Monday,09 May 2022 17:06:01

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Monday,09 May 2022 at 16:08

Morrisons has beaten the billionaire brothers behind Asda in a battle to take control of failed convenience store chain McColl’s.

The supermarket giant, which is owned by the US private equity firm Clayton, Dubilier & Rice, has seen off competition from petrol station operator EG Group after a dramatic bidding war over the weekend.

The deal, which will be structured as a pre-pack administration, will ensure all of McColl’s stores and workforce is preserved.

McColl’s, which has a debt pile of around £170m, was left teetering on the brink of collapse after it fell into administration on Friday, putting 16,000 jobs at risk.

UK & European stocks fell to two-month lows as global investors fled risk assets en masse due to fears over inflation.

U.S. stocks fell to extend last week's losses, as investors looked ahead to more data this week on inflation and earnings to gauge the strength of the economy and corporate profits as the Federal Reserve continues to tighten monetary policy.

Oil prices slipped, weighed down by a strong dollar and demand concerns on the back of continued coronavirus lockdowns in China, the world top oil importer.

Gold prices retreated as a firmer dollar and elevated U.S. Treasury yields weighed on the appeal of non-yielding bullion.

Markets

At the close:

FTSE 100 7,216 (-2.32%)

FTSE 250 19,306 (-2.59%)

DAX 13,380 (-2.15%)

At 17:00:

Dow Jones 32,389 (-1.59%)

S&P 500 4,023 (-2.42%)

NASDAQ 11,758 (-3.24%)

Fixed Income

UK 10-YR YIELD 1.957

Exchange Rates

GBP/USD 1.233

GBP/EUR 1.168

Commodities

Gold $1,860 (-1.22%)

Brent $106.66 (-5.27%)

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.