LONDON MARKETS: FTSE 100 Edges Up After String Of Losses, But Unilever Falls After London HQ News
15 März 2018 - 10:46AM
Dow Jones News
By Carla Mozee, MarketWatch
Tesco gains on ratings upgrade
U.K. blue-chip stocks edged up Thursday, helped by gains for
supermarket giant Tesco PLC after a ratings upgrade. The rise comes
after a string of losses that were spurred in part by fears of a
global trade war.
Unilever PLC was in focus, after the maker of Ben & Jerry's
ice cream and other consumer brands has chosen Netherlands over the
U.K. for its single corporate headquarters.
How markets are moving
The FTSE 100 index rose 0.1% to 7,140.17 as health care stocks
rose the most. But the tech and consumer goods sectors were among
those moving lower. On Wednesday, the benchmark shed 0.1%
(http://www.marketwatch.com/story/ftse-100-finds-higher-ground-as-miners-find-cheer-in-china-data-2018-03-14)
to mark a ()third loss in a row.
The pound bought $1.3979, slightly up from $1.3961 late
Wednesday in New York.
What's driving markets
Investors were seen as scooping up stocks after a run of
declines, including in Wednesday's session, when U.K. stocks turned
lower alongside U.S. indexes . Wall Street's selloff () was led by
falls for major industrial stocks, after the White House said it
will seek to trim the U.S.'s trade deficit with China by $100
billion, using tariffs.
Trade-war fears have been putting pressure on global markets in
recent sessions as U.S. President Donald Trump ordered tariffs on
steel and aluminum imports.
What strategists are saying
"There is a cautious consolidation across markets, as traders
take stock once more following renewed fear of U.S. protectionism
and trade wars," said Richard Perry, market analyst at Hantec
Markets.
"Disputes are also not confined to the trade of goods, with a
political dispute between the U.K. and Russia also taking hold
after the U.K. has accused Russia of what amounts to be a chemical
weapons attack on British soil. Perhaps the next leg will be taken
when there is more clarity on China trade tariffs from the U.S.
administration," Perry said in a note
Stock movers
Unilever PLC (ULVR.LN) was down 0.5% after the consumer-goods
heavyweight said it will consolidate its dual headquarters in
Rotterdam,
(http://www.marketwatch.com/story/unilever-chooses-rotterdam-over-london-for-hq-2018-03-15)
rather than in London. The decision was made despite last-minute
lobbying by the U.K. government, which has argued that its planned
Brexit from the European Union will be positive for the
country.
The Dutch-Anglo company also said it will restructure its
operations into three divisions with separate headquarters, with
Unilever's beauty and personal care, and home care units based in
London.
Tesco shares (TSCO.LN) climbed 2.2% after the supermarket was
upgraded to overweight at J.P. Morgan, according to Dow Jones
Newswires.
(END) Dow Jones Newswires
March 15, 2018 05:31 ET (09:31 GMT)
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