Sterling has tumbled -0.46% to $1.2798 (7am) under more UK election projection numbers. A new poll commissioned by the Times newspaper suggests the Conservatives could lose up to 20 seats with Labour taking an extra 30.
If accurate this means the Conservatives would not have an overall majority. The euro is also bearish at $1.1166, some distance from the $1.1200 threshold following more demand for the dollar overnight.
The US Dow finished 50 points down yesterday at 21,029.47 with Verizon, up 1.94%, the biggest gainer.
German retail sales and unemployment numbers are out shortly while Chicago PMI figures arrive at 2.30pm. UK mortgage approval data is out at 9.30am.
- UK FTSE 100 7,526.51 -0.28%
- Dow 21,029.47 -0.24%
- S&P 500 2,412.91 -0.12%
- Nasdaq 6,203.19 -0.11%
- DAX 12,598.68 -0.24%
- CAC 40 5,305.94 -0.50%
- Gold 1,263.60 -0.17%
- Oil WTI 49.25 -0.83%
FTSE 250 property and investment operator LondonMetric says net rental income is up 5% to £82m for the year to 31 March. However reported profits slip from £82.7m to £63m. The dividend climbs to 7.50p from 7.25p.
CEO Andrew Jones says retailers are losing marginal stores and investing in 'flagships', prioritising distribution and fulfilment ahead of their stores – which is why he is shifting the portfolio emphasis from retail to logistics.
“Logistics will soon represent more than 70% of our investments as our urban logistics portfolio grows further and our short cycle developments complete.
Consumer debt comeuppance?
More worry about consumer debt. The UK’s GfK consumer confidence index increased by two points compared to April, indicating better consumer sentiment.