Home Money LIVE TRADING: BoE base rate decision; ITV foresees the recovery of the advertising market; John Wood rejects takeover offer

LIVE TRADING: BoE base rate decision; ITV foresees the recovery of the advertising market; John Wood rejects takeover offer

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 LIVE TRADING: BoE base rate decision; ITV foresees the recovery of the advertising market; John Wood rejects takeover offer

The Bank of England will publish the latest decision from its Monetary Policy Committee on UK interest rates at midday. Market forecasters expect the bank to keep the base rate at its current level of 5.25 percent.

The FTSE 100 will open at 8am Companies with trading reports and updates today include ITV, Wood Group, BAE Systems and Hipgnosis. Read the Business Live blog from Thursday, May 9 below.

> If you are using our app or a third-party site, click here to read Business Live

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BAE Systems boosted by UK defense spending promise

BAE Systems expects to meet forecasts for higher profits this year and has predicted “additional positive momentum” thanks to the Government’s recent commitment to increase defense spending.

The FTSE 100 group’s order book, like that of many Western defense companies, has risen over the past two years as governments have reacted to increased geopolitical risk following the war in Ukraine and amid rising tensions with China.

Britain’s biggest military contractor said it was sticking to forecasts given in February that its earnings per share would grow between 6 and 8 percent in 2024, on revenues between 10 and 12 percent higher.

He said it would benefit from the recent approval of the US supplementary aid package for Ukraine and the commitment Britain made in April to spend 2.5 percent of GDP a year by 2030.

“With our global presence and broad portfolio of high-end technologies and services, any further expansion of the current AUKUS program would enhance our pipeline of long-term opportunities,” the company said in a statement ahead of its annual general meeting later today.

ITV predicts advertising market recovery as euros loom

ITV expects the struggling advertising market to improve in the second quarter, with revenue recovering around 12 per cent in the second quarter, four times the level achieved in the first.

The broadcaster expects advertising sales to be boosted by the European football championship which begins in June.

ITV, which broadcast Mr Bates vs The Post Office in January, on Thursday reported a 6 per cent drop in total external revenue in the first quarter to £727m.

Oil industry engineer Wood Group rejects Dubai’s £1.4bn takeover bid

Oil industry engineer Wood Group rejected a takeover bid from foreign predators after becoming the latest London-listed company to come under attack.

It rejected a £1.4bn offer from Dubai rival Sidara because it “fundamentally undervalued” the company, Wood said. The rejection came as it emerged that Bristol chipmaker Graphcore is a target of Japanese investment giant SoftBank.

BoE base rate decision looming

The Bank of England will publish the latest decision from its Monetary Policy Committee on UK interest rates at midday. Market forecasters expect the bank to keep the base rate at its current level of 5.25 percent.

Current market consensus suggests that the Bank of England will wait until June alongside the European Central Bank, but before the US Federal Reserve pulls the trigger on rate cuts.

1715237837 69 LIVE TRADING BoE base rate decision ITV foresees the recovery

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