|Day's range||7,162.04 - 7,194.08|
|52-week range||6,536.50 - 7,727.50|
It comes just days after Business Secretary Andrea Leadsom warned 'not enough' small businesses were preparing for a possible no deal Brexit.
Consumer goods giant Unilever reported weaker than expected third-quarter sales, citing softer demand in India and a slowdown in China, two of its biggest emerging markets. Emerging markets, which account for 60% of Unilever's business, have been a key area of focus for Chief Executive Alan Jope since he took the reins in January.
Consumer goods giant Unilever reported weaker than expected third-quarter sales, citing softer demand in India and a slowdown in China, two of its biggest emerging markets. Emerging markets, which account for 60% of Unilever's business, have been a key area of focus for Chief Executive Alan Jope since he took the reins in January. Shares in the maker of Knorr soups, Dove soap and Ben & Jerry's ice cream have risen more than 11% this year, nearly double the rise in the broader FTSE 100 index, buoyed by a weaker pound and strong performance in markets such as Indonesia and the Philippines.
European stocks pulled back slightly from their strongest closing high in more than a year as clashing headlines on Britain's last-minute efforts to forge a divorce deal with the European Union left investors hanging on the outcome. On Wall Street, stocks retreated after monthly retail sales data for September showed a decline for the first time in seven months, raising concerns that softness in the manufacturing sector was starting to spread to the broader economy.
DAX +0.4% * Tug of war between UK exporters and domestic stocks as last-ditch Brexit talks continue * Roche gains, ASML down after results Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Joice Alves. Reach her on Messenger to share your thoughts on market moves: rm://firstname.lastname@example.org BREXIT: POUND AND STOCKS BOUNCING UP AND DOWN! (1316 GMT) These are complicated moments in the life of financial journalists: prices move so fast that by the time a story has been updated, prices have reversed, making said story irrelevant. Needless to say, European stocks played the same dance and yoyoed away.
Sterling, shares in British banks and even German and Irish government bonds are among the financial assets most sensitive to Brexit developments as long-running negotiations on Britain's departure from the European Union enter a crucial week. The pound surged as much as 1.5% on Tuesday to a near five-month high of $1.28 after Bloomberg reported British and EU negotiators were close to a Brexit draft deal. The British currency enjoyed its best week since 2017 last week after Prime Minister Boris Johnson and Irish counterpart Leo Varadkar said they could see "a pathway" for an agreement for Britain to leave the EU by Oct. 31.
A daily overview of the top business, market and economic stories you should be watching today in the UK and abroad.
Link Fund Solutions said investors have been blocked from withdrawing money from the Woodford Income Focus Fund with immediate affect.
* European stocks retreat after hitting one-year highs on Tuesday * STOXX 600 -0.3%, FTSE 100 -0.3%, FTSE 250 -0.8% * Tug of war between UK exporters and domestic stocks as last-ditch Brexit talks continue * Roche gains, ASML down after results Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Joice Alves. Reach her on Messenger to share your thoughts on market moves: rm://email@example.com TRICK OR TREAT: HOW TO PLAY BREXIT? Within domestics, Liberum recommends buying companies with more than 50% exposure to the UK, trades at a significant discount to the last five years and has EPS growth expectations of over 5%.
* European stocks retreat after hitting one-year highs on Tuesday * STOXX 600 -0.3%, FTSE 100 -0.2% * Tug of war between exporters and domestic stocks as last-ditch Brexit talks continue * Roche gains, ASML down after results Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Joice Alves. Reach her on Messenger to share your thoughts on market moves: firstname.lastname@example.org YOU DON'T WANT TO FIND YOURSELF UNDEREXPOSED TO ANY BREXIT DEAL, DO YOU? "While headline risks remain elevated on both fronts (Brexit and trade), we think it is prudent to cut some of our defensive hedges and add to UK domestics," they said.
Last-ditch Brexit talks intensified on Wednesday, with a wave of conflicting reports about the DUP's willingness to compromise and the chances of a deal with Brussels.
The FTSE 250 , which had rallied more than 3% since last week on hopes that Britain could clinch a timely divorce deal, fell 0.9%. Traders are eyeing a crunch summit this week after last-ditch talks between London and the European Union. Barratt , Britain's largest housebuilder, gave up 3.7%, while peers Persimmon and Taylor Wimpey lost around 3% each.
Head of Google for Startups UK Marta Krupinska talks to Lianna Brinded about her storied career as a fintech company founder and what the Google program is all about.
Investing.com -- Bank of America (NYSE:BAC) leads a parade of more financial earnings, after JPMorgan (NYSE:JPM) stood out among a mediocre set of results from Wall Street on Tuesday. Drug wholesalers are in talks to settle opioid-related claims for $18 billion, while the hoped-for Brexit deal has hit a roadblock. Here's what you need to know in financial markets on Wednesday, 16th October
(Bloomberg) -- When it comes to Brexit, investors have endured three years of deadlines and disappointments. Now with a finish line tantalizingly in sight, they have switched from expectations it could last forever to perhaps pricing the endgame.As talks toward a deal enter overtime, negotiators from Britain and the European Union will still need official approval for any accord, and on the U.K. side that means Prime Minister Boris Johnson must win the support of Parliament. It could prove a formidable challenge, yet across multiple asset classes optimism is surging.Here’s a look at what’s happening in some key markets:Domestic StocksThanks to their exposure to the U.K. economy and inability to benefit from currency weakness, domestically-focused British companies are seen most at risk from a hard Brexit. As investors bet these businesses have had a stay of execution, the FTSE 250 Index -- seen as the more domestic stock gauge -- has surged in the past week and closed Tuesday at the highest in more than a year.On a percentage basis the gauge has gained more than five times the exporter-heavy FTSE 100 Index in the period.Pound OptionsInvestors in options are looking for the pound to rally in the run-up to the Oct. 31 deadline, with contracts that confer the right to buy the currency (calls) trading at a premium to those offering the right to sell (puts). The below chart shows the prices of options that expire in two and three weeks -- the lines slope up toward the right, where the calls are plotted.Overall, options signal that the pound will trade between $1.3490 and $1.3925 with more than 95% certainty over the next two weeks should a divorce deal be closed. It traded Wednesday in Asia at $1.2751.Pound VolatilityMeanwhile, the currency’s volatility surface, which just a week ago showed a marked preference for options that fall due in December, has now inverted. In plain English? Seven days ago traders thought the key Brexit events were weeks away, yet now they’re clamoring for options that mature in one week.The image above once again plots calls and puts, but adds an extra dimension: Time. All the action -- in both puts and calls -- has shifted to the near term.Bank BondsBrexit has left a trail of victims in the credit market, but resurgent bank capital securities hint the endgame may be here. A 1.25 billion-pound ($1.6 billion) issue from Barclays Plc of callable contingent convertible bonds surged to the highest since May 2018 Tuesday. The asset class is designed to help transfer the risk of bank rescues to bondholders instead of taxpayers, and has been battered amid fears financial services would be disrupted by a disorderly U.K. exit.Corporate CreditAt JPMorgan Chase & Co., the credit strategists are so confident the country will avoid crashing out they have closed out their Brexit hedge, a group of default swaps on companies most vulnerable to an isolated British economy.Fear is subsiding in Europe, too. The cost to insure high-yield, euro-denominated corporate bonds fell by the most in more than three weeks on Tuesday, according to Markit‘s iTraxx indexes. For investment-grade debt it was the biggest drop in a month.\--With assistance from Vassilis Karamanis.To contact the reporters on this story: Samuel Potter in London at email@example.com;Ven Ram in London at firstname.lastname@example.org;Cecile Gutscher in London at email@example.comTo contact the editors responsible for this story: Samuel Potter at firstname.lastname@example.org, Cormac Mullen, Joanna OssingerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The 'highly painful' decision comes less than 12 hours after Woodford was fired from the flagship fund bearing his name.
FTSE 100 flat * Wirecard sinks after FT report * Strong earnings help Wall Street open higher Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share your thoughts on market moves: rm://email@example.com A BREXIT HIGH BUT STILL NO FAT LADY SINGING AT THE CLOSE (1555 GMT) One thing we know for sure at the close is that many investors are betting good money that the latest round of positive reports on Brexit negotiations will indeed lead to a deal.