Today's Closing Update

U.S.Stocks after an initial move to the downside regained some ground over the course of morning trading but remain mostly lower. The major averages are adding to the losses posted in the previous session.

 

European Stocks were lower, amid Italian government uncertainty and souring market sentiment over ongoing trade talks between the world’s two biggest economies.

 

Deutsche Bank is planning to cut 10,000 jobs or about a tenth of its global workforce, as part of efforts to reduce costs, The Wall Street Journal reported on Wednesday. There were reports that job cuts were likely to extend into 2019. Separately, Bloomberg News reported the bank was planning to withdraw from a number of equities markets across the globe.

 

Royal Dutch Shell said a declaration of force majeure remained in place on shipments of Nigerian Bonny Light crude oil, while exports at the Forcados shipping hub were running as normal. Shell’s Nigerian subsidiary, Shell Petroleum Development Company of Nigeria Ltd (SPDC), said on May 17 it had declared force majeure on exports of Bonny light following a shutdown on the Nembe Creek Trunk Line stream.

Sage, the market leader in cloud business management solutions, today announced it is partnering with PayPal, to enable faster and simpler payment options. An integration of PayPal, the global payments provider, as a payment option on Sage 50cloud, enables users of Sage 50cloud to offer their customers a secure online payment method, making financial transactions easier and quicker.

 

Mediclinic International is set to show a rise in annual revenue with earnings broadly flat, having just last month reported an improvement in the Middle East and that its South Africa unit performed ahead of expectations in the period.

 

Comcast Corp confirmed it is considering and is in advanced stages of preparing, an offer for the businesses that Fox has agreed to sell to Disney, meaning not including the Fox News Channel, Fox Business Network, Fox Broadcasting Co. This would imply it would include Fox’s stake in UK pay television service Sky PLC.

 

WPP PLC has lost HSBC Holdings PLC as a media client to rival corporate communications company Omnicom Group Inc, according to sources familiar with the matter. The Asia-focused bank has moved its $400m media buying account following a global agency review. HSBC has been a client of WPP’s media agency, Mindshare, for the past 15 years.

 

Antofagasta PLC said its year of “good progress” in 2017 allowed it to introduce its new operating model. Speaking at its annual general meeting on Wednesday, Chairman Jean-Paul Luksic said the blue-chip Chilean copper miner came out of its “downturn stronger with a restructured organization” that will allow the company to “execute its strategy over the coming years”.
Oil Prices eased on Wednesday, under pressure from a potential increase in OPEC crude output to cool the market’s recent rally and cover any shortfalls in supply from Iran and Venezuela.

 

Gold Prices fell at Wednesday’s opening bell due in no small part to a new high for the U.S. dollar.

Market Close

UK 100 7,788.4 -89.0 -1.1%
UK 250 21,004.9 -186.5 -0.9%
GER 30 12,976.8 -193.1 +1.5%
FRA 40 5,565.9 -74.3 -1.3%
U.S. 30 24,723.21 -111.20 -0.5%
U.S. 500 2,715.40 -9.04 -0.3%
OIL (BRENT) 78.91 -0.66 -0.8%
GOLD 1,292.96 +1.82 +0.1%

UK Risers & Fallers

Marks and Spencer 306.9 +15.1 +5.2%
Imperial Brands 2817 +33.5 +1.2%
Softcat 713 +50 +7.6%
Anglo American 1829.8 -96.6 -5.0%
WPP 1302.5 -57.5 -4.2%
Vedanta 746.4 -97.2 -11.5%

Reported Economic Data

9.30am: UK CPI y/y 2.5% 2.5% 2.4%
9.30am: U.K. PPI Input m/m -0.1% 1.0% 0.4%
3.30pm: U.S. Crude Oil Inventories -1.4m -2.5m 5.8m

 

Sources:

https://uk.reuters.com/article/us-barclays-m-a/barclays-has-no-plans-for-tie-up-with-rival-banks-sources-idUKKCN1IO0OK

 

https://uk.reuters.com/article/uk-global-oil/oil-falls-as-concern-mounts-over-opec-supply-global-growth-outlook-idUKKCN1IO01O?il=0

 

https://uk.reuters.com/article/uk-deutsche-bank-strategy/deutsche-bank-looks-to-cut-10000-jobs-to-reduce-costs-wsj-idUKKCN1IO1SG?il=0

 

https://uk.reuters.com/article/uk-oil-nigeria/shell-says-nigerias-bonny-light-crude-still-under-force-majeure-idUKKCN1IO1S6?il=0

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1527086720035818400.html

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