Today's Closing Update

U.S.Stocks fell sharply, in the latest example of heavy day-to-day volatility being driven by concerns over the prospect of a trade war between China and the U.S.

 

European Stocks dropped after China hit back against U.S. tariffs on its products. Beijing issued a list of 106 U.S. goods that will be subject to levies by the world’s second-largest economy.

 

Growth in the US services sector slowed a little in March, according to figures released. The Institute for Supply Management’s index of non-manufacturing fell to 58.8 from 59.5 in February, missing expectations for a reading of 59.0. Still, this marked the 98th month in a row that the services sector grew. A reading above 50 indicates expansion, while a reading below signals contraction.

 

HSBC’s Chief Executive Officer John Flint and Chairman Mark Tucker are considering shrinking the bank’s global imprint even further as part of a plan set to be revealed over coming months, Bloomberg reported, citing people familiar with the matter. Flint, who took over in February, is reviewing as many as a quarter of the 67 countries the bank operates in, and is mulling an exit or sale from smaller consumer operations such as Bermuda, Malta and Uruguay, the reports said.

 

Tesco and Morrisons outperformed their major supermarket rivals in March, while a stumbling Sainsbury’s is close to losing its second place to a resurgent Asda. Till receipts for the 12 weeks to 25 March, compiled by Kantar Worldpanel, show the pair both saw sales growth of 2.4%, while Walmart’s Asda grew 1.6% and Sainsbury’s crawled forward just 0.6%. Across the whole of the grocery market, sales increased in value by 2.5% compared to this time last year in spite of the heavy snow during the period.

 

Gold Prices hit a one-week high as the dollar dipped versus the yen and share markets faltered after China retaliated in kind to a U.S. move to slap tariffs on $50 billion worth of its imports, raising trade war jitters.

 

Oil Prices hit a two-week low after China said it would impose tariffs on a number of U.S. goods including agricultural products, raising the prospect of a growing trade war that could hurt the global economy.

Market Close

Company Price Change % Change
Morrison (WM) 218.4 +6.1 +2.9%
Shire 3600 +92.5 +2.6%
Polypipe Group 363.3 +12.2 +3.5%
GKN 428.5 -17.7 -4.0%
Anglo-American 1587.8 -52 -3.2%
Fisher (J) & Sons 1510 -98 -6.1%

UK Risers & Fallers

Company Price Change % Change
Morrison (WM) 218.4 +6.1 +2.9%
Shire 3600 +92.5 +2.6%
Polypipe Group 363.3 +12.2 +3.5%
GKN 428.5 -17.7 -4.0%
Anglo-American 1587.8 -52 -3.2%
Fisher (J) & Sons 1510 -98 -6.1%

Reported Economic Data

Time/Date Previous Forecast Outcome
8.30am: U.K. Construction PMI 51.4 50.9 47.0
12.15pm: U.S. ADP Non-Farm Employment Change 235k 208k 241k
2.00pm: U.S. ISM Non-Manufacturing PMI 59.5 59.0 58.8
2.30pm: U.S. Crude Oil Inventories 1.6m 1.4m -4.6m

 

 

 

Sources

 

http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1522853634643663600.html

https://uk.webfg.com/news/news-and-announcements/sainsburys-close-to-losing-second-spot-to-resurgent-asda–3224095.html

https://uk.webfg.com/news/international-economic/ism-non-manufacturing-index-dips-in-march–3225321.html

https://uk.reuters.com/article/global-precious/precious-gold-hits-1-week-high-as-dollar-dips-u-s-china-trade-tensions-escalate-idUKL5N1RH2LE

https://uk.reuters.com/article/uk-global-oil/oil-skids-to-two-week-low-after-china-hits-u-s-goods-with-tariffs-idUKKCN1HB1JO

https://www.marketwatch.com/story/dow-poised-to-drop-as-analysts-fret-about-trade-fights-dark-shadow-2018-04-04

https://www.marketwatch.com/story/european-stocks-fall-as-china-pulls-out-big-guns-against-us-tariffs-2018-04-04

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