Investment market update
UK stocks are expected to open lower following mixed signals from overseas markets overnight.
Asian stocks declined for a second day, led by the Nikkei 225 which dropped 2.3% as the dollar fell to a two-week low against the yen following Japanese Prime Minister Shinzo Abe’s official announcement of a widely expected delay in a sales tax increase next year.
US stocks were little changed, as stronger American factory data contrasted evidence of sluggish global growth while investors braced for the possibility of higher interest rates by this summer.
UK stocks dropped for a second day, moving further away from the one-month high reached at the end of last week. J Sainsbury Plc declined 4.3% as the grocer’s market share fell the most in more than a year.
Saudi Arabia is ready to consider a surprise deal with fellow OPEC members as ministers prepare to meet in Vienna on Thursday, the organization’s largest oil exporter was discussing ideas including restoring a production target scrapped in December.
Increasingly large TV deals are helping English Premier League clubs to enter ‘a new era of sustained financial performance’, according to Deloitte. It says the current TV deals saw Premier League clubs generate £3.3bn record revenues in 2014-15, up by 3%.With more lucrative TV deals from 2016, Deloitte says clubs are looking at a minimum of three more years of big growth.
Uber Technologies Inc. said it received its biggest investment to date, raising $3.5 billion from the Public Investment Fund of Saudi Arabia. The investment valued Uber at $62.5 billion, the same amount as its previous valuation, the company said. Yasir Al Rumayyan, the managing director of Saudi Arabia’s sovereign wealth fund, will take a board seat.