Today's Closing Update

U.S. Shares edged lower in early trading today, pulling back from the market’s most recent record highs. Health care and consumer-focused companies were among the biggest laggards.

 

European and U.K. Shares were slightly lower afternoon, as weaker-than-expected trade data from China and Germany offset an otherwise upbeat outlook for global growth.

 

Permanent job placements in the UK grew at the fastest pace in more than two years in July, a report compiled by the Recruitment & Employment Confederation and IHS Markit showed. The number of people placed in permanent jobs increased notably in July and the rate of expansion was the fastest for twenty-seven months. Similarly, growth in temporary or contract staff placements improved to a near two-and-a-half year high in July.

 

Culture Secretary Karen Bradley has sought further clarification from regulator Ofcom over the possible £11.7bn takeover of Sky by 21st Century Fox after new evidence was raised. Having read through some of the submissions made by third parties to Ofcom, Bradley’s Department for Digital, Culture, Media and Sport said “a number of these raise new evidence and/or comment on the Ofcom assessment”. Bradley has delayed making a decision on whether to refer Sky’s takeover to the Competition and Markets Authority, with more than eight months passing since the deal was first announced.

 

BAE Systems today introduced iMOTR™, an innovative, mobile multiple-object tracking radar, which uses commercial-off-the-shelf (COTS) solutions to provide military test and evaluation ranges a higher degree of accuracy in tracking time, space, and position information  for objects in flight. The solution was unveiled at the annual Space and Missile Defense. BAE Systems developed the iMOTR solution over the past two years using the company’s internal research and development funding. The project focuses on leveraging existing in-house radar designs matched with COTS component.

Paysafe a provider of payment solutions, saw year-on-year organic revenue growth of 12% in the first half of the year, compared with growth of 20% the year before.Statutory revenue growth was 11%, down from 118% the prior year.The company’s adjusted profit after tax was $124m compared with $101.4m the year before.

 

IWG leading the fallers after it reported decreasing profits. The office space group, formerly known as Regus, was down over 9% in the afternoon after showing a 6% drop in its profits for the first six months of 2017 as management prioritised growth over short-term profits, near-doubling new growth capital expenditure to £180m. IWG chief executive Mark Dixon said: “Against the backdrop of improving sales trends we have made the decision to invest in our network to deliver additional earnings growth and shareholder value creation over the medium-term. In this regard, we decided to opportunistically acquire properties as well as further accelerate our growth.”

 

Oil prices were up slightly on the back of reports that Saudi Arabia is planning to cut exports to Asia next month.

 

Gold pared its gains after the U.S. dollar turned positive as investors awaited U.S. inflation figures later this week for further clues about the pace of interest rate rises.

 

Market Close

Market Index Change % Change
UK 100 7,542.7 +10.8 +0.1%
UK 250 19,949.5 -39.0 -0.2%
GER 30 12,292.1 +34.9 +0.3%
FRA 40 5,218.90 +11.0 +0.3%
U.S. 30 22,171.50 +53.08 +0.2%
U.S. 500 2,489.1 +8.2 +0.3%
OIL (BRENT) 52.51 +0.14 +0.3%
GOLD 1,253.38 -4.47 -0.4%

UK Risers & Fallers

Company Price Change % Change
Pets At Home 243.3 +9.8 +5.7%
Taylor Wimpey 195.2 +3.7 +1.9%
Worldpay 383.6 +7 +1.9%
IWG 301.75 -41 -12%
Paddy Power Betfair 7240 -310 -4.1%
Intercon Hotel 4235 -176 -4%

Reported Economic Data

Time/Date Previous Forecast Outcome
11:00am: NFIB Small Business Index 103.6 103.6 105.2
3:00pm: U.S. JOLTS Job Openings 5.67m 5.74m 6.16m

 

 

 

 

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