Latest news with #ChrisBeauchamp
Zawya
a day ago
- Business
- Zawya
Sterling holds its own against stronger dollar, trade optimism lends supports
Sterling ticked higher against the dollar on Thursday, one of the few major currencies to hold its own against the greenback which regained ground after weak U.S. data dragged it lower on Wednesday. The pound was up 0.14% at $1.3574, while against the euro it was up 0.1% at 84.16 pence. Sterling remains a touch away from a more than three-year high hit on May 26, underpinned by ongoing dollar weakness with the pound up over 8% this year. Also helping is the fact the UK is the only country to have struck a trade deal with the U.S and was spared from higher U.S. steel and aluminium tariffs, though analysts question how beneficial those factors are. "The trade deal does matter," said Chris Beauchamp, chief market analyst at IG Group. "You might argue it's not a proper trade deal and that it doesn't solve all the problems, but at least it's a sign that there's a more compelling reason to hold the pound rather than be worrying about the euro," Beauchamp added. The Bank of England (BoE) will meet on June 19 to deliver its next policy decision with market bets firmly on the monetary policy committee (MPC) keeping rates steady. There had been expectations of a further 25 bps cut from the BoE at its June meeting but bets were slashed following weak economic data and a hotter-than-expected inflation read last month. On Tuesday, Bank of England Governor Andrew Bailey said he was sticking with a "gradual and careful" approach to cutting interest rates as global trade policy turmoil increasingly clouds the outlook. Reassurance came on Wednesday with a survey showing Britain's services sector returned to tepid growth last month. (Reporting by Lucy Raitano and Johann M Cherian, Editing by Ed Osmond)
Reuters
a day ago
- Business
- Reuters
Sterling holds its own against stronger dollar, trade optimism lends supports
LONDON, June 5 (Reuters) - Sterling ticked higher against the dollar on Thursday, one of the few major currencies to hold its own against the greenback which regained ground after weak U.S. data dragged it lower on Wednesday. The pound was up 0.14% at $1.3574, while against the euro it was up 0.1% at 84.16 pence. Sterling remains a touch away from a more than three-year high hit on May 26, underpinned by ongoing dollar weakness with the pound up over 8% this year. Also helping is the fact the UK is the only country to have struck a trade deal with the U.S and was spared from higher U.S. steel and aluminium tariffs, though analysts question how beneficial those factors are. "The trade deal does matter," said Chris Beauchamp, chief market analyst at IG Group. "You might argue it's not a proper trade deal and that it doesn't solve all the problems, but at least it's a sign that there's a more compelling reason to hold the pound rather than be worrying about the euro," Beauchamp added. The Bank of England (BoE) will meet on June 19 to deliver its next policy decision with market bets firmly on the monetary policy committee (MPC) keeping rates steady . There had been expectations of a further 25 bps cut from the BoE at its June meeting but bets were slashed following weak economic data and a hotter-than-expected inflation read last month. On Tuesday, Bank of England Governor Andrew Bailey said he was sticking with a "gradual and careful" approach to cutting interest rates as global trade policy turmoil increasingly clouds the outlook. Reassurance came on Wednesday with a survey showing Britain's services sector returned to tepid growth last month.
Yahoo
29-05-2025
- Business
- Yahoo
FTSE drifts into the red as Trump tariff ruling boosts Wall Street
London stocks were treading water on Thursday as Europe was broadly unmoved by a US court ruling on President Trump's tariff plans. The move by the US Court of International Trade to block reciprocal tariffs unilaterally imposed by the President was, however, welcomed on Wall Street which made further gains after the opening bell. But traders in the UK, which is expected to see its set of US tariffs largely unchanged, failed to react much to the news, with sentiment largely directed by earnings updates, including a poor reception to figures from Auto Trader. The FTSE 100 London's top index finished down by 0.11%, or 9.56 points, to close at 8,716.45. Europe's other major markets lost early gains as investors and traders digested the tariff ruling, with analysts suggesting it may ultimately have little impact. The Cac 40 ended flat for the day, while the Dax index was down 0.29%. Chris Beauchamp, chief market analyst at IG, said: 'For the FTSE 100 and other European markets, today has been a case of selling the news. 'Indices on the continent have struggled to make headway today but, given the size of the rally in recent weeks and the looming month-end, it is perhaps not surprising to see the move take a breather. 'The Trump administration is sure to appeal the decision, and will also look to employ other methods to impose tariffs, so the court decision is not a definitive resolution of the issue.' In the US, the tech-focused Nasdaq opened higher as it was also buoyed by gains from Nvidia after the chip giant's latest trading update. Meanwhile, sterling pulled back some ground against the dollar during the session. The pound was 0.11% higher at 1.348 US dollars and was down 0.5% at 1.186 euros when London's markets closed. In company news, Auto Trader was a notable faller despite revealing growing demand for used cars. The car-selling platform revealed that the UK's new car market grew 3% last year, but this was driven by sales of company or 'fleet' vehicles, while sales to consumers fell 4% year-on-year. Shares in the company dropped by 11.3% at the end of trading. FTSE 100 firm Relx slipped in value after it was knocked by US health secretary Robert F Kennedy Jr's threat to ban government scientists publishing in medical journals. The publisher of The Lancet, which was among titles mentioned directly by Mr Kennedy, saw shares slip by 1.9% as a result. Bowling alley operator Hollywood Bowl was firmly lower at the close after the recent spell of warm weather dented sales as Britons headed out into the sunshine. Shares in the business were 10.3% lower after it suffered a 'short-term' hit to its UK bowling chain between March and May, during the sunniest UK spring on record. The price of oil pulled back after initially climbing due to hopes the tariff ruling could support international energy demand. A barrel of Brent crude oil was 1.65% lower at 62.12 dollars (£46.04) as markets were closing in London. The biggest risers on the FTSE 100 were: Segro, up 27.8p to 701p; Fresnillo, up 37p to 1,171p; ConvaTec, up 8.6p to 290.4p; Glencore, up 5.85p to 277.9p; and Legal & General, up 4.2p to 246.8p. The biggest fallers on the FTSE 100 were: Auto Trader, down 101.4p to 798.6p; National Grid, down 40.5p to 1,031p; CocaCola HBC, down 94p to 3,842p; Severn Trent, down 62p to 2,660p; and Kingfisher, down 6.1p to 279.2p.
North Wales Chronicle
28-05-2025
- Business
- North Wales Chronicle
Warm weather boosts B&Q's DIY and garden sales
The firm said recent sunshine saw demand rocket across its garden and seasonal ranges, helping UK and Ireland like-for-like sales jump 5.9% higher in the three months to April 30. Sales of seasonal products alone soared by nearly a third (29.8%) across B&Q and were 21.2% higher for Screwfix. Kingfisher said seasonal products accounted for more than a fifth (21%) of all group-wide sales in its first quarter. But it added that some of the strong sales growth was likely to have been 'pulled forward' from second-quarter trading. Kingfisher's update also showed that trading challenges remain across its operations in France, where it trades as Castorama and Brico Depot, as well as Poland, with sales down by 4.9% and 0.4% respectively in reported currencies. Overall, group-wide like-for-like sales lifted 1.8% on a constant currency basis and the group said it remains on track for full-year underlying pre-tax profits of around £480 million to £540 million. Kingfisher chief executive Thierry Garnier said: 'Our UK banners performed particularly well, driven by strong seasonal sales and growth in trade and e-commerce.' But he added a note of caution despite the better-than-expected first-quarter figures. 'It is still early in the year and consumer sentiment remains mixed across our markets,' he said. Kingfisher also confirmed that it does not expect any direct hit from global trade tariff woes, as it has no US sales or operations and sources most of its products in Europe from the same country in which they are sold, while between 20% and 25% of items are also sourced from Asia. 'We therefore expect little direct impact from any potential changes in cross border tariffs, but remain watchful of any broader impact on both inflation and market demand,' it said. Despite the sales rebound, shares in Kingfisher fell 3% in morning trading on Wednesday, having risen strongly in recent weeks. Chris Beauchamp, chief market analyst at global trading and investing platform IG, said: 'It seems Britons' first impulse on seeing the sun is to start doing some DIY, if Kingfisher's results are any indication. 'Up 16% so far this year, the shares have been a haven from tariff volatility, though the update didn't offer much to extend the rally in the short term.'
Powys County Times
28-05-2025
- Business
- Powys County Times
Warm weather boosts B&Q's DIY and garden sales
B&Q owner Kingfisher has seen UK sales bounce back thanks to a warm weather boost for the DIY chain. The firm said recent sunshine saw demand rocket across its garden and seasonal ranges, helping UK and Ireland like-for-like sales jump 5.9% higher in the three months to April 30. Sales of seasonal products alone soared by nearly a third (29.8%) across B&Q and were 21.2% higher for Screwfix. Kingfisher said seasonal products accounted for more than a fifth (21%) of all group-wide sales in its first quarter. But it added that some of the strong sales growth was likely to have been 'pulled forward' from second-quarter trading. Kingfisher's update also showed that trading challenges remain across its operations in France, where it trades as Castorama and Brico Depot, as well as Poland, with sales down by 4.9% and 0.4% respectively in reported currencies. Overall, group-wide like-for-like sales lifted 1.8% on a constant currency basis and the group said it remains on track for full-year underlying pre-tax profits of around £480 million to £540 million. Kingfisher chief executive Thierry Garnier said: 'Our UK banners performed particularly well, driven by strong seasonal sales and growth in trade and e-commerce.' But he added a note of caution despite the better-than-expected first-quarter figures. 'It is still early in the year and consumer sentiment remains mixed across our markets,' he said. Kingfisher also confirmed that it does not expect any direct hit from global trade tariff woes, as it has no US sales or operations and sources most of its products in Europe from the same country in which they are sold, while between 20% and 25% of items are also sourced from Asia. 'We therefore expect little direct impact from any potential changes in cross border tariffs, but remain watchful of any broader impact on both inflation and market demand,' it said. Despite the sales rebound, shares in Kingfisher fell 3% in morning trading on Wednesday, having risen strongly in recent weeks. Chris Beauchamp, chief market analyst at global trading and investing platform IG, said: 'It seems Britons' first impulse on seeing the sun is to start doing some DIY, if Kingfisher's results are any indication. 'Up 16% so far this year, the shares have been a haven from tariff volatility, though the update didn't offer much to extend the rally in the short term.'
