Latest news with #Qinetiq
Yahoo
7 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
7 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.
Mint
22-05-2025
- Business
- Mint
Qinetiq Sees Pivot to NATO Allies to Boost UK Defense Company
Qinetiq Group Plc, the UK defense technology company, plans to pivot more to NATO allies to boost business as governments ramp up spending to defend the alliance's Eastern flank. Countries such as Spain, Italy and Germany are increasingly using the company's test and training services in the UK, and there is rising demand for border surveillance in Poland and other Eastern European countries, Chief Executive Officer Steve Wadey said in a telephone interview. There is potential for more bilateral and multilateral agreements with NATO countries, he said. 'We're really looking to leverage our strong base in the UK towards not just the AUKUS nations, which is continuing, but also pivoting more into the NATO related allies,' Wadey said, referring to the security partnership between Australia, the UK and the US. Qinetiq currently generates more than 90% of revenue from the UK, US and Australia. While the European business only accounts for about 3%, 'growth rates on it could be high,' even if the overall impact on the group remains limited, he said. The importance of the UK business was illustrated on Thursday by Qinetiq's announcement that the UK's Ministry of Defence extended its long-term partnering agreement by five years, which is worth £1.54 billion. The contract to provide experimentation, test, evaluation and training support to the MOD will sustain 1,200 jobs at 16 sites across England, Scotland and Wales, it said. That deal increased total order backlog to about £5 billion. Qinetiq provides products and services for air, land and sea including cyber security, military training, testing and unmanned and robotic systems, according to its website. European governments have pledged hundreds of billions in spending to strengthen the region's military capabilities since Russia's 2022 invasion of Ukraine, as well as intensified US demands under President Donald Trump that NATO allies increase spending. This week, as part of a broader agreement between the European Union and UK to reset relations, a defense and security pact committed to 'swiftly explore' British access to the EU's new €150 billion defense fund. 'I think it's positive,' Wadey said. The company in March lowered its outlook, citing contract delays from UK and US intelligence and geopolitical uncertainty, sending the shares down a record amount. The company today announced a decline in full-year earnings and restructuring plan focused on the US, even while announcing record order intake and revenue that matched analysts expectations. The stock is up about 10% this year, lagging the 43% advance in the STOXX Europe Total Market Aerospace & Defense index. The shares gained as much as 7.5% on Thursday. There hasn't been any takeover interest in the company, Wadey said, when asked about the stock's relative underperformance. This article was generated from an automated news agency feed without modifications to text.
Bloomberg
22-05-2025
- Business
- Bloomberg
Qinetiq Sees Pivot to NATO Allies to Boost UK Defense Company
Qinetiq Group Plc, the UK defense technology company, plans to pivot more to NATO allies to boost business as governments ramp up spending to defend the alliance's Eastern flank. Countries such as Spain, Italy and Germany are increasingly using the company's test and training services in the UK, and there is rising demand for border surveillance in Poland and other Eastern European countries, Chief Executive Officer Steve Wadey said in a telephone interview. There is potential for more bilateral and multilateral agreements with NATO countries, he said.
Axios
09-04-2025
- Business
- Axios
Army inks potential $4.2 billion deal for intel-gathering blimps
The future, chock-full of super-stealth warplanes, blinding-fast missiles and network-crippling hacks, will also feature aerostats — specialty blimps, for the uninitiated. Why it matters: For all the hoopla bleeding-edge technologies generate, it can be the simplest tools that prove most effective and long-standing. Plus, the juxtaposition is absolutely wild. Driving the news: The U.S. Army could spend as much as $4.2 billion over the next 10 years to sustain and upgrade its aerostat arsenal, according to a contract announced April 3. Ten companies, including Leidos, Qinetiq and TCOM, will compete for work overseen by the service's intelligence, electronic warfare and sensors shop, PEO IEW&S. Foreign military sales could also happen across European and Central commands. Poland last year announced a $1 billion arrangement. How it works: The Army has long deployed and experimented with aerostats and lighter-than-air systems; they contribute to communications relay, jamming, shot-spotting and more. One example, the Joint Land Attack Cruise Missile Defense Elevated Netted Sensor System, made headlines a decade ago when it broke free of its mooring in Maryland and floated into Pennsylvania. "Balloons are one of the very first intelligence, surveillance and reconnaissance capabilities used in air warfare," Brandon Pollachek, a PEO IEW&S spokesperson, told Axios. Today's aerostats "provide an essential and persistent 24/7 eye in the sky," he said. They're also "extremely cost-effective." (A Qinetiq spokesperson made the same point when asked about the contract.) My thought bubble: These beacons of U.S. presence in the Middle East are being modernized with China and Russia in mind — like all things Pentagon. The bottom line: "The United States of America needs to get over our JLENS problem, and we need to do it fast. There's just too much utility to these kind of platforms," Tom Karako, an expert at the Center for Strategic and International Studies, said in an interview.
