The US Dow Jones surged earlier today to 21,443 points, a new high, with strong gains also for the Nasdaq. Amazon shares roared past the $1,000 mark to $1,017. Much of the overall gains were, yes, from the tech sector though some fund managers remain wary on valuations.
In Europe a buoyant French CAC 40 bourse was up more than 1% while in London the FTSE 100 was also up strongly, helped by commodity stock gains, to 7,527.50. Glencore finished Monday 3% higher at 279.75p with Standard Life (more of below) up 2.52% to 389.90p. There were also decent gains for Sainsbury's and Rentokil, up 2.34% and 2.32%.
Meanwhile the pound was down 0.32% at $1.2739 as Brexit negotiations got under way and a new anti-Brexit Bank of England committee member (also more of below), Professor Silvana Tenreyro, took her seat.
- UK FTSE 100 7,527.50 +0.86%
- Dow 21,486.88 +0.48%
- S&P 500 2,449.70 +0.68%
- Nasdaq 6,224.54 +1.18%
- Nikkei 225 20,067.75 +0.62%
- DAX 12,904.60 +1.19%
- CAC 40 5,328.91 +1.23%
- Gold 1,249.70 -0.55%
- Oil WTI 45.00 +0.56%
Fresh Bank of England recruit 'anti-Brexit'
So the Bank of England has appointed new Monetary Policy Committee member Professor Silvana Tenreyro in place of ex-member Kristin Forbes. Tenreyro is a LSE economics professor with a substantial weight of academic papers behind her.
Last week a minority of MPC members, including Kristin Forbes, voted to increase UK interest rates to 0.50% from 0.25% . Tenreyro though is strongly anti-Brexit. It is too early to know how she will respond on future interest rates though she is likely ‘dove-ish’.
"She is very knowledgeable about economic fluctuations and the role of monetary policy,” her Harvard economics professor Robert Barro told Reuters. “So, I think she's a great appointment.” Meanwhile the Bank of England still has to find a deputy governor to replace Charlotte Hogg.
Standard LIfe & Aberdeen Asset Management say 'I Do'
The marriage goes ahead – that is the £11bn union between Standard Life and Aberdeen Asset Management. The relationship was given the official go-ahead by investors at Aberdeen (95% vote) and Standard Life (98% vote) though the original merger was agreed back in March.
"This deal,” says Aberdeen Asset Management chairman Simon Troughton, “opens up significant opportunities across all facets of Aberdeen's business and is an important step towards realising the company's ambition of creating a world-class investment business with a truly global footprint."
In terms of assets under management, the deal should mean that the new entity, re-named Standard Life Aberdeen, does make it into the global top twenty. However there is still a verdict to emerge from the Competition and Markets authority on whether the deal could undermine competition.
Across the Atlantic Boeing has launched its revitalised 737 plane, the Max 10 at the Paris Air Show. Boeing claims it has rock-bottom operating costs for a single-aisle long distance jet and takes the fight to the Airbus A320neo, its main European rival.
Breaking news: Steve Baker, minister in the Department for Exiting the European Union, tells the BBC that "swift progress" will be made.