Dollar boosted on imminent Trump tax speech

The dollar kept its overnight momentum. By mid-afternoon the euro was trading at $1.1726 and the pound was pushed under $1.34 while the dollar spot price was 93.39, up +0.42%. The euro took more pressure from sterling though, cut to 0.8753, down -0.47%.

The dollar strength was part-built on anticipation of tax change – a Trump speech later today in Indiana is scheduled – which could see the corporate tax rate clipped to 20% from 35%.

Most indices were buoyed by the exchange rate falls with the German Dax up +0.44% and the French CAC 40 up +0.30%.  In the US the Nasdaq picked up +0.55% to 6,415 with Facebook shares recovering +1.42% to $166; Apple stock also lifted higher to $154, up +0.60%. 

At the close of business tonight the FTSE 100 was up 28 points at 7,313.51 with Pearson and RBS seeing the biggest rises, up +3.8% and +3.4%. Lloyds Banking Group was up +3.4%. Randgold Resources was down -2.3%.

• UK FTSE 100 7,313 +0.38%
• Dow 22,267.35% -0.08%
• S&P 500 2,497.82 +0.04%
• Nasdaq 6,410.72 +0.46%
• Nikkei 225 20,267.05 -0.31%
• DAX 12,668.81 +0.50%
• CAC 40 5,286.84 +0.35%
• Gold 1,288.80 -0.99%
• Oil WTI 51.95 +0.15% 

More Ryanair cancellation misery en route

More bad news for Ryanair today – the cancellation of another 18,000 flights. It may pile more pressure to CEO Michael O’Leary to explain to shareholders the commercial medium and longer term picture. Especially from an aircraft operator that, up to recently, has been seen as efficient and competent. 

It’s thought the fresh slew of cancellations will hit another 400,000 passengers. Several routes will be suspended including Gatwick to Belfast and Stansted to Glasgow. 

“We have also emailed each of the 315,000 customers whose flights were previously cancelled over a six week period in Sept and Oct. We have offered each of these customers a €40 travel voucher (€80 return), again for travel between October and March 2018.” Ryanair is also dropping its Alitalia bid. 

Another week, another round of cancellations for Ryanair: Shutterstock

Cruden profits up; Boeing-Bombardier tensions reverberate

More tension from the Bombardier-Boeing trade tariff dispute. Defence Secretary Sir Michael Fallon says Boeing’s actions could cost it highly lucrative contracts from the Conservative government. 

“We have contracts in place,” he said earlier, “with Boeing for new maritime patrol aircraft and for Apache attack helicopters and they will also be bidding for other defence work and this kind of behaviour clearly could jeopardise our future relationship with Boeing.”

Earlier Scottish house builder Cruden claimed pre-tax profits were up by more than +30% to £10m while revenues expanded almost +25% from £154m to £200m.  

Breaking news: Iraqi Kurds have firmly backed independence in their referendum. The Kurds have now managed to export 600,000 barrels a day of oil via the Iraq-Turkey pipeline.