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Source: 'Reuters - Business videos'

Description: The UK's blue-chip share index climbed to a record high - beating

its previous high of 8,047 that it hit in February 2023. A weaker pound and

positive corporate updates were the main drivers.

Short Link: https://refini.tv/44bcc6I

Video Transcript:

The FTSE 100 hits a record high. Welcome to Europe Today. I'm Ramzan Karmali.

The UK's blue-chip share index climbed to a record high, beating its previous

high of GBP8,047 that it hit in February 2023. A weaker Pound and positive

corporate updates were the main drivers. Across Europe, shares were higher,

helped by the technology sector. Associated British Foods, the owner of

Primark, has forecast “significant growth in full year profits”. The

group which also owns major sugar, grocery, agriculture and ingredients

businesses, made the statement after reporting a 39% jump in first half

profits, driven by margin recovery at its clothing chain. Its shares jumped to

the top of the FTSE 100. Novartis raised its full year guidance on wider use

of psoriasis and arthritis drug Cosentyx. The Swiss drug maker also reported a

16% jump in first quarter adjusted operating income, easily beating market

expectations, shares in Novartis are trading higher this morning. Renault

posted a 1.8% rise in first quarter revenue with high interest rates lifting

sales at its financing arm. It also repeated its profit margin and cash flow

forecasts for 2024 as it pushed ahead with cutting costs. The French car maker

is in the middle of a turnaround plan and shifting to making EVs under fierce

competition from China. SAP reported a 24% jump in first quarter cloud

revenue. The German software firm did actually record an operating loss of

EUR787 million as a result of a EUR2.2 billion provision to cover expenses

relating to its restructuring program. Shares however, were higher this

morning. Taylor Wimpey saw a rise in sales rate during its key spring season.

The British house builder also reaffirmed its annual outlook despite

affordability concerns. The company said it could see continued market

stability. JD Sports is snapping up US rival Hibbett for $1.08 billion. The

British sportswear retailer is looking to expand across southeastern US. JD

will pay a roughly 20% premium on Hibbett’s last closing price. Shares of

JD Sports are on the rise this morning. Overall business activity in the Euro

zone expanded at its fastest pace in nearly a year this month. That's

according to the HCOB’s PMI survey compiled by SNP. A buoyant recovery in

the bloc's dominant service industry more than offset a deeper downturn in

manufacturing. UK grocery price inflation fell for the 14th month in a row in

April. Kantar said it was 3.2% in the four weeks to April 14 from 4.5% prior.

The market research firm said the fall was partly driven by an increase in

supermarkets’ promotional activity. And that's it from Europe Today.