Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Markets

News : Markets
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 

LONDON MARKETS: British Stocks Fight Back As The Dust Settles On Trade War Escalation

share with twitter share with LinkedIn share with facebook
share via e-mail
0
08/07/2019 | 07:30am EST

By Callum Keown

British stocks wrestled back some lost ground on Wednesday as trade tensions between the U.S. and China cooled.

The FTSE 100 looks set to halt its streak of six days of losses as the Chinese yuan stabilized, preventing further escalation of the trade war. Advancers included BAE and Royal Dutch Shell as gainers far outnumbered decliners.

   he blue-chip index rose 0.7% and the more domestically focused FTSE 250   lifted 0.8%. 

Gold prices jumped 0.5% to six-year highs of $1,472 per ounce as trade tensions caused investors to move towards safe haven assets.

   Sterling   dropped to $1.2143 as the threat of a no-deal Brexit was further ramped up. 

What's moving the markets?

Despite the trade war threatening to become a currency war, with China allowing the yuan to fell below the key level of 7 to the dollar, talks between the world's two largest economies are still scheduled to go ahead next month.

China's central bank set the midpoint reference for the yuan at 6.9996 on Wednesday, slightly lower than expected.

In the absence of further escalation, and a stable yuan, British stocks made gains.

Christian Gattiker, head of research at Julius Baer, said investors would have to wait for a supportive policy response to lift stocks significantly.

He said: "The trouble for now is that policy response will take quite some time.

"The next big central bank platform is two weeks from now at Jackson Hole and U.S.-China trade talks will only resume in September."

Which stocks are active?

The U.K.'s largest listed fund manager Standard Life Aberdeen (SLA.LN) fell 5.8% after its first-half pre-tax profit dropped 10% to GBP280 million ($340.1 million). The company increased its assets under management by 5% to GBP577.5 billion and outflows slowed from the first half of 2018.

Litigation finance company Burford Capital plunged 50% after being attacked by U.S. short seller Muddy Waters . The research firm said it now holds a short position in Burford Capital and accused the firm of misrepresenting parts of its results.

Mining giant Glencore fell 1.8% as it reported a 32% drop in core profit as falling copper prices hit the commodities producer and trader. The Anglo-Swiss miner also revealed it would halt production at the world's largest cobalt mine . It said the economic viability of Mutanda, in the DRC, has been reduced due to lower cobalt prices.

Stocks mentioned in the article
ChangeLast1st jan.
BAE SYSTEMS 0.28% 575 Delayed Quote.24.83%
BURFORD CAPITAL LIMITED 0.35% 860.6538 Delayed Quote.-48.22%
FTSE 100 INDEX 0.28% 7234.11 End-of-day quote.0.00%
GLENCORE -0.08% 243.25 Delayed Quote.-16.39%
GLENCORE PLC -0.26% 45.92 End-of-day quote.-11.91%
ROYAL DUTCH SHELL 0.06% 27.015 Delayed Quote.5.15%
SILVER -1.01% 16.817 Delayed Quote.9.60%
STANDARD LIFE ABERDEEN PLC 0.58% 313 Delayed Quote.21.29%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.10% 7.0137 Delayed Quote.1.92%
WTI 0.12% 57.8 Delayed Quote.26.39%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Markets"
03:36aLONDON STOCK EXCHANGE : Election hopes support UK mid-caps, financials buoy FTSE
RE
03:34aEUROPE : European shares extend winning streak; Qiagen jumps as company explores sale
RE
12:20aSOUTHEAST ASIA STOCKS : Most markets edge lower as investor sentiment wavers
RE
11/16FTSE : MSCI, S&P Dow Jones, FTSE Russell could fast-track Aramco into indices
RE
11/15NETFLIX, T-MOBILE, ALPHABET : Stocks That Defined the Week
DJ
11/15WALL STREET STOCK EXCHANGE : Dow cracks above 28,000 for first time
RE
11/15Dow Jones Industrial Average Tops 28000 for the First Time
DJ
11/15Global stocks rally, oil gains on revived U.S.-China trade hopes
RE
11/15Global stocks rally, oil gains on revived U.S.-China trade hopes
RE
11/15Trade deal hopes, surging health stocks power Wall Street to highs
RE
Latest news "Markets"