Pound hits two-year excessive towards euro | EUROtoday

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The board of Royal Mail proprietor International Distribution Services stated it has agreed to a £3.57bn takeover provide from Czech billionaire Daniel Kretinsky.

Under the deal, Mr Kretinsky has agreed for Royal Mail to ship first-class submit six days every week for the following 5 years.

5 issues to start out your day

1) Labour’s enterprise letter ridiculed after executives refused to signal | Lack of big-hitting names ought to be ‘a big concern’ for the get together, critics warn

2) Ocado set to be axed from FTSE 100 | Pressure to checklist in New York grows as tech firm faces relegation from blue-chip index

3) Shell plots job cuts in offshore wind division | The oil big is continuous to shift from inexperienced power

4) US immigration surge dangers holding rates of interest excessive for months | Top Fed official ‘concerned’ about housing market pressures amid battle to tame inflation

5) How Google’s malfunctioning AI dangers ruining the web | In altering the best way its search engine works, the tech big threatens to grow to be its personal undoing

What occurred in a single day

On Wall Street, the Nasdaq managed to rise previous the symbolic 17,000 barrier, and shut above it for the primary time as AI chief Nvidia hit a document excessive.

The Dow Jones Industrial Average fell 0.55pc, to 38,852.86, the S&P 500 gained 0.02pc, closing at 5,306.04, and the Nasdaq Composite gained 0.59pc, to 17,019.88.

The yield on benchmark 10-year US Treasury bonds rose to 4.54pc, from 4.473pc late on Friday.

Hong Kong shares fell at first of Wednesday on considerations concerning the chance the Federal Reserve will lower rates of interest in any respect this yr.

The Hang Seng Index sank 0.86pc to 18,659.41, the Shanghai Composite Index dipped 0.05pc to three,108.03, whereas the Shenzhen Composite Index on China’s second trade eased 0.12pc to 1,726.93.

Tokyo shares opened flat on Wednesday after shares on Wall Street ended blended.

The benchmark Nikkei 225 index was up 0.03pc at 38,867.89 in early commerce, whereas the broader Topix index was down 0.05pc at 2,767.17.

https://www.telegraph.co.uk/business/2024/05/29/ftse-100-markets-latest-news-royal-mail-kretinsky/