Investment market update
UK stocks are expected to open flat this morning amid a pullback in oil, and with investors eyeing a string of corporate results from companies such as Royal Dutch Shell and J Sainsbury.
Asian stocks traded lower, following an overnight slump in oil prices. Oil prices fell overnight on renewed fears of a supply glut. According to industry data, output from Middle East producers jumped last month and may continue to rise in the short term.
UK and US stocks fell after a survey indicated more weakness in the Chinese economy. UK Shares in Anglo American dropped 12.8%, Glencore fell 8.0% and BHP Billiton declined 6.2%. Among the US banks, shares in JP Morgan Chase fell 1.9% while Goldman Sachs was 1.8% lower.
Business Secretary Sajid Javid has ordered the Insolvency Service to investigate the collapse of UK department store BHS. It comes as former owner Sir Philip Green agreed to appear before two Commons committees to answer questions about the collapse. Sir Philip sold BHS to Retail Acquisitions last year for £1, but has faced criticism about his role.
Donald Trump, the billionaire real-estate developer who has upended the rules of modern campaigning, became the presumptive Republican presidential nominee on Tuesday after driving his top challenger, Texas Senator Ted Cruz, from the race with a crushing Indiana primary win. The victory sets up a likely all New Yorker presidential general election between Trump and Hillary Clinton, who remained on pace to secure the Democratic nomination even after a surprising loss to Senator Bernie Sanders in Indiana.
The government must stop putting off the ‘difficult’ decision to expand Heathrow Airport rather than Gatwick, a Commons select committee has said. The arguments over increasing aviation capacity in South East England have ‘changed little in a quarter of a century’, said the Transport Committee.