Today's Closing Update

U.S.Stocks moved sharply lower, with the major averages adding to the losses posted last week.

 

European Stocks lost ground, extending last week’s pullback, as analysts attributed the retreat in part to persistent worries about a global trade war.

 

The British Chambers of Commerce (BCC) has raised its UK growth forecast, but warns it will be among the worst performing G7 economies until 2020. The BCC has raised its GDP forecast for 2018 from 1.1% to 1.4% and in 2019 from 1.3% to 1.5%. Its first forecast for 2020 is for 1.6% growth. The hike is driven by slightly stronger than expected consumer spending.

 

Royal Bank of Scotland is planning a standalone digital bank, with a former chief operating officer leading the project. Tens of millions of pounds have been earmarked for the new platform, which it said is still in very early stages and may not even result in a new lender coming to the market.

 

Reckitt Benckiser said two directors, Ken Hydon and Judy Sprieser, would retire at the consumer products group’s annual general meeting in May. The company said Andrew Bonfield would join the board as a director with effect from 1 July. Bonfield is currently chief financial officer of National Grid and had held the same position at Cadbury, Bristol-Myers Squibb and BG Group.

 

Petrofac said it had signed a binding letter of intent for a contract worth around $580m with a national oil company in the Persian Gulf region for the engineering, procurement and construction of a major project. Specific details remained confidential and additional information would be announced in due course, the company said.

Royal Dutch Shell has ended operations in New Zealand after more than a century.  Shell has agreed to sells its assets in New Zealand to Austrian firm OMV AG for $578m. It is to sell the Maui oil and gas field off the North Island’s west coast, which is said to be the country’s most important energy resource.

 

Oil Prices eased after rallying at the end of last week, but tensions between Saudi Arabia and Iran helped limit losses.

 

Gold Prices showed little movement after Russian President Vladimir Putin scored a landslide election victory ahead of interest-rate decisions by the US Fed and the Bank of England this week.

Market Close

 

UK 100 7,042.9 -121.2 -1.7%
UK 250 19,694.77 -110.13 -0.6%
GER 30 12,217.0 -172.6 -1.4%
FRA 40 5222.8 -59.9 -1.1%
U.S. 30 24,568.34 -378.17 -1.5%
U.S. 500 2,710.1 -41.9 -1.5%
OIL (BRENT) 66.05 -0.16 -0.2%
GOLD 1,317.96 +3.72 +0.3%

UK Risers & Fallers

Barclays 217 +7.5 +3.6%
William Hill 333.6 +13.5 +4.2%
Micro Focus 1011 -873.5 -46.4%
Glencore 369.25 -16.25 -4.2%
Sophos 459.1 -38.4 -7.7%

Reported Economic Data

Time/Date Previous Forecast Outcome
All Day: G20 Meetings

 

Sources:

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1521464087402427800.html

 

http://www.stockmarketwire.com/

 

http://www.stockmarketwire.com/article/5898398/Petrofac-wins-580m-contract-for-Persian-Gulf-project.html

 

http://www.stockmarketwire.com/article/5898389/Reckitt-Benckiser-directors-Ken-Hydon-and-Judy-Sprieser-to-stand-down.html

 

http://www.stockmarketwire.com/article/5895721/Mitie-forecasts-mild-fall-in-operating-profit-as-revenue-rises-around-2pct.html

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1521473712182720300.html

 

http://www.bbc.co.uk/news/business-43449632

 

https://www.marketwatch.com/story/european-stocks-build-on-losses-as-micro-focus-shares-plunge-2018-03-19

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