Wall Street and Asia markets higher, FTSE 100 consolidates gains
The march higher by US markets continued yesterday as the S&P 500 index added another 1.2% to complete its sixth session in a row in positive territory.
The benchmark closed above 4400 for the first time since April 2022, while the tech-focused Nasdaq Composite continued its momentum by lifting 1.1%.
The gains followed higher-than-expected weekly figures on US jobless claims, which fuelled expectations that the Federal Reserve is unlikely to follow through with the additional two rate rises forecast at its meeting on Wednesday.
The Wall Street rally came even though the European Central Bank issued higher-than-expected inflation projections alongside its latest 0.25% interest rate hike.
Christine Lagarde, the ECB president, indicated it was likely the central bank will also increase rates at its meeting next month.
The FTSE 100 index closed 25.52 points higher at 7628.26, with CMC Markets forecasting a further rise of seven points to 7635 this morning. It follows a robust session in Asia, with the Hang Seng up more than 1% following Wall Street’s strong performance.
ITV confirms plan to buy Gogglebox maker All3Media
ITV said today that it is “actively exploring” the acquisition of All3Media, one of the UK’s biggest independent programme makers and the company behind Call the Midwife and Gogglebox.
The UK’s main free-to-air broadcaster added that there was “no certainty as to whether any transaction will take place”.
All3Media is owned by Warner Bros Discovery and Liberty Global, which is an ITV shareholder.
Reuters reported the potential deal yesterday, saying that it could value All3Media at over £1 billion.
Currys prepares to sell off Greek unit
Currys is exploring a sale of its Greek retail unit Kotsovolos.
The firm, which has over 90 stores in Greece, was acquired by Dixons in 2005 before it merged with Currys.
The company said in a statement: “The strength of the Kotsovolos brand, the long-term track record of profitable delivery and leading market position are not currently reflected in the Group’s valuation.
“Given the robust economic outlook for Greece and future growth opportunities for the business, the Board believes that now is the right time to explore all options for Kotsovolos.”
(Tim Goode/PA)
/ PA WireTesco boss says inflation beginning to ease
Tesco boss Ken Murphy says there are signs of inflation starting to ease, as the supermarket giant said it expects profits of between £1.4 billion and £1.8 billion this year.
Murphy – who made £4.4 million last year – said the supermarket has “led the way” in lowering prices.
“We are very conscious that many of our customers continue to face significant cost-of-living pressures and we have led the way in cutting prices on everyday essential items,” he said. “There are encouraging early signs that inflation is starting to ease across the market and we will keep working tirelessly to ensure customers receive the best possible value at Tesco.”
Sales came to £13.8 billion, up 8.8%, with £10..8 billion of that from the UK.
