Good morning from the WSJ City desks in London. WSJ City is the app that delivers fast, smart news on mobile for London. Download for iPhone or Android. Here’s essential reading on today’s developments.
MUST READS FROM WSJ CITY
Twenty-two people have been killed and 59 have been injured following a blast at the Manchester Arena that police are treating as a “terrorist incident.” Greater Manchester Police said they believe the attacker was carrying an improvised explosive device and died in the attack, and that children are among the dead following the explosion just after pop singer Ariana Grande was closing a show. The Metropolitan Police said in a tweet that extra officers will be deployed across London on Tuesday. WSJ City
In the hours after the suspected terrorist attack in Manchester, Twitter became a bulletin board for others to offer help. Taxis gave free rides to those trapped in the city centre, local residents opened their homes to stranded people, and a hotel acted as a staging post for teenagers whose parents had planned to pick them up outside Manchester Arena. WSJ City
OPEC is likely to extend and perhaps even deepen its production cuts on Thursday for one main reason: It has failed to drain superhigh levels of oil in storage enough to raise prices significantly. WSJ City
The S&P 500 is off to its best start in four years. That doesn’t mean it will end that way. As of May 18, the S&P 500 had gained 5.7% for the year. In the past decade, two other years have better returns for the S&P over the same time period. Both ended the year on very different notes. WSJ City
Hedge funds, private equity firms and other large investors remain “optimistic” about the UK’s departure from the European Union with a majority planning to hold on to their UK assets over the next six months. Almost two thirds of institutional investors intend to maintain their positions in UK equities and bonds, according to State Street’s ‘Brexometer’ sentiment survey for the second quarter. WSJ City
President Donald Trump on Tuesday will propose a plan he says will balance the federal budget in a decade on the strength of substantially faster economic growth and cuts to taxes and government safety-net programmes. WSJ City
The global “WannaCry” ransomware attack that peaked last week, and has affected at least 200,000 computers in 150 countries, as well as the growing threat of Adylkuzz, another new piece of malware, illustrate a basic problem that will only become more pressing as ever more of our systems become connected: The internet wasn’t designed with security in mind, and dealing with that reality isn’t cheap or easy. WSJ City
IN THE PAPERS
Security has been stepped up on Britain’s railways after the suspected terror attack in Manchester. Armed and unarmed police will patrol major stations and trains across the country today to reassure the public. There is no intelligence to suggest another attack is likely. The Times (£)
Theresa May has defended her decision to reverse policy on social care as the prime minister comes under attack for weak leadership. FT (£)
Brussels has set a July deadline for bids for two London-based EU agencies—medicines and banking bodies—ahead of an October vote on their future homes in the wake of Brexit. FT (£)
Eurozone finance ministers, the IMF and the Greek government failed to hammer out a final deal on Greece’s debt relief and decided to postpone a decision for their next meeting in mid-June. WSJ
Fred Goodwin is unlikely to face a court hearing after the Royal Bank of Scotland agreed to double its settlement offer with shareholders. The Times (£)
MARKETS TODAY
Sterling edged lower on Tuesday but shares remained steady after a suspected terror attack at a concert in Manchester left 22 dead and dozens injured.
The pound was down 0.3% against the US dollar, FTSE 100 was little changed at the open while the Stoxx Europe 600 was down 0.2%. A rally in technology and industrial shares lifted US stocks on Monday, with the S&P 500 notching a third consecutive session of gains.
Meanwhile, oil prices were weaker after hitting their highest level in a month in New York. Brent was trading down 0.5% at $53.62 a barrel with this week’s OPEC meeting in view.
May 23, 2017 at 12:51PM
from Philip Georgiadis
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