Today's Closing Update
U.S. Shares traded lower as declines in technology stocks offset gains in energy stocks.
European and U.K. Shares were mixed after German Chancellor Angela Merkel was elected for a fourth term in Sunday’s election but saw her majority cut in parliament.
Euro area economic recovery is now firm and broad-based, and the latest data suggest that the momentum is set to continue in the period ahead and policymakers are more confident that inflation will converge at the target eventually, European Central Bank President Mario Draghi sad. “The ongoing recovery is, crucially, driven by domestic forces, and the labor market has notably improved,” Draghi said at a hearing at the European Parliament in Brussels. “The domestic drivers are making the recovery more robust and resilient to adverse external influences,” he said.
The Air Berlin creditors committee announced Deutsche Lufthansa AG and easyJet as “selected bidders” for Air Berlin’s aviation business, with negotiations to continue until October 12. Last Friday, easyJet submitted a proposal to the overseers of Air Berlin PLC’s insolvency to acquire parts of its short haul business. Air Berlin filed for insolvency in August after its main shareholder, Abu Dhabi-based Etihad Airways, withdrew financial aid for the loss-making carrier.
NMC Health received all regulatory approvals for its long-term care facility, Chronic Care Specialty Medical Center (CCSMC), in Jeddah, Kingdom of Saudi Arabia (KSA). CCSMC is believed to be one of the first greenfield medical facilities in Saudi Arabia to be established by a non-KSA company. NMC is delivering against its well-defined strategy for expanding into KSA. In line with the growth strategy set in 2016, NMC Health has adopted a three-pronged strategy to pursue its expansion plans in KSA through both organic and inorganic growth.
Unilever has agreed to buy skincare business, Carver Korea, from Bain Capital and Goldman Sachs for €2.27bn. The Anglo-Dutch consumer goods giant said Carver is the fastest-growing skincare business in South Korea through sales of its brand AHC. The company generated sales of €321m and earnings before interest, taxes, depreciation and amortisation of €137m in 2016.
Countrywide took a hit after Credit Suisse downgraded the stock to ‘underperform’ from ‘neutral’ and slashed the price target to 111p from 288p as it took a look at UK estate agents. “Market conditions are unsupportive and with a stretched balance sheet and the lowest cash conversion ratio of the sector, we believe Countrywide’s ability to invest in its self-help initiatives and deliver earnings growth will be severely constrained.”
RSA Insurance Group said its third quarter trading had been “positive” and “consistent with prior trends” with the exception of the UK business segment. RSA said that its UK business segment will see an “impact” caused by “catastrophe losses from the US, Caribbean and Mexico” on its September results in the marine and international portfolios. The company added that “at present” notified losses were “well below” reinsurance limits. However, it cautioned that the final position will take “some weeks” to emerge.
Oil prices rose to their highest in nearly nine months after major producers said at a meeting in Vienna the global market was well on its way towards rebalancing.
Gold prices ticked higher, limping their way out of back-to-back weekly losses as financial market participants kept tabs on lofty U.S. stock prices.
Market Close
Market |
Index |
Change |
% Change |
UK 100 |
7,301.3 |
-9.4 |
-0.1% |
UK 250 |
19,566.4 |
+49.1 |
+0.3% |
GER 30 |
12,594.8 |
+2.5 |
+0.0% |
FRA 40 |
5,270.3 |
-11.0 |
-0.2% |
U.S. 30 |
22,268.73 |
-80.86 |
-0.4% |
U.S. 500 |
2,492.6 |
-9.6 |
-0.4% |
OIL (BRENT) |
58.46 |
+1.60 |
+2.8% |
GOLD |
1,303.59 |
+6.29 |
+0.5% |
UK Risers & Fallers
Company |
Price |
Change |
% Change |
Tullow Oil |
191.05 |
+12.7 |
+7.1% |
Convatec |
271 |
+4 |
+1.5% |
BT Group |
286.95 |
+4.15 |
+1.5% |
Mediclinic |
645.5 |
-35 |
-5.1% |
Stobart |
273.95 |
-10.6 |
-3.7% |
Antofagasta |
908 |
-31.5 |
-3.4% |
Reported Economic Data
Time/Date |
Previous |
Forecast |
Outcome |
10:30am: FPC Statement |
– |
– |
– |
2:00pm: ECB President Draghi Speaks |
– |
– |
– |
Sources
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1506352449290394600.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1506349393010301600.html
http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1506343924210166600.html
http://www.stockmarketwire.com/article/5677634/NMC-Health-receives-regulatory-approvals-for-long-term-care-facility-in-Saudi-Arabia.html
https://www.digitallook.com/news/news-and-announcements/unilever-agrees-to-buy-carver-korea-for-euro227bn–2875584.html
https://www.digitallook.com/news/broker-recommendations/countrywide-slumps-on-credit-suisse-downgrade–2875842.html
https://www.cnbc.com/2017/09/25/us-stocks-open-lower-after-german-election-fed-speakers-eyed.html
https://www.cnbc.com/2017/09/24/oil-holds-gains-as-producers-say-market-rebalancing.html
http://www.marketwatch.com/story/gold-fights-to-shake-off-back-to-back-weekly-declines-2017-09-25
http://www.nasdaq.com/article/european-stocks-mixed-as-german-chancellor-merkel-relected-for-fourth-term-cm850221