Today's Closing Update

U.S. Shares were higher as the U.S.30 hit an intraday record shortly after opening, adding to last week’s record-setting performance.

 

European and U.K. Shares were mixed amid nascent optimism over the outlook for global growth and another mixed bag of corporate earnings reports.

 

UK house prices have recorded a quarter-on-quarter fall for the fourth month in a row for the first time since 2012, according to the Halifax. The mortgage lender said that property prices between May and July were 0.2% lower than the previous quarter. The figures, based on Halifax’s own mortgage data, showed annual house price growth had slowed to 2.1%.

 

John Wood Group said its clean energy business has been chosen to carry out power performance testing on Europe’s largest onshore wind project. The 1 gigawatt Fosen Vind project, which is located in central Norway on the peninsula of Fosen, the island of Hitra and in Snillfjord, comprises six onshore wind farms and will have the combined capacity to power up to 170,000 Norwegian households when complete.

 

Tesla announced that it is looking to raise approximately $1.5bn via a bond offering in the lead-up to the start of production of its newest vehicle, the Model 3. Elon Musk, chief executive at Tesla is hoping the Model 3, which will become the most affordable of the Tesla vehicles when it hits the road at $35,000 for the baseline model, will become profitable and mass-marketable.

 

Bitcoin’s value has jumped to a record high, following a month of turmoil. The virtual currency reached $3,451.86 (£2,651) per coin, according to the Coindesk Bitcoin Price Index. It had never crossed the $3,000 mark until the weekend. The market value of all bitcoins in existence has now surpassed $56bn (£43bn). The surge followed the creation of a spin-off crypto-currency, Bitcoin Cash, last week. The new asset is trading well below the peak price of $727.54 (£557) per coin it attained on 2 August.

 

Oil Prices edged down, on concerns about major oil producers’ wavering commitment to output caps and ahead of a meeting of the Organization of the Petroleum Exporting Countries.

 

Gold were tilting slightly lower, putting the precious metal on track to notch its longest streak of losses since mid June

Market Close

Market Index Change % Change
UK 100 7,531.9 +20.2 +0.3%
UK 250 19,988.5 +18.8 +0.1%
GER 30 12,257.2 -40.6 -0.3%
FRA 40 5,207.9 +4.5 +0.1%
U.S. 30 22,106.31 +13.50 +0.1%
U.S. 500 2,478.6 +1.7 +0.1%
OIL (BRENT) 51.56 -0.86 -1.6%
GOLD 1,259.42 +0.54 +0.0%

UK Risers & Fallers

Company Price Change % Change
Anglo-American 1310 +39.5 +3.1%
Ferrexpo 291.05 +13.9 +5.6%
Glencore 346.55 +8.75 +2.6%
Paddy Power Betfair 7550 -370 -4.7%
Pearson 630.5 -25 -3.8%
Ultra Electronics 2007.5 -77 -3.7%

Reported Economic Data

Time/Date Previous Forecast Outcome
3:00pm: Labor Market Conditions Index m/m 1.5 Cancelled
6:25pm: FOMC Member Kashkari Speaks
8:00pm: U.S. Consumer Credit m/m 18.4bn 15.6bn

 

Sources

https://www.cnbc.com/2017/08/07/us-stocks-dow-earnings.html

http://www.bbc.co.uk/news/business-40848771

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1502100985158077700.html

https://www.digitallook.com/news/international-companies/tesla-to-raise-funds-in-preparation-of-manufacturing-hell–2805421.html

http://www.bbc.co.uk/news/technology-40848505

http://www.marketwatch.com/story/oil-prices-struggle-for-footing-ahead-of-opec-meeting-2017-08-07

http://www.marketwatch.com/story/gold-on-pace-for-longest-skid-in-7-weeks-2017-08-07

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