Market Report

17th November 2017 at 5:00 pm

European shares failed to end Friday’s trading day on a positive note, closing slightly lower, as investors digested new trading updates and followed the moves seen in markets Stateside.

U.S. equities fell on Friday as worries about tax reform lingered on Wall Street.

The Dow Jones industrial average declined with Wal-Mart leading decliners on the 30-stock index. The retailer’s stock rallied to an all-time high on Thursday on strong quarterly results. The S&P 500 traded lower, with utilities and information technology as the worst-performing sectors.  The Nasdaq composite fell as shares of Amazon, Netflix and Alphabet declined. A gain in Tesla helped the index offset some of those losses.

Asian shares rose in early Friday trade as global equities appeared to bounce back after declines earlier in the week.

Gold rose on Friday as the dollar softened on uncertainty about the progress of what would be the biggest overhaul of U.S. taxes since the 1980s.

Oil prices rose on Friday but were still on track for a week of losses due to concerns about oversupply, as signs of rising U.S. output were compounded by doubts that Russia would support an OPEC deal to extend curbs on production.

In case you missed it – news from this morning

Lloyds Banking Group is in talks to sell and lease back its City of London headquarters to a vehicle linked to China’s Hengli Group, Bloomberg reported, citing two people with knowledge of the deal. The conglomerate bid around £150m for the Gresham Street building, and Lloyds will commit to a new long-term lease, those individuals said.

– Support services firm Carillion warned Friday that, despite its focus on reducing costs, collecting cash, executing its disposals programme and implementing its new operating model, it will not be able to meet its financial covenants at the end of 2017 or 2018. In the nearer term, Carillion warned it has now seen delays to the disposal of certain public-private partnership assets.

– Ahead of its annual general meeting on Friday, Kier Group said it has traded in line with expectations since June 28, with the property division “performing well”, residential making “good progress”, in line margins within the construction unit and a healthy order book for its services segment.

Tesla revealed the company’s first all-electric semitrailer truck and a $200,000 super car. The Semi, due out in 2019, is designed to go 500 miles on a single charge. It is also equipped with Tesla’s semiautonomous driving system that will assist drivers and allow the trucks to travel autonomously in convoys with the company’s other big-rigs, Tesla Chief Executive Elon Musk said.

 

Markets

At the close
FTSE 100 7,380 (-0.08%)
FTSE 250 19,797 (-0.26%)
DAX 12,993 (-0.41%)
At 16:53
Dow Jones IA 23,373 (-0.36%)
S&P 500 2,581 (-0.16%)
NASDAQ 6,787 (-0.09%)
UK Government Bond  UK 10-YR Yield 1.302 +0.02%

 

Exchange Rates

GBP/USD $1.322
GBP/EUR €1.121

 

Commodities

Gold $1,289 +0.77%
Brent $62.41 +1.70%