The Market Close- GlaxoSmithKline’s HIV treatment approved by European Commission

Today's Closing Update

U.S.Stocks rallied broadly after the United States and China put a potential trade war “on hold” to work on a wider agreement, with sentiment also getting a boost from the nearly $28-billion worth of U.S. merger deals.

 

European Stocks headed toward an almost four-month high, after an easing in U.S.-China tensions fueled hopes a trade war between the world’s two largest economies can be averted.

 

BP shareholders approved Chief Executive Bob Dudley’s 2017 remuneration package by a more than 96 percent majority. Dudley’s remuneration rose by 13 percent to $13.4 million (10 million pounds) last year as the oil and gas giant’s profit more than doubled and production soared. In 2016 Dudley’s pay package was cut by 40 percent after a majority of shareholders opposed the company’s pay policy.

 

GlaxoSmithKline said a HIV treatment developed by its ViiV Healthcare joint venture with Pfizer and Shionogi had been granted marketing approval by the European Commission. The HIV specialist joint venture was granted authorisation for Juluca, which treats HIV type-one infections in adults who are virologically suppressed on a stable anti-retroviral regimen for at least six months.

 

OPEC is looking closely at a drop in oil output from Venezuela to see if the loss of supply from the member state warrants action by the group. This marks a shift from earlier this year when OPEC officials downplayed the drop in Venezuelan production. And it follows a rise in prices and a decline in global inventories that is making tighter supply more significant.

 

Charges brought against Barclays bank over a $3bn (£2.6bn) loan made to Qatari investors have been thrown out by a court, in a major setback for the only criminal case pursued by the Serious Fraud Office (SFO) around events from the 2008 financial crisis. The charges related to the £11.8bn emergency fundraising conducted by the bank in 2008 as it struggled to maintain its independence and avoid a government takeover.

 

Oil Prices declined on Monday, surrendering early gains, though the prospect of an easing in trade tensions between the United States and China helped to stem losses

 

Gold Prices marked a new low for the year on Monday after U.S. Treasury Secretary Steven Mnuchin’s declaration that a trade war between China and the United States was “on hold” helped boost appetite for higher risk assets such as stocks and the dollar.

Market Close

UK 100	7,859.2	+80.4	+1.0%
UK 250	21,137.7	+147.9	+0.7%
GER 30	13,077.72	–	–
FRA 40	5,637.5	+23.0	+0.4%
U.S. 30	24,983.45	+268.36	+1.1%
U.S. 500	2,727.23	+14.26	+0.5%
OIL (BRENT)	78.72	+0.21	+0.3%
GOLD	1,289.38	-3.66	-0.3%

UK Risers & Fallers

3i Group	1026.5	+37.5	+3.8%
Burberry	2000	+68	+3.5%
Ocado	873.2	+73.4	+9.2%
Micro Focus	1342	-21	-1.5%
Randgold Resources	5738	-76	-1.3%
The Rank Group	154.7	-6.6	-4.1%

Reported Economic Data

Time/Date	Previous	Forecast	Outcome
4.30pm: FOMC Member Bostic Speaks	–	–	–

Sources:

https://uk.reuters.com/article/uk-opec-venezuela/opec-looking-closely-at-venezuelan-oil-output-drop-sources-idUKKCN1IM1FK?il=0

 

https://uk.reuters.com/article/uk-bp-agm/bp-shareholders-approve-ceos-pay-idUKKCN1IM1BB?il=0

 

http://www.stockmarketwire.com/article/5979124/GlaxoSmithKline-joint-ventures-HIV-treatment-approved-in-Europe.html

 

https://www.theguardian.com/business/2018/may/21/barclays-bank-charges-qatar-loan-thrown-out-2008-financial-crisis

 

https://www.theglobeandmail.com/investing/markets/inside-the-market/market-news/article-at-the-open-us-stocks-rise-as-us-china-trade-row-put-on-hold/