Investment Market Update
UK stocks are expected to open lower ahead of a meeting of OPEC nations later today, and the first US presidential debate this evening.
Asia – Asian stocks fell, heading for their biggest decline in two weeks, as investors await the outcome of a meeting of oil producers for any indication on limiting supply and supporting crude prices.
US – US stocks retreated as energy producers and Apple Inc. led declines, with the S&P 500 Index paring its best weekly advance in more than two months after a rally spurred by the Federal Reserve.
UK – UK commodity producers snapped their biggest four-day gain since July, helping send the FTSE 100 Index slightly lower. Homebuilders bucked the trend, with Persimmon Plc rising 3.5% after Liberum Capital upgraded the stock and said the industry’s 2016 trading is holding up well. Barratt Developments Plc and Taylor Wimpey Plc both gained 1% or more.
- Foreign Secretary Boris Johnson said the UK shouldn’t prolong the process of withdrawing from the European Union, suggesting the government will formally trigger an exit by May of next year.
- Jeremy Corbyn was re-elected as the leader of Britain’s Labour Party with an increased share of the vote and then urged the movement to heal its bitter divisions and unite against Conservative Prime Minister Theresa May. Corbyn took 62% of the votes of more than 500,000 party members and supporters, according to the result announced on Saturday.