What you need to know before the open
European markets are expected to creep higher today, despite a fairly turbulent day for US markets yesterday and ongoing concerns regarding the situation in Ukraine.
Sentiment remains largely positive, with economic data expected to show signs of improvement this week, but recent highs still haven’t been surpassed by markets, suggesting some underlying worries when it comes to the wider recovery.
UK GDP numbers are out this morning and are expected to show a strong quarter.
Corporate data
BP has reported that profit fell 24 per cent to $3.2bn (£1.9bn) in the first quarter – slightly ahead of the $3.1bn consensus forecast – as it continues to tussle with weaker production and implement its turnaround programme.
Deutsche Bank saw net profit slump 34 per cent in the first quarter, to €1.1bn, with revenues falling 11 per cent. This was marginally better than expected, with the bank still struggling with tougher regulation and waning global debt markets.
Spanish bank Santander’s reported an eight per cent increase in first quarter profit to €1.8bn.
Outlining a new strategy today, Nokia has named Rajeev Suri new chief executive of of its telecoms equipment business. The Finnish company is also planning to return £1.8bn to shareholders, reporting a 15 per cent drop in net sales to €2.66bn in the first quarter. Underlying profits rose 20 per cent to €304m.
London estate agents Foxtons says property sales commissions rocketed over 40 per cent in the first quarter, to £17m, because of growth an surging house prices. The firm said the demand for buying has actually dented rental demand, with revenue unchanged at £15m.
Costa and Premier Inn owner Whitbread has reported a 13 per cent jump in revenue to £2.2bn, with pre-tax profit up 16.5 per cent to £412m for the year ending in February.
And Carphone Warehouse saw like-for-like sales rise 2.3 per cent in the first quarter.
Data in focus
- 8.00am: Spain first quarter unemployment
- 9.00am: EU March M3 money supply
- 9.30am: UK first quarter GDP
- 10.00am: EU April economic sentiment
- 1.00pm: Germany April inflation
- 2.00pm: US Feb S&P/Case-Shiller home prices
- 3.00pm: US April consumer confidence