Spreadex Market Update
European Indices trading higher
Asian shares have risen for a third consecutive day after China’s exports topped estimates and companies including HSBC Holdings posted encouraging earnings. The regional benchmark index has risen to a fresh 5-year high with stimulus driving the markets. Economic data remains in a “goldilocks” range, where it’s weak enough to warrant continued stimulus, but strong enough to keep earnings expectations positive.
Sainsbury's has suffered a slight fall in annual profits amid the intense battle among supermarkets to grow market share. It made a pre-tax profit of £788m in the year to March 16 - down 1.4% on the previous 12 months. Chief executive Justin King also confirmed he had reached agreement with Lloyds Banking Group to take full control of Sainsbury's Bank, at a cost to the chain of £248m.
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