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Investment market update

Early Trading

UK stocks are tipped to open lower after yesterday’s losses as sentiment is dented by commodity price falls and losses in the US overnight.

World Markets

Mining stocks drove declines across some Asian markets as copper and nickel traded near their lowest prices in at least six years.

US stocks slipped following the S&P 500 Index’s best weekly rally this year, as gains in consumer companies were overshadowed by a retreat in Allergan Plc and Pfizer Inc. amid their record $160 billion merger deal.

UK shares fell for their first time in six days, dragged lower by a drop in commodity producers and grocers. Tesco shares fell 3.7% and shares in Morrisons dropped 2.6% as we approach the key pre-Christmas shopping season. Falling metals prices were behind falls in the mining sector, with Antofagasta down 2.3% and Glencore 2.1% lower.

Headlines

US drugs giant Pfizer has sealed a deal to buy Botox-maker Allergan for $160bn (£106bn) in what is the biggest pharmaceuticals deal in history. The takeover could allow Pfizer to escape relatively high US corporate tax rates by moving its headquarters to Allergan’s Dublin base. The merged company will be the world’s biggest drug maker by sales.

German economic growth was led by private and government consumption last quarter as trade dragged on output amid a global slowdown. A breakdown of gross domestic product showed German private spending increased 0.6% in the three months through September. Imports jumped 1.1% while exports rose just 0.2%, and capital investment shrank by 0.3%. The economy expanded 0.3%.
Volkswagen AG said it has approval to repair most of its rigged European diesel engines and made a deal with US regulators to resubmit questionable software for review in 85,000 other vehicles, signs of progress in its effort to overcome the two-month-old emissions crisis.

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