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Brighter US outlook fires up European stocks

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Brighter US outlook fires up European stocks



The FTSE 100 recorded strong gains on Friday as US data pointed to resilient consumer spending and relatively subdued inflation, keeping hopes for rate cuts across the pond on track.

The FTSE 100 index closed up 70.85 points, 0.8%, at 9,284.83. The FTSE 250 ended 93.71 points higher, 0.4%, at 21,681.48, and the AIM All-Share ended up 3.91 points, 0.5%, at 777.53.

For the week, the FTSE 100 rose 0.7%, the FTSE 250 advanced 0.4% and the AIM All-Share climbed 0.4%.

Figures from the Bureau of Economic Analysis showed US inflation pressure was largely steady in August.

The core personal consumption expenditures price index, which is the Federal Reserve’s preferred inflationary measure, rose 2.9% on-year in August, matching the pace of growth from July and landing in line with FXStreet cited consensus.

The core reading excludes food and energy. The headline PCE price index rose 2.7% on-year last month, picking up speed slightly from 2.6% in July, as expected.

In addition, the report showed personal income rose 0.4% month-over-month, the same as in the month prior. Consumer spending grew 0.6% month-on-month in nominal terms, coming on the heels of 0.5% gains in the two months prior.

Personal income beat consensus of 0.3%, while spending beat a forecast of 0.5%.

Barclays analyst Pooja Sriram called the inflation figures subdued although she expects core inflation to firm in the coming months amid tariff pass-through.

Analysts at TD Economics said the data, following strong economic growth figures on Thursday, suggests that the US consumer is in “somewhat better shape than previously thought”.

“Overall, an improved growth trend and persistent inflation lean in favour of the Fed potentially having to do a little less in the way of rate cuts to support the economy. This may put some doubt on the interest rate path, though it does not derail the case for two more rate cuts by the end of this year,” the broker said.

The CME FedWatch tool puts an 86% chance of a quarter point rate cut at the Federal Open Market Committee meeting in October, unchanged from Thursday.

The pound was quoted higher at 1.3399 dollars at the time of the London equity market close on Friday compared with 1.3348 dollars on Thursday. The euro stood at 1.1692 dollars, higher against 1.1676 dollars. Against the yen, the dollar was trading at 149.51 yen, lower compared with 149.74 yen.

The yield on the US 10-year Treasury was quoted at 4.18% trimmed from 4.20% on Thursday. The yield on the US 30-year Treasury stood at 4.75%, narrowed from 4.76%.

In European equities on Friday, the CAC 40 in Paris closed up 0.8%, as was the DAX 40 in Frankfurt.

Stocks in New York were mixed at the time of the London close. The Dow Jones Industrial Average was up 0.4%, the S&P 500 index was 0.2% higher, while the Nasdaq Composite was down 0.1%.

On the FTSE 100, Intercontinental Hotels topped the blue-chip leaderboard, rising 4.0%, as JP Morgan double upgraded the hotel operator to ‘overweight’ from ‘underweight’.

IHG is a “quality compounder” benefiting from superior earnings visibility and execution, in JPM’s view, adding this is “key” in times of revenue per average room uncertainty.

Pharmaceutical stocks shrugged off new tariffs from the US with AstraZeneca up 0.4% and GSK up 1.1%.

Russ Mould, investment director at AJ Bell, explained that drug companies are exempt from the 100% tariffs on US imports if they are building a factory in the country.

“That means AstraZeneca and GSK are safe as they’ve both unveiled big investments in the US in what look like strategic moves to get on the right side of Trump,” he said.

“Being exempt is a big win for these companies given previous uncertainty over how they might be affected by Trump’s repeated threats for tariffs on the pharmaceutical sector,” he added.

Phoenix Group rose 1.9% as RBC Capital Markets raised its share price target and reiterated an ‘outperform’ rating.

“Phoenix shares continue to trade at a notable valuation discount versus peers, likely reflecting perceptions that are increasingly unwarranted, in our view,” RBC said.

The broker expects Phoenix to start deploying excess capital supporting buybacks alongside financial 2026 results.

Pennon Group climbed 0.2% as it said its financial performance remains on track, although guidance fell short of consensus, amid the benefits and challenges from the hot weather.

In a trading statement covering April 1 to September 25, the Exeter-based water utility company explained that high demand for water over the summer due to the hot weather was more than offset in revenue by increased meter usage, deferring sales into financial 2027.

In addition, the hot weather also resulted in higher operational costs to respond to the increased demand and operational pressure on the networks.

Despite this, Pennon said it has made a “strong return” to profitability, with earnings before interest, tax, depreciation and amortisation anticipated to increase by 60% year-on-year, net of revenue deferred into financial 2027.

In the financial year to March 2025, Pennon reported underlying Ebitda of £335.6 million.

Analysts at Jefferies said this was slightly below consensus of 66%/67% although part of the variation could be driven by the profiling of revenues from the current year into next to manage the bill profile.

Brent oil advanced to 70.64 dollars a barrel on Friday from 69.15 dollars late on Thursday. Gold firmed to 3,775.97 dollars an ounce on Friday, up against 3,729.67 dollars on Thursday.

The biggest risers on the FTSE 100 were Intercontinental Hotels Group, up 350.0 pence at 9,124.0p, Hikma Pharmaceuticals, up 52.0p at 1,644.0p, Babcock International, up 39.0p at 1,273.0p, NatWest, up 15.2p at 520.4p and Kingfisher, up 8.2p at 301.0p.

The biggest fallers on the FTSE 100 were Rio Tinto, down 84.5p at 4,831.5p, Coca-Cola Europacific Partners, down 80.0p at 6,620.0p, Spirax, down 80.0p at 6,795.0p, Bunzl, down 24.0p at 2,336.0p and Scottish Mortgage Investment Trust, down 11.0p at 1,120.0p.

Monday’s global economic calendar has UK mortgage approvals figures, US pending home sales numbers and Spanish CPI data. Later in the week, a slew of data on the US jobs market will be released, culminating in Friday’s nonfarm payrolls.

Monday’s UK corporate calendar sees third quarter results from cruise operator Carnival. Later in the week, food retailer Tesco reports half-year results while bakery chain Greggs issues a third quarter trading statement.

Contributed by Alliance News



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MLB faces a historic shift as potential lockout, media rights and other league changes loom

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MLB faces a historic shift as potential lockout, media rights and other league changes loom


Thursday’s Opening Day may be the calm before the storm for Major League Baseball.

The league’s collective bargaining agreement with its players expires at the end of this season. Owners, with the commissioner’s backing, are almost sure to push for a salary cap (which would likely come with a salary floor to get players to the negotiating table).

MLB owners have never been able to get a cap passed by the players union. It’s unclear if the end of the 2026 season will lead to a different result, but MLB Players Association Interim Executive Director Bruce Meyer told ESPN last month he expects a lockout is “all but guaranteed.”

In addition to the CBA’s expiration, there are major shifts underway for baseball media rights. One-third of the league’s teams didn’t have local TV deals in place for this season until this week. 

Nine MLB teams – the Washington Nationals, Seattle Mariners, Milwaukee Brewers, St. Louis Cardinals, Miami Marlins, Tampa Bay Rays, Cincinnati Reds, Kansas City Royals, and Detroit Tigers – announced Wednesday their brand new MLB-operated team channels will be carried by DirecTV.

Most of those teams had previously been part of Main Street Sports (previously Diamond Sports Group), which operates FanDuel Sports Networks (previously Bally Sports). That entity has been teetering with liquidation, and the teams terminated their contracts with the company due to missed payments earlier this year.

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A 10th team, the Atlanta Braves, is launching a new network called BravesVision. The Braves and Charter’s Spectrum announced a multiyear distribution agreement earlier this week

MLB ideally wants the rights to all 30 teams in its control by the end of the 2028 season so that it can sell the in-market local games as a national package to a streamer. That would become the modern replacement to regional sports networks, and it would likely be a new, coveted package for streaming services such as ESPN and Amazon Prime Video.

Also at the end of the 2028 season, MLB’s national media rights for all of its packages will expire, allowing the league to redistribute games to its partners and potentially select new ones. 

NBC, ESPN, Fox and a combined CBS/Turner have dominated national rights for the past few decades.

“The key in media negotiations now is having all of your rights available,” MLB Commissioner Rob Manfred told me last year. “If you have all of your content – all of your playoffs, all of your regular season – available, there will be buyers, and I’m confident there will be buyers at a higher price for us.”

Manfred has even floated the idea of expanding to 32 teams and realigning the league geographically, upending or even eliminating the American and National leagues that have existed for more than 100 years. 

Soaring TV ratings

Rob Manfred, Commissioner of the MLB, attends the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, U.S., on July 9, 2025.

David A. Grogan | CNBC

More than 50 million people in the U.S., Canada and Japan watched Game Seven of the World Series last year – the most-watched baseball game in 34 years. MLB recently wrapped up the World Baseball Classic – a global preseason tournament – which captured nearly 11 million viewers on Fox and Fox Deportes for its final game.

MLB team valuations rose 13% from last year. The average MLB team is now worth $2.95 billion, according to CNBC Sport data.

Still, the profitability of the league is in far worse shape than it is for the NFL, NBA and NHL, according to CNBC’s calculations. In 2025, MLB’s 30 teams had an EBITDA — earnings before interest, taxes, depreciation and amortization — margin of under 2%. Team average revenue was $426 million with average EBITDA of $7 million, including non-MLB ballpark events. In contrast, the comparable margin for the NFL was 20%; the NBA, 21% and the NHL, 22%, according to CNBC’s most recent valuations.

The new CBA at the end of this season could be the first significant step toward a very different MLB. But, similar to the WNBA, which announced its new CBA earlier this week, MLB must ensure negotiations to get a new labor agreement don’t jeopardize a wave of positive momentum.

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WTO reform push: India flags dysfunctional dispute system at MC14, seeks review of e-commerce duty moratorium – The Times of India

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WTO reform push: India flags dysfunctional dispute system at MC14, seeks review of e-commerce duty moratorium – The Times of India


India on Thursday urged members of the World Trade Organisation (WTO) to restore a fully functional dispute settlement system, saying the current mechanism has deprived countries of effective redressal, PTI reported.Speaking on the opening day of the WTO’s 14th ministerial conference (MC14) in Yaounde, Cameroon, commerce and industry minister Piyush Goyal stressed the need to revive the automatic and binding nature of dispute resolution within the global trade body.“A dysfunctional Dispute Settlement System has deprived Members from effective redressal. We must restore the automatic and binding dispute settlement system,” he said.The WTO’s dispute settlement mechanism has faced prolonged disruption since 2009 after the US blocked appointments to the Appellate Body.Goyal also called for a reassessment of the moratorium on customs duties on electronic transmissions, which WTO members have periodically extended since 1998. India has repeatedly raised concerns over the potential revenue implications of the arrangement.“In the absence of a common understanding among Members on the scope of the moratorium on customs duties on electronic transmissions and given its potentially significant implications, the continued extension of this moratorium warrants careful reconsideration,” he said.The four-day MC14 is scheduled to conclude on March 29.On broader WTO reforms, Goyal emphasised that any restructuring should be transparent, inclusive and member-driven, with development concerns at the centre. He underlined that core principles such as non-discrimination, consensus-based decision-making and equity must be upheld. The minister added that the principle of special and differential treatment (S&DT) should be made precise, effective and operational.On agriculture negotiations, he said a permanent solution on public stockholding for food security purposes, the special safeguard mechanism and cotton are long-pending mandated issues that member countries “must deliver on them on priority”.“India remains committed to negotiating a comprehensive Fisheries Subsidies Agreement that balances current and future fishing needs, protects the livelihoods of poor fishers, with appropriate and effective S&DT,” Goyal said.He also stated that incorporating plurilateral outcomes into the WTO framework should be based on consensus and should not undermine the rights of non-participants or impose additional obligations on them.“We will engage constructively to show that WTO remains central to global trade and strive to Reform it to remain responsive, Perform in delivering on development, equity, and inclusiveness, and Transform to better serve the interests of the poor, vulnerable, and marginalized people, anchored in consensus and multilateralism,” he said.Other WTO members also highlighted the need for reforms. According to a statement from US Trade Representative Jamieson Greer, the organisation has struggled to address systemic issues such as persistent trade imbalances, structural excess capacity, economic security and supply chain resilience.“As ministers, our focus should be on reforms that would make the WTO more responsive to Members and improve our ability to achieve outcomes that optimize our trading relationships,” Greer said, adding that countries should consider making the e-commerce duty moratorium permanent.Separately, a ministerial statement by the G-33 grouping of developing countries reiterated that public stockholding for food security remains a crucial policy tool for developing and least developed nations.“We urge all WTO Members to work together in reaching a permanent solution on this issue as per the Ministerial mandates,” the statement said.China also called for restoring a fully functioning dispute settlement mechanism at the earliest to strengthen the WTO’s role in global economic governance. The UK said it wanted to “improve accountability by reinstating a functioning dispute settlement system”.EU trade commissioner Maros Sefcovic warned that inaction could weaken the rules-based trading system. “Maintaining the status quo is not an option — we cannot go on as we are. If we do, we risk erosion of the rules-based system and the WTO sliding into irrelevance. Therefore, I strongly believe we must act urgently to reform the WTO,” he said



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Gulf crisis: British Airways and SWISS add India flights – The Times of India

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Gulf crisis: British Airways and SWISS add India flights – The Times of India


NEW DELHI: With the big Gulf carriers operating a fraction of their schedules, foreign airlines are expanding their India flights to meet the increased demand for options to the likes of Emirates, Qatar Airways and Etihad. SWISS will operate a second daily light between between Delhi and Zurich from April 1 to May 31, 2026. British Airways will have a third daily service from Delhi starting April 7, followed by a third daily service from Mumbai from May 15. Air India has been adding flights to the west whenever possible during the Iran war.In a statement Thursday, Lufthansa group carrier SWISS said it is increasing its flight offering between Switzerland and India. “From April 1 to May 31, 2026, in addition to its regular service from Zurich to Delhi, SWISS will operate a second daily connection using an Airbus A330. Numerous passengers of other airlines are currently unable to take their originally booked flights via the Gulf region. As a result, many are switching to direct connections to and from Asia. SWISS is seeing a corresponding rise in demand for such nonstop services. We are pleased to offer our customers this additional flight to Delhi over the next two months. The flights are available for booking with immediate effect,” SWISS said in a statement.“Depending on further developments in the Middle East, SWISS continuously assesses how aircraft and capacities that become available can be deployed where demand is particularly strong. In addition to demand, key factors include operational constraints such as available airport slots, traffic rights and fleet deployment capabilities,” SWISS statement added.British Airways also announced additional flights from Delhi and Mumbai “to meet strong travel demand”. “In response to the ongoing situation in the Middle East, the airline is adding short-term capacity from Delhi and Mumbai to meet customer demand. A third daily service from Delhi will launch on April 7, followed by a third daily service from Mumbai from May 15. With this additional capacity, British Airways will operate up to 63 weekly flights with more than 1,000 additional seats per week between India and the UK, offering more options for customers travelling to the UK or connecting onwards across the airline’s global network,” BA said in a statement.Neil Chernoff, British Airways’ chief planning and strategy officer, said: “As we continue to respond to the evolving situation in the Middle East, we’ve been able to reallocate additional capacity to meet strong demand to other destinations across our route network. India remains one of our most important global markets, and these additional services from Delhi and Mumbai respond to customer demand and provide greater choice and flexibility for our customers when travelling to the UK and beyond. We will continue to review our network and make adjustments based on where our customers want to fly this summer.”



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