The FTSE 100 ended Thursday up 0.41%, rising alongside European peers after more good inflation news bolstered markets. While the Fed continues to make progress in the fight against inflation, fresh signs of weakening prices in the Eurozone have given stocks a lift on this side of the Atlantic, too, IG Group chief market analyst Chris Beauchamp said in a research note. "In both cases, the effect has been to bring forward the expected date of the first rate cuts, providing more hope that 2023's era of higher rates will be left behind in 2024," Beauchamp said.

 

COMPANIES NEWS:

Mulberry Calls for Return of Tax-Free Shopping to Tackle Dampened Consumer Sentiment

Mulberry Group urged policy makers to reinstate tax-free shopping in the U.K. in order to counter a deteriorating macroeconomic backdrop and the knock-on effect on consumer sentiment, as it reported a widened pretax loss on increased investments.

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Dr. Martens Sees Lower Full-Year Revenue, Profit on Challenging Backdrop

Dr. Martens said that it sees revenue and profit for fiscal 2024 falling as its performance is taking a hit from the challenging consumer environment in the U.S., leading to mixed trading in the second half so far after a weaker first-half.

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Mitchells & Butlers Swings to Pretax Loss Despite Revenue Rise

Mitchells & Butlers has reported a swing to pretax loss for fiscal 2023 after booking a number of one-off charges, and despite revenue rising on the back of strong performances from all its brands.

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Metro Bank to Cut 20% of Jobs as Cost-Saving Plan Expanded

Metro Bank Holdings said it is set to cut a fifth of its staff, expanding its cost-reduction plan.

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Dr. Martens Shares Fall After Guidance Cut Amid Slow US Recovery

Dr. Martens shares slip after the group cut its fiscal 2024 targets on the back of a slower-than-anticipated recovery in the U.S. market.

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BP to Buy Remaining Stake in Solar Power Joint Venture for GBP254 Mln

BP said it will buy the remaining 50% stake in its solar power joint venture Lightsource BP for 254 million pounds ($322.4 million), as the company moves to strengthen its renewable energy capacity.

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BP Likely to Appoint CEO in First Quarter, Reuters Reports

-- BP is likely to appoint its new chief executive in the first quarter, potentially coinciding with the energy major's full-year earnings in February, Reuters reports citing sources.

MARKET TALK:

Central Banks Likely to Be Careful With Rate Cuts Despite Slowing Inflation

1239 GMT - The disinflationary trend--or slowing of inflation--is set to continue in 2024, but central banks will remain cautious in starting interest-rate cuts, Santander Wealth Management & Insurance says in an outlook for 2024. The most concerning aspect of the price stabilization process lies in the services component, where inflation is being more persistent due to the tightness of the labor market and the shift in consumer demand from goods to services, it says. "This means that the U.S. Federal Reserve, the European Central Bank and the Bank of England will continue to favor a policy of high interest rates for longer, in order to allow the delayed impact of rate hikes to be reflected in the economy," it says. (emese.bartha@wsj.com)

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Drax's North America Expansion Seen Validated by Canada Support

1141 GMT - Drax Group's strategic focus on expanding in North America is validated by Canada showing support for both carbon capture, utilization and storage and biomass power generations, Liberum analyst Sam Wahab writes in a research note. The U.K. power-generation company is targeting 6 million metric tons per year of carbon removals by 2030 in North America, as the U.S. regulatory environment is seen as maturing, Wahab says. "The regulatory environment for bioenergy with carbon capture and storage in the U.S. ramped up significantly last year, with the inclusion of BECCS as an eligible technology under the Department of Energy climate goals funding scheme," he says. Shares are up 0.6% at 440.90 pence. (christian.moess@wsj.com)

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European Stocks Rise After Eurozone Inflation Slows

1134 GMT - European stocks rise after eurozone inflation eased by more than expected to 2.4% in November from 2.9% in October. "The sharp monthly decline in Spanish, German, and French CPI data over the past 24 hours had led markets to believe we would see something similar from the wider eurozone inflation gauge today," Scope Markets analyst Joshua Mahony writes. "That optimism seems to have lessened the impact of today's remarkable 2.4% eurozone inflation reading, with headline CPI now just 0.4% above target." The Stoxx Europe 600, CAC 40 and DAX gain 0.4% and the FTSE 100 advances 0.5%. Brent crude rallies 0.9% to $83.62 a barrel, boosting oil shares. IG futures data show the Dow opening at 35600, versus Wednesday's close of 35430. (philip.waller@wsj.com)

 

Contact: London NewsPlus, Dow Jones Newswires;

 

(END) Dow Jones Newswires

November 30, 2023 12:12 ET (17:12 GMT)

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