Pan-European bourse link up leaves FTSE unaffected
November 18, 2019 10:22 AM
A flurry of European news put pressure on the DAX but the FTSE was mostly unaffected and continued to trade marginally higher
A flurry of European news put pressure on the DAX but the FTSE was mostly unaffected and continued to trade marginally higher. Frankfurt is somewhat feeling the heat from the potential pan-European exchange merger between Euronext and Spain’s Bolsas y Mercados Espanoles.
On the FTSE retailers are marching higher as the UK gears up for the pre-Christmas shopping spree, with Next, JD Sports Fashion and Morrison all trading higher.
Engine maker under pressure after more engine issues
Rolls-Royce shares came under more pressure this morning after Air New Zealand cancelled some flights blaming it on engine issues. The engine maker’s shares have already plunged from a high of 988 earlier in the year to currently 732 pence and the recent acquisition of a 5% stake in the company by a US activist investor has fueled questions around whether shareholders will force the company to change the way it is being run.
Aramco IPO road show props up oil price
The single most anticipated pre-IPO show hit the road on Sunday as Saudi Arabia’s Aramco started to gauge investors’ interest for its public offering in December. The company set a price range for shares which value the company at up to $1.7 trillion, which is below the $2 trillion wanted by the Saudi Crown Prince but significantly above the $1.0-$1.2 trillion value estimated by Western analysts. Brent crude futures blipped higher over the weekend and then plunged but eventually settle this morning at almost unchanged on the previous session. WTI traders were a little more optimistic and WTI crude notched 0.21.% higher.
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