European Shares Advance On Fed Rate Cut Hints

European stocks rose on Thursday to snap a four-day losing streak after
Federal Reserve Chair Jerome Powell signaled that the U.S. central bank is likely to cut interest rates soon.

The Fed is expected to reduce key U.S. borrowing costs by 25 basis points at its upcoming July 30-31 policy meeting, but likely to depend on data for any further cut after July.

Investors await the release of the European Central Bank’s June minutes later in the day.

The pan European Stoxx 600 was up 0.3 percent at 388.32 after declining 0.2 percent in the previous session.

The German DAX and the U.K.’s FTSE 100 were up around 0.2 percent, while France’s CAC 40 index was gaining 0.4 percent.

Swiss Re edged down slightly after suspending the $4.1 billion IPO (initial public offering) of its U.K. life insurance business.

Energy stocks were moving higher as oil prices hit seven-week highs. BP Plc rose 0.8 percent, Total SA gained 1.1 percent and Tullow Oil advanced 1.3 percent.

Ryanair Holdings declined 1.2 percent. The boss of the airline warned on Wednesday that the prolonged grounding of Boeing’s 737 MAX may weigh on the airline’s growth plans.

Reckitt Benckiser Group rallied 2.4 percent after it reached agreements to settle investigations related to the sales and marketing of Suboxone Film.

Indivior jumped 27 percent after raising its annual profit and revenue forecast.

Rupee rises marginally by 9 paise to 68.73 vs USD in early trade

Selling of the American currency by exporters supported the domestic unit

The Rupee appreciated marginally by 9 paise to 68.73 against the U.S. Dollar in opening trade on July 18, driven by weakening of the US dollar vis-a-vis other currencies overseas.

Forex traders said the local unit rose tracking gains in other Asian peers. Moreover, selling of the American currency by exporters also supported the domestic unit.

The Rupee opened strong at 68.76 at the interbank forex market then gained further ground to touch 68.73 per dollar, displaying gains of 9 paise over its last close.

On July 17, the Rupee had settled at 68.82 against the U.S. dollar.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14% to 97.09.

Traders said foreign fund outflows and cautious opening in domestic equities weighed on the local unit.

Foreign investors sold shares worth Rs 16.97 crore on a net basis Wednesday, provisional data showed.

The benchmark BSE Sensex was trading 89.84 points, or 0.23 per cent down to quote at 39,125.80 while the NSE Nifty was trading at 11,652.75, down 34.75 points, or 0.30 per cent.

Meanwhile, brent crude, the global benchmark, was trading at 63.84 per barrel higher by 0.29 per cent.

Moneysupermarket.com H1 Pretax Profit Rises; Revenue Up 15% – Quick Facts

Moneysupermarket.com Group plc (MONY.L) said it has reported encouraging trading performance for the six months ended 30 June 2019, with revenue growth ahead of the market. Group revenue grew 15%; excluding Decision Tech revenue grew 8%. The Board is confident of delivering market expectations for the year.

First-half pretax profit increased to 60.4 million pounds from 51.7 million pounds, prior year. Earnings per share was 9.3 pence compared to 7.9 pence. Adjusted EBITDA grew 17% to 72.9 million pounds. Adjusted earnings per share was 9.4 pence compared to 8.4 pence.

First-half Group revenue improved to 199.4 million pounds from 173.7 million pounds. Insurance growth was at 3%. Revenue in Home Services grew 52%.

The Board has announced an interim dividend of 3.10 pence, an increase of 5% on the prior year. The ex-dividend date is 1 August 2019, with a payment date of 13 September 2019.

Regulator orders water bills in England and Wales to be cut by £50

Household water bills in England and Wales are to be cut by an average £50 over the next five years, under proposals set out by the water regulator.

The regulator has also ordered water companies, which have suffered a series of serious pollution incidents, to step up their spending by investing an additional £12bn to improve services between April 2020 and April 2025. This takes their total investment to £49bn.

In its latest price review, Ofwat said the £50 price cut was equivalent to 12% on the average household bill of £400 a year. The reductions range from £7 for customers of Hafren Dyfrdwy in Wales to £110 for Northumbrian Water, based on 2017-18 prices.

The Ofwat chief executive, Rachel Fletcher, said: “These are seriously stretching goals for the sector, but we know they can be achieved.”

Five companies – South West Water, Wessex Water, Thames Water, Northumbrian Water and South East Water – will double the number of customers they provide with financial support through social tariffs and WaterSure.

Four companies have pledged to partly fund their social tariff schemes using shareholder money: South West Water, United Utilities, Welsh Water and Yorkshire Water.

Open Championship Round One LIVE: Irish contingent get under way early at Royal Portrush

The Open Championship gets underway at Royal Portrush today and you can follow all the action in our live blog.

Royal Mail Says Quarterly Performance In Line With Its View

Royal Mail plc (RMG.L) said that its performance for the first three months of the 2019-20 financial year was in line with its expectations. The company reiterated its outlook for the 2019-20 financial year.

All other targets and ambitions as set out in our financial results for the full year ended 31 March 2019, and based on the assumptions set out therein, remain unchanged.

The company said it will hold its 2019 Annual General Meeting today, and announce the results of voting at the Annual General Meeting later today.

The company expects to announce the results for the half year ending 29 September 2019 on 21 November 2019.