Today's Closing Update

U.S.Stocks rallied in early trading on Monday, putting Wall Street on track to extend its recent rally as positive economic news, notably last week’s jobs report, continued to overshadow escalating trade tensions.

 

European Stocks were higher despite rising trade tensions between America and China, which both imposed tariffs on a number of imported goods on Friday.

 

Foreign Secretary Boris Johnson quit over Prime Minister Theresa May’s plans to leave the European Union, the second resignation in a day, leaving the British leader’s Brexit plans in crisis. After a day when the eurosceptic foreign secretary cancelled meetings for crisis talks at his official residence in central London, Johnson decided to walk from his job – just hours after May’s Brexit minister David Davis did the same.

 

Greene King posted a pretax profit for the year ended April 29 totalled £197.5m, up 6.8% from £184.9m reported the year before, on revenue of £2.18bn, down 1.8% from £2.22bn generated a year earlier. However, they also announced that they will be cutting roughly 100 jobs in the face of “considerable cost pressures”.

 

Centamin said production fell by 25% in the second quarter due to low grades of the metal at its mine in Egypt. Gold production for the second quarter fell 25% to 92,803 ounces, compared to the same period a year ago, and fell 7% to 217,099 ounces in the six months through June. Underground grade underperformed the mine plan in the second quarter, while development grades were lower as development was focused on access drives to future mining areas, the company said.

 

Samsung Electronics has formally opened a new factory in India, which the South Korean tech group says is the world’s biggest mobile phone manufacturing plant, part of its plans to expand production in the world’s fastest-growing major mobile phone market.

 

Citigroup Inc is facing a unique dilemma among the four largest U.S. banks: it is light on deposits from individuals, an important funding source that costs little and tends to stick around. While big rivals grew deposits dramatically after the 2007-2009 financial crisis from their broad networks of branches, Citigroup backed out of all but six U.S. cities and closed one-third of its branches.

 

Oil Prices rose on as increased global demand and U.S. efforts to shut out Iranian output through the use of sanctions outweighed drilling data suggesting that U.S. shale production would climb.

 

Gold Prices were higher as new US-Chinese trade tariffs began and the UK’s chief Brexit negotiator resigned over the Government’s plan for a trade deal with the EU.

Market Close

UK 100 7,688.0 +70.3 +0.9%
UK 250 20,821.2 +202.8 +1.0%
GER 30 12,543.9 +47.7 +0.4%
FRA 40 5,398.1 +22.3 +0.4%
US 30 24,725.21 +268.73 +1.1%
US 500 2,778.33 +18.51 +0.7%
OIL (BRENT) 78.20 +1.09 +1.4%
GOLD 1,261.19 +5.71 +0.5%

UK Risers & Fallers

Antofagasta 976 +32 +3.4%
G4S 275.7 +8 +3.0%
Sophos 496.7 +37.2 +8.1%
Severn Trent 2003 -65 -3.1%
United Utilities 766.4 -17 -2.2%
Centamin 114.1 -3.85 -3.3%

Reported Economic Data

8.50am: UK MPC Member Broadbent Speaks
2.00pm: ECB President Draghi Speaks

 

Sources:

http://www.stockmarketwire.com/article/6044133/Centamin-gold-production-falls-25pct-in-Q2.html

 

https://uk.reuters.com/article/uk-britain-eu-davis/brexit-secretary-david-davis-has-resigned-source-close-to-davis-idUKKBN1JY10M

 

https://uk.reuters.com/article/uk-samsung-elec-india/samsung-opens-worlds-largest-phone-factory-in-india-idUKKBN1JZ1F9

 

https://uk.reuters.com/article/uk-citigroup-deposits-digital/citigroup-with-limited-options-hopes-to-lure-deposits-digitally-idUKKBN1JZ0C6

 

https://uk.reuters.com/article/us-global-oil/oil-prices-climb-on-global-demand-and-u-s-sanctions-on-iran-idUKKBN1JZ03I

 

https://www.bullionvault.com/gold-news/gold-prices-070920182

 

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