Today's Closing Update

U.S. Stock were mostly higher, however weakness amongst the technology stocks meant gains were muted.

 

European Stocks finished the session in the black, as investors shook off concerns surrounding global trade.

 

The UK economy grew more than expected in the three months to July as the hot weather and the World Cup provided a boost, according to official data released on Monday. UK gross domestic product grew by 0.6%, the Office for National Statistics revealed, up from 0.4% in the previous three-month period and beating expectations for a 0.5% rise. On the month, GDP grew 0.3%, up from 0.1% in June and beating expectations for a 0.2% increase.

 

EU Brexit negotiator Michel Barnier expressed optimism of striking a deal with Britain within the next six to eight weeks on its departure from the EU. “I think that if we are realistic, we are able to reach an agreement on the first stage of this negotiation, which is the Brexit treaty, within six or eight weeks,” Barnier said at a conference in the Slovenian town of Bled on Monday.

 

Debenhams said it expects to post an annual profit in line with the current market range despite deteriorating market environment. The company said it expects annual pretax profit of £33m, in line with the market expectations of between £31m and £36.5m. Earnings before interest, taxes, depreciation and amortisation is expected to come in at £157m.

 

Nike sales appear to have increased in the wake of its controversial advertising campaign, using Colin Kaepernick as the face of the brand. Online sales grew by 31% in the bank holiday weekend after the ad launched, according to researcher Edison Trends.

 

Volkswagen has gone on trial in Germany in what is the first court case against the carmaker over the diesel scandal. Investors are pursuing VW for about €9.2bn (£8.2bn) in damages, claiming the company should have come clean sooner about falsifying emissions data.

 

Oil Prices rose as growth of U.S. drilling braked and investors anticipated lower supply once new U.S. sanctions against Iran’s crude exports kick in from November.

 

Gold Prices edged higher as hopes of a swift Brexit deal boosted sterling and the euro against the dollar, making bullion cheaper for buyers in Britain and the euro zone.

Market Close

Market Index Change % Change
UK 100 7,279.3 +1.6 +0.0%
UK 250 20,259.8 +50.2 +0.3%
GER 30 11,986.3 +26.7 +0.2%
FRA 40 5,269.6 +17.4 +0.3%
US 30 25,959.08 +42.54 +0.2%
US 500 2,882.24 +10.56 +0.4%
OIL (BRENT) 77.33 +0.50 +0.7%
GOLD 1,197.07 +0.14 +0.0%

UK Risers & Fallers

Company Price Change % Change
London Stock Exchange 4726 +82 +1.8%
Royal Bank of Scotland 249.3 +4.3 +1.8%
RPC 804 +123 +18.0%
Fresnillo 812.4 -21.6 -2.6%
Glencore 290.75 -5.2 -1.8%
Just Group 74.35 -10.25 -12.1%

Reported Economic Data

Time/Date Previous Forecast Outcome
9.30am: U.K. GDP m/m 0.1% 0.2% 0.3%
9.30am: U.K. Manufacturing Production m/m 0.4% 0.2% -0.2%

 

 

Sources

 

 

https://www.cnbc.com/2018/09/10/us-markets-us-china-trade-frictions-in-focus.html

 

https://www.cnbc.com/2018/09/10/european-markets-trade-concerns-take-center-stage.html

 

https://uk.reuters.com/article/uk-global-oil/oil-up-as-u-s-drilling-growth-stalls-iranian-sanctions-bite-idUKKCN1LQ02F

 

https://www.reuters.com/article/global-precious/precious-gold-edges-lower-as-trade-concerns-lift-the-dollar-idUSL5N1VW34D

 

https://www.londonstockexchange.com/exchange/news/alliance-news/detail/1536589968128077300.html

 

https://www.londonstockexchange.com/exchange/news/alliance-news/detail/1536582342557859300.html

 

https://uk.webfg.com/news/news-and-announcements–/uk-gdp-beats-expectations-in-july-as-world-cup-and-weather-provide-a-boost–3477242.html

 

https://www.bbc.co.uk/news/live/business-45444511

https://www.bbc.co.uk/news/business-45472399

 

https://www.bbc.co.uk/news/business-45470253

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