Today's Closing Update

U.S. Shares have turned higher over the course of the trading session after an initial move to the downside. The major averages have bounced off their lows of the session and into positive territory.

 

European shares retreated in the immediate aftermath of the U.S. figures but have since edged back into the black.

 

Tesco has apologised to customers for taking up to three months to process hundreds of credit and debit card payments due to a glitch in its payments system. The issue had caused some shoppers to go over their spending limits. The supermarket said the glitch had affected 300 of its 1,700 Tesco Express convenience stores since the end of November.

 

US inflation rose faster than expected in January, stoking fears that interest rates rises will accelerate this year. The Consumer Price Index measure of inflation grew by 0.5% against economists’ forecasts of a 0.3% rise. Earlier this month a report showed accelerating US wage growth. That raised concerns that the US Federal Reserve will have to raise interest rates earlier than previously thought.

 

The European Union economy grew at its fastest pace in a decade last year, figures from the EU statistics office Eurostat have confirmed. The 28-strong EU expanded by 2.5% in 2017, its strongest performance since 2007, when it grew by 2.7%. In the final three months both the EU and the 19-nation eurozone grew by 0.6% compared with the previous quarter. That was mirrored by growth in the EU’s biggest economy, Germany, which grew by 0.6% in the final quarter of 2017.

 

Shire said that its product sales and revenue rose ahead of expectations in 2017, though it warned earnings per American depositary share in 2018 could be lower due to higher costs. Shire said it expects to deliver mid-single digit product sales growth in 2018 after absorbing the anticipated impact of generics.

 

Gold Prices fell, snapping two days of gains, as the dollar was pushed sharply higher by data showing that U.S. consumer prices rose more than expected in January.

 

Crude Oil prices continued to fall as traders considered the latest data on US oil inventories.

Market Close

Market Index Change % Change
UK 100 7,214.0 +46.0 +0.6%
UK 250 19,448.4 +128.3 +0.7%
GER 30 12,339.2 +142.7 +1.2%
FRA 40 5,165.3 +56.0 +1.1%
U.S. 30 24,642.93 +2.48 0.0%
U.S. 500 2675.5 +12.6 +0.5%
OIL (BRENT) 62.85 +0.13 +0.2%
GOLD 1,348.18 +18.63 +1.4%

UK Risers & Fallers

Company Price Change % Change
Randgold Resources 6386 +296 +4.9%
Coca-Cola HBC 2344 +108 +4.8%
Ferrexpo 284.95 +12.5 +4.6%
TUI AG 1540 -74 -4.6%
Standard Life Aberdeen 389.3 -9.5 -2.4%
Galliford Try 813 -187.5 -19%

Reported Economic Data

Time/Date Previous Forecast Outcome
10.00am: European Flash GDP q/q 0.6% 0.6% 0.6%
1.30pm: U.S. CPI m/m 0.1% 0.3% 0.5%
1.30pm: U.S. Core CPI m/m 0.3% 0.2% 0.3%
1.30pm: U.S. Core Retail Sales m/m 0.4% 0.5% 0%
3.30pm: U.S. Crude Oil Inventories 1.9m 2.8m 1.8m

 

 

 

Sources

 

http://www.bbc.co.uk/news/business-43055887

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1518623078015036400.html

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1518615466024822300.html

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1518611125324646200.html

 

https://uk.reuters.com/article/global-precious/precious-gold-slides-as-u-s-inflation-data-lifts-dollar-idUKL8N1Q45J3

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