London rises ahead of US GDP data

The London Stock Exchange’s momentum keeps going this morning as investors react to a flood of corporate earnings reports and await the first estimate of the US Gross Domestic Product (GDP). London's FTSE 100 gained 0.6%, reaching a new record high at 8,098 points earlier in the session.

Anglo American surged on a buyout offer from BHP Group, and earnings from several blue-chip firms, including Unilever, AstraZeneca, and Barclays, were well-received. Anglo American's shares jumped by 13%, while BHP's UK-listed stock fell by 3%. Anglo American confirmed it is reviewing the takeover bid from BHP Group, which could be one of the mining sector's largest deals in years. The offer, valuing Anglo American's share capital at GBP 31.1 billion, would create the world's biggest copper miner. 

Barclays PLC announced a decrease in first-quarter profits due to a weaker investment banking performance. Net interest income fell by 4% to GBP 3.07 billion. Barclays confirmed its 2024 guidance.

Relx, a FTSE 100 listed information-and-analytics group, reported a positive start to the year across all four of its business areas and reaffirmed its outlook. 

The attention now turns to the US GDP data, which is a significant indicator of the country's economic health.

Things to read today:

• Do investors read bond prospectuses? (Alphaville).
• How retail investors in ETFs are deceiving themselves (Klement on Investing).
• McKinsey under investigation for opioid consulting (Wall Street Journal).
• What happens when your country runs on 99% renewable electricity (The Verge).