Another strong day for the euro, surging beyond $1.235. Talk of an end to ECB stimulus is helping power the euro’s gains, plus speculation about a broader EU region rate rise.
A US rate rise has been on the cards for a while, in comparison, but it’s not a dead cert for June with Trump jitters still abound.
Oil remains a commodity class on the move with WTI crude up 1.09% to $51.22 (4.25pm). However the largest oil trader, Vitol, has repeatedly warned that longer-term demand looks uncertain.
In the US the Dow was up strongly after trading began this morning, almost touching 20,900 though back in Europe the CAC and DAX took losses earlier. The FTSE 100 ended Monday +0.34% up to 7,496.34, a shade under 7,500. M&S notched up the strongest gains, up 2.75% to 395.50p.
- UK FTSE 100 7,496.34 +0.34%
- Dow 20,873.31 +0.34%
- S&P 500 2,387.70 +0.26%
- Nasdaq 6,110.48 +0.43%
- DAX 12,625 -0.11%
- CAC 40 5,326.18 +0.03%
- Gold 1,259.90 +0.49%
- Oil WTI 50.88 +1.09%
RBS anger on hold
In the UK legal action from RBS investors has been adjourned for 24 hours. Around 9,000 investors claim they were misled by RBS about the bank’s financial health close to its near-downfall in 2008.
However if the claimants succeed, the final bill may be in the region of £700m once interest charges are absorbed.
Ford boss quits
Ford has revealed a new boss. Out goes Mark Field and in comes Jim Hackett, 62. Ford is under increasing pressure to improve the balance between present profits as well as planning the longer-term electric and autonomous driving strategy.
First quarter numbers for Ford saw profits slump more than 40%. Shares in Ford climbed 1.70% this morning on the news of Hackett's appointment to $11.05. However Field won't be going short with a retirement pay deal reportedly in the region of $14m.
Car makers are increasingly vulnerable to currency gusts. Recently Toyota’s profits were sunk 20% by overseas exchange rates.
House prices creep higher
UK property asking prices are again in the news: the average asking price of a UK home has surged to £317,000 in the four weeks to 13 May, claims Rightmove.
Rightmove says May’s 1.2% rise was the fifth consecutive monthly price climb.
Late news: fresh Tunisian oil protests break out. Oil prices have hit $54. Euro trades at $1.1235.