Friday 16 May 2014 2:42 am

What you need to know before the open

A mixed open’s expected for European markets today: economic data aren’t expected to push things higher, and worries over how strong the US economic recovery actually is are adding to a lack of investor confidence. Yesterday, the S&P 500 posted its biggest one-day fall in a month.

The bond surge seems to suggest that, despite the recent gains in equity markets, the rally could be built on shaky foundations.

Over in Asia, Japanese stocks took a knock as the yen rose against the dollar, with a second day of losses on Wall Street pulling down other Asian stocks.

Corporate news

Ofgem has announced that, following its mis-selling probe, energy firm E.On will pay out £12m to its most vulnerable customers, for a catalogue of errors and poor sales practices.

Bovis Homes says it ramped production up 80 per cent in the first four months of this year, aware of the “importance of its positive contribution to the government's ambition to increase new homes production.”

Car sales in Europe rose 4.6 per cent in April, with five of the EU’s six biggest manufacturers all seeing gains. General Motors was the only one not to.

Petrofac says it’s been awarded a $970m, 36-month long development contract with Goupement Reggane, a partnership between several global gas companies.

And Coke bottler Coca-Cola Hellenic has said that, despite a challenging quarter, with net sales revenues falling seven per cent to €1.3bn, its outlook for the year remains the same.

Data in focus