Monday,30 January 2023 17:14:42

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Monday,30 January 2023 at 17:15

Unilever has appointed a former Heinz executive to lead the company as it races to fend off criticism over its social values and the threat of an activist investor.

Alan Jope will be replaced as chief executive of the consumer goods giant in July by Hein Schumacher, who is currently a non-executive board member and chief executive at Dutch dairy business Royal FrieslandCampina.

Mr Schumacher said he wanted to “deliver a step-up in business performance” at Unilever. His appointment fuelled speculation about a potential split of its food and non-food businesses.

UK and European markets closed lower as investors focused on the next U.S. Federal Reserve meeting that begins Tuesday.

U.S. stocks moved lower as investors await a blockbuster week that includes the latest Fed meeting, a flurry of heavyweight earnings reports, and jobs data.

Oil prices extended losses as looming increases to interest rates by major central banks and signs of strong Russian exports offset rising Middle East tension over a drone attack in Iran and hopes of higher Chinese demand.

Gold edged lower.

Markets

At the close

FTSE 100 7,784 +0.25%

FTSE 250 19,937 (-0.49%)

DAX 15,126 (-0.16%)

At 16:45

Dow Jones 33,861 (-0.34%)

S&P 500 4,037 (-0.80%)

NASDAQ 11,462 (-1.36%)

Fixed Income

UK 10-YR YIELD 3.338

Exchange Rates

GBP/USD 1.236

GBP/EUR 1.138

Commodities

Gold $1,923 (-0.18%)

Brent $85.33 (-0.85%)

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.