Today's Closing Update

U.S.Stocks dropped as a move to check Chinese investments in U.S. technology firms further raised tensions between the United States and its trading partners.

 

European Stocks retreated, weighed down by further trade issues.

 

Sales of new US single-family homes rose in May, according to figures released by the Commerce Department. New home sales were up 6.7% to a seasonally-adjusted annual rate of 689,000 from a revised rate of 646,000 in April. Economists had been expecting a rate of 667,000. Compared with May 2017, new home sales were up 14.1%.

 

Inmarsat rallied as France’s Eutelsat confirmed it is currently evaluating a possible offer for the company. “There can be no certainty any offer will be made, nor as to the terms of any offer,” Eutelsat said, adding that a further announcement will be made in due course.

 

BT Group confirmed an unchanged outlook for its financial 2019 and said it will now report its full-year results under the IFRS 15 accounting standard. IFRS 15 sets out the requirements for recognising revenue and costs from contracts with customers and includes extensive disclosure requirements.

 

Old Mutual said the offer price for the de-merger of its Quilter wealth management business was 140p per share, raising around £231.1m. The expected offering of up to 9.6% of the ordinary shares of Quilter comprised around of 165m shares to institutional investors, 1.0m shares to certain non-executive directors and an over-allotment option of 16.5m shares.

 

Carnival warned that strong growth in the second-quarter was not likely to continue into the third. Following a second-quarter where earnings per share grew 31% to $0.68 on revenue up 11.7% to $4.4bn, beating market expectations, the third quarter is expected to see adjusted EPS in a range of $2.25-2.29 compared to $2.29 a year ago.

 

Oil Prices were higher as the highly anticipated latest OPEC meeting has resulted in an agreement in principle, to raise the level of oil output. Meeting attendees agreed to reduce the compliance to its output cap to 100%.

 

Gold Prices steadied off last week’s six-month low as concerns over a global trade war ratcheted higher.

Market Close

UK 100 7,509.84 -172.43 -2.2%
UK 250 20,774.4 -235.5 -1.1%
GER 30 12,270.3 -309.4 -2.5%
FRA 40 5,283.9 -103.5 -1.9%
U.S. 30 24,242.94 -337.95 -1.4%
U.S. 500 2,710.52 -44.36 -1.6%
OIL (BRENT) 73.97 -1.58 -2.1%
GOLD 1,266.47 -4.09 -0.3%

UK Risers & Fallers

ITV 177 +0.4 +0.2%
United Utilities 751 +0.4 +0.1%
Indivior 382.35 +16.1 +4.4%
Carnival 4215 -528 -11.1%
Micro Focus 1293 -71 -5.2%
Nostrum Oil & Gas 179.2 -14 -7.2%

Reported Economic Data

 

Time/Date Previous Forecast Outcome
9:00am: German Ifo Business Climate 102.3 101.9 101.8

Sources:

http://www.digitallook.com/

https://uk.reuters.com/article/global-precious/precious-gold-pinned-near-six-month-lows-trade-concerns-stem-losses-idUKL4N1TR3GU

http://www.londonstockexchange.com/exchange/news/alliance-news/archive.html?&page=1

https://www.nasdaq.com/article/us-stockstrade-worries-weigh-on-wall-st-tech-stocks-suffer-20180625-00686

 

 

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