British pound hits 14-month high against euro

A the wave of optimism over an economic recovery boosted global markets on April’s first trading day, supported by further positive data and the relaunch from Joe Biden.

New figures from IHS Markit show manufacturing growth in the UK soared in March to reach 58.9, a decade high. A score above 50 is considered a growing industry. Business optimism, meanwhile, reached its highest level in seven years amid a strong vaccine rollout and the gradual reopening of the economy.

Across the pond on Wednesday night, President Biden pumped an additional $ 2 trillion (£ 1.45 trillion) into the infrastructure spending economy, sending markets green.

The reference FTSE 100 reversed Wednesday’s declines, closing 23.67 points to end the week at 6,737.3 before the Easter holiday weekend. the FTSE 250 gained 213.96 points to 21,732.67.

It came despite the pound hitting a 14-month high against the euro, while also strengthening against the dollar. The pound had its best quarter against the euro since 2015, up around 4.8%, due to the rapid rollout of vaccination in the UK and relief that a no-deal Brexit was averted at the end of the transition period on December 31. Ultimately, the pound was up 0.36pc to € 1.178 against the euro and 0.31pc to $ 1.383 against the dollar.

The retailer was among the best elevators in the FTSE 100 following, after raising its forecasts for the coming year, with total sales expected to increase by 18%. Pre-tax profits are now expected to rise to £ 700m, up from £ 670m previously. Shares hit an all-time high, before closing with gains of 248p at £ 81.14.

It came as the retailer revealed strong recent online sales, and despite a more than 50% drop in pre-tax profit for the full year through January.

Colleague retailers Frasers Group and JD Sports followed the lead, up 19.6p to 480.4p and 25.4p to 850p respectively.

The latter’s gains come after the confirmation of its $ 495million (£ 358million) deal to buy American sportswear brand DTLR as part of an expansion strategy in the United States. United.

The largest lift, however, was the owner of British Airways AGI, which rose 11.25p to 209.55p, supported by hopes of a recovery amid lingering uncertainty over the resumption of travel. In the same vein, aerospace engineer Rolls Royce wasn’t far behind, adding 3.62p to 108.92p.

Elsewhere in Deliveroo “Stabilized after a nightmare on the first day of trading yesterday, amid speculation that stocks fell victim to short selling, concerns about future earnings and a stock structure that focuses voting power towards the CEO Will Shu, ”said Michael Hewson, chief market analyst at CMC Markets.

But the app failed to bounce back, slipping another 1.9pc – or 5.45p to 282p. It lost almost 30% of its issue price of 390 pence in just two days.


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