- FTSE 100 closes 24 points higher
- UK economy contracts in May but beats City forecasts
- Pound hits 15-month high after weak US inflation data
4.45pm: FTSE 100 extends winning streak
At the close, London's main index had added 24 points to finish at 7,440 points or a 0.3% gain on the day.
Stocks are on the rise again as hopes of a 'soft landing' return following today's PPI and claims data, says Chris Beauchamp, Chief Market Analyst at online trading platform IG.
“Stocks have risen in the US and Europe experienced a boost on Thursday as new data on producer prices indicated a cooling of inflation in the United States. This development has sparked hopes that the Federal Reserve will soon put an end to its tightening of monetary policy."
3.45pm: FTSE 100 to close in positive territory
European markets have seen another positive session despite poor economic numbers in China.
“This all-round weakness could force the hand on whether we see further stimulus measures from Chinese authorities in the coming weeks, which in turn may be helping to underpin today’s resilience, with the DAX and CAC 40 outperforming, while the FTSE 100 has lagged,” said Michael Hewson, chief market analyst at CMC Markets.
“Basic resources have once again outperformed with copper prices rising to 3-week highs, helping to lift the likes of Glencore, Anglo American and Rio Tinto, while luxury has also done well,” Hewson added.
“On the downside house builders have acted as a drag after Barratt Developments reported that it expects to see a slowing in the pace of housebuilding after a drop in forward sales in the fourth quarter.”
FTSE 100 is currently up 30 points, or 0.45%, to 7,446.
3.18pm: Former crypto boss behind bars
Over in the crypto space, former Celsius chief Alex Mashinsky has been arrested on fraud charges brought by three US regulators.
Federal prosecutors in New York have charged 57-year-old Mashinsky of manipulating cryptocurrency prices between 2018 and 2022.
He “orchestrated a scheme to defraud customers of Celsius Network and its related entities,” read the indictment.
Celsius was a major cryptocurrency lender offering high yields to customers.
US regulators the Securities and Exchange Commission (SEC), Federal Trade Commission and the Commodity Futures Trading Commission proceeded to file civil suits against Mashinsky.
Mashinsky and his company have been accused of issuing deceptive statements aimed at enticing investors to buy Celsius’ native CEL token and to invest in the Earn Interest Program, which claimed to offer returns as high as 17% on cryptocurrency deposits.
2.56pm: Markets across Europe
Markets across Europe are following the lead set by London, which is currently up around 0.45%, or 33 points, to 7,445.
DAX in Germany is currently up 0.71% to 16,137 points, while the CAC 40 in France has added 0.85% to 7,395.
Elsewhere, the IBEX 35 in Spain has gained around 0.59% to 9,508.
2.35pm: ITV gets marginal target price hike
ITV had its target price inched higher by Deutsche Bank, which maintained its buy recommendation on the stock.
The German bank raised its target price to 102p from 100p.
ITV’s Connected TV advertising proposition has “a lot to offer” according to Deutsche Bank, which remained upbeat on the broadcaster.
Analysts at the bank believe that Connected TV, that is a TV with built-in streaming content capabilities, “provides an attractive option for big-screen, sound-on advertising.”
“While the focus has been on the structurally challenged linear TV advertising business, we believe the growth in advertising within ITVX is still at a nascent stage and a step up her should compensate for the decline in linear TV,” the broker said.
The 2% target price increase wasn’t enough to push ITV’s share price higher, sending the stock 1.2% lower to 68.3p.
2.20pm: Rising oil prices do little to move the dial on Shell and BP
WTI crude futures rose past US$76 per barrel, extending gains for the third consecutive session and edging closer to two-month highs.
China’s crude imports also surged to the highest in three years, with demand remaining robust despite signs the economy is slowing in the Land of the Dragon.
OPEC also maintained a positive outlook on world oil demand, raising its growth forecast this year before a slight slowdown in 2024.
Oil demand is expected to increase by 2.25mln barrels per day in 2024, up from 2.4mln bpd.
Shares in Shell were largely flat, up 0.26% to 2,358p while BP gained 0.61% to 469.6p.
FTSE 100 was up 0.4%, to 29 points, to 7,445p.
2.00pm: US PPI eases as unemployment falls
The number of Americans filing for unemployment benefits fell by 12,000 from the prior week to 237,000 on the week ending 8 July, sharply below market expectations of 250,000.
The result aligned with recent data that underscored a stubbornly tight labor market in the United States, strengthening the likelihood of a 25bps rate hike in the Federal Reserve’s upcoming meeting.
The four-week moving average, which removes week-to-week volatility, fell by 6,750 to 246,750.
Jobs data came at the same time as US Producer Prices rose less than expected, edging 0.1% higher month-over-month in June, below forecasts of a 0.2% rise.
1.30pm: London's movers
A quick glance at some of today’s movers in London.
Risers
Predator Oil & Gas- up 43% to 13.9p
Shares rallied after its consultant’s wireline log analysis and reservoir characterisation of the MOU-4 well has suggested that three intervals are likely gas sands and these will now become the primary objectives in an upcoming test programme.
Seraphim Space Investment Trust- up 20% to 31.3p
Shares rocketed after it confirmed JPMorgan has been appointed to buy back shares and that many of its portfolio companies showed their potential with new funding rounds.
Trustpilot- up 14% to 77.4p
Trustpilot shares gained 14% after the consumer review business lifted full-year earnings guidance in the wake of a strong first-half trading update.
Fallers
Aptitude Software- down 16% to 285p
Shares fell after a trading update revealed annual recurring revenue growth declined and chief executive Jeremy Suddards is stepping down.
GreenX Metals- down 6% to 48p
Shares fell as it said it was raising A$4.2mln (£2.1mln) in a placing priced at a discount to its recent highs, having recently acquired an option to buy the Eleonore North gold project in eastern Greenland.
1.07pm: US markets set to extend gains, PPI figures to come
US stocks are expected to push higher on Thursday, extending a jump in the previous session following below-forecast CPI inflation data, albeit with another key inflation reading due before the open.
In pre-market trading, futures for the Dow Jones Industrial Average (DJIA) rose 0,2%, while those for the S&P 500 added 0.3%, and contracts for the Nasdaq 100 gained 0.7%.
Stocks surged on Wednesday after a cooler-than-expected June consumer price index report eased some worries that the Federal Reserve may tip the economy into a recession as it fights to bring down sticky inflation.
The DJIA added 86 points, or 0.2% to close at 34,347, while the S&P 500 and Nasdaq Composite jumped 0.7% and 1.2%, respectively, to hit their highest closing levels since April 2022.
Neil Wilson, chief market analyst at Markets.com, commented: "I think we are seeing a bit of a market recalibration to think – once again – that the Fed probably only has one more hike in the can…markets now pricing out chance of second extra hike and bringing forward timing for cuts...temptation seems to be to overread the significance of one month of data and actually the Fed will stay higher for longer – maybe less about the destination of peak and more about how long they stay there once they get there."
Investor attention today turns toward the producer price index (PPI), another key inflation gauge which could also could heavily influence future central bank interest rate hikes and decipher the road ahead for inflation.
The headline and core PPI should show monthly increases resulting in lower annual rates of approximately 0.5% and 2.7%, respectively.
Additionally, the weekly initial unemployment claims data will provide insights into the state of the labour market.
The second-quarter earnings season also cranks up a gear on Thursday with results from PepsiCo (NASDAQ:PEP), Delta Air Lines (NYSE:DAL) and Fastenal before the bell.
In other corporate news, Disney shares added nearly 1% in extended trading after the entertainment giant extended CEO Bob Iger’s contract through 2026, two years longer than planned
12.57pm: ECB needed to send "strong signal" minutes show
The European Central Bank wanted to make it clear that there was still more to do in the fight against inflation, minutes from its most recent meeting showed today.
The ECB believed that in light of a "worsened inflation outlook", it needed to send a "strong signal" that the central bank had more work to do.
The minutes showed there was a "very broad consensus" in favour of the 25 basis point hike in June, which took the interest rate on the main refinancing operations, the marginal lending facility and the deposit facility to 4.00%, 4.25% and 3.50%, respectively.
But there was an initial preference expressed for a 50 basis point rise, the minutes showed.
12.51: Government confirms public sector pay rises
Further to the last update, the UK government will accept the recommendations of public sector pay review bodies in a move that it hopes will help bring an end to a wave of strike action that has hit sectors including healthcare and education in recent months.
John Glen, chief secretary to the Treasury, told the House of Commons on Thursday that there would be no new Treasury funding for the pay rises which would have to come from existing departmental budgets.
“It is a fair deal that recognises the anxiety caused by cost of living pressures,” he said.
Glen announced pay rises of 6.5 per cent for teachers, 7 per cent for police, 6 per cent for NHS consultants, doctors and dentists and 7 per cent for prison officers.
Junior doctors will be given a 6 per cent pay rise plus a “consolidated £1,250 increase” while those in the armed forces would receive a 5 per cent rise plus £1,000.
12.43pm: PM backs public sector pay rises - The Times
Prime Minister Rishi Sunak will give millions of public sector workers including teachers, junior doctors and police officers pay rises of at least 6%, according to The Times.
The Times has been told that the prime minister has accepted the recommendations of all the independent pay review bodies despite concerns that raises could fuel inflation.
The government will not borrow more to fund the raises, meaning departments face a £3bn squeeze on their budgets.
EXCLUSIVE:
Rishi Sunak has accepted recommendations of *all* public sector pay review bodies
Millions of public sector workers including teachers, doctors and police officers will get pay rises of 6% or more
BUT it will be funded from existing budgetshttps://t.co/PRKE944vkM
— Steven Swinford (@Steven_Swinford) July 13, 2023
Teachers will be given a 6.5% pay rise in an attempt to end industrial action that has forced thousands of schools to close. Junior doctors will receive 6%.
Police and prison officers are expected to receive pay rises of 6%, while armed forces personnel will receive rises of between 5 and 6%.
Ministers are said to accept that there is a “tacit” agreement to give their personnel the recommended pay rises as they are unable to strike.
Both the chancellor, Jeremy Hunt, and Banok of England governor, Andrew Bailey, have called for pay restraint in recent days.
On Tuesday, average earnings figures showed wages remain high denting the BoE's hopes of bringing inflation lower.
12.32pm: Carnival shares spring a leak - ShoreCap keeps sell
Top of the FTSE 250 fallers is cruise operator, Carnival PLC (LSE:CCL), down 2.75% at 1,257p.
The shares rallied following a recent update and the introduction of medium-term targets through its SEA Change Programme which imply a normalisation of profitability and returns by 2026 financial year.
But broker Shore Capital reiterated a sell rating and questioned whether the recent rally in the share price was fair given the explosion of debt since the pandemic, the rising cost of capital and the modest return on investment that the group has historically made.
Analyst Greg Johnson thinks that the market is already discounting that profitability normalises over the medium term but he pointed out the cost of capital is now much higher.
He said net debt has trebled since prior to the pandemic and borrowing costs are rising sharply making (he estimates a marginal rate above 8%), the cost of capital much higher.
“We question whether historic valuation metrics are the right benchmark, especially when set against modest returns on investment,” he said.
“On a three-year view Carnival arguably merits to be valued at little more than invested capital, with the share price arguably discounting stronger than forecast revenue yields and/or a reduction in the cost of capital,” he said.
He sees better value other potential deleveraging stocks (UK pubs), capital intensive rollout opportunities (Whitbread) and long-term structural growth opportunities (SSP).
12.13pm: PepsiCo (NASDAQ:PEP) shares rise on raised guidance
Across the pond and shares in PepsiCo (NASDAQ:PEP) have fizzed in pre-market trading after the soft drinks maker raised guidance for the year after a strong quarter.
The firm now expects to report organic revenue growth of 10% for the year, lifted from 8%. Core constant currency EPS is to grow 12%, up from 9%, which would imply core EPS of USD7.47, which would be a 10% rise year-on-year.
PepsiCo (NASDAQ:PEP) said it continues to expect to return about US$7.7bn to shareholders, US$6.7bn through dividends and US$1.0bn in share repurchases.
For the second quarter to June 17, the New York-based company reported net profit growth of 92% to US$2.77bn from US$1.45bn in the previous year and a 10% increase in net revenue to US$22.32bn from US$20.23bn before.
Shares were 2.3% ahead in pre-market trading.
11.58am: Mortgage defaults seen rising as rates soar, say lenders
Losses and default rates on mortgages have risen in the past few months and are expected to increase further, according to a Bank of England survey of lenders.
Default rates for non-mortgage lending are also expected to increase slightly by the end of August, the Bank's credit conditions survey found.
Corporate lending default rates are also expected to increase for small businesses while remaining unchanged for medium and large businesses.
Mortgage rates have soared in recent months amid expectations that interest rates will stay rise further than previously expected to combat stubbornly high inflation.
According to figures from UK Finance, about 2.4mln fixed-rate mortgages are due to end between now and the end of 2024.
Yesterday, the Bank of England warned around 1mln households will be paying at least an additional £500 a month to service their mortgage by the end of 2026 while around 200,000 face a £1,000 rise in payments.
Banks are a touch weaker today, after rising strongly on Wednesday, but the FTSE 100 has extended its gains, now up 29 points at 7,446.
11.29am: Softcat (LSE:SCT) boosted by Citi upgrade to buy
Over in the FTSE 250 and shares in Softcat (LSE:SCT) PLC have risen more than 5% after Citi put the stock on its buy list in a review of the European Software and IT Services sector.
“We believe that despite oft repeated risks (like disintermediation and pricing pressure), the space offers definite value with range of business models and presents a useful way to gain exposure to broader IT spending trend,” the broker said.
“Based on our analysis of fundamental positioning and valuations we are upgrading Softcat (LSE:SCT) (to buy) and downgrading Computacenter (to neutral).
Shares in Softcat (LSE:SCT) motored 5.3% higher to 1,461p while Computacenter fell 0.3% to 2,186p.
Meanwhile, the FTSE 100 is stable, up 19 points, at 7,435.
10.48am: UK national debt could hit 300% of GDP by 2070s warns OBR
The UK’s national debt could hit 300% of GDP by the 2070s as the aftershocks of the events of early 2020s continue to take their on public finances, the Office for Budget Responsibility has warned.
In its latest Fiscal Risks and Sustainability Report, the OBR warned public finances have come under growing pressures, due to the Covid-19 pandemic, rising health-related economic inactivity from 2020, the energy price shock, and now rising interest rates.
Our updated long-term projection sees debt surpass 300% of GDP in 50 years’ time.
And it would go even higher if rising debt pushes interest rates up further or shocks over the next 50 years prove to be as frequent and costly as those over the past two decades#OBRfiscalrisks pic.twitter.com/w2tQ8x5Awp
— Office for Budget Responsibility (@OBR_UK) July 13, 2023
These challenges have already pushed UK public debt above 100% of GDP in May and the OBR reckons that the national debt could triple, as a share of the economy, within 50 years.
“Against this more vulnerable backdrop, an ageing society, a warming planet, and rising geopolitical tensions no longer loom in the distance but pose significant fiscal risks during this decade, and could push debt above 300 per cent of GDP by the 2070s.”
The OBR cites three key threats to the public finances: the aging baby boomers, global heating, and rising security threats.
As the ‘baby boom’ cohorts enter retirement and high inflation ratchets up the cost of the triple lock, state pension spending is expected to be £23bn (0.8% of GDP) higher in 2027-28 than at the start of the decade; rising take-up of electric vehicles is forecast to cost £13bn year in forgone fuel duty by 2030, and increased defence spending is seen costing an extra £13bn.
9.52am: Pound jump as peak in the US rates seen near
Sterling continued to rise, hitting a 15-month high, as weaker-than-expected US inflation figures increased expectations that interest rates were close to peaking across the pond.
This is in sharp contrast to the UK where the Bank of England is expected to continue hiking rates as it battles stubborn domestic pricing pressures.
The headline US CPI figure showed annual growth of 3.0%, the lowest level since April 2021, while core inflation - which excludes items such as food and energy - was 4.8% in June, down from 5.3% in May.
Both figures were better than Street expectations.
The US central bank is still likely to raise rates at its July meeting but the expectation is this could be the last increase of this monetary tightening cycle.
A rate hike on July 26 remains the most likely outcome but the end of its hiking cycle is "in sight", Ebury analyst Matthew Ryan believes.
But in the UK, with inflation stuck at 8.7%, there remains plenty for the BoE to do to get the figure down to its 2% remit.
JP Morgan has warned rates could rise as high as 7% although the market is currently pricing in a peak around 6.5% compared to the current level of 5%.
This divergence helps explain the strength in the pound and the weakness in the dollar with sterling up a further 0.54% today at US$1.3057.
9.32am: Hays reports fall in UK hiring
Hays PLC (LSE:HAS) reported a 7% drop in fees in the UK & Ireland in a further sign the UK jobs market may be slowing down.
The recruitment firm said overall net fees fell 2% in the quarter to June 30, the fourth quarter of its financial year.
In the UK & Ireland, which makes up around 20% of the group total, temp fees were flat, however tougher conditions saw permanent placements drop 15% as activity levels slowed.
Hays expects full-year operating profit in line with market expectations of £196.2mln.
Shares fell 1.4% while Pagegroup shares eased 1.0%.
On Tuesday, figures showed a rise in the unemployment rate to 4.0% and a drop in vacancy numbers.
8.58am: FTSE rises, shrugging off subdued start
The Footsie has shrugged aside its sluggish start to push higher, now up 20 points at 7,436.
Gains are broad-based but limited by weaker housebuilders which remain depressed by a weak update from Barratt Developments and Rics survey.
The top four fallers in the FTSE 100 remain housebuilders.
In the FTSE 250, Watches of Switzerland was the star performer, rising 10.4%, after reporting a 26% jump in adjusted underlying earnings to £201mln in the year to 30 April 2023, while statutory profit before tax rose 23% to £155mln.
Peel Hunt said the results were in line with previous guidance.
Softcat (LSE:SCT) PLC rose 3.8% boosted by an upgrade by Citi to buy from hold but recruiter Hays fell 1.4% after it said fees fell by 7% in the UK and Ireland in the April-June quarter.
Fees for filling permanent positions fell by 15% as “activity levels slowed”, Hays told the City this morning.
8.32am: Housebuilders rattled by Rics survey and Barratt update
Housebuilders are under pressure following Barratt Developments trading update and news that new house inquiries hit an eight-month low in June.
The Royal Institution of Chartered Surveyors (Rics) said a survey showed a fall in the number of buyers marked “a renewed deterioration in UK home sales”. But it said the market was in better shape than the period after Liz Truss’s disastrous mini-budget last autumn.
Rics said an index of new buyer enquiries slipped from a net balance of -20% in May to -45% in June, which was the lowest reading since October 2022’s balance of -51%.
Respondents across all parts of the UK reported a firmly “negative trend in buyer enquiries compared with May”, Rics said.
Simon Rubinsohn, the chief economist at Rics, said the supply of homes was falling largely in line with declining demand, preventing a steep decline in prices.
“Inevitably in this environment, activity levels are likely to remain relatively subdued.”
Earlier, Barratt warned the market had weakened from mid-May after improving earlier in the year.
In the FTSE 100, Barratt fell 4.7%, Taylor Wimpey PLC (LSE:TW.) slipped 3.0%, Persimmon PLC (LSE:PSN) eased 2.0%, Berkeley Group PLC dipped 1.4%.
In the FTSE 250, Redow fell 1.8% and Bellway PLC (LSE:BWY) declined 2.0%
8.15am: FTSE 100 flat, GDP falls but is better than City expected
The FTSE 100 made a lacklustre start to trading on Thursday, consolidating yesterday's strong gains, as investors mulled figures which showed the UK economy contracted in May.
At 8.15am, London’s blue-chip index was down 1.22 points at 7,414.89 while the FTSE 250 was also little changed at 18,584.95.
The 0.1% fall in GDP in May followed a rise of 0.2% in April but was better than the 0.3% fall the City had forecast.
The EY ITEM Club pointed out May's extra bank holiday caused a much smaller fall in GDP than two similar instances in 2022.
“But while evidence of greater resilience was encouraging in terms of the near-term outlook for activity, it raises the odds of the Bank of England increasing interest rates again in August,” it added.
It expects the economy to escape a contraction in the second quarter, and see decent growth in quarter three.
“But the outlook further out is more uncertain, particularly given the economy is entering a period when the impact of previous rate rises is likely to be at its greatest,” it cautioned.
Shares in housebuilder Barratt Developments fell 4.6% after it warned trading conditions had weakened from mid-May after picking up earlier in the year.
The firm backed its full-year guidance but predicted a drop of over 20% in home completions in the coming year.
The group is taking a total of £180mln of exceptional provisions on fire safety and the remediation of a defective concrete building.
Dr Martens rose 2.6% after it said trading so far this year has been in line with expectations.
The bootmaker added that it is taking actions to progress its DTC business in the Americas, and expects to see “meaningful” improvement in the second half.
7.58am: Dr Martens expects "meaningful" improvement in US
Dr Martens said trading so far this year has been in line with expectations and expects to see a "meaningful" improvement in the second half in its troubled business in the US.
In a trading update ahead of its AGM today, the shoemaker said its direct-to-consumer business has seen good growth across both the EMEA and APAC regions, with strength in retail post-pandemic and good e-commerce growth.
However, wholesale revenues were down year-on-year due to a decision to reduce EMEA retailer supply and the ending of sales to a Chinese distributor, it said.
Sales in the Americas were also down compared to the previous year, although Dr Martens said that this was in line with expectations.
Dr Martens added that it is taking actions to progress its DTC business in the Americas, and expects to see “meaningful” improvement in the second half.
7.48am: John Wood reports strong trading across all areas
John Wood Group PLC confirmed full-year guidance as it reported good trading in the first half of the year across all business units.
The firm said revenue in the six months to June 30 was around US$2.9bn, up 15%, while adjusted Ebitda of US$195mln, was 6% higher.
Adjusted EBITDA margin around 7%, was down from last year’s 7.2%, reflecting increased pass-through revenue in Projects and previously-guided opex investments.
Good growth was seen in all business units with a strong advance in Projects, up 26%, that included higher pass-through revenue and comparison to a softer first half last year.
John Wood expects to generate positive free cash flow in the second half of 2023, and remains on-track to deliver positive free cash flow in 2024, as previously guided.
The firm also announced a contract extension worth US$250mln by Brunei Shell Petroleum, Brunei's largest energy producer.
7.35am: Barratt backs guidance, sees big fall in completions in coming year
Barratt Developments PLC (LSE:BDEV) backed full-year guidance despite a further easing in market conditions in June, and forecast a fall of more than 20% in home completions in the coming year.
The housebuilder said adjusted pre-tax profit in the year to June 30, 2023 is anticipated to be in line with current market expectations.
“We experienced a significant deterioration in demand during the second quarter and, whilst the position improved during the third quarter, reservations then slowed more than normal seasonal trends from mid-May to the end of June 2023,” the firm said.
Total home completions of fell 3.9% to 17,206 from 17,908 in the previous year and the firm expects this number to fall to between 13,250 to 14,250 in the coming financial year.
The net private reservation rate for the year was 0.55, down from 0.81 last year, and Barratt said since its last trading update the rate has slipped to 0.67 from 0.70.
7.12am: UK economy contracts slightly in May
The UK economy shrank in May as production output fell and the service sector stalled, according to the Office for National Statistics.
Monthly gross domestic product is estimated to have fallen by 0.1% in May after growth of 0.2% in April, while for the three months to May, GDP showed no growth.
The figure was better than the 0.3% fall expected by the City in a month disrupted by an extra bank holiday for the King’s Coronation.
Production output fell by 0.6% in May after a fall of 0.2% in April, revised up from a fall of 0.3% in the previous publication; this sector was the main contributor to the fall in monthly GDP in May.
The construction sector fell by 0.2% in May following a fall of 0.9% in April, revised down from a fall of 0.6% in the previous publication.
Services output showed no growth in May following growth of 0.3% in April, unrevised from the previous publication.
7.00am: FTSE 100 to edge higher ahead of GDP reading
Good morning. The FTSE 100 is expected to edge higher at the open ahead of the latest estimate for economic growth in the UK.
Spread betting companies are calling London’s blue-chip index up by around 4 points after motoring 133.59 points higher to 7,416.11 on Wednesday.
The pound jumped above US$1.30 after weaker-than-expected US inflation figures which saw equity markets on Wall Street rise.
While the ebbing inflation data is not expected to sway the Federal Reserve from raising interest rates at its next meeting investors are beginning to think that may be the last increase for now.
A rate hike on July 26 remains the most likely outcome but the end of its hiking cycle is "in sight", Ebury analyst Matthew Ryan believes.
Ryan Sweet at Oxford Economics agreed. "The weakness in core inflation and moderation in core services inflation excluding housing has reduced our subjective odds of an additional rate hike after July."
"Therefore, this tightening cycle by the Fed is likely coming to an end," he added.
Back in London, and alongside the economic data, the early focus will be updates from Barratt Developments, Experian (LSE:EXPN), Hays, John Wood.