Upstream Share Discussion Threads

[master rsi] 19/3/2024 22:54

Close to 1,000 jobs at risk as Ted Baker set to call in administrators

(Alliance News) - Hundreds of jobs could be at risk as the company behind Ted Baker filed a motion to appoint administrators to the ailing high street retailer.

Authentic Brands Group, which owns the brand, said there had been "damage" done during a partnership with Dutch firm AARC Group, which ran Ted Baker's shops and online business in Europe.

No Ordinary Designer Label, the company which trades as Ted Baker, walked away from the AARC deal in January after it claimed its partner had failed to meet its promise to inject cash into the business. It has now filed a motion to appoint administrators.

Authentic, which bought Ted Baker in 2022, said that the business had built up "a significant level of arrears".

NODL has around 975 employees and runs more than 80 shops and concessions in the UK.

In its statement, Authentic did not say whether any shops or jobs would be lost in the likely administration.

"Despite our tireless efforts, the damage done during a period under AARC in which NODL built up a significant level of arrears was too much to overcome," said Authentic's chief strategy and transition officer John McNamara.

[master rsi] 19/3/2024 22:38

MARKET REPORT
LONDON MARKET CLOSE: European large-caps rise on eve of Fed decision

(Alliance News) - Blue-chip stock prices in Europe closed higher on Tuesday, showing little signs of nerves ahead of Wednesday's Federal Reserve decision and UK inflation reading.

A key week for central bank decisions kicked off with a historic hike by the Bank of Japan, though that failed to spur on the yen.

The FTSE 100 index rose 15.75 points, 0.2%, at 7,738.30. The FTSE 250 ended down 53.72 points, 0.3%, at 19,432.81, and the AIM All-Share fell 1.07 points, 0.2%, at 735.56.

The Cboe UK 100 rose 0.2% to 774.76, the Cboe UK 250 fell 0.3% to 16,869.44, and the Cboe Small Companies closed up 0.3% at 14,818.14.

In European equities on Tuesday, the CAC 40 in Paris ended up 0.7%, while the DAX 40 in Frankfurt added 0.3%.

In New York, the Dow Jones Industrial Average was up 0.6% at the time of the closing bell in Europe. The S&P 500 rose 0.2%, though the Nasdaq Composite was fractionally lower.

The pound was quoted at USD1.2719 at the time of the London equities close, a touch lower from USD1.2722 on Monday. The euro stood at USD1.0860, down against USD1.0877.

The US Federal Reserve is expected to once again leave interest rates unmoved on Wednesday, while also dialling back cut expectations in its latest dot-plot.

The US central bank announces its latest interest rate decision at 1800 GMT on Wednesday. A press conference with Chair Jerome Powell follows shortly after. Threatening to hog the spotlight, the latest summary of economic projections will be revealed alongside the decision. The SEP features the dot-plot of interest rate expectations of policymakers.

In December, the chart suggested the Fed will enact three cuts this year.

With the CME FedWatch Tool suggesting a 99% chance the central bank holds in March, a 93% likelihood it does the same in May, and hope of a June cut dwindling, the December plot could be hawkishly re-jigged.

"The US data continue to come in mostly firmer and despite Powell's recent dovish testimony before Congress, most Fed officials remain very cautious about easing too soon. We believe that the current market easing expectations for the Fed still need to adjust. When they do, the dollar should gain further. Last week's inflation data sparked the start of this process and the FOMC decision tomorrow will be key for the continuation of this move," Brown Brothers Harriman analysts commented.

The Bank of England will also be in focus this week, with a UK inflation reading to come on Wednesday, the eve of Threadneedle Street's interest rate decision.

Ebury analyst Matthew Ryan commented: "Data on both UK inflation and wages has surprised to the downside since the last meeting, although both remain far too high for comfort and insufficient to warrant a change in guidance. There will be no Monetary Policy Report or press conference, but the statement will likely stress that policy will remain restrictive, with rates to be kept 'under review'.

"The key for markets will be the voting pattern among committee members. We are pencilling in another unprecedented three-way split, whereby one votes for a cut, two for a hike and the rest for no change. We see a distinct possibility, however, of a dovish swing, whereby one or both of the hawks shift their allegiance in favour of the majority. With markets not fully pricing in the first rate cut until August, this could pave the way for some weakness in sterling, as investors mull a start to easing at the bank's June meeting."

According to FXStreet cited consensus, the rate of consumer price inflation in the UK is forecast to have ebbed to 3.6% in February, from 4.0% in January.

The data is released at 0700 GMT. Before the Fed decision at 1800 GMT, Wednesday's economic calendar has a eurozone consumer confidence reading at 1500 GMT.

Against the yen, the dollar was trading at JPY150.76 at the time of the European equities close, jumping from JPY149.12.

In a long-anticipated move, the Bank of Japan on Tuesday ended its negative interest rate policy.

The Japanese central bank said it judged its monetary easing policy and yield curve control programme have "fulfilled their roles". It raised its short-term policy rate to a range of 0.0% to 0.1%, from minus 0.1% previously. The move marks the BoJ's first interest rate hike in 17 years.

XTB analyst Kathleen Brooks commented: "Right now, the market thinks that it could be one and done for the BoJ, however, with such large increases in wages, the BoJ could be forced into hiking again."

In the FTSE 100, Unilever rose 3.1%, after it said it plans to spin off its ice cream business and cut 7,500 jobs as it picks up the pace of its reorganisation plans.

The owner of Marmite, Dove soaps and Domestos announced the move alongside proposals to accelerate its "growth action plan".

Unilever intends to launch a comprehensive productivity programme which it anticipated will deliver total cost savings of around EUR800 million over the next three years, more than offsetting estimated operational dis-synergies from spinning off the ice cream business.

The changes are expected to impact around 7,500 jobs, with total restructuring costs now anticipated to be around 1.2% of group turnover for the next three years, up from around 1% of turnover previously guided.

Unilever, which owns five of the top 10 selling global ice cream brands including Wall's, Magnum and Ben & Jerry's, said the separation of ice cream will assist in the implementation of the GAP.

PureTech jumped 8.1%.

The Boston, Massachusetts-based biotherapeutics company said it plans to return USD100 million to shareholders with a tender offer, starting after it publishes its annual report in April.

Crest Nicholson slumped 9.1%, after it warned it could face a GBP15 million charge after uncovering defects in some legacy projects.

The Surrey, England-based housebuilder said the issues related to four sites that were completed prior to 2019 when the group closed its regeneration and London divisions.

Crest Nicholson said these sites will require remediation over the next three years at an estimated cost of up to GBP15 million.

Sofa retailer DFS fell 6.0%. It said pretax profit fell to GBP900,000 in the 26 weeks that ended December 24 from GBP6.8 million a year before, as revenue declined by 7.2% to GBP505.1 million from GBPP544.5 million.

In response, DFS cut its interim dividend by 27% to 1.1p from 1.5p.

Looking ahead, it lowered its financial 2024 adjusted pretax profit guidance to between GBP20 million and GBP25 million, which would be down from GBP30.6 million in financial 2023.

Revenue is expected to be between GBP1.00 billion and GBP1.02 billion, which would be down from GBP1.09 billion.

"After a solid start to January, market demand has weakened significantly over the last two months," DFS said, noting order volumes are down 16% on a year before.

Brent oil was quoted at USD87.19 a barrel late in London on Tuesday, up from USD86.27 late Monday. Gold fetched at USD2,155.26 an ounce on Tuesday, lower against USD2,158.93 late Monday.

Oil majors Shell and BP, among the FTSE 100's largest constituents, rose 1.3% and 1.0%. Conversely, gold miner Fresnillo fell 3.5%.

ActivTrades analyst Ricardo Evangelista commented: "The retreat in the precious metal's value is tied to the strengthening of the US dollar. This morning, the greenback reached a multi-week peak, signalling market anticipation of a hawkish stance from the Federal Reserve, potentially bolstering the dollar's standing. As the US central bank concludes its March meeting tomorrow, traders anticipate interest rates will remain unchanged. Nevertheless, persistent inflation and the robustness of the US economy suggest that the Fed may uphold its tight monetary policy for an extended period. In this context, the dollar's risk remains skewed to the upside, limiting the potential for gold price appreciation."

Wednesday's UK corporate calendar has annual results from insurer Prudential and a trading statement from financial services firm Investec.

[master rsi] 19/3/2024 22:21

I do NOT trust her, I saw a couple days ago comments on X (Twitter ) related to this, a woman ( most likely a friend or family of hers steering up the conflict already) asking, I will be voting for "Mordaunt" if Sunar resigns....
Mordaunt "getting on with" job as UK PM Sunak prepares to face MPs

(Alliance News) - Penny Mordaunt insisted she was "getting on with my job" amid speculation she is being lined up as a replacement for UK Prime Minister Rishi Sunak.

The Commons Leader was questioned about her loyalty to the PM following reports she could replace him if Sunak faced a no confidence vote before the general election.

Chancellor Jeremy Hunt hinted the prime minister could go to the country in October, but Tory plotters may seek to oust him before then if the party's fortunes do not improve.

Sunak will face Prime Minister's Questions and then a behind-closed-doors appearance in front of the Conservative backbench 1922 Committee on Wednesday.

Mordaunt is reportedly being considered as a unity candidate who could be acceptable to both the Tory right and moderates if there is a last-ditch change in leaders before the election.

Asked if she supported the prime minister, she told reporters: "I'm getting on with my job and I recommend it."

Sunak expects to hold an election in the second half of 2024 and Hunt appeared to indicate that October was the most likely month as he gave evidence to a House of Lords committee.

Speaking about departmental funding he said: "This particular spending review has to be complete before next April, when the next financial year starts.

"And of course if the general election is in October that will mean it's very, very tight and that is why we are thinking in advance about the most important element of that spending review which is the productivity element."

Meanwhile, a former Cabinet minister suggested the Tories' current polling woes could not solely be blamed on the prime minister.

Jacob Rees-Mogg, who was a close ally of Liz Truss, said the party had to stick with Sunak until the election.

Labour has an average poll lead of around 20 points, fuelling Tory unease in a general election year.

But Rees-Mogg said: "In defence of Rishi Sunak, it is quite hard for a leader at this stage in his leadership to be significantly more popular than his party.

"The Conservative Party's popularity fell before Rishi Sunak's did, so I don't think we can hold him personally responsible."

Former defence secretary Ben Wallace has said it is "too late" to replace Sunak and Tory candidates at the election just had to "march towards the sound of the guns".

Rees-Mogg echoed that view: "In an election year you need to present to the voters a leader who can be the prime minister for the next parliament.

"We need to just get on with it, and so I think Ben Wallace's advice is wise and we should listen to it."

He told Times Radio the Tories needed to "deal with the current situation and not what might have been", adding: "I think Rishi Sunak is an honest, decent and intelligent man who is doing the job effectively.

"Times at the moment seem to be against him but things have changed before."

Cabinet minister Lucy Frazer said Sunak was "the right man to lead the country".

Asked whether Mordaunt would be a good leader, Frazer told BBC Radio 5 Live: "We've got lots of excellent talent on our benches but the prime minister, who I worked with when he was chancellor and obviously I'm in Cabinet with now, I think does an outstanding job.

"He is full of integrity.

"He has a plan which will deliver, which is already delivering, and has huge knowledge about the economy…

"So I think he's absolutely the right man to lead the country and he has shown he can deliver across the board, but importantly on that key issue, which is the economy."

[master rsi] 19/3/2024 21:53

DOW

Finished 329 points higher

[master rsi] 19/3/2024 16:47

How the UPS are performing during last month

[master rsi] 19/3/2024 16:24

How the UPS are performing today

[master rsi] 19/3/2024 16:13

Andrada Mining subsidiary inks financing deal with Bank Windhoek

(Sharecast News) - Andrada Mining announced a financing deal through subsidiary Uis Tin Mining Company (UTMC) Tuesday, with Bank Windhoek.

The AIM-traded firm said the deal amounted to NAD 175m (£7.3m).

It said the agreement, subject to certain conditions and credit approval, would replace UTMC's existing banking facilities, which were previously valued at NAD 111.3m.

The shift would make for a substantial increase in financial leverage, and also

Viljoen said the the improved working capital facility would better support the company's production increases year-on-year.

Andrada Mining were down 0.85% at 4.66p.

[master rsi] 19/3/2024 14:44

Fed Meeting Looms: Powell to Tackle Slowing Growth Amid Persistent Inflation
Following the ECB, all eyes are on the Fed's upcoming interest rate decision, and the US central bank is anticipated to hold rates steady.

Our proprietary tool now indicates a near-certainty of the Fed refraining from rate hikes in tomorrow's decision.

Powell's forthcoming remarks on interest rates will be key for investors, shaping investment strategies going forward.

In 2024, invest like the big funds from the comfort of your home with our AI-powered ProPicks stock selection tool. Learn more here>>
After the ECB's decision, the Fed is also expected to leave interest rates unchanged, barring any surprises.

The likelihood of the Fed halting rate hikes is now nearly certain in tomorrow's decision, with our proprietary tool indicating a 100% probability (up from 98% the previous week).

Fed Rate ProbabilityFed Rate Probability
Here's What to Expect From Powell
Interest Rates: The Federal Reserve is expected to maintain interest rates at the highest level in 23 years, ranging between 5.25% and 5.5%. This aims to control inflation, but investors hope for a swift rate cut. Inflation has retreated from its peak in 2022 but remains above the Fed's 2% target.
Dot Plot and Projections: Powell will present the dot plot during the press conference, illustrating interest rate projections until 2026.
Balancing Decisions: Powell must balance a gradually slowing labor market with a robust consumption trend.
Investors and analysts will closely monitor Powell's remarks to gauge the Fed's future actions and their impact on global markets.

Monetary policy decisions and rate projections will significantly influence future trading strategies and economic outlooks.

Regarding asset classes and portfolios, here's what different asset classes could indicate about what Powell might say:

US United States 2-Year Yields: A rise suggests market impatience for a prolonged period of higher rates.
EUR/USD: A more accommodative outlook and potential rate cuts could weaken the US dollar.
Small Cap Stocks: A spike in the Russell 2000 may indicate expectations of a rate cut.
However, it's important not to assume anything, as Fed rate cuts in 2024 are not guaranteed.

[master rsi] 19/3/2024 14:30

DOW

On the up with 65 points ...

Major indices delivered a positive performance on Tuesday as market participants patiently awaited the outcome of the Federal Reserve Open Markets Committee's March policy meeting.

At the close, the Dow Jones Industrial Average was up 0.83% at 39,110.76,
while the S&P 500 advanced 0.56% to 5,178.51
and the Nasdaq Composite saw out the session 0.39% firmer at 16,166.79.

The Dow closed 320.33 points higher on Tuesday, extending gains recorded in the previous session.

[master rsi] 19/3/2024 14:02

MARKET REPORT
LONDON MARKET MIDDAY: European markets flat ahead of Fed and BoE

(Alliance News) - Stock prices in London were down at midday on Tuesday, as investors sat on their hands ahead of interest rate decisions from the UK and US.

Amongst individual stocks, Unilever was boosted by cost saving plans. Oil prices also gave BP and Shell a boost.

The FTSE 100 index was down 20.42 points, 0.3%, at 7,702.13. The FTSE 250 was down 76.27 points, 0.4%, at 19,410.26, and the AIM All-Share was down 1.31 points, 0.2%, at 735.32.

The Cboe UK 100 was down 0.3% at 771.13, the Cboe UK 250 was down 0.5% at 16,824.10, and the Cboe Small Companies was up 0.2% at 14,801.63.

In European equities on Tuesday, the CAC 40 in Paris was up 0.1%, while the DAX 40 in Frankfurt was up marginally.

Stocks in New York were called lower. The Dow Jones Industrial Average was called down 0.2%, the S&P 500 index down 0.4%, and the Nasdaq Composite down 0.5%.

"European markets were flat and future prices imply a lacklustre session from the US when its markets open later on. Investors are likely to be sitting on their hands until the Fed unveils its latest interest rate decision tomorrow. A rate cut looks unlikely at this meeting so the big focus will be on economic projections and how many rate cuts we might see later in the year," AJ Bell's Russ Mould.

The US Federal Reserve will announce its interest rate decision on Wednesday. The Bank of England will follow on Thursday. Both are expected to keep interest rates unchanged.

Equities in Japan got a boost on Tuesday, after markets saw the first interest rate hike in 17 years. Japan's Nikkei 225 closed up 0.7%.

The Japanese central bank said it judged that its monetary easing policy and yield curve control programme have "fulfilled their roles". It raised its short-term policy rate to a range of 0.0% to 0.1%, from minus 0.1% previously. The move marks the BoJ's first interest rate hike in 17 years, as the central bank becomes the world's last to end negative rates.

The pound was quoted at USD1.2691 at midday on Tuesday in London, lower compared to USD1.2722 at the equities close on Monday. The euro stood at USD1.0849, down against USD1.0877.

Against the yen, the dollar was trading at JPY150.42, higher compared to JPY149.12.

In the FTSE 100, Unilever rose 3.0%, after it said it plans to spin off its ice cream business and cut 7,500 jobs as it picks up the pace of its reorganisation plans.

The owner of Marmite, Dove soaps and Domestos announced the move alongside proposals to accelerate its "growth action plan".

Unilever intends to launch a comprehensive productivity programme which it anticipated will deliver total cost savings of around EUR800 million over the next three years, more than offsetting estimated operational dis-synergies from spinning off the ice cream business.

The changes are expected to impact around 7,500 jobs, with total restructuring costs now anticipated to be around 1.2% of group turnover for the next three years, up from around 1% of turnover previously guided.

Unilever, which owns five of the top 10 selling global ice cream brands including Wall's, Magnum and Ben & Jerry's, said the separation of ice cream will assist in the implementation of the GAP.

Oil firms were also higher, on the back of higher oil prices. BP rose 0.5% and Shell edged up 0.4%.

Brent oil was quoted at USD86.79 a barrel at midday in London on Tuesday, up from USD86.27 late Monday.

In the FTSE 250, Crest Nicholson fell 8.6%, after it warned it could face a GBP15 million charge after uncovering defects in some legacy projects.

The Surrey, England-based housebuilder said the issues related to four sites that were completed prior to 2019 when the group closed its regeneration and London divisions.

Crest Nicholson said these sites will require remediation over the next three years at an estimated cost of up to GBP15 million.

Close Brothers rose 8.0%.

Close Brothers announced plans to bolster its financial position as it grapples with the uncertainties of the probe into commission payments in the UK motor finance industry.

The merchant bank said, combined with the decision to not pay any dividend payments in the current financial year, its proposals could strengthen the group's available CET1 capital by around GBP400 million by the end of 2025.

PureTech jumped 7.9%.

The Boston, Massachusetts-based biotherapeutics company said it plans to return USD100 million to shareholders with a tender offer, starting after it publishes its annual report in April.

"We are delighted to be able to purchase shares of PureTech at this valuation and to concurrently provide some liquidity to our shareholders and additional capital returns," said Chief Executive Officer Daphne Zohar. "Following this proposed tender offer, we are confident that our strong balance sheet will continue to support the development of our existing pipeline - as well as the next wave of innovative medicines.

Gold was quoted at USD2,155.06 an ounce on Tuesday at midday, lower against USD2,158.93 late Monday.

Still to come on Tuesday's economic calendar, there is US building permits data at 1230 GMT.

[master rsi] 19/3/2024 13:46

How the UPS are performing during last month

[master rsi] 19/3/2024 13:38

How the UPS are performing today

[apotheki] 19/3/2024 08:30

New LSE:EEE thread which is TROLL free

EMPIRE METALS 2024 - An Unprecedented Discovery [EEE]

[master rsi] 19/3/2024 08:28

DFS warns on profits after demand weakens 'significantly'
(Sharecast News) - DFS cut its FY24 profit and revenue guidance on Tuesday as it said market demand has weakened "significantly" over the last two months following a solid start to January.

The furniture retailer said market order volumes are down around 16% year-on-year across January and February. As a result, it now expects revenue of between £1bn and £1.02bn for the year, while pre-tax profit is expected to be between £20m and £25m. This represents a £60m to £65m reduction in revenue and a £10m reduction in pre-tax profit.

Guidance excludes the risk of Red Sea delays, which DFS said it continues to monitor closely.

The company also warned that if Red Sea issues continue through to its year end, potential delivery delays could result in up to £4m of profit being deferred into the following financial year.

In its results for the 26 weeks to 24 December 2023, DFS said revenue fell 7.2% to £505.1m, with gross sales 5.6% lower at £666.2m.

Underlying pre-tax profit was up £1.6m on the same period a year earlier at £8.7m, but reported pre-tax profit fell to £0.9m from £6.8m.

DFS hailed a "resilient" underlying performance despite weaker-than-expected market demand.

"Market demand in the period was weaker than the assumption we had used in preparing our profit guidance at the start of the year and we believe market order volumes are currently at record low levels," it said. "The group has, however, continued to increase market share whilst improving gross margins and reducing operating costs, which has enabled us to report year on year underlying profit growth."

Chief executive Tim Stacey said: "We remain confident in both our long-term growth strategy and the capability to deliver on our objectives.

"We remain well positioned to improve our profit margins without market recovery and remain confident in delivering our 8% PBT target when the market recovers."

[master rsi] 19/3/2024 08:14

FTSE

Opening lower with 2 points no direction yet

[master rsi] 18/3/2024 23:20

Tomorrow's business

Tuesday 19 March
INTERIMS

Close Brothers Group, DFS Furniture, Eagle Eye Solutions Group, Litigation Capital Management Limited (DI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Building Permits (US) (12:30)

Housing Starts (US) (12:30)

ZEW Survey (EU) - Economic Sentiment (10:00)

ZEW Survey (GER) - Current Situation (10:00)

ZEW Survey (GER) - Economic Sentiment (10:00)

GMS

Custodian Property Income Reit, ECO Animal Health Group, Scirocco Energy

FINALS

Atalaya Mining, Diversified Energy Company , Essentra, Fintel, Harworth Group, Harworth Group, M. P. Evans Group, Midwich Group, MPAC Group, Personal Group Holdings, Sabre Insurance Group, Staffline Group, The Pebble Group, Tissue Regenix Group, Trustpilot Group , Videndum , Zotefoams

ANNUAL REPORT

Atalaya Mining, IWG

AGMS

Blackrock Throgmorton Trust, Crest Nicholson Holdings, Gresham House Renewable Energy VCT 1 , Gresham House Renewable Energy VCT 2, Gresham House Renewable Energy VCT 2, Gresham House Renewable Energy VCT 2, Nuformix, Various Eateries

[master rsi] 18/3/2024 22:47

EEE 9.26p +0.66p

MACD has gone bullish

[master rsi] 18/3/2024 22:30

MARKET REPORT
LONDON MARKET CLOSE: Stocks downbeat before central bank rate storm

(Alliance News) - Stocks in London closed in the red on Monday, as tech gains in New York failed to make an impact ahead of several interest rate decisions from central banks across the world this week.

The FTSE 100 index closed down 4.87 points, 0.1%, at 7,722.55. The FTSE 250 ended down 26.38 points, 0.2%, at 19,486.53, and the AIM All-Share closed down 1.68 points, 0.2%, at 736.63.

The Cboe UK 100 ended down 0.1% at 773.55, the Cboe UK 250 closed up slightly at 16,914.28, and the Cboe Small Companies ended up 0.2% at 14,775.62.

In European equities on Monday, the CAC 40 in Paris ended down 0.2%, while the DAX 40 in Frankfurt ended up marginally.

Stocks in New York were higher at the London equities close, with the DJIA up 0.4%, the S&P 500 index up 0.9%, and the Nasdaq Composite up 1.2%.

On Wall Street, shares in Alphabet climbed 5.4% following a report Apple is in talks to build Google's Gemini artificial intelligence offering into its iPhone.

Bloomberg said the two companies are in active negotiations to let Apple license Gemini, Google's set of generative AI models, to power some new features coming to the iPhone software this year.

Shares in Apple rose 1.6%.

It is a key week on the central banking calendar, with decisions from the Reserve Bank of Australia and Bank of Japan on Tuesday, US Federal Reserve on Wednesday and the Swiss National Bank and Bank of England on Thursday.

In London, James Moberly at Goldman Sachs expects the Bank of England to hold interest rates steady in a split decision given mixed incoming data.

He noted recent communication has indicated that internal Monetary Policy Committee members are comfortable with the market pricing rate cuts this year and believe that policy would remain restrictive even if they began to lower rates.

Moberly pointed out most committee members see no immediate rush to cut and will wait for further evidence that the economy is evolving in line with its projections.

"In this context, we look for another split decision with a 7-1-1 majority voting to keep Bank Rate unchanged," he said.

"We do not expect any meaningful changes to the MPC’s policy language, with the minutes likely to reiterate that the Committee is keeping "under review" how long Bank Rate needs to remain at its current level."

On Wednesday, the US Federal Reserve is also expected to leave interest rates unchanged.

The pound was quoted at USD1.2722 at the London equities close Monday, down slightly compared to USD1.2735 at the close on Friday. The euro stood at USD1.08707 at the European equities close Monday, down against USD1.0889 at the same time on Friday.

Against the yen, the dollar was trading at JPY149.12, unchanged compared to JPY149.12 late Friday.

The Bank of Japan is expected to make a monumental shift away from its negative interest rate policy at its March meeting, according to local media.

The central bank began March's two-day monetary policy meeting on Monday and will announce its decision on Tuesday.

Citing "sources close to the matter", the Japan Times on Friday said the BoJ's policymakers have the requisite confidence that a "virtuous cycle" of wage growth and price hikes is taking place.

This follows the outcome of recent pay negotiations between Japanese employers and unions, which have seen stronger-than-expected wage hikes.

In the FTSE 100, Phoenix Group fell 4.5% after a report suggested it would set aside GBP70 million to cover the cost of reducing customer charges.

The Times said Phoenix, which manages GBP269 billion in assets, is expected to report the one-off provision when it releases its annual results on Friday.

It will cover a cut in annual pension charges across old funds, and other customer support measures, to comply with the Financial Conduct Authority’s new consumer duty rules. These will start to apply to off-sale or closed-book financial products from July 31.

Haleon fell 2.3% after Pfizer announced plans to reduce its stake to 24% from 32%.

In the FTSE 250, Currys jumped 5.4% after raising profit guidance for the current financial year after stronger-than-expected sales.

The London-based consumer electronics retailer, which spurned a recent bid approach, expects full-year adjusted pretax profit to be at least GBP115 million, ahead of previous guidance of GBP105 million to GBP115 million.

Last Monday, Elliott Advisors UK said it did not intend to make a bid for Currys after having a 67p per share proposal rejected.

On Friday, JD.Com, another potential bidder for Currys, said it would not be making a bid.

Aston Martin jumped 5.0% after Bank of America upgraded to 'buy' from 'neutral,' while a GBP57 million contract award lifted Chemring by 4.8%.

On AIM, Faron Pharmaceuticals leapt 27% after a study showed more patients responding to treatment in a new readout of the Bexmab study focused on myelodysplastic syndrome, or MDS.

Chief Executive Markku Jalkanen says: "These data are really remarkable and confirm our belief that we may finally have a treatment for this underserved patient population."

Brent oil was quoted at USD86.27 a barrel at the London equities close Monday, up from USD85.33 late Friday.

Gold was quoted at USD2,158.93 an ounce at the London equities close Monday, lower against USD2,162.90 at the close on Friday.

In Tuesday's UK corporate calendar, half-year results are due from retailer DFS Furniture and Close Brothers Group.

The economic calendar for Tuesday sees interest rate decisions overnight in Japan and Australia.

[master rsi] 18/3/2024 22:02

DOW

Finished with only 75 points higher

[master rsi] 18/3/2024 17:07

How the UPS are performing during last month

[master rsi] 18/3/2024 16:53

How the UPS are performing today

[master rsi] 18/3/2024 16:24

House prices see biggest increase in 10 months

Proactive Investors - Average asking prices for residential properties rose 1.5% in the four weeks to 9 March, according to the latest data from Rightmove.

It marks the strongest four-week increase in house prices in 10 months, even though they remain below their May 2023 peak.

According to Rightmove, the average UK asking price is now £368,118.

Rightmove noted that the average time period to find a buyer has extended to 71 days, a five-year seasonal high.

"Sellers are right to feel more confident and optimistic this year, but buyer affordability remains stretched and higher mortgage rates are an ongoing challenge," commented Tim Bannister, Rightmove's director of property science.

Mortgage rates have moved higher in recent weeks, with NatWest Group PLC (LON:NWG) joining Santander (BME:SAN) and The Co-Operative Bank in being the latest lenders to announce rate hikes.