Market update at 11:45 GMT: In FX, USD was the strongest and GBP the weakest in a lacklustre session. European stock indices and US index futures were mostly lower, with the exception of the FTSE which was supported by a weaker pound.
Gold and silver rebounded as benchmark government bond yields edged lower. Bitcoin (BitfinexUSD) fell back after yesterday’s short-covering bounce. Crude Oil was up a little.
○ A big slate of UK groups with results saw Topps Tiles (LON:TPT) tank the most. It blamed the upcoming general election for increasingly challenging trading conditions that unexpectedly trashed same-store sales growth, sending the shares as much as 11% lower.
○ Building materials supplier CRH (LON:CRH) rose 2.8%, after pitching full-year underlying earnings guidance above the market's forecast of €4.15bn. 9-month sales rose 9.5% on the year.
○ Utility group Pennon (LON:PNN) rose 1.7%, after H1 results were in line with forecasts, with revenues down 4.6%.
○ Full-year revenues from catering services firm Compass (LON:CPG) also met expectations but its shares tumbled 5.6%. The £31bn group noted it would adjust its cost base amid a deteriorating environment in Europe
○ US firms reporting ahead of Wall Street's open include Hormel Foods (NYSE:HRL). Its Q4 earnings and net sales met forecasts, though it raised its 2020 sales outlook above estimates. The shares trade slightly higher pre-market.
○ Best Buy (NYSE:BBY) is also set to report ahead of the US open.
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