Today's Closing Update

U.S. Stocks fell in early trading today, in a modest pullback from the previous week’s solid gains, which had brought major indexes within striking distance of record levels.

 

European Stocks were mixed, amid renewed fears over an escalating trade war between the world’s two largest economies.

 

Prime Minister Theresa May told rebels in her divided party that if they sabotaged her Brexit deal, then the UK would leave the EU without any agreement, a scenario the IMF said would make the country much poorer. The United Kingdom is due to leave the EU on March 29 and yet little is clear. So far, no full exit agreement has been reached and some rebels in May’s Conservative Party have threatened to vote down a deal if she clinches one.

 

Royal Dutch Shell announced plans to cap leaks of methane, a potent greenhouse gas, across its oil and gas operations as it tries to sharply curb carbon emissions. Shell aims to maintain methane emissions below 0.2% of its total oil and gas production by 2025, it said in a statement, joining British rival BP, which last year set a similar goal. Larger rival Exxon Mobil announced in May plans to reduce methane emissions by 15% by 2020.

 

HSBC has appointed Antonio Simoes as its head of global private banking, succeeding Peter Boyles who is leaving the bank. The change will become effective on January 1 next year. James Emmett will take over from Simoes in his dual roles as head of its British business, HSBC Bank plc, and Chief Executive for Europe.

 

EU antitrust regulators have set an Oct. 19 deadline for their ruling on Walt Disney’s $71.3bn bid for 21st Century Fox Inc’s entertainment assets, the European Commission said today. Disney sought EU approval for the deal on Sept. 14, according to a filing on the EU competition website. It can either clear the deal with or without concessions or open a four-month long investigation if it has serious concerns.

 

H&M’s sales bounced back in Q3, helped by a new logistics system, as the world’s second biggest fashion retailer said a revamp to meet growing online and budget competition was paying off. The Swedish company’s shares, which have lost nearly two thirds of their value since record highs in 2015, jumped as much as 13% in early trading today.

 

Volkswagen plans to build 10 million electric cars based on its new modular MEB platform, the German car maker said today, as it targets the launch of worldwide mass production towards the end of 2022. VW will build 27 models for four group brands based on the modular electrification kit (MEB) starting with the Volkswagen ID model that will begin rolling off the production line at its plant in Germany, late next year.

 

Oil Prices rose as investors focussed on the impact of U.S. sanctions on Iran despite assurances by Washington that Saudi Arabia, Russia and the US could together raise output fast enough to offset falling supplies.

 

Gold Prices peeped above $1200 per ounce yet again today, rising above what was an 18-month low when reached in mid-August for the 9th time in 5 weeks.

Market Close

UK 100 7,302.1 -1.9 -0.0%
UK 250 20,374.4 -1.5 -0.0%
GER 30 12,096.4 -27.9 -0.2%
FRA 40 5,348.9 -3.7 -0.1%
US 30 26,143.19 -11.48 -0.0%
US 500 2,897.01 -7.97 -0.3%
OIL (BRENT) 78.34 +0.25 +0.3%
GOLD 1,203.42 +8.57 +0.7%

UK Risers & Fallers

SSE 1122.5 +38.5 +3.6%
Carnival 4815 +111 +2.4%
Acacia Mining 106.625 +9.27 +9.7%
Scottish Mortgage Investment Trust 532 -13.4 -2.5%
Ashtead 2340 -54 -2.3%
Sophos 492.7 -23.5 -4.5%

Reported Economic Data

10.00am: European Final CPI y/y 2.0% 2.0% 2.0%
1.30pm: U.S. Empire State Manufacturing Index 25.6 23.2 19.0

 

Sources:

https://uk.reuters.com/article/uk-h-m-sales/hm-shares-jump-as-logistics-revamp-helps-speed-sales-idUKKCN1LX0GI?il=0

https://uk.reuters.com/article/uk-refinery-operations-bp-whiting/bp-whiting-refinery-restarts-crude-unit-operations-normal-sources-idUKKCN1LX1I0?il=0

https://uk.reuters.com/article/uk-britain-eu/may-tells-rebels-its-my-brexit-deal-or-no-deal-idUKKCN1LX0GO?il=0

https://uk.reuters.com/article/us-shell-emissions/shell-targets-lower-methane-emissions-from-oil-and-gas-operations-idUKKCN1LX0P8

https://uk.reuters.com/article/us-hsbc-moves-boyles/hsbc-appoints-antonio-simoes-as-new-global-private-bank-head-idUKKCN1LX1D9

https://uk.reuters.com/article/us-fox-m-a-disney-eu/eu-regulators-to-rule-on-disneys-71-billion-bid-for-fox-assets-by-october-19-idUKKCN1LX0Z3

https://www.marketwatch.com/story/stock-futures-inch-lower-as-us-china-trade-worries-return-to-focus-2018-09-17

https://www.cnbc.com/2018/09/17/european-markets-investors-monitor-fresh-us-trade-tariff-threat.html

 

 

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