Today's Closing Update
U.S. shares edged lower and were on track for a weekly decline as investors reacted to an uncertain political environment stemming from President Donald Trump’s firing of former FBI Director James Comey.
UK and European Shares held steady as higher oil prices, solid GDP data from Germany and some fresh dealmaking activity helped investors shrug off tepid corporate earnings.
The Serious Fraud Office has launched a criminal investigation into Petrofac, its subsidiaries and its employees, which the agency confirmed was over suspicions of bribery, corruption and money laundering. The SFO said the probe was related to the SFO’s ongoing investigation into the activities of Unaoil, a Monaco-based consultancy that worked with Petrofac, primarily in Kazakhstan between 2002 and 2009.
US commerce Secretary Wilbur Ross has described a new trade deal between the USA and China as a ‘herculean accomplishment’ in the latest example of improving relations between the superpowers. Washington and Beijing announced plans to expand trade in their beef and poultry industries, as well as increased cooperation between financial firms within the two states. The trade deal marks a stark contrast to the rhetoric of President Donald Trump during the campaign trail last year, where he repeatedly lambasted China for unfair trading practices.
The pieces appear to be falling into place for Hurricane Energy with the funding for the early production system at its Lancaster well set to be the main development of 2017. The owner of the largest portfolio of currently undeveloped discoveries on the UK’s Continental shelf said it was progressing on a range of possible financing discussions, with a view to first oil at Lancaster in the first half of 2019.
Consumer sentiment in the US has seen a modest improvement in the month of May, according to a report released by the University of Michigan. The report said the preliminary reading on the consumer sentiment index for May came in at 97.7 compared to the final April reading of 97.0. Economists had expected the index to inch up to 97.3. The uptick by the headline index came amid an improvement in consumer expectations, as the index of consumer expectations rose to 88.1 in May from 87.0 in April.
The German economy picked up speed as its entered 2017 thanks to gains in both domestic demand and exports, resulting in first quarter growth expanding at its fastest pace in a year, despite global economic and political uncertainties. Europe’s biggest economy grew by 0.6% in the first quarter of 2017, according to preliminary figures released by the Federal Statistics Office (Destatis) in line with analysts’ forecasts.
Clarksons said on that it has had an encouraging start to the year and is trading in line with its expectations. Clarksons said its broking business continues to benefit from its “best in class position” in all markets, the transaction volume flow the company sees and the data and market intelligence its technology systems provide.
Oil Prices were on track for their biggest weekly gain in five weeks, helped by expectations of an extension of OPEC-led output cuts and buoyed by falling U.S. crude inventories.
Gold rose and was set to end the week slightly higher as the sudden sacking of the FBI head in the United States stoked investor concerns and boosted demand for bullion.
Market Close
UK 100 |
7,435.4 |
+48.8 |
+0.7% |
UK 250 |
19,763.0 |
-32.7 |
-0.2% |
GER 30 |
12,763.6 |
+52.5 |
+0.4% |
FRA 40 |
5,402.4 |
+19.0 |
+0.4% |
U.S. 30 |
20,910.02 |
-9.40 |
-0.0% |
U.S. 500 |
2,390.9 |
-3.6 |
-0.2% |
OIL (BRENT) |
50.54 |
-0.23 |
-0.5% |
GOLD |
1,229.49 |
+4.45 |
+0.4% |
UK Risers & Fallers
Company |
Price |
Change |
% Change |
AstraZeneca |
5176 |
+428.5 |
+9.0% |
Just Eat |
585 |
+25 |
+4.5% |
Bt Group |
305.95 |
+8.1 |
+2.7% |
Petrofac |
700 |
-114.5 |
-14.1% |
Provident Financial |
3192 |
-73 |
-2.2% |
Hikma |
1759 |
-73 |
-2.0% |
Reported Economic Data
Time/Date |
Previous |
Forecast |
Outcome |
9:00am: G7 Meetings |
– |
– |
– |
12:30pm: U.S. CPI m/m |
-0.3% |
0.3% |
0.2% |
12:30pm: U.S. Core CPI m/m |
-0.1% |
0.2% |
0.1% |
12:30pm: U.S. Core Retail Sales m/m |
0.0% |
0.5% |
0.3% |
12:30pm: U.S. Retail Sales m/m |
-0.2% |
0.6% |
0.4% |
Sources
http://www.marketwatch.com/story/us-stocks-poised-to-open-lower-with-spotlight-on-retail-sales-inflation-data-2017-05-12
http://www.nasdaq.com/article/european-shares-steady-despite-weak-earnings-20170512-00194
https://www.digitallook.com/news/international-economic/new-us-china-trade-deal-hailed-as-herculean-accomplishment–2668843.html
https://www.digitallook.com/news/news-and-announcements/petrofac-under-investigation-by-serious-fraud-office-ceo-questioned–2669758.html
https://www.digitallook.com/news/news-and-announcements/hurricane-energy-progressing-on-financing-discussions-for-lancaster–2668784.html
https://www.digitallook.com/news/news-and-announcements/clarksons-hails-encouraging-start-says-trading-in-line–2669403.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1494592470778076400.html
http://www.reuters.com/article/global-precious-idUSL4N1IE35L
http://www.cnbc.com/2017/05/11/oil-stable-on-expectations-of-extended-opec-led-production-cut.html