Investment market update
This bulletin provides you with an overview of the latest market news from around the world – world markets, key headlines, stocks and market data.
UK equities are expected to open higher this morning ahead of today’s Budget statement, with any significant move likely to be curtailed by the ongoing Greek crisis.
Asian stocks fell into a correction, with the regional benchmark index falling 10% from its April peak, as Chinese shares continued to decline.
US stocks rose after the Standard & Poor’s 500 Index rebounded from a drop below its average price during the past 200 days, as speculation grew that Greece’s crisis would be contained.
UK stocks declined for a third day as investors watched developments in the Greek debt crisis and euro area leaders prepared to meet later in the day.
European leaders set a Sunday deadline for Greece to accept a rescue, saying otherwise they’ll take the unprecedented step of propelling the country out of the euro.
China’s benchmark stock index fell to a three month low on concern a raft of measures to stabilize equities is failing to stop the bear market rout as traders unwind margin bets at a record pace.
Barclays Plc Chairman John McFarlane replaced Antony Jenkins as Chief Executive Officer Antony in his first boardroom overhaul since taking over three months ago.
Chancellor of the Exchequer George Osborne will today put a Conservative stamp on Britain as he delivers the first budget by a Tory majority government in almost two decades.
Mining stocks fell after a sell-off in Chinese equities sparked a rout in commodities. Glencore Plc declined 6.9%, Rio Tinto Group fell 3.3% and BHP Billiton Ltd. lost 2.8%.
Weir Group Plc fell 5% after agreeing to buy Michigan based Delta Industrial Valves Inc. for an initial consideration of $37 million.
Rolls Royce Holdings Plc dropped 5.4% after JPMorgan Chase & Co. cut its rating on the engine maker to underweight, similar to sell.
Marks & Spencer Group Plc retreated 2.2% after the retailer reported a decline in first-quarter clothing sales.