Today's Closing Update

U.S. Stocks have turned mixed over the course of morning trading after initially moving to the upside. While the US30 and the US500 remained in positive territory but the tech-index slumped back into the red.

 

European Stocks were higher as investors grew optimistic ahead of a week that includes a major U.S.-China trade meeting and appearances by U.S. Federal Reserve officials.

 

German Chancellor Angela Merkel told her Christian Democrats (CDU) at a meeting that she saw no urgent need to offer financial aid for Turkey to ease its currency crisis, the conservative party’s general secretary said today.

 

Tesla Inc shares fell in early trading as a $113 cut in JPMorgan Chase’s price target for the electric carmaker added to growing doubts among market players about a plan to take the company private. Slashing its price target for Tesla Inc from $308 to $195, the brokerage said it did not believe Chief Executive Officer Elon Musk had the funding for a plan announced by tweet just under two weeks ago.

 

Standard Chartered has completed the sale of its principal finance real estate business in Asia to private equity firm Actis, a spokesman said today. There was a report in March the two parties had reached a provisional agreement on the deal.

 

Online fashion retailer Farfetch plans to float on the New York Stock Exchange, the London-based firm said today, seeking to capitalise on rapid growth in luxury sales on the web. Competition to capture online shoppers has picked up among premium brands in recent years, pitting conglomerates like Louis Vuitton owner LVMH against independent operators as some firms scramble to make up for a slow move into e-commerce.

 

Volkswagen has to recall roughly 700,000 Tiguan and Touran cars worldwide due to a possible lighting defect, a German magazine reported today. The report was that humidity can cause a short circuit at the panoramic roof’s light strip of the affected cars. A short circuit in the LED-module could cause scorching damage on the roof and possibly set the vehicle on fire, the magazine said.

 

Oil Prices were mixed on concerns over slowing economic growth, particularly in China and India, as uncertainty prevails regarding the degree to which the US sanctions will take Iranian crude oil off the market.

 

Gold Prices rose as bargain hunters came into the market ahead of planned trade talks between the US and China.

Market Close

UK 100 7,591.3 +32.7 +0.4%
UK 250 20,531.2 +86.8 +0.4%
GER 30 12,331.3 +120.8 +1.0%
FRA 40 5,379.7 +34.7 +0.7%
US 30 25,777.90 +108.58 +0.4%
US 500 2,854.98 +4.85 +0.2%
OIL (BRENT) 72.09 +0.26 +0.4%
GOLD 1,186.09 +1.84 +0.2%

UK Risers & Fallers

Paddy Power Betfair 7110 +155 +2.2%
Easyjet 1607 +32.5 +2.1%
Hill & Smith 1141 +40 +3.6%
Sage 619.2 -46.6 -7.0%
G4S 249.7 -3.0 -1.2%
Polypipe 356.2 -10.8 -2.9%

Reported Economic Data

4.00pm: U.S. FOMC Member Bostic Speaks

 

Sources:

https://uk.reuters.com/article/uk-stanchart-m-a-actis/standchart-sells-asia-real-estate-business-to-actis-source-idUKKCN1L51GF?il=0

 

https://uk.reuters.com/article/uk-turkey-currency-merkel/merkel-sees-no-urgent-need-to-help-turkey-financially-idUKKCN1L517S?il=0

 

https://www.londonstockexchange.com/exchange/news/alliance-news/detail/1534762380019475300.html

 

https://www.londonstockexchange.com/exchange/news/alliance-news/detail/1534760854029418700.html

 

 

https://www.marketwatch.com/story/european-stocks-rise-led-by-greece-as-bailout-ends-2018-08-20

 

https://uk.reuters.com/article/uk-farfetch-uk-ipo/uk-luxury-retailer-farfetch-aims-for-new-york-listing-idUKKCN1L514Z?il=0

 

https://uk.reuters.com/article/uk-volkswagen-recall/vw-to-recall-700000-cars-over-roof-lighting-trade-magazine-idUKKCN1L51CA?il=0

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