• European stocks are lower | view post
• Bank of England's Catherine Mann discusses interest rate outlook with C온라인카지노사이트 | view post
• Burberry shares pop after company reveals turnaround plan | view post
• Stoxx 600 could end four-day run of gains | view post
• TUI misses sales expectations over timing of Easter holidays | view post

Analysts say Burberry turnaround will take time

C온라인카지노사이트's Karen Gilchrist that any business turnaround at — which is targeting cost savings of £60 million ($79.9 million) — will take time to bear fruit.

Jefferies analysts said the "brand's turn-around case is in slow-burn mode," with limited innovation potential as it refocuses on classic pieces like its trench coat.

Yanmei Tang, analyst at Third Bridge, noted that such an item "naturally limits the frequency of repeat purchases."

— Jenni Reid

Renk CEO says June NATO summit will be key for defense sector spending outlook

Alexander Sagel, head of German defense manufacturer , told C온라인카지노사이트's Annette Weisbach that the NATO summit due to run from the June 24 to June 25 will be key for the industry to get a firm view of government spending commitments.

As well as the broad announcement of higher defense targets from governments, Sagel said he expected Germany to increase its spending as a proportion of GDP to 3% or 3.5%, from current levels near 2%.

"I think also what we will get from the NATO summit are clear, key requirements to each of the European NATO users. So what I expect to get, or what we as Germany, is a clear number of how many brigades, how many tanks, etc, etc, what kind of platforms need to be invested in the next 10 years," he said.

In parallel, the company will be monitoring the formation of the , Sagel continued, meaning "major decisions to be expected, and a more clear view on potential projects and upsides for Renk" in the third and fourth quarter.

Renk on Wednesday a 15% year-on-year revenue increase to 273 million euros ($306.7 million) for the first quarter, just shy of market expectations. Shares were up 0.27% at 9:45 a.m. in London.

— Jenni Reid

Wednesday news digest: Trump inks flurry of deals with KSA

• U.S. President Donald Trump hails his return to Saudi Arabia where he has secured hundreds of billions of dollars of investment from the kingdom. He will be heading to Qatar later today.
• The U.S. Agriculture Secretary, Brooke Rollins, says Trump's global trade negotiations will be a boon to the whole world.
• German shipping giant confirms its full-year outlook despite trade concerns on the horizon.
• And defense firm doubles its quarterly orderbook, seeing intakes of 550 million euros ($618.2 million.)

Listen below or find "Squawk Box Europe Express" wherever you get your podcasts.

European currencies rally

The euro gained 0.5% against the U.S. dollar by 9:49 a.m. in London to trade at around $1.124.

The British pound also rose against the greenback, notching a 0.3% gain, while the Swiss franc jumped around 0.4%.

It came after the U.S. posted on Tuesday, after which the dollar .

— Chloe Taylor

Bank of England's Catherine Mann on interest rates

Catherine L Mann, an external member of the Bank of England's Monetary Policy Committee, told C온라인카지노사이트's "" on Wednesday she had advocated for a 50-basis-point cut in February as she anticipated a "non-linear change in the labor market that would be deleterious for growth and consumption."

"And that that would lead to … reduction of pricing power of firms, and so that cascade from a very weak labor market into lower inflation was what I saw in the cards," Mann said.  

The central bank cut rates in February.

Mann was then one of two members of the MPC who voted to hold rates steady at its most recent meeting last week. The central bank instead again, bringing it down to 4.25%.

"So where are we now, or where was I in the last decision? The first observation is that the labor market has been more resilient," Mann told C온라인카지노사이트. "Yes, we've had some prints that are indicative of the slowing labor market, but it is not a non-linear adjustment. Number two, and actually much more important, our household expectations have increased both at the one-year mark and the five-year mark. I worry about that. Plus goods, price inflation has increased. PMIs for input and output prices has increased."

"And so that cascade from labor market weakness to pricing weakness did not happen," she added. "The market's given me 75 basis points. I only asked for 50."

— Chloe Taylor

C온라인카지노사이트's Ganesh Rao is at the London Value Investor Conference

Good morning from the Queen Elizabeth II Centre in central London.

Stocks are on the breakfast menu this morning for the fund managers attending the London Value Investor Conference.

I'll be bringing live updates this morning as some of the biggest investors pitch their stock ideas on stage. Simon Adler, portfolio manager of Schroders' Global Recovery, Global Income and Global Sustainable Value strategies, is performing the opening act. Alex Roepers, chief investment officer of Atlantic Investment Management, will be pitching four stock ideas later in the day, I'm told.

And Charles Heenan, investment director at Kennox Asset Management, has traveled down from Edinburgh to present his ideas to the conference.

— Ganesh Rao

European stocks move lower

It's 8:41 a.m. in London, and regional stocks are slightly lower following mixed trade immediately after the opening bell.

The Stoxx Europe 600 index is down by 0.1%, inching lower from a 0.1% rise. Sectors and major bourses are currently in mixed territory, with France's leading losses on a drop of around 0.4%.

— Chloe Taylor

Burberry shares pop 9%

London-listed shares of Burberry were 9.1% higher at 8:27 a.m. in London, after the company announced new steps in a restructuring plan and said its earnings fell less than expected in the three months to March.

The company said its organizational changes could lead to job cuts, with the strategy potentially affecting up to 1,700 jobs globally.

Watch: Latvian foreign minister on NATO defense spending

Embattled Burberry announces new turnaround steps even as sales fall less than expected

In corporate news, British luxury giant just announced a slew of organizational changes, as part of continued turnaround efforts at the embattled luxury house.

C온라인카지노사이트's Karen Gilchrist , which were announced as the company's quarterly earnings report showed sales fell less than expected in the three months to March.

Stoxx 600 could end four-day run of gains

If the Stoxx 600 dips into negative territory on Wednesday, it will put the index on track to snap its four-day winning streak.

Global stocks rallied earlier this week after the U.S. and China announced on most of the tariffs they had slapped on each other's goods in recent weeks. The Stoxx 600 gained 1.2% on Monday, after details on the deal were made public.

— Chloe Taylor

TUI misses sales expectations over timing of Easter holidays

Holiday operator missed top line expectations owing to a shift in Easter holidays to the third financial quarter.

The company said revenues were "modestly" higher by 1.5% to 3.7 billion euros ($4.14 billion) for its third financial quarter ending March 31, missing analyst expectations of 3.86 billion euros. It also reported an adjusted loss of 207 million euros, better than the expected 226.1 million loss.

However, TUI maintained its full-year revenue guidance, adding that total sales were expected to rise between 5% and 10%.

"We expect a small positive reaction as the strong profitability and continued [average sale price] growth for summer bookings offsets the deceleration in booking volumes – even with the Easter impact," said Citi's equity analyst Leo Carrington in a note to clients. "With the company reiterating its [2025 financial year] guidance, we don't expect material changes to consensus estimates at this stage."

— Ganesh Rao

The UK wants to crack down on foreign workers. Businesses worry Brits can’t — or won’t — fill the labor gap

C온라인카지노사이트's Holly Ellyatt reported this morning that British businesses are concerned about a labor shortage arising from U.K. government plans to tighten immigration policy.

The British government on Monday , tightening the rules on who can come to work, study and live in the country. The proposals raise English-language requirements for migrants, as well as the skills and level of education they need to obtain work visas. 

German inflation hit 2.2% in April

Germany's annual harmonized inflation rate stood at 2.2% in April, from the country's Federal Statistical Office showed on Wednesday.

The data release confirmed released at the end of last month.

— Chloe Taylor

Opening calls

Good morning from London.

European stock markets are expected to open lower, paring some of the gains seen earlier this week after the U.S. and China agreed to a trade truce.

Futures point to the , Germany's and the French all opening 0.2% lower, while the FTSE 100 is slated to shed 0.3%.

Investors are looking ahead to earnings updates from , , , , , Telefonica and .

— Chloe Taylor