Key occasions
London’s benchmark inventory index has not adopted Tokyo’s lead: the FTSE 100 has dropped 0.1% on the opening bell.
Maybe London’s lack of chip firms or tech shares may need one thing to do with that… though the remainder of Europe isn’t any totally different.
Listed below are the remainder of the opening snaps, through Reuters, from throughout Europe:
EUROPE’S STOXX 600 DOWN 0.2%
GERMANY’S DAX DOWN 0.3%
FRANCE’S CAC 40 DOWN 0.3%, SPAIN’S IBEX DOWN 0.4%
EURO STOXX INDEX DOWN 0.3%; EURO ZONE BLUE CHIPS DOWN 0.3%
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Thames Water has money to outlive ‘to Might 2025’; Japan’s Nikkei rises 2% to new file
Good morning, and welcome to our stay, rolling protection of enterprise, economics and monetary markets.
Thames Water has mentioned that it has sufficient money to maintain it going till Might 2025, as potential traders await the end result of negotiation with the UK regulator.
The corporate, which offers water to London and the Thames Valley within the south-east of England, is in a parlous monetary state. Keir Starmer, the brand new prime minister, and Rachel Reeves, the brand new chancellor, have been briefed that the corporate presents a “crucial danger” to the nation.
Thames Water Utilities Restricted, the regulated subsidiary, on Tuesday mentioned it had £1.8bn in money and different liquid property “enough to fund our operations for the subsequent 11 months to the top of Might 2025”.
Following the draft dedication and our response to Ofwat we will likely be partaking with potential traders and collectors to hunt new fairness and to increase our liquidity runway. Any fairness course of shouldn’t be anticipated to conclude till after the ultimate dedication.
The corporate reported a ten% improve in revenues to £2.4bn within the yr to 31 March because it raised payments in keeping with inflation, and scraped to a revenue of £75m. It additionally mentioned that it spent a file £2.1bn because it maintained and upgraded its ageing pipe community.
Chris Weston, chief government of Thames Water since December, mentioned he believed the enterprise may very well be rotated. He mentioned:
The challenges we face are effectively documented, however our operational and monetary efficiency for the final yr present good progress, and these constructive outcomes present the fitting foundations on which to construct and enhance.
Japan’s Nikkei index hits new file
Japan’s benchmark Nikkei 225 index closed at a brand new file excessive on Tuesday, the most recent in a collection of data amid a worldwide surge in investor curiosity in synthetic intelligence firms.
Laptop chip semiconductor firms – who’ve been a few of the largest beneficiaries of the rally – helped the index to a 2% achieve on Tuesday, outpacing different Asian inventory indices.
The index closed at a file excessive of 41,580.17 on Tuesday, after rising as excessive as 41,769.35 throughout afternoon buying and selling.
The Nikkei had taken a long time to surpass its earlier peak, hit throughout the 1989 bubble. On the ultimate buying and selling day of 1989, it had closed at 38,915.87; that stage was reached once more in February, 34 years later.
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