Front entrance view of a Boots Opticians shop on a high street, (Lee Hudson)
The boss of Boots has announced plans to step down from the helm after six years.
Sebastian James, managing director of the UK high street health and beauty chain handed in his notice in a bid to take up a role in the healthcare sector at European eye surgery business.
Boots, which is owned by US-listed giant Walgreens Boots Alliance (WBA), said James will remain with the group until November. The company has meanwhile started the process to find a successor.
He previously headed up the electricals retailer Dixons, which has since been renamed Currys (CURY.L).
James said:
“It has been a pleasure to lead this fantastic company and support its transformation during my time as managing director.
“Now in its 175th year, Boots has shaped how people access health and beauty products on the high street and I am proud to have been part of a business that continues to hold a critical role at the centre of the UK health and beauty sectors.”
Mon 1 July 2024 at 11:37 am CESTUK mortgage approvals dip slightly
UK mortgage approvals dipped slightly in May, but were right in line with expectations, according to new data from the Bank of England.
Net mortgage approvals for house purchases fell from 60,800 in April to 60,000 in May, while approvals for remortgaging decreased slightly from 29,900 to 29,600 over the same period, the Bank said.
Thomas Pugh, economist at RSM UK, added: “The reduction in mortgage approvals, from 60,800 to 60,000, is probably a response to the recent increase in mortgage rates.
“However, as the 0.2pc monthly rise in the Nationwide house price index for June showed, the housing market is still recovering gradually.”
Mon 1 July 2024 at 11:15 am CESTWhere did house prices rise the most?
The biggest price increases were in Northern Ireland, up 4.1% compared with the second quarter of 2023.
Across England overall, prices were up 0.6% year-on-year, while Wales and Scotland both saw a 1.4% year-on-year rise.
Prices fell 0.3% across southern England in the second quarter compared to a year earlier.
Mon 1 July 2024 at 10:59 am CESTEuro hits two-week high
French far right leader Marine Le Pen thumbs up as she delivers her speech after the release of projections based on the actual vote count in select constituencies , Sunday, June 30, 2024 in Henin-Beaumont, northern France. French voters propelled the far-right National Rally to a strong lead in first-round legislative elections Sunday and plunged the country into political uncertainty, according to polling projections. (AP Photo/Thibault Camus) (Thibault Camus, Associated Press)
French stocks are leading the way today as investors predict a hung parliament in the country after the first round of parliamentary elections. The CAC (^FCHI) index hit its lowest level since January on Friday, and opened more than 2% higher before paring back gains.
France’s far-right alliance won the first round of the two-stage parliamentary elections, putting Marine Le Pen’s party within reach of forming France’s first ever far-right government.
Jim Reid at Deutsche Bank said:
“The first round of the French elections perhaps delivered a slightly less convincing victory for the far-right than final polls suggested and with other parties now seemingly open to form alliances in the second round, this is likely to further reduce the far-right’s chance of an overall majority in parliament.”
The euro climbed against the US dollar on the back of the news. The single currency rose 0.55% to $1.0771, after hitting its highest level in more than two weeks.
Mon 1 July 2024 at 10:40 am CESTHarland and Wolff shares suspended
Harland and Wolff shares were suspended on Monday after the company failed to publish its annual results on time.
The firm said delays to its results were caused by “ongoing discussions with its auditors regarding revenue recognition relating to the multi-year and complex nature of some of the contracts under which the company is working.”
It said its annual report was set to be published during the week beginning 8 July, more than a week past the deadline according to AIM rules, and that shares would be suspended until that time.
Mon 1 July 2024 at 10:28 am CESTOil prices rise
Brent Crude oil (BZ=F) is trading above $86 after rising 6% last month, while West Texas Intermediate was around $82.
It comes as a private gauge of China’s manufacturing activity showed an expansion in June to the highest in three years. That diverged from official data showing a contraction, clouding the outlook.
“Increasing geopolitical tensions, which could disrupt the global supply of oil from major producing regions,” are supportive of prices, said Priyanka Sachdeva, senior market analyst at Phillip Nova Pte.
“Fears of a global slowdown are highly likely to keep any upswing in oil prices capped.”
Crude remains higher this year, with the latest upward move spurred by OPEC statements that its plans to revive production depend on market conditions.
Mon 1 July 2024 at 10:14 am CESTUK house prices rise in June, despite high mortgage rates
The average UK house price continued to tick up in June, despite high mortgage rates, with the annual rate of growth rising from 1.3% in May to 1.5%, according to Nationwide.
Average house prices hit £266,604 in June 2024, up from £264,249 a month before.
The market is heading back towards all-time highs, although prices are still around 3% lower than the peak recorded in summer 2022.
High borrowing costs means cash is king in the current market. Cash transactions were around 5% above pre-pandemic levels.
The total number of transactions was down by around 15% compared with 2019 levels. Transactions involving a mortgage were down by nearly 25%, Nationwide said.
And inflation is still in the Bank of England’s crosshairs, despite the fact that a key reading saw it at Threadneedle Street’s target rate of 2% earlier in June. Interest rates have been held at 5.25%, a 16-year high, with hints of a summer rate cut continuing to filter into the bank’s narrative. Part of the equation has been looking at wage growth fuelling price rises elsewhere in the economy.
“While earnings growth has been much stronger than house price growth in recent years, this hasn’t been enough to offset the impact of higher mortgage rates, which are still well above the record lows prevailing in 2021 in the wake of the pandemic,” said Robert Gardner, Nationwide’s chief economist.
“For example, the interest rate on a five-year fixed rate mortgage for a borrower with a 25% deposit was 1.3% in late 2021, but in recent months this has been nearer to 4.7%.”
As a result, housing affordability is still stretched, Gardner noted.
“Today, a borrower earning the average UK income buying a typical first-time buyer property with a 20% deposit would have a monthly mortgage payment equivalent to 37% of take-home pay — well above the long run average of 30%.”
Mon 1 July 2024 at 9:42 am CESTAsia stocks overnight
Stocks in Asia were mostly higher overnight after Japan and China reported data reflecting relatively sluggish growth for the continent’s two largest economies.
The Nikkei (^N225) rose 0.1% on the day in Japan, after a quarterly survey by the Bank of Japan, showed a modest improvement in confidence among the country’s largest manufacturers in the April-June quarter.
However the government downgraded its estimate for growth in the first quarter of the year, to a -2.9% annual rate from the earlier figure of -1.8%
Meanwhile the Shanghai Composite (000001.SS) was 0.9% up by the end of the session after a survey of factory purchasing managers reported over the weekend showed conditions remained in contraction for a second straight month.
The Hang Seng (^HSI) was closed for a holiday.
Elsewhere, the euro rose after the far-right National Rally looked unlikely to be able to form a majority despite making strong gains in first-round of its parliamentary elections.
Polling agencies suggest the National Rally might win a majority in the lower house of the parliamentary, but the outcome is uncertain. The euro rose to nearly 85p from 84.7p.
Charu Chanana, a market strategist for Saxo Capital Markets told Bloomberg:
“We are starting off in Asia with that sense of relief that the far-right parties did not get the kind of majority that was feared.”
Mon 1 July 2024 at 9:23 am CESTComing up…
Good morning, and welcome to our first markets live blog of the week, the new month, and the second half of the year.
We’ll be sure to keep you updated with what’s moving markets and happening across the global economy.
Here’s a quick look at what’s on the agenda for today:
7am: Trading updates: Windar Photo, Porvair, Harland & Wolff
7am: Nationwide House Price Index
8:55am: Germany HCOB manufacturing purchasing managers’ index (PMI)
9am: Eurozone HCOB manufacturing PMI
9:30am: Bank of England mortgage approvals and consumer credit
9:30am: UK S&P manufacturing PMI
1pm: Germany inflation data (consumer price index)
2pm: US PMI Manufacturing
Watch: How does inflation affect interest rates?
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Source link : https://uk.finance.yahoo.com/news/live/ftse-100-live-european-us-stocks-euro-france-election-080251787.html
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Publish date : 2024-07-01 11:03:18
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