1212: US Treasury Secretary Steve Mnuchin will reportedly appear later in the day on Bloomberg TV, so careful for any remarks that might move the US dollar.
Britain’s decision to leave the European Union has sparked a dramatic fall in the number of French, Dutch and Belgian businesses registering in the UK, in a further illustration of Brexit’s impact on the UK economy. Figures from Companies House show that French companies registered 48% fewer businesses in the UK in 2016-17 than the previous financial year while companies in Belgium registered 38% fewer. Companies in the Netherlands, which is probably the worst affected by Brexit of Britain’s trading partners, registered 52% fewer companies last year than in 2015-16.
1641: The FTSE 100 ends down on the day at 7,778. 79 but 54. 54 points higher over the week.
A smaller proportion of UK workers are low paid than at any time since the early 1980s, due to above-inflation increases in the government’s national living wage. A report by the Resolution Foundation thinktank said the share of employees who were officially classified as low paid – earning less than around £8. 50 an hour – had fallen to 18%, the lowest since 1982. – Guardian.
1704: Not often we have volcano news, but reports from Hawaii say the Kilauea volcano has erupted from its summit, sending a dusty plume of ash about 30,000 feet into the sky.
Britain will tell Brussels it is prepared to stay tied to the customs union beyond 2021 as ministers remain deadlocked over a future deal with the EU. The Prime Minister's Brexit war Cabinet earlier this week agreed on a new "backstop" as a last resort to avoid a hard Irish border, having rejected earlier proposals from the European Union. - Telegraph.
1600: Shares of Smurfit Kappa are down after US rival International Paper says it will not go "hostile" in its attempts to take over the company.
Carillion collapsed as a result of “recklessness, hubris and greed” among directors who put their own financial rewards ahead of all other concerns, according to an excoriating report into the firm’s demise that spreads the blame between board members, the government, accountants and regulators. The company, which managed huge construction projects and provided government services ranging from school meals to prison maintenance and NHS cleaning, slumped into insolvency in January.
1635: Close Taylor Wimpey provided the biggest boost to the Footsie on Tuesday after unveiling plans to hike its dividend payout.
Officials charged with managing the taxpayer’s stake in Royal Bank of Scotland have begun contacting City brokers to gauge interest in a potential share sale, only days after the lender agreed a provisional deal with American prosecutors over the sale of toxic mortgage-backed bonds. UK Government Investments began calling investment banks last week after RBS announced a $4. 9 billion settlement on Thursday that cleared what is widely regarded in the City to have been the last hurdle to the state restarting the sale of its 71 per cent holding.
1630:Close Shares of bookmakers fared best after the US Supreme Court handed down a ruling allowing New Jersey and other states to legalise sports bets.
Shoppers are deserting the high street in greater numbers than during the depths of the recession in 2009, creating a brutal climate that is putting thousands more retail jobs at risk. The coming days will be crucial to the future of a handful of household names, including Mothercare and Carpetright, which are trying to persuade investors to make vital cash injections so they can jettison unwanted stores. There is also the spectre of job losses at Poundworld, the struggling discount chain, which is being cut adrift by its American owners.
Britain's biggest developers could be told to hand over chunks of their building sites to smaller firms as part of a package of measures being considered to help solve the country's housing crisis. A government-appointed panel is understood to have found that the construction of homes is being slowed down as a result of a high proportion of planning permissions being granted for large sites owned by single developers. - Sunday Telegraph.
1226: The FTSE 100 is being held down by a stronger pound, down very slightly just past midday. Mike van Dulken, head of research at Accendo Markets, notes that the pound is helping miners while healthcare is under pressure ahead of a President Trump speech on the matter.
Hundreds of companies are being pursued by Britain’s equality watchdog after failing to file gender pay gap data on time. This year, for the first time, all companies and public bodies with more than 250 employees were legally obliged to publish the gap between the average amount paid to a man in their business compared with the average for a woman. The data compares men in all roles with women in all roles, rather than those in similar jobs, in a bid to highlight the prevalence of men in high-paid and management roles and to encourage companies to make changes.
1655:Close UK economy will pick back-up, not "rocket back up", driven by exporters and investment, Carney tells the BBC.
A cut to the maximum stake on addictive betting machines to £2 has been delayed after a senior minister led a cabinet revolt against the plans. The Department for Culture, Media and Sport planned to announce the reduction today after winning over sceptics in the Treasury but a source close to the cabinet says Esther McVey, the work and pensions secretary, has strongly objected to the plan. - The Times.
1550: Front month Brent crude oil futures are rising 2. 729% to $76. 95 a barrel on the NYMEX, helped by the latest US DoE data showing a 2. 2m barrel drop in oil inventories for over the latest week. Domestic US oil ouput was higher again last week, according to the DoE, rising by 84,000 barrels a day to 10. 703m b/d.
Britain’s retailers suffered the sharpest drop in business in more than two decades last month as bad weather, the squeeze on household budgets and the timing of Easter led to a hefty cut in consumer spending. In the latest evidence of the slowdown in the economy since the turn of the year, the latest health check from the British Retail Consortium (BRC) and KPMG found that sales were down by 3. 1% in April, the biggest decline since the survey was launched in 1995.
1706: FTSE 100 telecoms giant Vodafone is nearing a deal to acquire German and eastern European assets from Virgin Media owner Liberty Global in a near-£16bn deal, the FT is reporting.