The FTSE 100 is underperforming its Continental counterparts as commodity stocks like Royal Dutch Shell (LON:RDSa) and Rio Tinto (LON:RIO) are in the red. Another decline in copper has put pressure on the mining sector, and Royal Dutch Shell had a stellar session yesterday, and now we are seeing some profit taking.
Cineworld (LON:CINE) shares sold-off severely after the after the company said it was in advanced talks to acquire Regal Entertainment for $3.6 billion. Cineworld would gain exposure to the US through the takeover. Cinewolrd is planning on funding the acquisition by issuing debt and offering a rights issue, and this put pressure on the stock, it is down 15%.
Findel (LON:FDL) posted a 5.7% rise in first-half revenue to £226 million, and the pre-tax profit for the period was £11.9 million. The company stated it expects to meet its full-year expectations, and the share price is up 20.9%.
GBP/USD has been propelled higher on the news the UK has agreed in principle to pay a ‘divorce bill’ to the EU. The exact amount has been hasn’t disclosed but it is believed to be in the region of £50 billion. This news will hopefully move along the Brexit talks, which is benefitting the pound.
EUR/USD is higher on the day as the US dollar is broadly lower. The eurozone had some mixed data today, as the French economy grew by 0.5% in the third-quarter – meeting expectations, and Spanish CPI stayed at 1.7%, and the consensus was for 1.9%.
At 1.30PM (UK time) the US will announce the third-quarter GDP figure and economists are expecting a reading of 3.2%, and that would be an improvement on the previous reading of 3%.
We are expecting the Dow Jones to open up 30 points at 23,866, and we are calling the S&P 500 down 1 point at 2626.
Tiffany & Co (NYSE:TIF) will announce their third-quarter figures today.
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