Yahoo Finance FTSE 100 Live 8 April: Index closes up 0.4%, near record high again after strong afternoon, Tesla surges in US
Gold and oil prices are in focus during a fairly strong session for London’s FTSE 100 index.
The latest record for the precious metal and $90 mark for Brent Crude came despite uncertainty over the first move lower for US interest rates.
In corporate developments, Microsoft is to open a new AI hub in Paddington while vets group CVS has reported “considerable disruption” from a UK cyber incident.
FTSE 100 Live Monday
Microsoft to open new AI hub
Vet group CVS hit by cyber attack
Gold price at new record
Tomoorow's schedule with Imperial Brands update
Monday 8 April 2024 17:05 , Daniel O'Boyle
Cigarettes giant Imperial Brands will be in focus tomorrow morning, when it publishes its latest trading update.
Here’s tomorrow’s full agenda:
Results
S&H, Alliance Pharma, Ultimate Prodcuts, Animalcare, Hvivo, JTC
Trading update
Imperial Brands
Economics
BRC Retail sales monitorCBI Financial Services SurveyJapan consumer confidenceAustralia consumer confidence
National Nail Price Increase Day: Watchdog warns technicians could be fined if they collude to raise prices
Monday 8 April 2024 17:00 , Daniel O'Boyle
The competition watchdog has warned nail technicians that they could be fined if they collude to fix prices, after claims that the online “National Nail Price Increase Day” campaign appeared to breach cartel rules.
However it has not launched a formal investigation into the sector, and stopped short of determining if the law had been broken.
The Competition and Markets Authority (CMA) says it was in contact with the organiser of the campaign, which aimed to get nail technicians across the country to collectively raise prices.
FTSE 100 closes up 0.4% at 7,943.47
Monday 8 April 2024 16:36 , Daniel O'Boyle
The FTSE 100 closed up 0.4% at 7,943.47 today, after a strong afternoon.
London’s top flight edged closer again to record territory and recouped many of Friday’s losses after an initially steady morning.
Risers were led by commodities stocks and Ladbrokes owner Entain. The fallers were led by Sage, alongside Entain’s rival Flutter.
Caledonia Investments ups payout as asset value hits £3 billion in boost for the Cayzer family
Monday 8 April 2024 16:02 , Daniel O'Boyle
Caledonia Investments hit the £3 billion mark for its net asset valuation today, in a boost for the money manager set up by Cayzer shipping magnate family.
The FTSE 250 wealth manager revealed that the milestone was passed in an update issued to the City before its full results for the financial year to the end of March, which are due out in May.
NAVs are a closely tracked benchmark for investment firms. Caledonia’s rose by over 7% to hit £3 billion.
US shares steady - Tesla and Amazon rise
Monday 8 April 2024 15:37 , Daniel O'Boyle
Tesla and Amazon are off to a strong start in a mostly steady day of trading on Wall Street, ahead of this week’s CPI print.
City Comment: New John Lewis chair has his work cut out
Monday 8 April 2024 15:12 , Jonathan Prynn
It was perhaps inevitable that after the failed experiment of appointing a former Whitehall mandarin and industry regulator as its boss, John Lewis would seek out a nuts-and-bolts retailer to replace her as its new chairman.
And they do not come much more nuts and bolts than Jason Tarry. Until his departure just a few weeks ago he had spent his entire 33-year career at Tesco since joining as a graduate trainee in 1990.
For the last six years he was running the UK supermarket business that is at the heart of Britain’s biggest retailer. The fact that he quit when he could have easily run down the clock as a Tesco lifer suggests that he had his eyes on a much bigger career prize.
US stocks to rise
Monday 8 April 2024 14:26 , Daniel O'Boyle
Ahead of a pivotal inflation reading this week, US shares are expected to open a little higher today.
S&P 500 futures are up 0.2% to 5,264.25, while Dow Jones futures are up 0.1% at 39,272.00. Nasdaq futures are up 0.3% to 18,354.50.
Premarket risers include Tesla, which has been under pressure for much of this year, and Micron Technology.
Market snapshot: FTSE nears 8000 again
Monday 8 April 2024 13:52 , Daniel O'Boyle
The FTSE 100 has clawed back some of Friday’s losses, and is getting near the 8000 mark again.
Take a look at the latest market snapshot:
Ted Baker calls in administrators in latest UK fashion collapse
Monday 8 April 2024 13:42 , Daniel O'Boyle
The Ted Baker UK and European retail and online business is set to call in administrators for its UK business in the latest British fashion sector collapse.
Hundreds of jobs are expected to be at risk as an independent director of No Ordinary Designer Label (NODL), the holding company for Ted Baker’s retail and online operations in the UK and Europe, filed for intention to appoint administrators to the business. Parent company Authentic Brands Group, which bought Ted Baker 18 months ago, said the business ended up with “a significant level of arrears”.
Early bird Isa investors make most of allowances just minutes into new tax year
Monday 8 April 2024 13:01 , Daniel O'Boyle
Isa savers were moving money around well into the night as the new tax year started, according to an investment platform.
Bestinvest’s final Isa subscription of the 2023-24 tax year came in at 11.55pm on April 5 – with just minutes to spare before the tax year ended.
Its first new Isa subscription for the 2024-25 tax year was made at three minutes past midnight on April 6.
Service to help prevent payments being misdirected notches up two billion checks
Monday 8 April 2024 12:47 , Daniel O'Boyle
A name-matching service which helps to stop people mistakenly sending payments to the wrong person or a scammer has reached the milestone of two billion checks having been carried out, according to payments operator Pay.UK.
Confirmation of Payee (CoP) was launched in 2020 and acts as an extra layer of protection when people are transferring money.
Market snapshot: FTSE 100 a little higher
Monday 8 April 2024 12:21 , Daniel O'Boyle
Take a look at our latest snapshot as the FTSE 100 finds some positive footing
Choice of mortgages at start of April ‘highest since 2008’
Monday 8 April 2024 11:13 , Daniel O'Boyle
Mortgage borrowers had the biggest number of products to choose from in over 16 years in early April, according to a financial information website.
Meanwhile, the average “revert to” or standard variable rate (SVR) mortgage is above 8% – making the need to find a new, less costly deal more pressing for some borrowers.
Moneyfacts said the typical SVR is 8.18%, which is close to the highest level it has recorded (8.19%), in November and December 2023.
Rent rises could outpace earnings growth in years ahead, think tank warns
Monday 8 April 2024 10:22 , Daniel O'Boyle
Rents across the UK could continue to rise strongly and outpace earning growth over the years ahead, according to a think tank.
Average rents could rise by 13% over the next three years, the Resolution Foundation predicts.
The typical cost of new tenancies has already grown by 18% since January 2022, with private renting no longer being the preserve of people aged in their 20s, according to the Foundation, which is focused on improving the living standards for those on low to middle incomes.
Rio Tinto up 3% in flat FTSE 100 session, gold price sets new record
Monday 8 April 2024 10:19 , Graeme Evans
Gold’s surprise run in record territory continued today in a session when the Brent Crude price remained near to $90 a barrel.
The precious metal topped $2340 an ounce at one point, having risen more than 13% this year.
Demand for non-interest bearing bullion has been driven by the outlook for lower US interest rates and geopolitical uncertainty, while strong central bank buying has also lifted the price.
Mexico’s Fresnillo and the FTSE 250 company Hochschild Mining have been among the stock market beneficiaries, rising 2% or 9.9p to 581.9p and 2.2p to 138.4p respectively in today’s session.
Other commodity stocks on the front foot included Rio Tinto, which jumped 3% or 138.5p to 5113p, and Shell following a gain of 19p to 2799p.
The latter’s advance came as Brent Crude price remained elevated at $90.43 a barrel, representing a fall of less than 1% this morning.
The inflationary impact of higher oil prices have recently clouded the interest rates outlook, fuelling stock market jitters ahead of US consumer price figures on Wednesday.
The FTSE 100 index fell 3.44 points to 7907.72, with software group Sage and warehouse technology business Ocado among those down more than 1%.
Ladbrokes and Coral owner Entain rose 3% or 26.2p to 810.2p after the Sunday Times reported that buyout firm Apollo is running a rule over the gaming firm’s portfolio.
John Lewis picks former Tesco UK boss to replace Sharon White as chair
Monday 8 April 2024 09:25 , Daniel O'Boyle
The John Lewis Partnership has picked former Tesco UK boss Jason Tarry as its new chairman - only the seventh in its history - to replace Sharon White when she leaves next year.
White announced her departure late last year after a difficult spell in charge. The staff-owned retailer, which also owns Waitrose, scrapped its annual bonus for each of the last two years - two of only three times in history that John Lewis staff have gone without the bonus.
Rita Clifton, Deputy Chairman and Chair of the Nomination Committee, said: “The board extends its huge thanks to Sharon for successfully leading the Partnership through one of the most testing periods in its history - first Covid and then the cost of living crisis.
FTSE 100 lower despite mining support, Entain shares up 3%
Monday 8 April 2024 08:36 , Graeme Evans
A flat start to the week for the FTSE 100 index masks some decent moves for shares in the mining sector, as well as for easyJet and Ladbrokes owner Entain.
Rio Tinto is up 123.5p to 5098p and Anglo American ahead by 16p to 2104p, while the latest record gold price helped Fresnillo put on 4.8p at 546.8p.
Low-cost airline easyJet recouped Friday’s losses by adding 17.8p to 577p and Entain rose 3% or 24.6p to 808.6p after the Sunday Times reported that buyout firm Apollo is running a rule over the gaming firm’s portfolio.
The FTSE 100 index slipped 10.96 points to 7900.20, with AstraZeneca and Vodafone among the heavyweight stocks down by around 1%.
The FTSE 250 index is 5.62 points lower at 19,720.32.
Market snapshot
Monday 8 April 2024 08:28 , Daniel O'Boyle
Take a look at the latest snapshot with the FTSE 100 slightly lower
Microsoft to open new AI hub in Paddington
Monday 8 April 2024 07:53 , Simon Hunt
Microsoft is set to open a new AI hub in Paddington.
The firm said it will begin hiring scientists and engineers for the hub as part of its £2.5 billion investment proposals to upskill the U.K. workforce.
Mustafa Suleyman, EVP and CEO of Microsoft AI, said: “There is an enormous pool of AI talent and expertise in the U.K., and Microsoft AI plans to make a significant, long-term investment in the region as we begin hiring the best AI scientists and engineers into this new AI hub.
“As a British citizen, born and raised in London, I’m proud to have co-founded and built a cutting-edge AI business here. I’m deeply aware of the extraordinary talent pool and AI ecosystem in the U.K., and I’m excited to make this commitment to the U.K. on behalf of Microsoft AI.”
Gold continues strong price run
Monday 8 April 2024 07:52 , Graeme Evans
Gold traded at a fresh record above $2340 an ounce this morning, extending the precious metal’s gains for this year to more than 13%.
The outlook for looser US monetary policy has boosted the appeal of non-interest bearing bullion, even though Friday’s robust jobs figures look to have dashed hopes for a June cut.
Geopolitical uncertainty, central bank buying and strong demand from China at a time of limited investment alternatives have also fuelled the recent increase.
Mexico’s Fresnillo and the FTSE 250 company Hochschild Mining have been among the London market beneficiaries of gold’s increased value.
FTSE 100 steadies after robust Wall Street trading, crude near $90
Monday 8 April 2024 07:22 , Graeme Evans
London’s FTSE 100 index is set for a steady session after the S&P 500 index closed more than 1% higher following Friday’s robust US jobs figures.
IG Index reports that futures markets are showing the FTSE 100 will rise by about 11 points to 7922, having lost 0.8% in the final session of last week.
US markets recovered ground on Friday, even though the addition of 303,000 jobs in March dealt another blow to near-term interest rate cut hopes.
The inflationary impact of higher oil prices have also clouded the rates outlook in recent weeks, with Brent Crude just below $90 a barrel this morning.
This week’s key events include US inflation figures on Wednesday and the European Central Bank’s latest rates decision the following day.
On the corporate front, Tesco posts annual results on Wednesday while the US reporting season gets underway on Friday with quarterly figures by banking giants JPMorgan, Citigroup and Wells Fargo.
Recap: Friday's top stories
Monday 8 April 2024 07:10 , Simon Hunt
Good morning from the Standard City desk.
It is seven years since Theresa May told major employers to start publishing data on the pay gap between the men and women on their payrolls.
Along with the energy price cap it is one of the few enduring legacies of her turbulent three years as prime minister.
What stands out from the figures provided by today’s deadline is that while the gap in base salaries is closing in many sectors — tech in particular seems to have made good progress — the City still has a long way to go.
The biggest and apparently widening disparity is not so much in pay as in the performance related bonuses that make up such a large part of the remuneration for the high flyers in the Square Mile.
What might be behind this unwelcome trend?
Some point to the lifting of the cap on bonuses in October. That meant that this year’s bonus round in the City was the first for a decade when bonuses could exceed the twice base pay limit imposed by the EU back in 2014.
Whatever the rights and wrongs of that decision, the biggest beneficiaries will be those star traders who can earn vast bonuses if they make good profits for their employers. And you only have to drink at the City pubs where many of them unwind after a hard day at the dealing screen to know that a substantial majority are men.
~
Here’s a summary of our other top stories from Friday:
City economists see inflation falling close to zero by summer paving way for big interest rate cuts
Halifax March housing data shows London prices up 0.4% in the first quarter
‘Empowering’ brand Sweaty Betty among the UK's biggest gender pay gaps
...And in City Spy:
Relief for Denise Coates' neighbours after her 'Tesco Extra Mansion' is complete
Vet group CVS hit by cyberattack
Monday 8 April 2024 07:09 , Daniel O'Boyle
Vet group CVS’s UK business been hit by a “cyber incident”, which it says has caused “considerable disruption”.
The business says it took its IT systems temporarily offline to prevent wider unauthorised access to its systems.
“Our responses to contain the threat of malicious activity have caused considerable operational disruption over the past week, but to date have been effective in preventing further external access to CVS systems,” the business said.
It has brought in third-party consultants to investigate the incident.
IT services are now “effectively restored,” but “ are not working as efficiently as previously”. It said that added disruption is likely to have an impact on its business.
