London stock markets opened flat, still cautious after Wall Street recovered from sharp losses on the previous day, thanks to efforts by the US and China to de-escalate trade tensions. UK asset manager Standard Life Aberdeen, reported a 5% first-half increase in assets, but slipped to the bottom of the FTSE 100 with its shares losing just over 4%. A similar loss for Glencore, which has had a tough year so far, with possible fines from regulators of as much as $8bn ahead.
Life and pensions consolidator Phoenix Group was top of the gainers on FTSE 100, gaining 1.49% on the back of strong first half results. InterContinental Hotels posted a rise in half-year profit yesterday and raised its dividend.
European stock markets were up this morning, while German industrial production slumped 1.5% in June, against expectations of 0.4%. Surveys suggest the German economy is heading for a further contraction in July, raising fears that Europe’s biggest economy may be heading for a recession.
Asian markets recovered some balance after China’s central bank moved to soothe market sentiment by setting a daily reference point for the yuan at 6.9996 per the dollar, just shy of the key level of 7 per dollar.
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