WH Smith 'well-positioned' for summer, Hammerson CEO to step down
By Iain Gilbert
Date: Wednesday 04 Jun 2025
(Sharecast News) - LONDON PRE-OPEN
The FTSE 100 was expected to open 18.8 points higher ahead of the bell on Wednesday after closing 0.15% higher on Tuesday at 8,787.02.
STOCKS TO WATCH
Travel retailer WH Smith said on Wednesday that it was "well positioned" for the peak summer trading period after total travel revenue rose 7% year-on-year on a constant currency basis in the 13 weeks ended 31 May. It also said it was on track to deliver FY earnings in line with expectations.
Discount retailer B&M Retail reported a slight rise in full-year earnings against a "challenging" economic backdrop. Adjusted underlying earnings rose 0.6% to £620.0m, while revenue rose 3.7% to £5.57bn.
Real estate group Hammerson has announced that its chief executive of five years, Rita-Rose Gagné, has decided to step down from her role in 2026. Gagné, who was brought on in 2020 to spearhead a strategic transformation of the business, has "driven a substantial turnaround", according to chair Robert Noel.
NEWSPAPER ROUND-UP
The White House has signalled that the UK will be spared the 50% steel and aluminium tariffs which came into effect on Wednesday. In a statement, the US president, Donald Trump, said he had decided to "provide different treatment" to the UK after a deal that was struck between Washington and London last month. The executive order signed by Trump on Tuesday evening will still raise import taxes for US firms buying from other countries. - Guardian
The Serious Fraud Office has launched an investigation into Rockfire Investment Finance, which became embroiled in a financial scandal over how a UK council invested more than £100m into solar farms. The UK's anti-corruption agency said it had "issued a series of section 2 notices compelling financial institutions to provide information on its newly opened investigation into alleged fraud committed against Thurrock council". - Guardian
The BBC director general has called for a higher licence fee after taking aim at a decade of "grinding" cuts. Tim Davie said he was open to reform of the fee and its enforcement, but made it clear that he wanted more money from the public to enable investment. He said: "I do want universal funding and I want proper investment and not begrudging, grinding cuts to the BBC, which you've had in the last 10 years, which have just not helped." - Telegraph
Council staff shortages are causing "serious" delays and putting Angela Rayner's housebuilding target in jeopardy, builders have warned. The Home Builders Federation said a "staffing crisis" at local authorities had led to mounting delays that are holding up projects across the country. - Telegraph
A Cambridge-based surgical robotics company backed by a series of global investors is pursuing a possible sale of the business for about $4.0bn. CMR Surgical, which recently raised a further $200.0m from existing backers after a regulatory breakthrough in the United States, has hired advisers to consider its options. - The Times
US CLOSE
US equity markets rose on Tuesday despite a mixed batch of economic data, with the S&P 500 and Nasdaq hitting their highest point in three and a half months.
At the close, the Dow Jones Industrial Average was up 0.5% at 42,519.64, while the S&P 500 gained 0.6% to 5,970.37 and the Nasdaq jumped 0.8% to 19,398.96. These were the highest closes for the S&P 500 and Nasdaq since the final week of February.
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