Today's Closing Update

U.S.Stocks were mixed over the course of morning trading following the strong upward move seen over the two previous sessions. The major averages have been bouncing back and forth across the unchanged line.

 

European shares finished in the red, as investors waded through the latest corporate news, while keeping an eye on a testimony by the Federal Reserve Chairman Jerome Powell.

 

Inchcape said full year pre-tax profit rose by 33% to £370m on a constant currency basis due to a strong distribution performance in Asia and emerging markets. Revenue rose 9.4% to £8.9bn and the full year dividend was lifted by 12.6% to 26.8p a share.

 

German cities will be allowed to ban older diesel vehicles from some areas following a landmark court ruling. The Federal Administrative Court in Leipzig said the cities of Stuttgart and Duesseldorf could legally ban older, more polluting diesel cars from zones worst affected by pollution. The ruling sets a precedent for other cities and analysts said it could lead to similar action across Europe.

 

Ryanair is to close its base at Glasgow Airport, warning that 300 jobs could go as a result. The airline, which also operates out of Prestwick, Edinburgh and Aberdeen, will cut the number of routes out of Glasgow from 23 to just three. Chief commercial officer David O’Brien blamed the change on the cost of air passenger duty and said Glasgow “simply could not bear the burden”. Glasgow Airport said it was “bitterly disappointed” by Ryanair’s decision.

 

Federal Reserve Chairman Jerome Powell said the central bank can continue gradually raising interest rates as the outlook for growth remains strong, and the recent bout of financial volatility shouldn’t weigh on the U.S. economy.

 

Britain’s Financial Conduct Authority ordered banks on Tuesday to take steps to help people with persistent credit card debt to keep up with repayments. The FCA’s new rules will, however, will still allow banks to ultimately suspend a credit card if a customer fails to make any progress in repaying debts. The changes are based on an FCA market study of 34 million credit card customers over a period of five years.

 

Oil Prices dipped before weekly data that is forecast to show rising U.S. crude inventories, although investor confidence in OPEC’s ability to curb output helped stem the price slide.

 

Gold Prices fell as new US Fed chair Jerome Powell began his first testimony to lawmakers, retreating to last week’s closing level as the US Dollar rallied from a fresh drop on the currency market.

Market Close

Market Index Change % Change
UK 100 7,282.5 -7.1 -0.1%
UK 250 19,875.8 +47.1 +0.2%
GER 30 12,490.7 -36.3 -0.3%
FRA 40 5,343.9 -0.3 -0.0%
U.S. 30 25,628.96 -80.31 -0.3%
U.S. 500 2,766.6 -13.0 -0.5%
OIL (BRENT) 66.96 -0.54 -0.8%
GOLD 1,317.07 -16.61 -1.3%

UK Risers & Fallers

Company Price Change % Change
Provident Financial 1001 +414 +70.4%
Sky 1331.5 +226.5 +20.5%
Persimmon 2604 +116 +4.7%
Fresnillo 1273 -59 -4.4%
Associated British Foods 2661 -65 -2.4%
Jupiter Fund Management 507.4 -19.4 -3.7%

Reported Economic Data

Time/Date Previous Forecast Outcome
1.30pm: U.S. Core Durable Goods Orders m/m 0.4% 0.7% -0.3%
1.30pm: U.S. Fed Chair Powell Testifies
3.00pm: U.S. CB Consumer Confidence 125.4 126.2 130.8

 

 

Sources

 

https://uk.webfg.com/news/news-and-announcements/inchcape-motors-to-healthy-fy-profits-sees-tough-2018–3158228.html

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1519746615011878900.html

 

http://money.cnn.com/data/world_markets/europe/

 

http://www.bbc.co.uk/news/business-43211946

 

http://www.bbc.co.uk/news/uk-scotland-scotland-business-43209126

 

https://uk.reuters.com/article/us-global-oil/oil-price-dips-before-u-s-crude-inventory-data-idUKKCN1GB02E

 

https://uk.reuters.com/article/uk-banks-creditcards-regulator/british-banks-ordered-to-help-people-pay-off-credit-card-debts-idUKKCN1GB1RG

 

https://www.bloomberg.com/news/articles/2018-02-27/powell-sees-gradual-rate-hikes-amid-strong-u-s-growth-outlook

 

https://www.bullionvault.com/gold-news/gold-price-022720183

 

 

 

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