Good morning. The FTSE is tipped to open flat after the latest reading of GDP came in slightly below economists’ estimates.
The ONS reported the economy grew by 2.3pc in April as non-essential shops and outdoor hospitality reopened.
5 things to start your day
1) Openreach under threat after French swoop on BT: Altice is understood to believe that Openreach, which owns most of the UK’s broadband infrastructure, is being undervalued by City investors.
2) Camelot prepares for National Lottery bidding war as it reports record takings: The operator announced sales of £8.4bn, which meant that the lottery duties generated broke through the £1bn barrier for the first time.
3) Selfridges up for sale with £4bn price tag: Weston family brings in Credit Suisse to advise on a possible sale following an unsolicited takeover approach for the chain.
4) Morrisons hit by huge pay revolt: Supermarket says it will re-engage with shareholders but defends decision to “adjust” bonuses for its top managers.
5) How Brussels’ complacency turned EU into a corporate wasteland: The Continent once boasted dozens of global leaders but the tech upstarts from America and China have left it in the dust.
What happened overnight
Asian stocks were mixed on Friday after a rally in US shares and Treasuries on bets that a jump in inflation is likely to be transitory, leaving scope for ongoing central-bank support.
In morning trade in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.18pc. Japan’s Nikkei gave up early gains to turn 0.11pc lower.
Seoul’s Kospi was up 0.32pc, Australian shares added 0.14pc and Hong Kong’s Hang Seng index gained 0.53pc. Chinese blue-chip shares were down more than 1pc as consumer staples firms retreated following two days of gains.
Coming up today
- Corporate: Naked Wines (Full year)
- Economics: GDP, trade balance, G7 summit begins (UK), consumer sentiment (US)