overseen by the Payment Systems Regulator. – Sky News
