What you need to know before the open
A higher open for European markets is expected this morning, following the S&P 500 posting its best winning streak so far this year.
With markets over here closed yesterday, it finished higher for the fifth day in a row.
Investor focus will likely be on the latest earnings reports from companies both sides of the Atlantic, with the Ukraine crisis remaining quiet for the time being.
Both Apple and Facebook are reporting this week, and on the data front, we’ve got the latest purchasing managers’ indices readings for France and Germany.
Meanwhile, the pound is nearly at a five-year high against the dollar.
Corporate news
Drugs firms Novartis and GlaxoSmithKline have announced a $16bn deal which’ll see the former buy the latter’s oncology unit. The move is part of a set of transactions for both companies.
UK high street store The Card Factory has announced plans to float on London’s stock exchange, aiming to raise around £90m to cut down debt. It’s also said Geoff Cooper, former Travis Perkins chief executive, will be appointed non-executive chairman ahead of the initial public offering.
UK defence firm Qinetiq has said it’s selling its US services division for £215m.
And Colt, the technology and telecoms group, has issued a full-year profit warning, with earnings before interest, tax, depreciation and amortisations falling eight per cent because of pricing pressures.
Data in focus
- 10.00am: EU Feb construction output
- 2.00pm: US Feb house price index
- 3.00pm: EU April consumer confidence
- 3.00pm: US March existing home sales
- 4.45pm: US Fed Bernanke’s speech