Today's Closing Update

U.S.Stocks were little changed, as an early rally faded and uncertainty over trade issues and the outlook for the technology and internet sectors kept buyers at bay, particularly in the absence of fundamental news like earnings.

 

European Stocks were off lows as it emerged that UK manufacturing output unexpectedly picked up last month, although the downbeat tone persisted after a selloff in the US technology sector and amid renewed trade tensions.

 

GKN said that Bank of America upped its stake in UK-100 listed engineering company in a transaction last Tuesday. Bank of America increased its interest to 14%, having previously held 9.8% interest.

 

Activity in the eurozone manufacturing sector fell to an eight-month low in March, according to data released. IHS Markit’s final purchasing managers’ index for the bloc printed at 56.6, in line with the flash estimate and down from February’s final reading of 58.6, with a slowdown across all nations and manufacturing sub-sectors.

 

Pfizer Inc is in talks with Procter & Gamble Co P&G.N for a sale of the U.S. drugmaker’s consumer health business, CNBC reported on Tuesday, citing sources. Pfizer is considering options with P&G, including a joint venture, according to the report, adding that the companies were far apart on a price for the business.

 

British software firm Fidessa, which has been in takeover talks with Swiss banking software supplier Temenos, said it was approached by two undisclosed buyers. One of the possible offers would give Fidessa shareholders £38.297 per share, representing a 5% premium to Temenos’ cash offer of £1.4bn ($1.97 billion) or £36.467 per share.

 

Spotify could face a rough ride in its trading debut, with the company’s unusual direct listing coming the day after a steep technology selloff on Wall Street. Spotify Chief Executive Daniel Ek wrote in a letter on Monday that the listing will put it on a “bigger stage,” but that his focus remained on building the company for the long term. The New York Stock Exchange set Spotify’s reference price at $132 per share late on Monday, giving an early estimate of the level at which supply and demand could be balanced.

 

Gold Prices inched lower after gaining more than 1% in the previous session, even as a sell-off in global equities amid concerns over a trade war between China and US continued to support the safe-haven metal.

 

Oil Prices edged up after having posted their biggest one-day fall in almost a year the previous day, although higher Russian output and Saudi Arabia possibly cutting its selling prices acted as a drag.

Market Close

UK 100 7,030.5 -26.2 -0.4%
UK 250 19,398.0 -62.5 -0.3%
GER 30 12,002.5 -94.3 -0.8%
FRA 40 5,152.1 -15.2 -0.3%
U.S. 30 23,754.84 +110.65 +0.5%
U.S. 500 2,589.6 +7.8 +0.3%
OIL (BRENT) 68.27 +0.63 +0.9%

UK Risers & Fallers

Micro Focus 1011 +24.2 +2.5%
Sky 1325 +27.5 +2.1%
Fidessa 4137.5 +505 +13.8%
Mediclinic 573.4 -27.6 -4.6%
GKN 446.2 -16.8 -3.6%
Capita Group 133.45 -10.65 -7.4%

Reported Economic Data

Time/Date Previous Forecast Outcome
8.30am: U.K. Manufacturing PMI 55.0 54.8 55.1
1.30pm: U.S. FOMC Member Kashkari Speech

 

Sources:

https://uk.webfg.com/news/international-economic/eurozone-manufacturing-pmi-falls-to-eight-month-low–3221517.html

 

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

 

http://www.bbc.co.uk/news/business-43613398

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1522764486631839000.html

 

https://uk.reuters.com/article/us-global-oil/oil-struggles-to-retain-gains-as-trade-war-concerns-build-idUKKCN1HA056

 

https://uk.reuters.com/article/us-pfizer-divestiture-procter-gamble/pfizer-in-talks-with-pg-for-consumer-health-unit-sale-cnbc-idUKKCN1HA1UK

 

https://uk.reuters.com/article/uk-fidessa-group-m-a-temenos-group/temenos-takeover-target-fidessa-to-consider-two-potential-offers-idUKKCN1HA1QV?il=0

 

https://uk.reuters.com/article/us-spotify-ipo/spotify-set-for-debut-could-see-volatile-trade-later-idUKKCN1HA12B?il=0

 

https://www.marketwatch.com/story/us-stocks-poised-for-a-higher-but-nervous-start-after-tech-driven-selloff-2018-04-03

 

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