Back to the US for a moment, stocks across the pond are climbing after fresh data showing America's economy is strengthening overshadowed inflation worries. Gold and silver rallied, the dollar retreated.
Applications for US state unemployment insurance fell last week to a fresh pandemic low as labour market conditions continued to improve and the economy reopened.
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Traders are now waiting on Friday’s employment report, expected to show the US added about 1m jobs in April in a sign that fewer business restrictions are bringing more people back to work.
Just after midday/early afternoon:
S&P 500: +0.4pc
Dow Jones: +0.5pc (earlier hitting an all-time high)
Nasdaq: +0.07pc
04:50 PM
Qatar's finance minister arrested
Qatar’s prosecutor has ordered the arrest of Finance Minister Ali Sharif Al-Emadi to question him over alleged abuse of power and misuse of public funds, according to state-run news agency Qatar News.
Al-Emadi was named finance minister a day after Sheikh Tamim bin Hamad Al Thani took over leadership in June 2013. The prosecutor has launched an investigation, it said, but no further details were available.
Allegations of criminal conduct by senior state officials or members of ruling families in the Gulf are typially addressed behind closed doors, making the arrest unusual.
Al-Emadi helped to transform Qatar National Bank into the region’s biggest lender as its chief executive from 2007 to 2013 and still serves as chairman of the board. He is also president of the executive board of Qatar Airways, and on the board of Qatar Investment Authority, the country’s sovereign wealth fund.
04:17 PM
Benchmark closes at 14-month high
London's FTSE 100 ended at its highest price since February 2020 today, adding to gains from the previous session, while the FTSE 250 also ended in the green. Both were helped by a slightly weaker pound.
Closing prices:
FTSE 100 rose 36.87 points to 7076.17.
FTSE 250 rose 105.46 points to 22491.36.
Pharmaceuticals, however, have 'caught a cold', as said by CMC Markets' Michael Hewson:
"The pharmaceutical sector has underperformed today on the back of the EU following the US in saying it was open to the idea of patent waivers for coronavirus vaccines.
"AstraZeneca has avoided the worst of the fallout here, given it is providing the vaccine at cost, and as such won’t suffer any potential hit to profits from any waiver, unlike its peers. Who said altruism is a bad thing?"
03:46 PM
Aviva sells 40pc stake in Turkish JV
FTSE 100 insurer Aviva has completed the sale of its 40pc stake in Turkish life insurance and pensions joint venture AvivaSA Emeklilik ve Hayat. It received £122m in cash from the sale, which was announced in February.
The move marks another step in Aviva’s strategy of pulling back from international markets as it focuses on its core business in the UK, Ireland and Canada. Led by chief executive Amanda Blanc who took the job last year, it has already sold holdings in Vietnam, Italy, Singapore and France.
03:26 PM
Sanjeev Gupta agrees to £200m loan
Sanjeev Gupta’s U.K. steelmaking business has reached terms on a £200m loan from White Oak Global Advisors LLC.
Bloomberg has more details:
The loan will be subject to due diligence and the approval of Credit Suisse Group AG, according to a person familiar with the matter. The Swiss bank has a claim on the business through financing provided by Greensill Capital and repackaged into its funds.
The working capital facility would allow Gupta’s steel businesses to increase production and take advantage of record steel prices, the person said, asking not to be identified because the matter is private.
The loan would be a potential lifeline for Gupta’s GFG Alliance, which is fighting for survival after the collapse of its biggest lender Greensill Capital. Earlier this week, Gupta agreed another loan for his primary steel business in Australia, which includes the Whyalla mill.
03:19 PM
Bank of England's Bailey warns investors against crytpocurrencies
Andrew Bailey - POOL/Reuters
Bank of England Governor Andrew Bailey has warned investors should invest in cryptocurrencies "only if you’re prepared to lose all your money.”‘
Bailey, who has long been skeptical of the cryptocurrency craze, said in a press conference today that he even objected to the use of the phrase "cryptocurrency".
“I’m afraid crypto and currency are two words that don’t go together for me,” he said. “They have no intrinsic value.”
03:07 PM
Pound down after Bank of England announcement
The pound remains down against the dollar and the euro following the Bank of England's optimistic growth forecasts.
After a sudden drop at midday, at 4pm Sterling is down 0.3pc against the dollar at $1.387 and 0.65pc against the euro at €1.151.
02:40 PM
Legal & General to oppose re-election of Cineworld pay committee
Legal & General Investment Management (LGIM) plans to "escalate" its voting intentions and oppose the re-election of Cineworld's entire board pay committee as anger over executive pay intensifies.
In a blog post, LGIM said it would vote against Cineworld's chair, Alicja Kornasiewicz, and all three members of the company's remuneration committee, at its annual meeting on May 12.
But shareholders were outraged when the chain proposed a bonus scheme earlier this year which could hand more than £60m to the top two executives.
LGIM suggested the bonuses were socially insensitive with thousands of Cineworld staff on furlough and dividends suspended.
"We have strong concerns about the structure of the long-term incentive plan granted to the executives, and its misalignment with the long-term interests of the company, its shareholders and other stakeholders," read the blog.
The influential investor added, that despite signalling its concerns about the pay package in January, it was "concerned by the lack of response from the company's remuneration committee and board".
02:21 PM
Moderna profits surge due to vaccine contracts
A pharmacist administers a dose of the Moderna COVID-19 vaccine at the Kenilworth Recreation Center vaccination site in Washington D.C. - Eric Lee /Bloomberg
Moderna’s quarterly profits have surged to more than $1bn (£720m) thanks to sales of its Covid vaccine, marking the biotech’s first profitable quarter in its history, reports my colleague Julia Bradshaw.
The company reported first quarter pre-tax profits of $1.26bn, compared with a $124m loss in the same period last year.
Sales rose to nearly $2bn as Moderna ramped up production of its mRNA vaccine, selling 102m doses in the first three months of the year.
Stéphane Bancel, chief executive, said the results were a culmination of a decade of scientific research and billions of dollars of investment “to make our mRNA platform a reality”.
The company has signed contracts to deliver $19.2bn worth of Covid vaccine this year, with 200 to 250m doses set to be delivered in the second quarter. Mr Bancel said Moderna was on track to deliver 800m doses in total by the end of 2021.
“The feedback from governments around the world requesting high-efficacy mRNA vaccines and variant boosters is overwhelming,” he said. “We are now actively engaged in discussions and agreements for 2022 with all of the governments we are currently supplying for 2021.”
On top of that Moderna has agreed new supply agreements with countries in Asia, the Middle East, Africa and Latin America.
“Total advance purchase agreements for 2022 should be higher than those in 2021,” Mr Bancel added. In response, Moderna has doubled staff numbers over the past 12 months to 1,500, he said.
Mr Bancel, a Frenchman, is a ‘covid billionaire’, after seeing his net worth jump to nearly $5bn after Moderna struck success with its vaccine
02:17 PM
Rio Tinto shareholders rebel over executive pay
Rio Tinto's office in Perth, - David Gray /REUTERS
Rio Tinto shareholders have rebelled over executive pay at the mining giant in protest after the company blew up a sacred Aboriginal site in Australia, reports my colleague Alan Tovey.
More than 60pc of the votes cast at the FTSE 100 company’s annual meeting went against the remuneration report which proposed a 20pc pay increase for Jean-Sebastien Jacques, who stepped down following the scandal Down Under.
Mr Jacques and two other top staff quit in the autumn, and chairman Simon Timpson said he would not seek re-election in 2022, following the protests when Rio Tinto blew up the 46,000-year-old caves at Juukan Gorge in Western Australian to expand an iron ore mine.
The outcry saw Mr Jacques lose bonuses worth £2.7m, but his total remuneration rose by a fifth to more than £7.2 and he kept long-term incentives worth almost £20m.
Although the vote is advisory, Rio Tinto is a dual-listed Anglo-Australian company. Under Australian rules, if a company's executive pay package is rejected two years in a row, the board could face a vote to be removed.
02:11 PM
Vaccine makers slump on Wall Street opening
Doses of Sinopharm (L), Sputnik V (C) and Pfizer-BionTech (R) Covid-19 vaccines are seen on display at the Usce shopping center in Belgrade, Serbia - ANDREJ CUKIC/EPA-EFE/Shutterstock /Shutterstock
Wall Street opened almost flat this morning in New York, after the US Labor department reported less unemployment claims than expected and shares in vaccine makers slumped.
The Dow Jones Industrial Average rose 0.04pc to 34,245.11; The S&P 500 opened 0.04pc up at 4,169.14 while the Nasdaq Composite dropped 0.18pc to 13,557.83.
As expected, Pfizer and Moderna were still suffering, down 2.3pc and 9.1pc, after President Joe Biden backed a plan to waive intellectual property rights on coronavirus vaccines yesterday.
Etsy was also down 13pc after the online marketplace predicted sales would slow. Despite a strong first quarter, the craft website warned it had experienced a pandemic surge in sales for hand made face masks.
Ride hailing apps Uber and Lyft were down, 6.2pc and 3.3pc respectively, after Uber reported a fall in revenue yesterday.
01:50 PM
Money round-up
Here are some of the day's top stories from the Telegraph Money team:
The pound has lost its gains today after an initial surge following the Bank of England's bullish prediction for the UK recovery.
Sterling had initially dropped after the Bank of England said it had kept its interest rate on hold as well as the end-of-year target size of its bond-buying programme. It then rose as the Bank flagged a modest slowdown in its pace of bond-buying to support the economy, climbing to a daily high of $1.3942 - or 0.2pc up against the dollar.
"The punchy cocktail of a reopening economy and excess consumer savings means that the UK economy should be set for a party for the remainder of the year," Ambrose Crofton, global market strategist at J.P. Morgan Asset Management.
"Any prospect of negative interest rates seems to have sailed for now" he added.
However, the pound has since dropped against the dollar to fall 0.06pc into the red for the day.
01:26 PM
UK economy to book fastest growth for 80 years
Staying on the subject of the UK's economic recovery, here's a great statistic for you: the 7.25pc 2021 growth the Bank of England forecasts will be the economy's highest level in 80 years.
It will be the highest rate of growth since an 8.7pc jump in 1941, but does of course come off the back of a 9.9pc plunge as Covid wreaked havoc on the economy last year.
12:54 PM
In charts: UK recovery
Here's some charts that show how the Bank of England expects the British economy to recover from its Covid downturn.
GDP is now looking set for a sharper rise:
And inflation is predicted to come very close to the Bank's 2pc target by late 2021:
12:45 PM
US unemployment claims fall, amid labour market recovery
Weekly jobless claims in the US fell more than expected, reaching their lowest level since March 2020, according to new figures released today by the US Labor Department.
Claims for state unemployment benefits came to 498,000 once seasonally adjusted for the week ending May 1. The previous week saw 590,000.
12:26 PM
Bank of England announcement: economists react
Dean Turner, economist at UBS Global Wealth Management, said:
The upgrades to the growth outlook were also widely expected considering the recent Budget, but the message is still one of caution. The Bank said that clear evidence that progress is being made will be needed before they consider their next policy move.
In our view, this points to the Bank keeping base rates unchanged for some time yet. This low interest rate environment will support equity markets as the UK and global economy continues to recover.
Luke Bartholomew, Senior Economist at Aberdeen Standard Investments, said:
The Bank now sees activity regaining its pre-Covid levels by the end of this year, but of course in normal times the economy would have enjoyed nearly two years of extra growth between early 2020 when Covid hit, and December 2021.
So there will still be a big gap between where the economy is and where it should be at that point. It is this gap that will keep monetary policy very accommodative over the next few years even as the economy posts some extremely strong growth numbers, and inflation picks-up somewhat in the short run.
Laith Khalaf, financial analyst at AJ Bell, comments:
The Bank of England is expecting a consumer spending spree to fuel an explosive economic recovery this year, funded by the war chest savers have built up throughout the pandemic. In February, the Bank predicted 5pc of these excess savings would be spent, but that’s now been upgraded to 10pc.
The doubling in this forecast tells us there is a high degree of uncertainty in estimates of just how extravagant consumer spending is going to be.
This is a unique situation, where consumers have been restrained by law and are now being gradually let off the leash, so even the best spreadsheets at the Bank of England aren’t going to nail this forecast with any precision. If consumers really let rip, the economy could be heading for a big boom. But if they play it safe, that will moderate the recovery.
12:01 PM
Bank of England predicts 2021 will see the strongest economic growth since WWII
MPC are now very bullish on the outlook with its forecast pointing to growth of 7.3% this year.
And the strongest peacetime growth rate since 1927.
As it happens, 7.25% growth would, according to the @bankofengland’s long-run data, be the strongest peacetime growth rate since 1927 (7.7%). Which is quite a good comparison. 1927 was partly a rebound following the general strike of 1926 - another enforced economic shutdown
In response to the Bank of England announcement, Sterling initially fell but by 12.12pm was up 0.2pc against the dollar.
11:31 AM
Quantitative Easing Programme on hold
The Bank of England kept its quantitative easing programme on hold at £895bn.
However one member of the Monetary Policy Committee, Andy Haldane, voted to reduce it by £50bn given the more hopeful recovery prospects.
The central bank said its bond-buying would slow from its current pace of £4.4bn a week to £3.4bn a week between May and August.
"The expected completion point of the purchase programme remained unchanged," the bank said. "This operational decision should not be interpreted as a change in the stance of monetary policy."
The Bank said the lockdown is expected to prompt a 1.5pc fall in GDP - much better than the 4.25pc fall first feared.
11:09 AM
Bank of England leaves interest rates unchanged at 0.1pc
As expected the Bank of England has voted unanimously to leave interest rates unchanged.
It has also predicted a sharper recovery than was previously expected, revising the 2021 growth forecast to 7.25pc from 5pc.
Growth for the following year has been revised down to 5.75pc instead of 7.25pc.
London-listed AstraZeneca has so far escaped today's global slump in pharmaceutical shares, after US President Joe Biden backed a plan to waive intellectual property rights on coronavirus vaccines yesterday.
Frankfurt-listed Pfizer, Moderna and Novavax fell 5.2pc, 8.2pc and 10.1pc. They are expected to open lower on Wall Street.
Chinese vaccine makers also fell. CanSino Biologics Inc was down 16pc and 22pc in Hong Kong. Shanghai Fosun Pharmaceutical Group fell by the 10pc limit.
However AstraZeneca, which has said it will not take any profit from its Covid vaccine while the pandemic is ongoing, saw its shares remained unchanged.
10:42 AM
AB InBev boss Carlos Brito steps down after 15 years
Carlos Brito - Francois Lenoir /REUTERS
Carlos Brito has stepped down as the boss of the world's largest brewer AB InBev, after 15 years in the role.
The company, which owns Budweiser, Stella Artois and Beck's, said Brito will be replaced on July 1 by Michel Doukeris, currently president of the group's North American business.
10:37 AM
New York’s luxury-rent rebound outpaces London
New York's luxury rental market is seeing a sudden rebound while rival financial hub London is still waiting for signs of recovery.
Prices in Manhattan's priciest areas rose 5.9pc in the year through to March while rents in central London fell 14.3pc in the same period, according to Knight Frank data.
10:17 AM
Britain threatens to cut France out of future electricity links
Future undersea electric cables could be routed to the Netherlands, which Whitehall now regards as a more reliable partner than France, reports my colleague Rachel Millard.
Britain is set to review its energy links with France after the country threatened to cut off Jersey’s power supplies in a row over fishing rights.
A senior Whitehall source described France’s actions as “outrageous” and said the UK would have to take a more cautious view of France as an energy partner.
It is understood that Britain could seek to route future giant power cable projects towards the Netherlands, which it now views as a more reliable partner than France. A source said France had “weaponised” its electricity exports.
Jeff Bezos has sold about $2.5bn (£1.8bn) of Amazon stock and plans to sell as many as 2 million shares, according to a U.S. Securities and Exchange Commission filing.
Bezos, who announced in February he was stepping down as CEO, sold around 739,000 shares this week under a pre-arranged trading plan. This is his first big disposal since offloading more than $10bn (£7.1bn) worth of shares in 2020.
He continues to hold more than 10pc of Amazon.com.
09:46 AM
JPMorgan to move another $200bn in Assets on Brexit
JPMorgan Chase & Co. is expanding its balance sheet in Frankfurt as it adapts to a post-Brexit future in Europe.
Bloomberg has the details:
The U.S. bank expects to add a similar amount to its European hub in 2021 as it did last year, according to its annual report for J.P. Morgan AG.
The unit increased by about €180bn [£155bn] to €244bn [£211bn] last year, the document said, confirming an earlier Bloomberg report.
JPMorgan has led its Wall Street peers in shifting assets out of London as the U.K. exited the European Union. It has repeatedly said it expects its EU unit to gain market share in areas including trading, investment banking and commercial banking.
09:25 AM
VW warns global shortage of semiconductors is hurting production
The logo of German carmaker Volkswagen (VW) on the roof of the company's headquarters in Wolfsburg, northern Germany - RONNY HARTMANN /AFP
Volkswagen has warned of intensifying problems with shortages of computer chips that are hitting production of cars, reports my colleague Alan Tovey.
Posting first-quarter results which showed profit surging to €3.4bn (£2.9bn) from €517m a year ago as the German car giant rebounded from the initial impact of coronavirus, it also signalled future troubles with the global supply crunch in semiconductors.
Volkswagen Group - which owns marques including Audi, Porsche and SEAT - had “managed the effects of Covid-19 and the semiconductor shortage responsibly”, chief finance officer Arno Antlitz said.
However, he added: “The shortage of semiconductors throughout the industry is expected to have a more significant impact in the second quarter than before. Nevertheless, we are confident regarding business development in the full year.”
Thousands of VW staff have been put on reduced working hours and production has been cut because of shortages of chips which modern cars increasingly rely on.
During the first three months, VW delivered 2.4m cars and sales rose 13pc to €62.4bn. Demand for electric vehicles - an area which VW is investing more than €30bn into - more than doubled to 133,000.
Performance was driven by recovering sales in China, the world’s largest car market, strong demand for upmarket models which are more profitable.
VW said it now expects full-year sales to be “significantly higher” than last year, when it handed over the keys to 9.2m vehicles.
The forecast for the return on sales was also raised to between 5.5pc and 7pc, up from 5pc and 5.5pc.
09:14 AM
SuperDry reports pick-up in sales despite closure of shops
Superdry reported today a 0.8pc increase in revenues, with chief executive Julian Dunkerton saying he can "see the light at the end of the tunnel" as stores reopen across the UK.
In the three months leading to April 24, the fashion retailer reported revenue of £118.3 million, even though stores remained closed until April 12.
Online sales jumped by 26.6pc in the past quarter.
"Our strengthened e-commerce presence has helped mitigate the impact from enforced closures of our stores," said Dunkerton.
The positive tone caused shares to rally.
EU trading, however, remains suspended as a result of "continued restrictions".
The fashion retailer revealed that total sales for the past year tumbled by 21pc to £556.6m, saying it had been "substantially impacted" by Covid-19.
08:55 AM
Private sector activity shows recovery gaining momentum, economists say
Recovery in UK economy continues to gather pace: composite #PMI for April revised up to 60.7 (second only to the US), compared to 53.8 in the euro area.
ps. flattered slightly by the rebound from the #Brexit bump in January, but also adds to evidence that that was short-lived pic.twitter.com/6H5lCBhxMZ
Businesses are benefitting from a reopening boom as customers embrace the chance to spend after months of lockdown, reports my colleague Tim Wallace.
Private sector activity surged last month at the fastest pace since 2013, according to IHS Markit’s purchasing managers’ index, an influential survey.
The index for the services sector, which has borne the brunt of the lockdown due to its reliance on face to face contact, jumped to 61.0 in April, its highest in seven and a half years.
Any score of above 50 indicates growth, so this sharp rise from 56.3 in March and below 50 in previous months represents a very rapid acceleration.
Once manufacturing and construction are counted, the overall PMI hit 60.7, again showing very strong growth.
Employment climbed for the second consecutive month, after falling steadily since March 2020, and order books are swelling at a pace not seen since 2013 as customers starved of socialising make restaurant and pub reservations, according to Tim Moore, economics director at IHS Markit.
He said:
April data illustrates that a surge of pent up demand has started to flow through the UK economy following the loosening of pandemic restrictions.
The successful vaccine roll out continued to underpin expectations of a strong recovery in the year ahead, with service providers responding by boosting employment and investment spending during April.
Job creation was the strongest for five-and-a-half years and, for the first time since the start of the pandemic, there were reports citing staff shortages as a factor holding back growth.
08:43 AM
British services sector reports robust recovery
The UK services sector has reported its fastest growth since 2013 last month.
As hospitality businesses and retailers reopened their doors after months of closures, IHS Markit said its monthly Purchasing Managers’ Index for the services sector rose to 61.0 in April from 56.3 in March, surpassing an earlier flash estimate of 60.1.
More evidence of #UK#economy making robust start to second quarter as purchasing managers report #services activity improved markedly to 90-month high in April helped by lifting of restrictions on 12th. Services #PMI up to 61.0 (revised up from flash 60.1) from 56.3 in March
Norway holds rates at zero as expected, hike beckons
Oeystein Olsen, governor of Norway's central bank, also known as Norges Bank - Fredrik Bjerknes /Bloomberg
Norway's central bank has held its key policy interest rate at a record-low 0.0pc and said it remained on track for a hike later this year.
"In the committee's current assessment of the outlook and balance of risks, the policy rate will most likely be raised in the latter half of 2021," Governor Oeystein Olsen said in a statement.
However the The Norges Bank stressed it first wants to see clear signs of economic recovery from the Covid-19 outbreak.
A hike in the third or fourth quarter of 2021 would mean Norway would be among the first G10 central banks to increase the cost of borrowing following the pandemic.
08:27 AM
World food prices rise to highest since 2014
World food prices increased for a 11th consecutive month in April, rising to their highest since May 2014.
The Food and Agriculture Organization's (FAO) cereal price index rose 1.2pc in April month-on-month and 26pc year-on-year.
The United Nations food agency said that sugar was leading a rise in all the main indices, posting a 3.9pc increase on the month and an almost 60pc rise on the year.
08:16 AM
Steel giant ArcelorMittal records 'strongest quarter in a decade'
An ArcelorMittal blast furnace in Hayange, eastern France - JEAN-CHRISTOPHE VERHAEGEN /AFP
Steel giant ArcelorMittal SA has reported its highest quarterly profit in a decade as steel prices soar amid a wider commodities boom.
First-quarter earnings before interest, taxes, depreciation and amortization came in higher than expected at $3.24bn (£2.33bn).
The Luxembourgish company, which is the biggest steelmaker outside China, said it expects steel demand to meet or surpass the upper range of its February forecast. It projected demand to increase between 4.5pc and 5.5pc. Steel demand is a key barometer for global economic growth.
Bloomberg has more details:
Futures in China, by far the biggest producer, have smashed records - even outpacing gains in key ingredient iron ore - as the government took measures to curb output. That’s supercharged rallies of benchmark prices in Europe and America, where mills were already running at maximum capacity as they try to meet unexpectedly high demand.
ArcelorMittal and other western steelmakers could further benefit should China’s output decline on the back of a crackdown on emissions. Keeping prices higher for longer could also help fund decarbonization initiatives in the steel industry.
07:57 AM
Barratt speeds up housebuilding as orders climb
Bricklayers at work during a visit by British Prime Minister Boris Johnson to a Barratt Homes development in Oldbury last month - WPA Pool /Getty Images Europe
Like Next, housebuilder Barratt is also upbeat this morning, reporting its full-year out-turn is set to be "modestly" better than expected.
The group has benefited from a strong housing market in recent months, thanks to the stamp duty holiday which the government extended to the end of June.
Chief Executive David Thomas said:
We have seen strong demand for our high quality, energy efficient homes on well-designed developments which means we now expect to increase wholly owned completions to between 16,000 and 16,250 homes this year, along with around 650 JV home completions.
I am sorry, but I am definitely going to try and make “Barratt Britain” a thing. This map didn’t make the final piece. But here are the locations of Barratt developments since 2010. pic.twitter.com/rLwwSOGMg2
Work-from-home revolution threatens Trainline's long term model, says analyst
Steve Clayton, Fund Manager of the HL Select UK Shares funds, responds to the results that came in earlier from travel app Trainline:
Although the rapid pace of vaccine roll outs has given the company a glimpse of light at the end of the tunnel, with a bounce back in sales in the first quarter of 2021, the overall direction of travel is far from clear.
The working from home revolution has upended Trainline’s business model and many new habits are likely to stick. It’s not simply that the daily commute may never return, many ad hoc face to face business meetings are also likely to continue via video call.
07:35 AM
Next outstrips expectations 'by a country mile'
Fashion retailer Next has gained 2.1pc after raising its profit outlook for the upcoming year for the second time in two months.
The company said: "In the last three weeks, sales have been exceptionally strong and, versus two years ago, total full price sales were up +19pc"
Steve Clayton, Fund Manager of the HL Select UK Shares funds, responded to the results:
Forgive the pun, but this is a NEXTraordinary result, for NEXT have trounced expectations by a country mile. Sales were well ahead of consensus, but not for the reasons expected. Growth was pretty much entirely from the online business.
But it wasn’t a case of clothing sales lost from locked-down stores being recouped online. Instead the growth came from explosive demand for Homewares, Childrenswear and Overseas online demand.
07:29 AM
FTSE opens above 7,000
The FTSE has risen 0.38pc at the open, reaching its highest level since February last year.
07:23 AM
Pandemic pushes Air France-KLM deep into red in Q1
Air France - Regis Duvignau /Reuters
The pandemic has pushed Air France-KLM deep into red, with the airline reporting a first quarter operating loss of €1.2bn (£1.04bn).
Air France-KLM is considering ways to raise more capital to repair its bruised balance sheet and shareholders are to be asked to approve proposals that would potentially raise billions of euros later this month.
“There is still a long road ahead,” Chief Financial Officer Frederic Gagey said on a call with journalists. “There is a very small risk of a cash crisis” unless the summer season turns “catastrophic.”
Gagey said part of the capital the airline plans to raise could come from the Dutch government, which is still in talks with the European Commission on a rescue for KLM.
France and the Netherlands already own around 38pc of the airline, after the carrier used state aid to survive the pandemic.
However a higher demand for cargo has provided some relief for the company, generating an 80pc increase in first quarter revenue to 839 million euros.
07:05 AM
Trainline app sees 'first signs of recovery'
The train ticket app, Trainline, revealed today the blow dealt to business by the pandemic, with lockdowns sending net ticket sales to plummet 79pc, driving the company to a £106.8 million annual loss in the year ending February 28 .
However CEO Jody Ford said he was confident about Trainline's future prospects, as the company positions itself as a greener way for customers to travel across Europe.
He said:
Last year was clearly very challenging for the industry. However, as we enter FY2022 we are seeing the first signs of recovery, with net ticket sales increasing as lockdowns ease and as non-essential travel returns, particularly in the UK.
06:49 AM
DBX rolls off forecourts
Aston Martin posted a smaller first quarter loss in 2021 of £42.2m and said it continued to take steps towards profitability, as its sales to dealers more than doubled.
That loss compared with the £110.1m the luxury brand posted in the same period last year, when it brought in fresh investment from billionaire executive chairman Lawrence Stroll to shore up its finances.
The carmaker of choice for fictional secret agent James Bond has had a tough time since floating in 2018, as it failed to meet expectations and burnt through cash.
The arrival of its first sport utility vehicle, the DBX, which fist rolled off the production line in July 2020, has helped boost the company as it widens its appeal in a lucrative segment of the market. It now makes up 55pc of sales, the company said.
06:45 AM
Aston losses narrow
Good morning. Aston Martin has reported a jump in sales and narrowing losses as sales of its DBX SUV took off.
The British car maker has had a torried few years since listing on the stock exchange.
Lawrence Stroll, its executive chairman, said he was "delighted with the great progress" the company was making.
2) KPMG staff to get one afternoon a week off: Employees will also get extra day off on June 21 when Covid restrictions are finally lifted as firm shifts to permanent flexible working.
Asian shares were mixed on Thursday on cautious optimism about upcoming company earnings reports showing some recovery from the damage of the coronavirus pandemic.
Japan's benchmark Nikkei 225 jumped 2.0pc in morning trading to 29,391.19, in the first session after the Golden Week series of national holidays. South Korea's Kospi gained 0.7pc to 3,168.56, but Australia's S&P/ASX 200 dipped 0.5pc to 7,057.80. Hong Kong's Hang Seng inched up nearly 0.1pc to 28,436.53, while the Shanghai Composite slipped 0.4pc to 3,433.39.
Although the vaccine rollout is progressing slowly in Asia, compared to the US and Europe, the global recovery is adding to optimism about exports and earnings of companies doing business overseas.
Japanese shares got a boost from remarks by policymakers at the Bank of Japan expressing resolve to prop up the economy with easy lending and stimulus measures.
Coming up today
Corporate: Trainline (Full year); Next, Barratt Developments, Mondi, Rio Tinto, Superdry, Reach, Rathbone Brothers, Hansard Global, Morgan Sindall (Trading update)
Samantha Davis, the wife of Star Wars and Harry Potter actor Warwick Davis and herself an actress, has died aged 53. Samantha co-founded the dwarfism charity Little People UK and featured in the final Harry Potter film, alongside Warwick. Warwick announced the news in a statement to the BBC, revealing she had died on 24 March.
The Prince of Wales has made his first public appearance since his wife, the Princess of Wales, announced she was battling cancer last month, and made a sweet promise to a Royal fan
While Western eyes are fixed on Tehran and Tel Aviv, Ukraine’s frontlines are showing clear signs of crumbling. There is a very real possibility they could crumble this summer if we do not throw the kitchen sink at Russia. Even if we do, it may already be too late for the weapons and munitions long promised by the West to save the day.
King Charles is said to have extended an olive branch to his youngest son and his wife by 'hinting' they should visit Balmoral this summer - but it could put the couple in a 'difficult position'.
Meghan Markle was on hand to congratulate her husband Prince Harry and his Royal Salute Sentebale team after they won the Royal Salute Polo Cup in Wellington, Florida
BBC Breakfast star Carol Kirkwood has been missing from the show this week. The weather presenter's absence comes after she shared an update on her health last week…
Springtime On The Farm returned to Channel 5 with Helen Skelton and Jules Hudson but fans had the same complaint for the show and the former Blue Peter presenter
The Duke and Duchess of Edinburgh's daughter Lady Louise Windsor has to follow a very antiquated rule with regards to her younger brother James, Earl of Wessex
The rest of Europe, Remainers like to tell us, is forging ahead into a glorious green future while Brexit Britain is stalling, the government backsliding one by one on its net zero commitments.
Meghan Markle is said to be missing "some aspects" of life in the UK and is worried that her children may grow up to "blame her" if they are "deprived" of the chance to be working royals in the UK.
This Morning guest Catherine was left stunned as she learnt the real value of her £10 charity shop bargain during the latest episode of the ITV chat show.
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