Today's Closing Update

US Stocks declined but quickly rebounded from their worst levels as investors wrestled with fears about rapidly rising rates against expectations for strong corporate results in coming days.

 

European Stocks fell, as worries over a budget clash between Rome and the European Union contributed to a continued selloff in the country’s government bonds.

 

Acacia Mining increased its full-year gold production target, as Q3 production exceeded its expectations partly boosted by a 24% jump in output at its North Mara mine in Tanzania. The company raised its full-year target to be marginally higher than 500,000 ounces from an earlier forecast of 435,000 to 475,000 ounces,

 

Marks & Spencer has hired the commercial director of Tesco’s fresh foods division to take on the same role at M&S Food, which the British retailer is trying to modernise. George Wright will join M&S, which last year began a five-year programme of store closures and relocations as part of moves to make its food business more competitive, in 2019.

 

Facebook Inc released a smart speaker in a device known as Portal which is designed to ease video calls, but the company’s history of privacy mishaps and the device’s price range being $199-$349 could slow it from taking on market leaders like Amazon and Google.

 

Microsoft is set to win unconditional EU antitrust approval for its $7.5bn purchase of privately held coding website GitHub, Microsoft announced the deal in June, it’s largest acquisition since it bought LinkedIn for $26bn in 2016. The GitHub deal is expected to boost the U.S. software giant’s cloud computing business and challenge market leader Amazon.

 

UBS Group’s French unit and six top executives will attend trial after a long-running investigation into allegations they helped wealthy clients avoid taxes in France. After years of investigation and aborted settlement negotiations, UBS faces charges of aggravated tax fraud and money laundering as well as illegally soliciting clients in France.

 

Oil Prices dropped to around $83 a barrel, pressured by expectations that some Iranian oil exports will keep flowing after the U.S. re-imposes sanctions, easing a strain on supplies.

 

Gold Prices fell more than 1% alongside sliding equities as investors sought refuge in the dollar, which has been boosted by a run of strong U.S. economic data reinforcing expectations of further interest rate rises.

Market Close

UK 100 7,233.3 -85.2 -1.2%
UK 250 19,646.08 -271.95 -1.4%
GER 30 11,947.2 -164.7 -1.4%
FRA 40 5,300.3 -59.1 -1.1%
US 30 26,257.29 -189.76 -0.7%
US 500 2,865.27 -20.3 -0.7%
OIL (BRENT) 83.65 -0.51 -0.6%
GOLD 1,869.09 -17.54 +1.5%

UK Risers & Fallers

Mediclinic 451.95 +7.4 +1.7%
Next 5424 +84 +1.6%
Acacia Mining 154.5 +10.75 +7.5%
Ashtead Group 2181 -121 -5.3%
Halma 1368 -68 -4.7%
Sophos 426.2 -28.2 -6.2%

Reported Economic Data

9.30am: European Sentix Investor Confidence 12.0 11.4 11.4

 

Sources:

https://uk.reuters.com/article/uk-france-ubs-trial/ubs-goes-on-trial-in-france-over-alleged-tax-fraud-idUKKCN1MI0JS?il=0

https://uk.reuters.com/article/uk-acacia-mining-outlook/acacia-mining-raises-annual-output-target-on-better-than-expected-third-quarter-idUKKCN1MI0H3?il=0

https://uk.reuters.com/article/uk-rowan-companies-m-a-ensco/offshore-driller-ensco-to-buy-rowan-in-2-38-billion-deal-idUKKCN1MI1DB?il=0

https://uk.reuters.com/article/uk-m-s-food/ms-hires-commercial-director-for-food-from-rival-tesco-idUKKCN1MI1JT?il=0

https://uk.reuters.com/article/us-global-oil/oil-drops-to-around-83-on-expectations-iran-will-maintain-some-exports-idUKKCN1MI00W

https://www.marketwatch.com/story/us-stocks-look-poised-to-resume-yield-driven-stumble-2018-10-08

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