Latest news with #BabcockInternational
Yahoo
3 days ago
- Business
- Yahoo
Defence and gold in favour as FTSE 100 ekes out marginal gains
The FTSE 100 eked out marginal gains on Monday as advances in defence stocks helped offset nerves surrounding renewed US-China trade tensions. The FTSE 100 index closed up 1.88 points at 8,774.26. The FTSE 250 ended up just 0.96 of a point at 21,028.97, and the AIM All-Share closed up 1.45 points, 0.2%, at 748.13. Defence stocks climbed as Prime Minister Keir Starmer said the government will increase defence spending to 2.5% of gross domestic product from April 2027 with an ambition – but no firm commitment – to increase it to 3% during the next parliament. The Prime Minister said he was '100% confident' the plans in the new strategic defence review – including extra attack submarines, £15 billion on nuclear warheads and thousands of new long-range weapons – could be delivered on current funding plans. On the FTSE 100, Babcock International rose 8.3% while on the FTSE 250, Qinetiq advanced 4.5%. In European equities on Monday, the CAC 40 in Paris fell 0.2%, while the DAX 40 in Frankfurt eased 0.3%. European equities were held back by fresh developments in tariffs and renewed fears of a trade war between the US and China. Late on Friday, US President Donald Trump doubled tariffs on imported steel and aluminium to 50%, starting this Wednesday. At the same time, tensions with China resurfaced after Beijing rejected Mr Trump's accusations of violating the Geneva truce struck earlier in May. On Monday, China's commerce ministry said it had upheld the deal. It accused Washington of introducing 'a series of discriminatory and restrictive measures' in recent weeks that undermined the Geneva consensus and harmed 'China's legitimate rights and interests'. Hani Abuagla, senior market analyst at XTB MENA, said although US Treasury Secretary Scott Bessent suggested that a call between Mr Trump and China's President Xi Jinping may take place soon, markets remain wary of further escalation. 'The lack of clear progress risks reigniting trade volatility just as investors look for greater policy clarity,' Mr Abuagla added. The latest twist in the trade war saga saw renewed falls for the dollar and gains for the euro and sterling. The pound was quoted up at 1.3546 dollars late on Monday afternoon in London, compared with 1.3476 dollars at the equities close on Friday. The euro stood higher at 1.1429 dollars against 1.1348 dollars. Against the yen, the dollar was trading lower at 142.75 yen compared with 144.23 yen. The yield on the US 10-year Treasury widened to 4.46% from 4.41% on Friday. The yield on the US 30-year Treasury stretched to 5.00% from 4.92%. In New York, the Dow Jones Industrial Average was down 0.6% at the time of the London equities close on Monday. The S&P 500 was 0.3% lower and the Nasdaq Composite fell 0.1%. Investors weighed weaker-than-expected US manufacturing data. The seasonally adjusted S&P Global US manufacturing purchasing managers' index recorded 52.0 in May, rising from 50.2 in April. However, it fell short of the 52.3 flash estimate posted late last month. Meanwhile, figures from the Institute for Supply Management showed economic activity in the manufacturing sector contracted in May for the third consecutive month. The ISM manufacturing PMI registered 48.5 in May, compared with 48.7 in April, and below the 49.5 consensus. 'Manufacturing is muddling through tariff-related disruptions for the time being rather than falling apart, but the sector remains under intense pressure, with marked increases in the prices of many goods likely in the pipeline,' said Oliver Allen at Pantheon Macroeconomics. Data in Europe showed manufacturing was also subdued. The eurozone manufacturing sector remained in contraction in May but got closer to stabilisation, survey results from S&P Global showed on Monday. The Hamburg Commercial Bank manufacturing purchasing managers' index rose to 49.4 points in May from 49.0 in April, edging closer to the 50-point no-change mark. The final score was in line with the flash reading published late last month and reflects a 33-month-high. The PMI reading indicates a further easing of the manufacturing sector slowdown, S&P Global said, with the headline index reaching its highest level since August 2022. In the UK, the manufacturing sector also stayed in contraction territory in May, amid weak global demand and turbulent market conditions. The S&P Global UK manufacturing purchasing managers' index picked up to 46.4 points in May, from 45.4 in April, though it remained below the 50-point neutral mark. The reading topped the 45.1 point flash estimate. The renewed trade angst saw the price of safe haven gold shine once more. The yellow metal jumped to 3,371.47 dollars an ounce on Monday against 3,286.33 dollars. On AIM, Eagle Eye plummeted 43%. The London-based software-as-a-service marketing solutions company said Neptune Retail Solutions has, with effect from August 2, terminated a contract worth between £9 million and £10 million in annual revenue. It explained that the contract was to provide digital promotional services to a national US grocer, and that NRS in 2023 acquired digital promotions and content provider Quotient Technology Inc. 'The board is confident that this change has no impact on the group's growth opportunities, which remain strong,' Eagle Eye said. The biggest risers on the FTSE 100 were Babcock International up 77p at 1,013p, Endeavour Mining, up 154p at 2,406p, Fresnillo, up 70p at 1,233p, Rentokil Initial up 11.6p at 363.2p, and British Airways owner IAG, up 9.2p at 335.3p. The biggest fallers on the FTSE 100 were Ashtead Group down 177p at 4,158p, WPP, down 17.2p at 582.2p, Taylor Wimpey, down 2.6p at 116.9p, JD Sports Fashion, down 1.56p at 82.5p, and Spirax Group, down 105p at 5,610p. Brent oil was higher at 64.58 dollars a barrel at the time of the London equities close on Monday, compared with 62.53 dollars on Friday. Tuesday's UK corporate calendar has full-year results from utility Pennon Group and a trading statement from tobacco retailer British American Tobacco. The economic calendar on Tuesday has eurozone CPI and unemployment figures, and US factory orders data. Contributed by Alliance News Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
4 days ago
- Business
- The Independent
Defence and gold in favour as FTSE 100 ekes out marginal gains
The FTSE 100 eked out marginal gains on Monday as advances in defence stocks helped offset nerves surrounding renewed US-China trade tensions. The FTSE 100 index closed up 1.88 points at 8,774.26. The FTSE 250 ended up just 0.96 of a point at 21,028.97, and the AIM All-Share closed up 1.45 points, 0.2%, at 748.13. Defence stocks climbed as Prime Minister Keir Starmer said the government will increase defence spending to 2.5% of gross domestic product from April 2027 with an ambition – but no firm commitment – to increase it to 3% during the next parliament. The Prime Minister said he was '100% confident' the plans in the new strategic defence review – including extra attack submarines, £15 billion on nuclear warheads and thousands of new long-range weapons – could be delivered on current funding plans. On the FTSE 100, Babcock International rose 8.3% while on the FTSE 250, Qinetiq advanced 4.5%. In European equities on Monday, the CAC 40 in Paris fell 0.2%, while the DAX 40 in Frankfurt eased 0.3%. European equities were held back by fresh developments in tariffs and renewed fears of a trade war between the US and China. Late on Friday, US President Donald Trump doubled tariffs on imported steel and aluminium to 50%, starting this Wednesday. At the same time, tensions with China resurfaced after Beijing rejected Mr Trump's accusations of violating the Geneva truce struck earlier in May. On Monday, China's commerce ministry said it had upheld the deal. It accused Washington of introducing 'a series of discriminatory and restrictive measures' in recent weeks that undermined the Geneva consensus and harmed 'China's legitimate rights and interests'. Hani Abuagla, senior market analyst at XTB MENA, said although US Treasury Secretary Scott Bessent suggested that a call between Mr Trump and China's President Xi Jinping may take place soon, markets remain wary of further escalation. 'The lack of clear progress risks reigniting trade volatility just as investors look for greater policy clarity,' Mr Abuagla added. The latest twist in the trade war saga saw renewed falls for the dollar and gains for the euro and sterling. The pound was quoted up at 1.3546 dollars late on Monday afternoon in London, compared with 1.3476 dollars at the equities close on Friday. The euro stood higher at 1.1429 dollars against 1.1348 dollars. Against the yen, the dollar was trading lower at 142.75 yen compared with 144.23 yen. The yield on the US 10-year Treasury widened to 4.46% from 4.41% on Friday. The yield on the US 30-year Treasury stretched to 5.00% from 4.92%. In New York, the Dow Jones Industrial Average was down 0.6% at the time of the London equities close on Monday. The S&P 500 was 0.3% lower and the Nasdaq Composite fell 0.1%. Investors weighed weaker-than-expected US manufacturing data. The seasonally adjusted S&P Global US manufacturing purchasing managers' index recorded 52.0 in May, rising from 50.2 in April. However, it fell short of the 52.3 flash estimate posted late last month. Meanwhile, figures from the Institute for Supply Management showed economic activity in the manufacturing sector contracted in May for the third consecutive month. The ISM manufacturing PMI registered 48.5 in May, compared with 48.7 in April, and below the 49.5 consensus. 'Manufacturing is muddling through tariff-related disruptions for the time being rather than falling apart, but the sector remains under intense pressure, with marked increases in the prices of many goods likely in the pipeline,' said Oliver Allen at Pantheon Macroeconomics. Data in Europe showed manufacturing was also subdued. The eurozone manufacturing sector remained in contraction in May but got closer to stabilisation, survey results from S&P Global showed on Monday. The Hamburg Commercial Bank manufacturing purchasing managers' index rose to 49.4 points in May from 49.0 in April, edging closer to the 50-point no-change mark. The final score was in line with the flash reading published late last month and reflects a 33-month-high. The PMI reading indicates a further easing of the manufacturing sector slowdown, S&P Global said, with the headline index reaching its highest level since August 2022. In the UK, the manufacturing sector also stayed in contraction territory in May, amid weak global demand and turbulent market conditions. The S&P Global UK manufacturing purchasing managers' index picked up to 46.4 points in May, from 45.4 in April, though it remained below the 50-point neutral mark. The reading topped the 45.1 point flash estimate. The renewed trade angst saw the price of safe haven gold shine once more. The yellow metal jumped to 3,371.47 dollars an ounce on Monday against 3,286.33 dollars. On AIM, Eagle Eye plummeted 43%. The London-based software-as-a-service marketing solutions company said Neptune Retail Solutions has, with effect from August 2, terminated a contract worth between £9 million and £10 million in annual revenue. It explained that the contract was to provide digital promotional services to a national US grocer, and that NRS in 2023 acquired digital promotions and content provider Quotient Technology Inc. 'The board is confident that this change has no impact on the group's growth opportunities, which remain strong,' Eagle Eye said. The biggest risers on the FTSE 100 were Babcock International up 77p at 1,013p, Endeavour Mining, up 154p at 2,406p, Fresnillo, up 70p at 1,233p, Rentokil Initial up 11.6p at 363.2p, and British Airways owner IAG, up 9.2p at 335.3p. The biggest fallers on the FTSE 100 were Ashtead Group down 177p at 4,158p, WPP, down 17.2p at 582.2p, Taylor Wimpey, down 2.6p at 116.9p, JD Sports Fashion, down 1.56p at 82.5p, and Spirax Group, down 105p at 5,610p. Brent oil was higher at 64.58 dollars a barrel at the time of the London equities close on Monday, compared with 62.53 dollars on Friday. Tuesday's UK corporate calendar has full-year results from utility Pennon Group and a trading statement from tobacco retailer British American Tobacco. The economic calendar on Tuesday has eurozone CPI and unemployment figures, and US factory orders data.
Bloomberg
4 days ago
- Business
- Bloomberg
Europe Defense Stocks Hit Fresh Record as UK to Ramp Up Spending
Europe's high-flying defense stocks got another boost on Monday as the UK unveiled plans to expand its submarine fleet and shore up its nuclear deterrent. Shares in Babcock International Group Plc, a defense services company that supports Britain's submarine fleet, rallied as much as 6% to an eight-year high. The UK plans to invest £15 billion ($20 billion) in its nuclear warhead program and to build as many as 12 submarines.
Yahoo
4 days ago
- Business
- Yahoo
FTSE 100 LIVE: Markets slide as China accuses US of violating trade deal
The FTSE 100 (^FTSE) and European stocks slipped on Monday as China said the US "severely violated" the terms of their recent trade truce. Chinese officials said they would take strong measures to defend the country's interests. The two countries recently agreed to a 90-day moratorium after talks in Geneva, pledging to lower the tariffs on each other's goods. The US lowered its levy on imports from 145% to 30%, while China dropped its import tariff from 125% to 10%. China said the US had "seriously undermined" the agreement. The comments come after US president Donald Trump said on Friday that China had "totally violated its agreement with us". Beijing said violations included the US blocking sales of computer chip design software to Chinese companies and warning against the use of Chinese computer chips made by companies such as Huawei. They also said the US had cancelled visas for Chinese students. London's premier index fell 0.3%, having opened higher. Defence contractor Babcock International (BAB.L) rose the most, as the UK announced plans to build up a fleet of 12 attack submarines. Germany's DAX (^GDAXI) fell slightly, while the CAC 40 (^FCHI) was 0.2% lower. The pan-European STOXX 600 (^STOXX) was down 0.1%. Last week, Europe agreed its own stay of execution in trade negotiations with the US, pushing back the implementation of a 50% import tariff to July while talks continue on a possible deal. Drug maker Indivior has announced plans to delist its shares from the London Stock Exchange (LSE), marking the latest company to abandon the UK market for the US. However, the LSE welcomes Anglo-American's platinum spin-off Valterra after becoming independent from the mining giant. Indivior's exit comes after the company moved its primary listing to the US's Nasdaq index last year. It said cancelling the secondary listing in London eliminates 'cost and complexity' and better reflects the business – with more than 80% of its revenues generated in the US. It also said liquidity on the Nasdaq now 'far outweighs' that of the LSE with a greater level of trading. The US-based pharmaceutical firm makes prescription medicines to treat opioid addiction, and has a market capitalisation of £1.2bn. 'A single primary listing on Nasdaq best reflects the profile of Indivior's business,' chairman David Wheadon said. Here's Pedro Goncalves full take on UK house prices: Views from the market: Jonathan Hopper, CEO of Garrington Property Finders, said: CEO of Yopa, Verona Frankish, said: Tony Redondo, founder at Cosmos Currency Exchange said: House price growth edged up in May, according to Nationwide. Here are the headlines from their report: Annual rate of house price growth increased marginally in May to 3.5%, compared to 3.4% in April House prices were up 0.5% month on month House prices in predominantly rural areas have risen by 23% over the last five years, compared to 18% in more urban areas The average price in May was £273,427, compared with £270,752 in April. Robert Gardner, Nationwide's chief economist, said: Asian stocks traded lower on Monday as trade tensions, again, escalate between the US and China. US stock futures edged lower Monday morning, as investors turned the page on a bullish May and eyed the month ahead with trade uncertainty lingering. S&P 500 futures (ES=F) were down 0.4%, as futures tied to the Dow Jones Industrial Average (YM=F) sank 0.5%. Contracts tied to the Nasdaq 100 (NQ=F) slipped 0.6%. The tepid start to June follows a standout May: The S&P 500 (^GSPC) rallied more than 6% in its best month since November 2023 and best May since 1990. The Nasdaq Composite (^IXIC) soared 9%, and the Dow (^DJI) notched a 4% gain. Tech stocks led the charge, as investor optimism around AI and resilient economic data fuelled risk appetite. Read more on Yahoo Finance Hello from London. Lucy Harley-McKeown here, ready to bring you the markets and business news of the day. We have a few diary items to start us off: PMI releases for the EU, UK and US Nationwide's house price index The monthly money and credit report from the Bank of England In the US, corporate results from Campbell Soup (CPB). Let's get to it. Drug maker Indivior has announced plans to delist its shares from the London Stock Exchange (LSE), marking the latest company to abandon the UK market for the US. However, the LSE welcomes Anglo-American's platinum spin-off Valterra after becoming independent from the mining giant. Indivior's exit comes after the company moved its primary listing to the US's Nasdaq index last year. It said cancelling the secondary listing in London eliminates 'cost and complexity' and better reflects the business – with more than 80% of its revenues generated in the US. It also said liquidity on the Nasdaq now 'far outweighs' that of the LSE with a greater level of trading. The US-based pharmaceutical firm makes prescription medicines to treat opioid addiction, and has a market capitalisation of £1.2bn. 'A single primary listing on Nasdaq best reflects the profile of Indivior's business,' chairman David Wheadon said. Here's Pedro Goncalves full take on UK house prices: Views from the market: Jonathan Hopper, CEO of Garrington Property Finders, said: CEO of Yopa, Verona Frankish, said: Tony Redondo, founder at Cosmos Currency Exchange said: House price growth edged up in May, according to Nationwide. Here are the headlines from their report: Annual rate of house price growth increased marginally in May to 3.5%, compared to 3.4% in April House prices were up 0.5% month on month House prices in predominantly rural areas have risen by 23% over the last five years, compared to 18% in more urban areas The average price in May was £273,427, compared with £270,752 in April. Robert Gardner, Nationwide's chief economist, said: Asian stocks traded lower on Monday as trade tensions, again, escalate between the US and China. US stock futures edged lower Monday morning, as investors turned the page on a bullish May and eyed the month ahead with trade uncertainty lingering. S&P 500 futures (ES=F) were down 0.4%, as futures tied to the Dow Jones Industrial Average (YM=F) sank 0.5%. Contracts tied to the Nasdaq 100 (NQ=F) slipped 0.6%. The tepid start to June follows a standout May: The S&P 500 (^GSPC) rallied more than 6% in its best month since November 2023 and best May since 1990. The Nasdaq Composite (^IXIC) soared 9%, and the Dow (^DJI) notched a 4% gain. Tech stocks led the charge, as investor optimism around AI and resilient economic data fuelled risk appetite. Read more on Yahoo Finance Hello from London. Lucy Harley-McKeown here, ready to bring you the markets and business news of the day. We have a few diary items to start us off: PMI releases for the EU, UK and US Nationwide's house price index The monthly money and credit report from the Bank of England In the US, corporate results from Campbell Soup (CPB). Let's get to it. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
FTSE 100 LIVE: Markets mixed as China accuses US of violating trade deal, promises to respond
The FTSE 100 (^FTSE) edged up while European stocks slipped on Monday as China said the US "severely violated" the terms of their recent trade truce. Chinese officials said they would take strong measures to defend the country's interests. The two countries recently agreed to a 90-day moratorium after talks in Geneva, pledging to lower the tariffs on each other's goods. The US lowered its levy on imports from 145% to 30%, while China dropped its import tariff from 125% to 10%. China said the US had "seriously undermined" the agreement. The comments come after US president Donald Trump said on Friday that China had "totally violated its agreement with us". Beijing said violations included the US blocking sales of computer chip design software to Chinese companies and warning against the use of Chinese computer chips made by companies such as Huawei. They also said the US had cancelled visas for Chinese students. London's premier index was up 0.2% at the opening bell in London. Defence contractor Babcock International (BAB.L) rose the most, as the UK announced plans to build up a fleet of 12 attack submarines. Germany's DAX (^GDAXI) fell slightly, while the CAC 40 (^FCHI) was 0.2% lower. The pan-European STOXX 600 (^STOXX) was down 0.1%. Last week, Europe agreed its own stay of execution in trade negotiations with the US, pushing back the implementation of a 50% import tariff to July while talks continue on a possible deal. Here's Pedro Goncalves full take on UK house prices: Views from the market: Jonathan Hopper, CEO of Garrington Property Finders, said: CEO of Yopa, Verona Frankish, said: Tony Redondo, founder at Cosmos Currency Exchange said: House price growth edged up in May, according to Nationwide. Here are the headlines from their report: Annual rate of house price growth increased marginally in May to 3.5%, compared to 3.4% in April House prices were up 0.5% month on month House prices in predominantly rural areas have risen by 23% over the last five years, compared to 18% in more urban areas The average price in May was £273,427, compared with £270,752 in April. Robert Gardner, Nationwide's chief economist, said: Asian stocks traded lower on Monday as trade tensions, again, escalate between the US and China. US stock futures edged lower Monday morning, as investors turned the page on a bullish May and eyed the month ahead with trade uncertainty lingering. S&P 500 futures (ES=F) were down 0.4%, as futures tied to the Dow Jones Industrial Average (YM=F) sank 0.5%. Contracts tied to the Nasdaq 100 (NQ=F) slipped 0.6%. The tepid start to June follows a standout May: The S&P 500 (^GSPC) rallied more than 6% in its best month since November 2023 and best May since 1990. The Nasdaq Composite (^IXIC) soared 9%, and the Dow (^DJI) notched a 4% gain. Tech stocks led the charge, as investor optimism around AI and resilient economic data fuelled risk appetite. Read more on Yahoo Finance Hello from London. Lucy Harley-McKeown here, ready to bring you the markets and business news of the day. We have a few diary items to start us off: PMI releases for the EU, UK and US Nationwide's house price index The monthly money and credit report from the Bank of England In the US, corporate results from Campbell Soup (CPB). Let's get to it. Here's Pedro Goncalves full take on UK house prices: Views from the market: Jonathan Hopper, CEO of Garrington Property Finders, said: CEO of Yopa, Verona Frankish, said: Tony Redondo, founder at Cosmos Currency Exchange said: House price growth edged up in May, according to Nationwide. Here are the headlines from their report: Annual rate of house price growth increased marginally in May to 3.5%, compared to 3.4% in April House prices were up 0.5% month on month House prices in predominantly rural areas have risen by 23% over the last five years, compared to 18% in more urban areas The average price in May was £273,427, compared with £270,752 in April. Robert Gardner, Nationwide's chief economist, said: Asian stocks traded lower on Monday as trade tensions, again, escalate between the US and China. US stock futures edged lower Monday morning, as investors turned the page on a bullish May and eyed the month ahead with trade uncertainty lingering. S&P 500 futures (ES=F) were down 0.4%, as futures tied to the Dow Jones Industrial Average (YM=F) sank 0.5%. Contracts tied to the Nasdaq 100 (NQ=F) slipped 0.6%. The tepid start to June follows a standout May: The S&P 500 (^GSPC) rallied more than 6% in its best month since November 2023 and best May since 1990. The Nasdaq Composite (^IXIC) soared 9%, and the Dow (^DJI) notched a 4% gain. Tech stocks led the charge, as investor optimism around AI and resilient economic data fuelled risk appetite. Read more on Yahoo Finance Hello from London. Lucy Harley-McKeown here, ready to bring you the markets and business news of the day. We have a few diary items to start us off: PMI releases for the EU, UK and US Nationwide's house price index The monthly money and credit report from the Bank of England In the US, corporate results from Campbell Soup (CPB). Let's get to it.
