Burberry Share News (BRBY)

LONDON (Alliance News) - Stocks in London surged to fresh record highs on Monday as investor sentiment was buoyed by the prospect of a US-China ceasefire as trade tensions between the two global economic powerhouses cooled.The FTSE 100 index closed up 1.0%, or 80.38 points at 7,859.17. The large cap index hit a fresh record closing high.The FTSE 250 ended up 0.7%, or 147.89 points, at 21,137.66. The midcap index also hit a fresh record closing high. The AIM All-Share closed up 0.3%, or 3.41 points, at 1,092.01.The Cboe UK 100 ended up 1.2% at 13,351.04, the Cboe UK 250 closed up 0.8% at 19,370.90, and the Cboe UK Small Companies ended up 1.1% at 13,973.43.In Paris the CAC 40 ended up 0.4%. Markets in Germany and Switzerland were closed for the Whit Monday holiday."Stock markets in Europe have had a good run today as investors are now less fearful of a global trade war. The US has decided to suspend its plans to impose tariffs on USD150 billion worth of Chinese imports, and in exchange Beijing is planning on significantly increasing its purchases of US goods. The move has reassured investors, and helped the FTSE 100 hit a record high, while the CAC 40 has notched up a new 10-year high on account of the positive sentiment in equity markets," CMC Markets analyst David Madden said. The US Government has decided to put "on hold" its proposed tariff hike on Chinese imports after high-level bilateral trade talks.The US Trade Representative last month had imposed 25% tariffs on 1300 products imported from China to prevent US intellectual property theft and forced transfers of technology. China hit back by saying that it plans to impose the same tariff on 106 US products worth USD50 billion, including aircraft, cars, chemicals, and soybeans.An atmosphere conducive to ease Washington's stand on high tariffs came after the trade talks in Washington reached a consensus on taking effective measures to substantially reduce the US trade deficit in goods with China."We're putting the trade war on hold," US Treasury Secretary Steven Mnuchin said on Sunday." "Right now, we have agreed to put tariffs on hold while we try to execute the framework," he told Fox News.The statement did not include details about the amount of increase in trade or a time span in which it should occur.Last month Trump imposed tariffs on aluminium and steel products, embarking on a confrontational course with China and which led to increasing concerns over a trade war. On the London Stock Exchange, AstraZeneca ended as the best performer up 2.9% after the Anglo-Swedish drugmaker said the US Food & Drug Administration approved its hyperkalaemia drug Lokelma. Lokelma, formerly known as ZS-9, is used to treat adults with hyperkalaemia, a condition characterised by elevated potassium levels in the blood, associated with cardiovascular, renal and metabolic diseases. The FDA approval follows three double-blind, placebo controlled trials and two open label clinical trials providing data to support the efficacy of the drug.Burberry closed up 2.7% as the second best performer with the fashion house benefiting from a positive outcome from US-China trade talks, due to its strong exposure to China."The US-China news has been excellent for the stock of Burberry and AstraZeneca, both firms with key operations in China. The fear stalking such companies has been that any wider spat between Beijing and Washington will take a chunk out of economic growth in the former. Now, fears of a hit to middle-class incomes and GDP growth have been reduced, and we have seen six-month highs in the former and an eleven-month peak in the latter," said IG Group analyst Chris Beauchamp.Marks & Spencer closed up 2.1% ahead of the food, clothing and homewares retailer's annual results on Wednesday.M&S said on Monday it appointed Katie Bickerstaffe and Pip McCrostie in the role of non-executive directors. The two will be formally appointed to the board following the company's annual general meeting on July 10. Bickerstaffe has experience in retail transformation, having worked in a variety of functions in leading UK retailers, M&S said, and will help in the first phase of its transformation programme. McCrostie, who worked in finance for accountants Ernst & Young, will bring financial and analytical skills, it said.Conversely, the US delaying implementing tariffs on Chinese imports hit steel stocks with Russian steelmaker Evraz ending as the worst blue chip performer down 2.1%. Smaller peer Lonmin closed down 5.1%. Elsewhere, Ryanair Holdings closed up 3.6% after the Irish carrier reported that revenue in its recent financial year increased on the back of lower fares and traffic growth, despite September's "rostering management failure".The Irish budget airline's revenue reached EUR7.15 billion, a 7.7% increase year-on-year from EUR6.64 billion in 2017.For the financial year that ended in March, Ryanair said pretax profit rose 10% to EUR1.61 billion, up from EUR1.47 billion the prior year. The company said this was due to lower fares increasing passenger traffic by 9%.The pound was marginally lower quoted at USD1.3407 at the London equities close, compared to USD1.3473 at the close Friday, on a quiet day in the economic events calendar. The euro was flat at USD1.1765 at the European equities close, against USD1.1769 at the close Friday.Stocks in New York were higher at the London equities close. The DJIA was up 1.1%, the S&P 500 index up 0.6% and the Nasdaq Composite up 0.4%.US stocks surged higher following news that the US and China will refrain from new tariffs that may have sparked a trade war."To meet the growing consumption needs of the Chinese people and the need for high-quality economic development, China will significantly increase purchases of US goods and services," China and the US said. "This will help support growth and employment in the US."In political news, Secretary of State Mike Pompeo said Monday in Washington that the US will exert "unprecedented financial pressure" on Tehran in the wake of US withdrawal from the international nuclear agreement with Iran, "The leaders in Tehran will have no doubt about our seriousness," he said in a speech in Washington. Financial pressure is a major thrust of the diplomatic road map that Pompeo offered, two weeks after President Donald Trump's decision to cancel US participation in the 2015 Joint Comprehensive Plan of Action.Brent oil was down quoted at USD78.80 a barrel at the London equities close from USD79.05 at close Friday. On Friday, Brent hit its highest level since late 2014 as breached the USD80 per barrel mark.Gold was down quoted at USD1,288.82 an ounce at the London equities close against USD1,291.72 late Friday.In the economic calendar on Tuesday, UK public sector net borrowing is at 0930 BST with inflation report hearings at 1000 BST. The CBI industrial trends survey is at 1100 BST. In the afternoon is the US Redbook index at 1355 BST.Markets in Hong Kong are closed for the Birthday of the Buddha.In the corporate calendar, NEX Group - whose shareholders last week agreed to be taken over in GBP3.90 billion deal from US-based CME Group - reports full-year results, along with Harry Potter publisher Bloomsbury Publishing, boiler repairs firm Homeserve, retailers Halfords Group and Pets at Home, and pork products maker Cranswick.West End landlord Shaftesbury reports half year results while financial services firm Close Brothers and housebuilder Galliford Try release trading statements.