What you need to know before the open
A mixed open for European markets this morning. Yesterday, the Dax and Cac managed to finish on a positive note, but the 10 per cent drop AstraZeneca shares saw kept the FTSE in negative territory.
On the data front, the Office for National Statistics will be releasing several key data at 9.30 this morning, with expectations that inflation could inch up in April.
A lower number could see a sell-off in the pound – a rise could see it move higher.
Corporate news
Marks and Spencer has reported a fall in profits for the third year in a row – although it is a better-than-expected number. In the year ended in March, the store saw a 3.9 per cent decrease in underlying pre-tax profit, to £623m.
Vodafone has announced a 40 per cent plummet in pre-tax profit, to £6.5bn, with fierce competition blighting the year.
Defence firm Cobham has announced it’s made a deal to buy US-based Aeroflex for around $1.5bn.
Healthcare specialist BTG has reported a 38 per cent leap in profit before tax to £33.3m, with revenues higher and smaller impairment charges. Edison’s called the results signs of great science teamed with great management.
And estate agent Countrywide has named Alison Platt as its new chief executive. Platt joins the group from Bupa.
Data in focus
- 9.30am: UK April inflation
- 9.30am: UK April DCLG house price index
- 9.30am: UK April producer price index
- 9.30am: UK April retail price index