Thursday May 31 2018

Company news, markets and financial talking points, available from 8am Monday to Friday

Top European bosses warn May over Brexit

Leading European firms have warned Theresa May they could cut investment unless they are given more clarity over the terms of Brexit. The bosses from a string of companies including BP, BMW, Nestle, and Vodafone, told the PM that "time is running out". They also insist that a trade deal with the EU must be "frictionless as with a customs union".

'Patronising' excuses over lack of female board members

Bosses at FTSE companies are using "pitiful and patronising" excuses to keep women out of the boardroom, a government-backed review has found. The chiefs claimed that women "don’t want the hassle" of sitting on a board. They also said that women struggle with "extremely complex" issues and do not "fit comfortably" into the boardroom culture. Ministers have condemned the news as "outrageous".

Ocado promoted to FTSE 100 as M&S wobbles

Ocado will be promoted to the FTSE 100 after a year of deal-making saw a leap in its share price. In the latest quarterly reshuffle, the online retailer is joined by betting firm GVC. Going the other way are G4S and Mediclinic - both demoted to the FTSE 250. Marks & Spencer, a mainstay of the FTSE 100 since the index was launched in 1984, narrowly avoided relegation.

Warm weather and wedding boost supermarkets

"Wedding fever, Wembley and warm weather" have boosted takings at supermarkets, reports The Times. Grocery sales rose by 2.7% in the 12 weeks to May 20 compared with the same period last year, with all of the major chains cashing in. Sales of burgers and sausages rose by 39% and 12% respectively. Morrisons fared the best, with growth of 2.9% during the quarter.

US growth slightly softer than forecast

The US economy grew more slowly than expected in the first quarter, notes the BBC. It grew an annual rate of 2.2%, slightly more slowly than the original estimate of 2.3%. The Commerce Department said exports, inventory investments and consumer spending were weaker than first reported. The report showed inflation rose 1.6% from the first quarter of 2017.

Quote of the day… Sir Martin's ego tour

"Not any old tour, either, but just the sort of nostalgia trip built for a 73-year-old egotist: a re-run of the Wire and Plastic Products deal that made him, this time via the reverse takeover of shell company Derriston Capital." Alistair Osborne on Sir Martin Sorrell’s comeback tour.

THE NUMBERS... AT 0715 GMT

FTSE 100: up +0.75 to 7,689.57
Dow Jones: up +1.26 to 24,667.78
Dax: up +0.93 to 12,783.76
Cac 40: down -0.20 to 5,427.35
Nikkei: up +0.83 to 22,201.82
Hang Seng: up +0.84 to 30,304.88
US dollar: buys €0.8557 and £0.7509
Sterling: buys $1.3313 and €1.1392
Oil: $77.24 down -0.34