Good morning from the WSJ City desks in London. Be the first with high-value stories. Download WSJ City for on your mobile and let us keep you in the loop from 6am. The WSJ City app. Upwardly mobile. iPhone and Android. Your friends and colleagues can sign up to this newsletter here.
MUST READS FROM WSJ CITY
An ascension of Emmanuel Macron to France’s presidency could trigger a much-anticipated event in European financial markets: Tapering of the European Central Bank’s massive stimulus programme. WSJ City
It is easiest to judge how worried investors were about something when it doesn’t happen. In the case of France, the relief evident in Monday’s market reaction showed the scale of dread that had been priced in ahead of Sunday’s election. That doesn’t mean the market was cheap, writes WSJ’s James Mackintosh in his Streetwise column. WSJ City
French luxury conglomerate LVMH said it would take full control of Christian Dior Couture, in a transaction that values the iconic fashion brand at €6 billion. WSJ City
Europe’s investment banks need a big first quarter, none more so than Credit Suisse, writes Paul J. Davies for WSJ’s Heard on the Street. Credit Suisse will be first to report among European peers on Wednesday ahead of a likely uncomfortable annual meeting on Friday. WSJ City
President Donald Trump has ordered White House aides to draft a tax plan that slashes the corporate tax rate to 15%, even if that means a loss of revenue, according to people familiar with the directive. WSJ City
Officials at Saudi Arabian Oil Co. have told their superiors there is a hitch in the plans to take the state-owned oil company public: It is likely worth at least $500 billion less than the government previously suggested. WSJ City
Pollution is helping the price of aluminium to thrive. The metal has defied the recent selloff in copper, lead and other industrial metals, in anticipation of a Chinese clampdown on pollution that is expected to lead to the closure of some aluminium smelters. WSJ City
IN THE PAPERS
The UK must settle a demand for €2 billion over its failure to tackle customs fraud before it can agree a post-Brexit deal with the EU. The Times (£)
The government is trying to discourage EU nationals from applying for UK residency to avoid a surge of applications before Brexit. FT (£)
Wall Street banks are considering establishing “pop-up” branches in European countries to deal with trading after Brexit. The Times (£)
Donald Trump is weighing a ban on laptops in aircraft cabins on flights to the US from Britain. The Times (£)
Trump said the UN Security Council must adopt new and stronger sanctions on North Korea, telling visiting UN diplomats that “it’s time to solve the problem” posed by the country’s nuclear-weapons programme. WSJ
MARKETS TODAY
European shares rose in early trading, extending a sharp rally on Monday, as investors expressed relief over the outcome of the first round of the French presidential election.
Europe’s Stoxx 600 index gained 0.1% at the open while the FTSE 100 was little changed.
“Anxiety has dissipated,” said Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research.”It was always a long shot that Marine Le Pen would win, hold a Frexit referendum, and that France would pull out of the EU and the euro. But this takes away that probability.”
Asian stocks were higher for a second day on Tuesday. In the US, the Dow jumped more than 200 points, led by bank stocks, while the Nasdaq hit a record high.
COMING UP
UK public sector finances data.
April 25, 2017 at 12:34PM
from Rebecca Byrne
No comments:
Post a Comment