LONDON MARKETS: London Markets Climb As End Of May Era Looms
22 Mayo 2019 - 8:48AM
Noticias Dow Jones
By Dave Morris
London markets struggled for direction, as U.K. Prime Minister
Theresa May's waning influence appeared to signal an end to the
Brexit deadlock.
How did markets perform?
The U.K.'s FTSE 100 rose 0.5% to 7,368.1, adding to Wednesday's
gain of 0.2%
The pound gave back much of Wednesday's gains, sinking 0.3% to
$1.2671. It was up 0.4% Wednesday.
What's moving the markets?
China's Washington Ambassador Cui Tiankai said the country was
ready to continue trade talks with the U.S., telling Fox News that
"our door is still open"
(https://www.reuters.com/article/us-usa-trade-china-diplomacy/china-ready-for-further-u-s-trade-talks-ambassador-says-idUSKCN1SR2K3).
Tiankai also blamed the U.S. for changing its mind "overnight" and
breaking the tentative deal reached in previous negotiations.
Meanwhile, the U.S. considered adding more Chinese companies to its
blacklist, which already includes Huawei. The New York Times
reported
(https://www.nytimes.com/2019/05/21/us/politics/hikvision-trump.html)
that video surveillance equipment firm Hikivision Digital
Technology could potentially be restricted from buying U.S.
technology.
U.K. Prime Minister Theresa May's concessions to her Brexit deal
were met with predictable scorn from hard-line Brexiteers within
her own party, as well as the opposition Labour Party, according to
media reports. Labour leader Jeremy Corbyn called it a "rehash of
her bad old deal",
(https://www.thetimes.co.uk/edition/news/tories-reject-may-s-final-attempt-at-brexit-deal-jzhtcv3hz)
while Conservative leadership contenders Boris Johnson and Dominic
Raab were staunchly critical. Environment secretary Michael Gove,
an influential Brexiteer, indicated on the BBC's Today radio
program that the proposal may not be brought forward for a
vote.
In economic data, the U.K. reported lower than expected
inflation. Purchasing Power Index (PPI) output in April was 2.1%
higher than a year ago, though lower than predictions of 2.3%.
Which stocks are active?
Marks & Spencer Group PLC (MKS.LN) shares fell 8% after
reporting fiscal 2019 profits were dented by restructuring costs.
It also announced details of a GBP601.3 million rights issue,
signaled in February, to fund its joint venture with online grocer
Ocado Group PLC(OCDO.LN). Adjusted pretax profit fell 10% to
GBP523.2 million.
Royal Mail PLC (RMG.LN) jumped 5.5% despite delivering the
unwelcome news that the privatized postal service's dividend would
be cut, in order to fund investment in new services focused on
parcel growth from e-commerce, as letter mail volumes decline.
(END) Dow Jones Newswires
May 22, 2019 09:33 ET (13:33 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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