Reuters Insider - Reuters Today: Yellen cheers markets ahead of BoE decision

Canon Electronics

17/03/2016 10:10

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 Source:             Thomson Reuters                                   
                                                                       
 Description:        A dovish Fed helped to lift resource stocks ahead 
                     of the Bank of England rate decision. No change in 
                     policy is expected. Instead, the focus is on the  
                     minutes for clues on the health of the economy.   
 
 
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Transcript (May be auto-generated)

                 Good morning and welcome to Reuters Today. I am Angeline Ong. We've got a bit of
a relief rally going today after the Fed hinted it would cut the number of 
expected rate hikes this year. A news weakened the US Dollar, making commodities
less expensive and that boosted mining and energy stocks. Let's have a look at 
them - Rio Tinto, Anglo American, Glencore - all gaining ground as you can see 
there. Glencore today also saying it's put its coal trains in Australia on the 
bloc. The company hopes to fetch more than $1 billion to cut debt. And while 
we're on the topic of mining, Rio says its CEO Sam Walsh will retire on July 1. 
He'll be replaced by copper and coal division head, Jean-Sebastien Jacques. 
He'll have the job of turning around the miner when the industry is facing the 
worst downturn in almost two decades. Changing of the guard at GlaxoSmithKline 
as well. CEO Andrew Witty is set to retire March next year. They start the 
formal hunt for a successor at Britain's biggest drug maker. Witty, a 31-year 
company veteran has been under fire from some investors in the past three years.

Sales and profits are flagged, plus, his reputation was further tarnished by a 
damaging bribery scandal in China. At other stories now, Canon has agreed to buy
Toshiba's medical equipment unit for almost $6 billion. It's selling this to 
help fund restructuring after its massive accounting scandal. The Japanese 
industrial giant said the deal would yield a profit of more than $5 million in 
the current fiscal year if it closes in time. JP Morgan and Citigroup 
shareholders will vote on whether or not their banks should consider breaking 
into smaller pieces. The question will be included in the proxy filings for the 
two big US banks and voted on at shareholder meetings later this year. But 
analysts believe it's unlikely investors will support the proposal. 

Some of the world's major automakers including Honda, Toyota, and Ford will 
today announce plans to install automatic emergency breaking systems in nearly 
all vehicles sold in the US by September 2022. The technology is designed to 
prevent thousands of crashes every year when drivers do not apply the brakes in 
time to avoid air collision. Let's turn now to the markets to see how all that's
shaking out in early trade this Thursday. The FTSE 100 is up around 0.5% thanks 
to the miners but we're also trading cautiously ahead of the Bank of England 
decision later today. No change is expected. The FTSEurofirst 300 is pretty much
threading water there. And that's it for now. I am Angeline Ong and this is 
Reuters