Today's Closing Update
U.S. Shares rose slightly, nudging major indexes to another round of all-time highs and setting the U.S.500 on course for its sixth up session in a row and yet another record close.
European stocks hovered around three-month highs as a sell-off in Spanish stocks eased and financials gained following another record-breaking session on Wall Street.
Bank of England’s Financial Policy Committee (FPC) said the risk of disruption to lending from European banks after the Brexit is likely to be slightly higher than previously estimated. “The risk of disruption to wholesale UK banking services appeared to be slightly higher than previously thought, given that a number of EEA firms branching into the UK were not sufficiently focused on addressing this issue,” the record of the FPC meeting held on September 20 showed. This disruption could affect around a tenth of lending to UK companies.
The chief executive of Uber has arrived in London for crunch talks with Transport for London, which refused to renew the company’s licence to operate in the capital. Dara Khosrowshahi recently took over the reins from Travis Kalanick following a messy departure which led to a lawsuit from one of Uber’s key investors against the former CEO. Khosrowshahi is due to meet with TfL commissioner Mike Brown in order to discuss the removal of Uber’s licence, which the body justified by saying it was not ‘fit and proper’ to operate in the city.
Glencore said it is to acquire 26.73% of the total class A common shares of Volcan Compania Minera SAA for a total consideration of $531m. Glencore currently holds 18.11% of class A common shares in Volcan and 0.02% class B shares – reflecting a 7.68% total economic interest in Volcan, taking into account both share classes. Glencore is to make an offer to all Volcan shareholders via a public tender offer for up to 48.19% of total class A common shares at a price of $1.215 per share, which the selling shareholders have accepted.
Indivior said committees of the US Food & Drug Administration are to review the company’s new drug application for RBP-6000 on the last day of October. The Psychopharmacologic Drugs Advisory Committee and the Drug Safety and Risk Management Advisory Committee will review the application on October 31, looking into the drug which is designed to treat adults with moderate-to-severe opioid use disorder. The application was submitted in May, after which the FDA prioritised the review of the application. The committees will not decide the fate of the application, but advise the FDA with independent advice from outside experts.
ITE Group’s performance in the fourth quarter was in line with management expectations. The group said that following the strategy update, it had been focusing on core market leading events and this had seen strong revenue growth which had offset the cancellation of smaller, non-core, low yielding events. It said revenues for FY 2017 were expected to be around £151m (2016: £134m). It said that on a like-for-like basis, revenues would be around 3% ahead of the prior year.
Oil prices eased, as speculators took profits on some large positions that have built up in the last couple of weeks, but the prospect of gradually ebbing oversupply lent support.
Gold touched its lowest price level in seven weeks after strong U.S. economic data reinforced expectations of another interest rate rise in the United States this year and pushed the dollar and U.S. bond yields higher.
Market Close
Market |
Index |
Change |
% Change |
UK 100 |
7,468.11 |
+29.27 |
+0.4% |
UK 250 |
20,035.35 |
+78.29 |
+0.4% |
GER 30 |
12,902.7 |
+73.8 |
+0.6% |
FRA 40 |
5,367.4 |
+16.97 |
+0.3% |
U.S. 30 |
22,630.11 |
+72.51 |
+0.3% |
U.S. 500 |
2,530.8 |
+1.7 |
+0.1% |
OIL (BRENT) |
56.17 |
+0.05 |
+0.1% |
GOLD |
1,273.29 |
+2.16 |
+0.2% |
UK Risers & Fallers
Company |
Price |
Change |
% Change |
Provident Financial |
902.5 |
+64 |
+7.6% |
Electrocomponents |
672 |
+34.5 |
+5.4% |
Ashtead |
1851 |
+59 |
+3.3% |
Carillion |
48.5 |
-2 |
-4.0% |
Admiral |
1784 |
-50 |
-2.7% |
WPP |
1364 |
-29 |
-2.1% |
Reported Economic Data
Time/Date |
Previous |
Forecast |
Outcome |
9:30am: U.K. Construction PMI |
51.1 |
51.1 |
48.1 |
9:30am: U.K. FPC Meeting Minutes |
– |
– |
– |
Sources:
http://www.marketwatch.com/story/sp-500-on-track-for-6th-win-in-a-row-as-stock-futures-edge-higher-2017-10-03
https://uk.reuters.com/article/uk-europe-stocks/european-shares-stay-near-highs-as-spanish-sell-off-eases-idUKKCN1C80LW
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1507043919071919600.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1507031977341629200.html
https://www.digitallook.com/news/international-companies/uber-ceo-meets-with-tfl-after-licence-withdrawal–2891908.html
http://www.stockmarketwire.com/article/5688883/ITE-revenues-up-in-challenging-conditions.html
http://uk.reuters.com/article/uk-global-oil/oil-prices-ease-as-speculators-grow-impatient-idUKKCN1C803K?il=0
https://uk.reuters.com/article/global-precious/precious-gold-hits-seven-week-low-as-rate-hike-expectations-rise-idUKL8N1ME28O