Paddy Power Betfair Share News (PPB)

LONDON (Alliance News) - Stocks in London opened higher, tracking stellar gains in Asian markets and in the US overnight amid hopes that trade tensions between global economic powerhouses the US and China are starting to ease. The FTSE 100 was up 0.9%, or 62.29 points, at 7,176.95. The FTSE 250 was up 1.1%, or 216.92 points at 19,388.85, while the AIM All-Share was up 0.9%, at 996.67.The Cboe UK 100 was up 1.1% at 12,166.45, the Cboe UK 250 was 1.1% higher at 17,517.62. The Cboe UK Small Companies was flat at 11,601.82.In mainland Europe, the CAC 40 in Paris was up 1.1% while the DAX 30 in Frankfurt advanced 1.4%."After Red October the markets look like they're aiming for some November fireworks, the European indices following their US and Asian peers higher as the trade war fears that flared up at the start of the week continued to unwind," said Spreadex analyst Connor Campbell.The Japanese Nikkei 225 index closed up 2.6%. In China, the Shanghai Composite closed up 2.7%, while the Hang Seng index in Hong Kong ended up 4.2%.In the US on Thursday, Wall Street ended higher, with the Dow Jones Industrial Average and S&P 500 up 1.1% and Nasdaq Composite ending 1.8% higher.Market sentiment was buoyed by a report saying US President Donald Trump has instructed his officials to begin drafting a possible trade deal with China.Bloomberg reported that Trump wants to reach an agreement on trade with Chinese President Xi Jinping when they meet on the sidelines of a Group of 20 nations summit in Argentina on November 30 and December 1.Trump signalled some progress made over trade tensions between the two countries after a "long and very good conversation" with Xi, he wrote on Twitter.China's foreign ministry on Friday confirmed the phone conversation between Xi and Trump about trade and other issues was "extremely positive".The ministry said the two leaders agreed to "strengthen economic exchanges" but gave no indication whether they made any progress on settling an escalating tariff war over Beijing's technology policy.Focus later Friday will be on the release of the US Labor Department's monthly employment report at 1230 GMT. US employment is expected to climb by 190,000 jobs in October after rising by 134,000 jobs in September, while the unemployment rate is expected to hold steady at 3.7%.The economic events calendar on Friday has manufacturing PMI readings from Italy, France, Germany, eurozone and UK at 0845 GMT, 0850 GMT, 0855 GMT, 0900 GMT and 0930 GMT.On the London Stock Exchange, Paddy Power Betfair was up 3.5% after the bookmaker reported a rise in revenue for the third quarter. For the three months to September-end, revenue rose 12% in constant currency and 8% on a pro forma basis to GBP248 million from GBP216 million in the third quarter last year. In the US, revenue was up 22%, with underlying growth in each of the existing businesses supported by USD5 million in sports betting net revenue, Paddy Power said.Going forward, the company expects annual underlying EBITDA, pre-US sports betting, to be between GBP465 million and GBP480 million. Paddy Power Betfair's previously guided range was between GBP460 million to GBP480 million. In response to the UK government's implementation of a reduced stake limit for fixed odds betting machines, Paddy Power said it continues to estimate that the direct hit of this new stake limit will be a 33% to 43% decrease to its total machine gaming revenue. The UK decision generated fresh controversy on Thursday, when Sports Minister Tracey Crouch resigned in protest at a delay in introducing to cut to the maximum stake for fixed-odds betting terminals to October 2019 from April.International Consolidated Airlines Group was up 3.3% after the British Airways parent upped its long-term adjusted earnings goal, while reiterating free cash flow target.The company, which is holding a capital markets day on Friday, said it expects earnings before interest, taxes, depreciation, amortisation and rentals for operating leases to total EUR7.2 billion average per annum in 2019 to 2023, compared with EUR6.5 billion average per annum expected previously for 2018 to 2022.Average equity free-cash flow target has been retained at EUR2.5 billion per annum for 2019 to 2023 and operating profit margin of 12% to 15%. Average earnings per share growth is estimated at 12% per annum.IAG said it now expects average net capital expenditure to total EUR2.6 billion per annum in 2019 to 2023, compared with EUR2.1 billion per annum for the 2018 to 2022 period expected previously.Sage Group was up 2.0% after the accounting software provider promoted Chief Operating Officer Steve Hare to be its new chief executive, effective immediately. He joined Sage in January 2014 as chief financial officer and was appointed to the additional post of interim chief operating officer in August, when Stephen Kelly stood down as CEO. Hare will continue as CFO in tandem with his CEO duties until a permanent CFO is found.At the other end of the large cap index, BT Group was the worst performer, down 1.1%, giving back some of its gains from Thursday after the phone and broadband provider reported a rise in first-half earnings. The stock closed up 8.6% on Thursday. The pound was up against the dollar quoted at USD1.3031 compared to USD1.2969 at the London equities close Thursday. In US corporate news, Apple on Thursday reported earnings and revenue for the fourth quarter that trumped Wall Street estimates, helped by strong demand for its pricier iPhone X and XS cellphones. However, shares slipped 4% in the extended US trading session after the iPhone maker issued a weak revenue outlook for the holiday season quarter.Ahead in the US earnings calendar oil majors Chevron and Exxon Mobil report before the market open in New York.