Today's Closing Update
U.S. shares traded slightly lower today, pulling back from record highs, as Wall Street digested earnings from some of the top financial companies.
European stocks were mixed today, with investors digesting the latest news surrounding Brexit, while keeping a close eye on central banking speeches coming out of Washington.
Draft legislation designed to lower the cost of energy bills has been published by the government. The Draft Domestic Gas and Electricity (Tariffs Cap) Bill will give energy regulator Ofgem the power to cap standard variable tariffs. About 12 million households are on some form of uncapped default tariff, which can cost hundreds of pounds a year more than the cheapest deals. However, the price cap is unlikely to take effect before winter. Prime Minister Theresa May said the energy market “has to offer fairer prices for millions of loyal customers who have been paying hundreds of pounds too much”.
The EU’s chief Brexit negotiator Michel Barnier has said he will not recommend that talks should start on the post-Brexit UK/EU trade relationship at next week’s European Council summit. Barnier said this week’s fifth round of negotiations ended without making any “great steps forward” and there was “deadlock” on the UK’s financial settlement.
HSBC said today that its retail banking head John Flint will succeed Stuart Gulliver as group chief executive officer and executive director. Flint, who currently is chief executive of retail banking and wealth management, will takeover the top job from February 21, 2018, the day when Gulliver steps down and retires from HSBC.
Sky announced today that there was a significant vote against the pay packet of its board as well as the re-election of James Murdoch to the board amid the proposed deal that would see 21st Century Fox wholly-own the company.
Coal assets in Australia put up for sale by Rio Tinto are said to have attracted attention from a group of investors as the mining giant looks to complete its exit from Australian coal production. Rio Tinto said it planned to sell its Kestrel and Hail Creek coking coal mines located in the Bowen Basin in Queensland as part of it planned exit from its Australian coal business in order to focus on iron ore, copper and aluminium.
Carillion confirmed today that it had received proposals from “more than one credible” potential bidder for its UK Healthcare business. The company said it had made its announcement in response to media speculation. A further announcement, it added, would be issued “when appropriate” it added.
Lloyds Banking Group said today that it will acquire the UK workplace pensions and savings business of Swiss insurer Zurich Insurance Group, as part of the company’s strategy to grow and expand the pensions business. No financial details of the deal were disclosed. Zurich’s UK workplace pensions and savings business manages £19 billion in assets under administration.
Oil prices fell on Thursday as U.S. fuel inventories rose despite efforts by OPEC to cut production.
Gold prices held near two-week highs as focus shifted to U.S inflation figures due on Friday which are expected to give more clues on monetary policy.
Market Close
Market |
Index |
Change |
% Change |
UK 100 |
7,556.2 |
+22.4 |
+0.3% |
UK 250 |
20,251.2 |
+83.5 |
+0.4% |
GER 30 |
12,982.9 |
+12.2 |
+0.1% |
FRA 40 |
5,360.8 |
-1.6 |
-0.0% |
U.S. 30 |
22,873.11 |
+0.22 |
+0.0% |
U.S. 500 |
2,554.3 |
-1.0 |
-0.0% |
OIL (BRENT) |
56.03 |
-0.91 |
-1.6% |
GOLD |
1,293.56 |
+1.84 |
+0.1% |
UK Risers & Fallers
Company |
Price |
Change |
% Change |
Allied Minds |
175.5 |
+10.5 |
+6.4% |
St James’s Place |
1173 |
+43 |
+3.8% |
Hargreaves Landsdown |
1540 |
+44 |
+2.9% |
Wood Group |
683.75 |
-49.75 |
-6.8% |
HSBC |
747.4 |
-11 |
-1.5% |
Smiths Group |
1588 |
-22 |
-1.4% |
Reported Economic Data
Time/Date |
Previous |
Forecast |
Outcome |
1:30pm: U.S. PPI m/m |
0.2% |
0.4% |
0.4% |
1:30pm: U.S. Unemployment Claims |
260k |
251k |
243k |
3:30pm: ECB President Draghi Speaks |
– |
– |
– |
4:00pm: U.S. Crude Oil Inventories |
-6.0m |
-1.9m |
-2.7m |
Sources
https://www.cnbc.com/2017/10/12/us-stocks-earnings-season-jpmorgan.html
https://www.cnbc.com/2017/10/12/europe-markets-shares-seen-lower-ahead-of-data-and-central-bank-speeches-spains-ibex-to-rally.html
http://uk.reuters.com/article/global-precious/precious-gold-steady-ahead-of-u-s-inflation-data-idUKL4N1MN2YP
https://www.reuters.com/article/us-global-oil/oil-prices-fall-on-higher-u-s-crude-inventories-idUSKBN1CH01T
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1507813406302379500.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1507815448302421100.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1507809581742261900.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1507805279672130600.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1507806827282189100.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1507808391852228900.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1507803421982055000.html
http://www.bbc.co.uk/news/business-41592200