22nd October 2019 at 8:39 am
UK and European markets traded relatively flat as UK lawmakers gear up to debate Prime Minister Boris Johnson’s EU Withdrawal Agreement Bill, while traders also track a slew of corporate earnings.
Asia Pacific markets rose likely fuelled by an improvement in investor sentiment around ongoing negotiations between the United States and China.
The volatile Pound sat just under a five month high versus the US dollar, with the Brexit project in disarray but traders looking to another crucial parliamentary vote on Tuesday to determine the next step.
Oil prices were little changed as lingering worries over a global economic slowdown that could hurt oil demand offset some signs of progress in US-China trade talks.
Gold prices were muted, weighed down by buoyant Asian shares that cheered progress in trade talks between the United States and China, but found support from a lack of clarity in the negotiation details.
In corporate news, distribution and services group Bunzl said third quarter revenue grew by 4% and reaffirmed full year expectations against mixed global macroeconomic conditions. Acquisitions contributed 1.5% with underlying revenue decreasing by 1%, reflecting lower sales to a large grocery customer in North America due to account specific product specification changes and price deflation, the company said.
Premier Inn owner Whitbread reported a 4% drop in interim adjusted profit before tax as revenue remained flat and operating margins fell after challenging business conditions impacted regional hotel demand. The hospitality giant said weak business confidence and declining leisure confidence had continued into the third quarter, making it difficult for the company to predict results for the second half of the year and FY21.
Anglo American said copper output this year would be at the lower end of expectations due to a chronic drought in Chile that also threatened 2020 production.
FTSE 100 7,163 +0.00%
FTSE 250 20,277 (-0.15%)
DAX 12,744 (-0.03%)
At the Close
Dow Jones 26,827 +0.21%
S&P 500 3,006 +0.69%
NASDAQ 8,162 +0.91%
UK 10-YR YIELD 0.73
Gold $1,487 +0.23%
Brent $58.98 (-0.10%)
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