AkzoNobel, world leading paint maker and owner of Dulux paint, has turned down a third takeover offer worth €26.9bn by its US competitor PPG Industries.
A touch of euphoria, then a fall back to reality. That was the currency markets reaction to the decisive Macron victory in Paris on Sunday which took 66% of the total vote. In Asia Japanese stocks surged following the news with the Nikkei 225 up 2.3% initially.
Some investor relief after Emmanuel Macron claimed an emphatic victory in the French election yesterday. The Nikkei climbed by more than 2% to a 17-month high. The euro also climbed to a one-year peak of almost 1.24.60 against the yen. However Macron’s victory had been priced in, to some degree, by the markets.
US jobs growth steps up but oil prices continue to struggle
IAG shares rose 5% this morning to 600.17p as the owner of British Airways and Iberia revealed a 10% surge in operating profits – hitting €170m – for the first quarter of 2017. The new numbers appear impressive given that the first quarter is traditionally slow for the airline.
M&S reveals new chairman meanwhile oil prices stumble to a five-month low
A small uptick for the FTSE 100 on Thursday: the Big Board ended 15 points higher at 7,248.10, up 0.2% with the FTSE 250 finishing 2.58 points down at 19,680. Travel fared well with British Airways owner IAG and TUI AG up 2.97% and 2.92% respectively.
The latest chapter in the growing tale of woe that is UK retailing tells how Next shares lost 6% as investors reacted to disappointing results. This echoes the Sainsbury's experience earlier this week. As reported earlier, total sales at Next fell by 2.5% in the first three months of the year and the top end of its profit forecast has been cut to £740m from £780m.
Global shares were broadly up on Tuesday: the Dow Jones finished 0.17% higher at 20,949.89 while the Nasdaq climbed 0.06% to 6,095.37. In London the FTSE 100 finished at 7,250, up 46 points while the German Dax was up 0.56% to 12,507.90. The French CAC 40 pushed 0.70% higher to 5,304.15.
End of Tuesday trading saw the FTSE 100 close 45.68 points higher at 7,250.05, a 0.64% climb in total. Best FTSE 100 performer was Intertek Group, up 3.3% to 4,200p while Standard Life and Barratt Developments took second and third spots, up 2.78% and 2.67%.
Global share trading was light for the May Day holiday though US shares on Monday showed energy: Apple shares were up more than 2% to $146.58. Other tech companies, including Microsoft and Facebook, also gained strongly. The Nasdaq hit a record 6,091.6 high.