The euro was trading at $1.1409 this morning, close to its highest figure for a year, helping force gold down to its lowest price for several weeks at $1.235. The pound was at $1.3007, down -0.07% but almost 2.25% up on the week overall.
A raft of economic data arrives today including EU job numbers at 11am plus construction spending and car sales from the US in the afternoon.
The Dow Jones closed at 21,350 on Friday, up 0.32% on the day while the Nasdaq slipped -0.06% to 6,140, down -2.7% on the week (though 26% higher on a 12-month basis). The UK FTSE 100 was at 7,312.72 by the end of Friday trading, down -0.51%.
- UK FTSE 100 7,312.72 -0.51%
- Dow 21,349.63 +0.29%
- S&P 500 2,423.41 +0.15%
- Nasdaq 6,140.42 -0.06%
- Nikkei 225 20,070.13 +0.18%
- DAX 12,325.12 -0.73%
- CAC 40 5,120.68 -0.65%
- Gold 1,237.80 -0.36%
- Oil WTI 46.19 +0.33%
Ex Barclays bosses head for the dock
A shock for one of the City’s most respected figures: ex Barclays boss John Varley will attend Westminster Magistrates’ Court later today charged with fraud. Several other top execs alongside Varley also appear, including Roger Jenkins, responsible for much of Barclays’ Middle Eastern business, and Richard Boath.
If found guilty for actions taken at the height of the financial crisis in 2008 – the charges relate to £320m of ‘advisory’ payments and loans to Qatar Holdings while the Qataris were flooding Barclays with billions to help it avoid a government bail-out – then a prison sentence could stretch to 10 years.
The defendants may give an idea of how they will plead at the hearing this afternoon, 2pm. So far Boath and Jenkins have indicated they will strongly reject the charges. It’s thought all will get bail.
SuperGroup profits surge
A full set of trading numbers from SuperGroup (shares are down 9.5% year-to-date currently at 1,495p). Revenues surge 27.4% to £752.0m, with retail like-for-like sales growth +12.7%; underlying profit before tax climbs 18.4% to £87.0m (2016: £73.5m).
Underlying earnings per share rises 17.4% to 84.5p (2016: 72.0p). The full year dividend comes in at 28p per share, an increase of 20.7% claims SuperGroup. Underlying 2018 profits should be in line with expectations.
“Investment in infrastructure is underpinning our global growth plans,” says chief exec Euan Sutherland, “and creating future leverage opportunities while ongoing product innovation and new social and digital marketing campaigns are introducing new customers to the Superdry brand."
Galaxy Note 7 returns
Lastly, it cost its maker millions in lost profits, but Samsung’s Galaxy Note 7 is back. Refurbished versions will be on sale this week in South Korea following its calamitous debut last year and a humiliating recall over exploding batteries.
It’s not known if the ‘phone will be released internationally for broader take-up. Samsung’s current flagship, the Galaxy S8, has avoided controversy so far. Samsung issued strong quarterly profits in the last quarter.
Breaking news: Ofgem suggests that a new energy bill price cap could be extended to low income households.