Source: Sharecast
Stocks to watch
Online rail ticketing platform Trainline on Wednesday reported a sharp rise in adjusted core earnings on the back of a 12% jump in sales. Adjusted EBITDA rose 30% to £159m, while operating profit surged by 54% to £86m. Group net ticket sales came in at £5.9bn.
BAE Systems said in an update on Wednesday that trading year-to-date was in line with management expectations and reaffirmed its full-year guidance. The FTSE 100 defence specialist noted a strong order backlog and robust pipeline, providing visibility and underpinning long-term growth. It also noted continued investment to support expansion and stated it is well positioned to benefit from increased defence spending.
Newspaper round-up
Elon Musk’s Tesla sold just over 500 vehicles in Britain in April, down by more than half on the previous month, as motorists shifted decisively away from all-electric vehicles in favour of plug-in hybrids. According to the latest registration figures, the big government push to get drivers into all-electric cars appears to have stalled seemingly in favour of the plug-in hybrids, internal combustion engine vehicles which can run for a few dozen miles on a rechargeable electric battery. - The Times
Tens of thousands of British workers will be forced to delay retirement or even go back to work because of the market turmoil triggered by Donald Trump’s trade war, experts have warned. The Society of Pension Professionals (SPP), which includes Aviva and Legal & General among its members, said savers’ pension pots faced a hit of up to 20pc after the US president announced new import taxes on goods from almost every country on April 2. - Telegraph
A one-of-a-kind mortgage offering a major financial perk – no repayments for the first three months – has been launched in the UK. The deal, unveiled by Skipton Building Society, is the latest innovation aimed at cash-strapped first-time buyers and is designed to provide them with a bit of breathing space as they settle into their new property. - Guardian
The owner of Kingsmill has confirmed it is considering a merger of its bread business with Hovis as the baking industry struggles against a backlash to processed foods and the growing adoption of low-carb diets. Associated British Foods, which also owns Ryvita and Primark, said it was in discussions with Endless, the private equity firm, about combining Hovis and Allied Bakeries, the bread business which includes Kingsmill. - The Times
TalkTalk has been hit by an exodus of customers as the struggling broadband business loses ground to rivals. The telecoms group, which is owned by billionaire Sir Charles Dunstone, saw its customer base fall by more than 400,000 to 3.2m in the year to February. It comes amid heavy cost-cutting at TalkTalk, which narrowly avoided collapse last year after securing an emergency cash injection from Sir Charles and other shareholders. - Telegraph
US close
US stock markets continued their retreat on Tuesday as investors digested a number of gloomy outlooks from corporations warning of the negative impact from trade tariffs on business.
The Dow dropped 1.0%, the S&P 500 fell 0.8% while the Nasdaq slipped 0.9%.
The S&P 500 in particular was down for the second day after settling at 5,686.67 on Friday; its highest close since 27 March.
Investors continued to react to newsflow regarding potential trade talks. Reports that the White House was nearing a deal with India were in focus after the South Asian nation proposed zero tariffs on steel, auto components and pharmaceuticals on a reciprocal basis, up to a certain amount of imports.
Meanwhile, Donald Trump met with new Canadian prime minister Mark Carney, who pushed back at the president's ongoing assertion that Canada should become the 51st state.