City IPOs: One falls down, four rise to take its place May 22, 2014 Investors keen to be involved in the IPO of clothing chain Fat Face were disappointed last night by news that its float was to be pulled. A regulatory filing submitted this morning shows that "despite a strong level of interaction with and interest from institutional investors, the company and its majority shareholder have decided to [...]
Consumer recovery heating up May 21, 2014 Retail sales jump by 6.9 per cent in April – the fastest year-on-year growth in a decade Mortgage lending rises by 36 per cent as Britons say they feel more secure in their jobs But policymakers at the Bank of England still voted unanimously to keep interest rates low INTEREST rates are not expected to go [...]
Britain’s angry voters are about to trigger a political earthquake May 21, 2014 VOTERS are very, very angry, as the political establishment is about to find out at its great cost. If the opinion polls are to be believed, Ukip will do remarkably well and could even triumph in today’s European elections, and the Greens will also outperform. It will be a political earthquake and the day that [...]
What the other papers say this morning – 22 May 2014 May 21, 2014 FINANCIAL TIMES Monte dei Paschi to give state €4bn Shareholders of Monte dei Paschi di Siena, Italy’s third-largest bank by assets, have given the go ahead to a €5bn (£4.05bn) capital raising in a step that effectively lifts the threat of nationalisation from the bank. In a turbulent meeting, Monte Paschi shareholders voted overwhelmingly to [...]
Burberry’s new boss plans to unlock Japan May 21, 2014 BURBERRY’S new chief executive Christopher Bailey set out ambitious plans yesterday to grow its business in Japan as the luxury retailer reported an eight per cent jump in profits. Over the last five years, Burberry has been building its retail operations in Japan and buying stores as it prepares to take back control of third [...]
Best of the Brokers for 22 May 2014 May 21, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com MORRISONS Deutsche Bank has cut the supermarket to a “sell” rating and lowered its target from 200p to 190p, following the stock’s rally in recent weeks. The broker expects no improvement for now in Morrisons’ dwindling like-for-like sales and does not expect imminent takeover [...]
Letters to the Editor – 22/05 – The UK and Europe, Best of Twitter May 21, 2014 The UK and Europe [Re: Voters in the UK and Europe are in the mood for change, yesterday] I don’t understand Stephan Shakespeare’s conclusion that Euro voters are “united by a desire to stay in Europe”. That is not what his graphs say. On reform, UK, Germany, France and Sweden pass 70 per cent recognising need for significant [...]
What does the Japanese luxury market hold for Burberry? May 21, 2014 Burberry has set its sights firmly on Japan, announcing plans this morning to quadruple sales in the world’s second biggest luxury market by 2017 as its licenses with local partners come to an end. With those ambitions in mind – and with continued concerns over emerging market growth – how has the Japanese luxury [...]
What you need to know before the US open May 21, 2014 US markets are expected higher today, as investors await the most recent Fed minutes and a speech from chair Janet Yellen. European bourses have edged up ahead of the release, too. On the data front, mortgage applications increased 0.9 per cent last week, boosted predominantly by people waiting to refinance existing mortgages, rather than take [...]
Retail sales rebound to fastest growth in a decade on strong Easter shopping May 21, 2014 Retail sales growth has shot up on the back of strong Easter trading. According to official estimates, retail sales were 6.9 per cent higher in the year to April, up from last's month reading of 4.2 per cent growth. That's the strongest growth in sales seen since almost 10 years ago, in May 2004. Consensus [...]