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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Jun 21, 2017
BOE's Haldane Sees Case for Raising Interest Rates Soon

·Says overall economic picture is a ‘reasonably reassuring one’
·Comments in speech in Bradford, England, given Tuesday

Bank of England chief economist Andy Haldane is leaning toward joining the
hawks on the Monetary Policy Committee, saying that the risks of leaving
policy tightening too late are rising and that he considered a vote for a rate
increase as early as June.
“The risks of tightening ‘too early’ have shrunk as growth and, to lesser extent,
inflation have shown greater resilience than expected,” Haldane said in a
speech published Wednesday. “Provided the data are still on track, I do think
that beginning the process of withdrawing some of the incremental stimulus
provided last August would be prudent moving into the second half of the
year.”
By Jill Ward
June 21, 2017, 2:01 PM GMT+3 June 21, 2017, 2:06 PM GMT+3
Source: https://bloom.bg/2sUJrfs

Uber CEO Kalanick Relinquishes Power After an Investor Mutiny

·Five investors said to have called for his resignation
·His departure comes after a series of self-inflicted scandals

Travis Kalanick has resigned from his job leading Uber Technologies Inc.,
giving up on his effort to hold onto power as a torrent of self-inflicted scandals
enveloped him and the global ride-hailing leviathan he co-founded.
Pressure from investors, who’ve poured more than $15 billion into a company
that has burned through billions, ultimately did what the board could, or
would, not: it convinced the 40-year-old chief executive to step aside. Five of
Uber’s major investors, including Fidelity and Benchmark, asked Kalanick to
step aside in a letter to him entitled “Moving Uber Forward,” according to
people familiar with the matter.
Kalanick, who grew Uber’s bookings to $20 billion last year, has played a
starring role in most of its controversies.
By Eric Newcomer
June 21, 2017, 1:12 PM GMT+3
Source: https://bloom.bg/2rUzJVI

Saudi Arabian Stocks Advance as Trio of Catalysts Boosts Trading

·MSCI adds Tadawul shares to watchlist; king names new heir
·Allowances and bonuses restored to civil servants and military

You wait for a Saudi market catalyst, and along come three at once.
The country’s Tadawul All Share Index rose as much as 4.4 percent on
Wednesday, the most in 16 months, before paring gains to 4.2 percent at 12:38
p.m. in Riyadh as traders embraced a trio of key announcements. Hours after
global index provider MSCI Inc. opened the way for Saudi Arabian stocks to be
included in its gauges, ruler King Salman enacted a palace shakeup and
restored a raft of benefits for state employees.
By Samuel Potter and Filipe Pacheco
June 21, 2017, 9:17 AM GMT+3 June 21, 2017, 12:40 PM GMT+3
Source: https://bloom.bg/2rC7R9I

Whitbread Soars as Costa Coffee Owner Defies Consumer Gloom

·Shares rise as much as 5.9%, steepest gain in FTSE 100 Index
·Premier Inn leads way as all divisions post quarterly growth

Whitbread Plc defied the gloom hanging over Britain’s consumer economy as
its Premier Inn hotels, Costa Coffee shops and Beefeater restaurants all posted
gains in quarterly sales.
The budget lodging business led the way, with like-for-like sales growth of 4.7
percent far exceeding the average estimate for a 2.9 percent gain.
Whitbread shares rose as much as 5.9 percent in London, the steepest advance
in the benchmark FTSE 100 Index.
By Paul Jarvis and Thomas Seal
June 21, 2017, 10:39 AM GMT+3 June 21, 2017, 12:04 PM GMT+3
Source: https://bloom.bg/2spPvLN