Source: Sharecast
STOCKS TO WATCH
BP confirmed on Tuesday that its first quarter oil trading result was set to be "exceptional", after the outbreak of war in the Middle East caused energy prices to soar. Upstream oil production and operations were forecast to be slightly lower than the fourth quarter, and gas and low carbon energy slightly higher. However, the spike in energy prices at the end of the quarter meant BP now expects stronger realised refining margins in the range of $100m to $200m.
Recruiter PageGroup said on Tuesday that first quarter gross profits had fallen 3.9% to £187m as an uncertain economic environment in Europe and the Middle East offset growth in Asia and the Americas. "Whilst we have seen signs of a normalisation in trading in some of our markets, the increased geopolitical and macroeconomic risks due to the conflict in the Middle East create a heightened degree of uncertainty in the outlook for the rest of the year," said Pagegroup.
Tobacco company Imperial Brands reiterated its full‑year guidance on Tuesday, saying it continued to expect low‑single‑digit tobacco and double‑digit next generation product net revenue growth, alongside 3–5% growth in group adjusted operating profits. Imperial also highlighted that it had made a positive start to its 2030 transformation plan, with strong tobacco pricing and NGP innovation supporting expected low‑single‑digit growth in tobacco and NGP net revenue for the first half.
NEWSPAPER ROUND-UP
Plans to change the size of HS2 trains to maximise capacity are likely to inflate costs and mean fewer seats and slower services north of Birmingham, a senior government and rail industry figure has warned. The £2bn order for 54 high-speed trains, to be built in Britain by a joint venture of Alstom and Hitachi, is under review as HS2 Ltd seeks to cut costs and renegotiate contracts. – Guardian
Households will be called on to boost their consumption of Great Britain's record renewable energy this summer to help balance the power grid and lower energy bills. Under the new plans, people could be encouraged to run dishwashers and washing machines or charge up their electric vehicles when there is more wind and solar power than the electricity grid needs. – Guardian
Anthropic has released the first AI model capable of hacking IT networks, an online UK safety watchdog has warned. The Artificial Intelligence Security Institute, a government-backed research lab, has sounded the alarm over Anthropic's new Claude Mythos model after discovering it can autonomously carry out advanced cyberattacks. After a round of testing on the model, the AISI found that the newly developed AI chatbot can launch "multi-step" attacks that would take a human professional hacker days. – Telegraph
Hundreds of Hollywood stars have come out against Paramount's takeover of Warner Bros, claiming the deal to hand control of the studio to supporters of Donald Trump will hurt democracy. Actors, including Jane Fonda, Glenn Close and Ben Stiller, have signed their names on an open letter expressing "unequivocal opposition" to the tie-up, arguing that competition is "essential for a healthy economy and a healthy democracy". – Telegraph
Mortgage volatility is now greater than after Liz Truss's mini-budget, as lenders pull their products at a record speed. Brokers said that homeowners faced "mayhem" when looking to borrow or lock in a new rate because the average shelf-life of mortgage products had fallen to a record low of eight days. – The Times
US CLOSE
Major indices closed higher on Monday after Donald Trump hinted at a possible resumption of negotiations with Iran.
At the close, the Dow Jones Industrial Average was up 0.63% at 48,218.25, while the S&P 500 advanced 1.02% to 6,886.24 and the Nasdaq Composite saw out the session 1.23% firmer at 23,183.74.
Reporting by Iain Gilbert at Sharecast.com