Today's Closing Update

U.S. Shares were mixed as no big economic data and few corporate earnings reports contributed to quiet trading

 

European and U.K. Shares tumbled after a deadly attack in Spain left the world shocked.

 

The UK Competition and Markets Authority said it has opened a public consultation relating to John Wood Group takeover of Amec Foster Wheeler. The CMA has until October 12 to consider whether the sale of Amec Foster’s UK upstream oil and gas assets will remedy its competition concerns. The regulator said it invites “interested parties” to make their views known during the public consultation, with the deadline for responses September 4.
St Modwen Properties said it has secured the first letting at Burton Gateway commercial business park in Burton-on-Trent. Burton Gateway is, according to St Modwen, one of the largest warehouse developments in the Midlands, providing 1.0 million square feet of industrial and distribution space. Logistics expert Hellmann Worlwide Logistics will become the first tenant at Burton Gateway, signing a ten-year lease at a 87,716 square foot unit. St Modwen did not disclose the amount of rent it will receive from the tenancy.

 

Heineken’s takeover of Punch Taverns will not face an in-depth competition probe after the brewer offered to sell pubs to address concerns. The Competition and Markets Authority (CMA) had said there were 33 areas where pubs would not face sufficient competition if the deal went ahead. But following the brewer’s offer to sell pubs in the affected areas the CMA said it was satisfied its concerns had been addressed. Heineken will buy 1,895 Punch pubs. Private equity firm Patron Capital will buy the remaining 1,329 pubs in the Punch estate.

 

Asda has reported its first quarterly like-for-like sales growth for three years. Sales rose 1.8% in the second quarter after a bumper Easter, helped by price cuts and more customers shopping at its stores. Removing the benefit of Easter from the results, Asda’s like-for-like sales were 0.7% higher. Asda, owned by US giant Walmart, has been hurt by the rise of German discounters Aldi and Lidl. Last year Asda reported its worst quarterly performance on record, with sales tumbling by 7.5%.

Oil prices lost some ground despite data hinting that oversupply was easing steadily.

 

Gold jumped to its highest in more than nine months as the dollar retreated on political uncertainty in the United States and a suspected Islamist attack in Spain boosted bullion’s safe-haven appeal.

Market Close

Market Index Change % Change
UK 100 7324.0 -63.9 -0.9%
UK 250 19,626.5 -146.6 +0.7%
GER 30 12,174.9 -28.6 -0.2%
FRA 40 5,117.0 -29.8 -0.6%
U.S. 30 21,721.42 -29.31 -0.1%
U.S. 500 2,431.3 +1.3 +0.1%
OIL (BRENT) 50.91 -0.12 -0.2%
GOLD 1,294.68 +6.53 +0.5%

UK Risers & Fallers

Company Price Change % Change
Acacia Mining 189.9 +7.6 +4.2%
Randgold Resources 7500 +95 +1.3%
Rentokil 295.6 +3.6 +1.2%
Hikma 1097 -93 -7.8%
Paddy Power Betfair 7205 -270 -3.6%
Babcock 817.5 -22.5 -2.7%

Reported Economic Data

Time/Date Previous Forecast Outcome
9:00am: European Current Account 30.1bn 27.3bn 21.2bn
3:00pm: U.S. Prelim UoM Customer Sentiment 93.3 94.0 97.6

 

Sources

https://www.digitallook.com/news/international-companies/foot-locker-stumbles-taking-nike-and-under-armour-with-it–2820858.html

http://www.bbc.co.uk/news/business-40972409

http://www.bbc.co.uk/news/business-40961381

http://www.iii.co.uk/alliance-news/1503057634490752300-3/european-shares-retreat-on-us-policy-uncertainty

https://uk.reuters.com/article/global-precious-idUKL4N1L42XZ

https://www.ft.com/content/15973f90-83b2-11e7-94e2-c5b903247afd

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