14 April

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AstraZeneca, mining stocks pull FTSE 100 higher; Tesco caps gains By Reuters

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By Devik Jain (Reuters) -London's FTSE 100 edged higher in choppy trading on Wednesday, helped by gains in heavyweight mining stocks and shares of AstraZeneca (NASDAQ:AZN), while Tesco (LON:TSCO) slipped to the bottom of the index after reporting a 20% drop in full-year pretax profit. The blue-chip index rose 0.2%, with commodity trader Glencore (LON:GLEN) Plc adding 2.6% after Goldman Sachs (NYSE:GS) upgraded the stock to "buy" from "neutral". Other miners also gained as they tracked higher metal prices, while a stronger pound weighed on large dollar-earning companies. [MET/L] (GBP=) Drugmaker AstraZeneca...

14 April

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A $9 million boss? UniCredit investors to decide how much Orcel is worth By Reuters

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By Valentina Za, Maria Pia Quaglia and Simon Jessop MILAN (Reuters) -Investors are due to approve Andrea Orcel's appointment as chief executive of UniCredit on Thursday, but the issue that scuppered his first attempt to run a major bank is overshadowing his second: pay. Orcel, 57, will join UniCredit just over two years after Spanish bank Santander (MC:SAN) withdrew an offer to make him its CEO after a disagreement over his pay package that ignited a 112 million euro ($134 million) legal dispute. Though only a fraction of the $30 million-plus bonuses Orcel got as a...

14 April

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Europeans want digital euro to be private, safe and cheap: ECB survey By Reuters

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FRANKFURT (Reuters) - Euro zone citizens expect the European Central Bank’s proposed digital euro to be private, safe and cheap, an ECB survey showed on Wednesday. “What the respondents want most from a digital euro is privacy (43%), security (18%), usability across the euro area (11%), the absence of additional costs (9%) and offline use (8%),” the ECB said in a report presenting the results of its consultation. The ECB is working on creating an electronic form of cash to complement banknotes and coin but a digital euro is unlikely to be a reality for...

14 April

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Hong Kong university’s guidelines on security law stoke fears over freedoms By Reuters

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By Pak Yiu HONG KONG (Reuters) - Hong Kong's most prestigious university has recommended that a group be set up to "protect academic freedom ...

14 April

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Germany’s CPI, Aroundtown to buy Globalworth in $1.88 billion real estate deal By Reuters

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(Reuters) - Germany's CPI Property Group and Aroundtown SA on Wednesday offered to buy London-listed Globalworth Real Estate Investments in a deal valued at about 1.57 billion euros ($1.88 billion). Shareholders in Globalworth, which mainly operates in the office sector in Poland and Romania, will be entitled to get 7 euros per share in cash, CPI said. The German consortium said it currently holds about 51.5% of Guernsey-incorporated Globalworth. The offer represents a premium of nearly 20% to Globalworth's last close. Office real estate has taken a hit during the COVID-19 pandemic as restrictions forced people...

14 April

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LVMH shares hit record high after strong sales figures By Reuters

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PARIS (Reuters) - LVMH (PA:LVMH)'s shares rose to record highs on Wednesday after the world's biggest luxury goods company posted sales figures that showed it had bounced back far more quickly than expected in early 2021. LVMH shares were up by 2.7% in early session trading, hitting new record levels, and also lifting up the shares of rival luxury goods companies such as Kering (PA:PRTP) and Hermes. Late on Tuesday, LVMH posted first-quarter revenues that even exceeded 2019 levels, before the pandemic. Its like-for-like sales, which strip out the effect of currency changes and...

14 April

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SAP, LVMH earnings nudge European stocks higher By Reuters

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(Reuters) - European stocks inched up on Wednesday, as upbeat earnings from German software firm SAP and French luxury goods maker LVMH (PA:LVMH) offset concerns about a potential setback to the continent's COVID-19 vaccination programme. The pan-European STOXX 600 index rose 0.1% by 0707 GMT, with technology and personal & household goods sectors among the top gainers. SAP rose 2.6% after it nudged its outlook for 2021 revenue higher after reporting first-quarter results that showed gains in cloud sales. LVMH gained 2.5% after sales bounced back far more quickly than expected in early 2021 as...

14 April

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China Pulls Support From Struggling Local Builders to Cut Risk By Bloomberg

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(Bloomberg) -- Chinese authorities want failing local government financing vehicles to restructure or go bust if they can’t repay their debts, suggesting the state-linked sector is closer to seeing its first defaults on publicly traded bonds. The LGFVs should “implement bankruptcy proceedings or liquidation in accordance with the law if they lose their ability to pay,” according to a statement by the State Council -- or China’s cabinet -- posted on Tuesday. Local governments should not rely on LGFVs to finance their activities, the statement said, and LGFVs are banned from accepting documents offering guarantees...

14 April

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RBNZ Sees Need for Prolonged Stimulus Amid Uncertainty By Bloomberg

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(Bloomberg) -- New Zealand’s central bank signaled it is in no rush to remove monetary stimulus, saying the outlook remains uncertain as the economy gradually recovers from the Covid-19 pandemic. The Reserve Bank’s monetary policy committee on Wednesday maintained its current stimulatory settings, holding the official cash rate at 0.25% and the Large Scale Asset Purchase program at NZ$100 billion ($71 billion). It reiterated it is prepared to lower the cash rate further if required. “The committee agreed that, in line with its least regrets framework, it would not remove monetary stimulus until it had confidence...

14 April

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World stocks hit record high as bond yields ease with inflation fears By Reuters

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By Kevin Buckland and Herbert Lash TOKYO (Reuters) - Global equity markets rose to a fresh record high on Wednesday as bond yields eased after data showed U.S. inflation was not rising wildly. Most Asia-Pacific share indexes followed Wall Street higher, with Hong Kong's Hang Seng leading gains in the region, while benchmark U.S. Treasury yields continued their decline, marking a fresh three-week low. Japan bucked the trend, with the Nikkei falling 0.4% as rising coronavirus cases raised doubts about an economic reopening with 100 days to go until Tokyo is scheduled to host the Olympics....

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News

AstraZeneca, mining stocks pull FTSE 100 higher; Tesco caps gains By Reuters

A $9 million boss? UniCredit investors to decide how much Orcel is worth By Reuters

Europeans want digital euro to be private, safe and cheap: ECB survey By Reuters

Hong Kong university’s guidelines on security law stoke fears over freedoms By Reuters

Germany’s CPI, Aroundtown to buy Globalworth in $1.88 billion real estate deal By Reuters

LVMH shares hit record high after strong sales figures By Reuters

SAP, LVMH earnings nudge European stocks higher By Reuters

China Pulls Support From Struggling Local Builders to Cut Risk By Bloomberg

RBNZ Sees Need for Prolonged Stimulus Amid Uncertainty By Bloomberg

World stocks hit record high as bond yields ease with inflation fears By Reuters

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