FTSE 100 Live: US GDP much lower than expected; FTSE closes at 7832; US shares up
FTSE closes at 7831.58 after late fall
A fall late within the day meant the FTSE 100 closed down 0.3% at 7831.58.
The index had been rooughly flat for many of the day, however dipped throughout the final hour of buying and selling.
Legal & General was the day’s greatest faller, shedding 6.9%, whereas Barclays was the most important riser on a day the place it revealed its outcomes.
The FTSE is now down extra than 1% over the past three days.
Vodafone hires interim boss to full-time high job
Mobile cellphone large Vodafone has appointed interim boss Margherita Della Valle as everlasting chief government, ending practically 5 months of uncertainty excessive position.
The group stated Ms Della Valle – the agency’s former chief monetary officer – had been employed after a “rigorous internal and external search”.
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Big begin for US shares as GDP figures result in charge peak hopes
US shares are off to a powerful begin at the moment, following the nation’s GDP figures being revealed earlier at the moment.
The S&P 500 is up 1%, whereas the Dow Jones is up 0.7%. The notably rate-sensitive Nasdaq, in the meantime, rose by 1.5%.
The GDP launch earlier at the moment led to a decline in peak rate of interest expectations.
Paddy Power proprietor says it may lose £100 million a yr on new playing reforms
Paddy Power and Sky Bet proprietor Flutter stated the playing reforms proposed in a Government white paper at the moment will value it up to £100 million a yr.
The betting large stated it had already taken steps that had been just like most of the proposals, comparable to a £10 cap on stakes for on-line slot machines – the place the Government is proposing a cap someplace between £2 and £15 – and performing checks on higher-spending punters.
Those adjustments, it stated,, value it round £150 million in income yearly.
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US shares rise as charge hike fears ease
US shares rose at the moment, as weaker-than-expected GDP figures signalled the Federal Reserve’s rate of interest hikes are having an impact.
The Dow Jones is ready to open up 0.4%, in accordance with futures markets, whereas the S&P 500 is ready to realize 0.6%. The Nasdaq Composite, representing a number of the most rate-sensitive shares, is projected to rise by 1.1%.
After reporting better-than-expected outcomes final evening, Facebook proprietor Meta is predicted to rise by 11.6% to $209.40.
US GDP progress slower than anticipated
US GDP grew by 1.1% within the first quarter of the yr, in accordance with preliminary estimates – considerably much less than the anticipated 2% and the prior quarter’s 2.6%.
Motor autos and components had been the most important contributor to GDP progress amongst items, whereas well being care and meals providers and lodging led the way in which amongst providers.
Cazoo charts course to profitability as gross sales slip
There are tentative indicators Cazoo is heading for profitability as the net automobile retailer stated it was taking a extra focused strategy to purchasing and promoting autos amid a drop in revenues.
Gross revenue elevated from £3 million to £14 million within the first three months of 2023, a soar in its margins of slightly below 5 share factors. Revenue fell 11% to £247 million whereas the variety of vehicles bought was down 7% 17,447. Cazoo shares rose 7% to $2 in pre-market buying and selling.
Cazoo CEO Paul Whitehead stated: “We stay laser-focused on bettering our unit economics, optimizing our fastened value base and maximizing our money runway.
“We are making use of a extra focused strategy to which autos we purchase, guided by our proprietary knowledge of their desirability, with a greater collection of fashions accessible on our web site driving higher margins.”
Online automobile retailer Cazoo has introduced it will likely be closing down its used automobile markets throughout Europe leading to job cuts for round 750 employees (PA)
Gambling companies should carry out new checks to cease ‘unaffordable’ losses
Atwo-and-a-half-year-long course of to overview the UK’s playing legal guidelines has at the moment proposed that betting companies should carry out new ‘passive’ checks to make sure that punters who spend extra than £125 in a month can afford their losses, with extra detailed checks for many who spend extra thasn £1,000.
But after years of delay, most of the actions included within the reforms – comparable to a cap on the quantity that may be guess on slots – will probably be put to consultations, that means it may nonetheless be a while earlier than the reforms are put in place.
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Culture secretary speaks with playing white paper set to be revealed
Culture secretary Lucy Frazier is talking in Parliament, discussing the playing white paper which is ready to be revealed later at the moment.
“Gambling problems have always been measured in terms of money lost, but you cannot measure the lost of dignity,” she stated.
As had been extensively reported, she stated the white paper would come with new affordability checks, a statutory levy to exchange voluntary funding of analysis and remedy teams and the creation of a brand new ombudsman to face up for patrons.
Carlsberg hikes costs after vital soar in prices
Brewing agency Carlsberg stated it hiked costs over the primary quarter of the yr so as to offset “significantly” larger prices.
The firm, which additionally brews Tuborg and Brooklyn beer, stated it’s “uncertain” how current will increase will have an effect on the quantity of its beer purchased by prospects.
It got here as Carlsberg informed traders that revenues grew by 8% to 16.4 billion Danish krone (£1.95 billion) over the three months to March.
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