LONDON MARKETS: London Markets Rise On Hopes For Trump-Xi Talks
28 Juni 2019 - 1:59PM
Dow Jones News
By Dave Morris
London markets edged up as investors hoped the G-20 summit would
see the easing of trade tensions.
How did markets perform?
The U.K.'s FTSE 100 was up 0.3%, at 7,423.8, following
Thursday's decline of 0.2%.
The pound was flat at $1.2674, after also closing flat on
Thursday.
Oil prices recovered after slumping early Friday. The West Texas
Intermediate (WTI) crude oil benchmark was flat at $59.45/bbl.,
while Brent crude was up 0.1% to $66.63/bbl.
What's moving the markets?
The G-20 summit in Osaka, Japan kicked off with Reuters
reporting that the session's first working lunch
(https://www.reuters.com/article/us-g20-summit-economy/many-g20-heads-voiced-concern-over-trade-tensions-global-growth-japan-government-idUSKCN1TT0PI?il=0)
highlighted stark differences in positions among several world
powers. While a Japanese official told reporters that the countries
agreed that the group needed to drive global growth, a Russian
official present described work on the final communiqué as "not
easy" amid dissension over issues from climate change to
information security.
Describing his expectations for talks at the summit with Chinese
President Xi Jinping about the continuing trade dispute, U.S.
President Donald Trump said: "At a minimum it will be
productive."
The Times divulged Conservative Party leadership candidate Boris
Johnson's plan for an emergency budget
(https://www.thetimes.co.uk/article/stamp-duty-slashed-in-boris-johnson-no-deal-budget-tg7x050x9)
to prepare the U.K. for a possible no-deal Brexit, intended to have
the economy "going gangbusters" by the time the country left. The
result of the leadership contest is expected on July 22.
The U.K. Office of National Statistics confirmed that the
country's economy grew 1.8% in the first quarter
(http://www.marketwatch.com/story/uk-growth-unrevised-in-first-quarter-2019-06-28-44855921)
compared with the same period a year ago, unrevised from the
earlier estimated figure. The office said the rise was consistent
with stockpiling ahead of the aborted March 29 Brexit deadline, and
noted that household consumption was higher.
Which stocks are active?
Kirkibi Invest, the private company that owns toy maker Lego
A/S, has teamed up
(http://www.marketwatch.com/story/blackstone-lego-owner-in-6b-madame-tussauds-deal-2019-06-28)
with the Canada Pension Plan Investment Board and U.S. private
equity company Blackstone Group LP (BX) to purchase Merlin
Entertainments PLC (MERL.LN), the second biggest visitor-attraction
operator in the world, for GBP4.8 billion. Merlin's businesses
include a series of Legoland theme parks as well as London icons
including Madame Tussaud's and the Coca-Cola London Eye. Merlin
shares jumped 14%.
Despite moving back higher, the briefly falling oil price
boosted airlines including International Consolidated Airlines
Group SA (IAG.LN) whose shares were up 3.4% in the session and
EasyJet PLC (EZJ.LN) which rose 1.9%.
(END) Dow Jones Newswires
June 28, 2019 07:44 ET (11:44 GMT)
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