The FTSE 100 rally continues
All eyes are on the Bank of England's monetary policy meeting and its decision at noon. The BOE is expected to maintain the interest rate at 5.25% for the sixth consecutive time.
The Bank of England
All eyes are on the Bank of England's monetary policy meeting and its decision at noon. The Bank of England' (BOE) is expected to maintain the interest rate at 5.25% for the sixth consecutive time. March saw a notable dovish shift from the BOE, hinting at a potential future cut. It was the first time in the current cycle that no members of the Monetary Policy Committee voted for a hike. This decision was influenced by the downward trajectory of UK inflation. But while inflation has dropped sharply, the labour market remains tight, and wage growth is around 6%.
China's trade surplus
China's trade surplus widened in April by nearly $14 billion to $72.35 billion as exports returned to growth after contracting sharply in March. Shipments from China grew 1.5% year-on-year last month. They fell 7.5% in March, which marked the first contraction since November. Imports for April increased 8.4%, beating an expected 5.4% rise.
ITV
ITV total revenue fell 7% to £887 million in Q1. John Wood Group adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) by 4%.
Airbnb
Airbnb reported first-quarter results on Wednesday that beat analysts' estimates but offered weaker-than-expected guidance. Revenue increased by 18%. Net income more than doubled to 41 cents per share. The company said revenue in its second quarter will come in between $2.68 billion and $2.74 billion. Analysts were expecting $2.74 billion for the period. The company also said it expects that year-over-year revenue growth for Q3 will accelerate compared to the second quarter, in part because of its summer travel backlog.
Oil
oil prices rose on Wednesday afternoon as US crude oil stockpiles fell as refiners increased production, according to the Environmental Impact assessment (EIA). Crude inventories fell by 1.4 million barrels, helped by an increase in refinery utilisation rates, which rose by 1 percentage point to 88.5% of total capacity. This also explains why both gasoline and distillate stocks fell by 900,000 and 600,000 barrels, respectively.
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