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Sunday newspaper round-up: Labour, British Land, Rolls-Royce

By Alexander Bueso

Date: Monday 18 Sep 2023

(Sharecast News) - Investors are now backing Labour, dealing a blow to the Prime Minister's efforts to rebuild the Tories reputation for sound money. Two thirds of money managers and traders canvassed by Bloomberg said that the best outcome for markets from the next election would be either a Labour government or a coalition led by Labour.Four fifths of those polled said that confidence in British assets had yet to recover from the mini-Budget crisis under Liz Truss. - The Sunday Telegraph
British Land is getting ready to test the market's appetite for prime shopping centres with the sale of Meadowhall in Sheffield for £750m. If successful, the sale of the shopping centre, which is half owned by Norges, Norway's sovereign wealth fund, would mark one of the largest transactions of the last decade. The sale was expected to kick off in the coming weeks. That asking price nonetheless implies that Meadowhall's value has roughly halved since 2012 when Norges bought in. - The Sunday Times

At 227.4p, shares of Rolls Royce are within a whisker of where they stood in February 2020, before the onset of the Covid-19 pandemic. The post-Covid surge in international air travel has boosted business while heightened geopolitical tensions have served to boost defence outlays. In parallel, the company has raised prices, cut costs and disposed of non-core assets. Furthermore, one analyst believes talk that its boss, Tufan Erginbilgic, might jump ship for BP is premature. - The Financial Mail on Sunday


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