U.K. and European stocks opened slightly higher as investors shift
their focus to upcoming central bank meetings by the U.S. Federal Reserve, Bank
of Japan and Bank of England.
Stocks in Asia-Pacific
were mostly higher as investors watched China’s August economic
data released earlier in the day.
Oil prices slipped as
worries over slow recovery in global fuel demand were reinforced by warnings by
major oil producers, but short-covering ahead of a meeting later this week of
OPEC and its allies, known as OPEC+, limited losses.
Gold traded higher as
the U.S. dollar weakened and investors turned their focus to a U.S. Federal
Reserve monetary policy meeting, seeking details of how it planned to hold down
rates while aiming to boost inflation.
In corporate news, online grocer and technology firm Ocado recorded a sharp
rise in third quarter revenue driven by continued higher average spends as it
forecast annual core earnings of £40m. The company, which has started its new
partnership with Marks & Spencer, said revenue in the 13 weeks to August 30
grew 52% to £587.3m with average weekly orders up 9.6% to 345,000.
acquired a majority stake in the UK and Irish arm of L Brands’ Victoria's
Secret unit for an undisclosed sum as part of a joint-venture agreement. The
unit went into administration in June after being forced to shut its 25 stores
due to the pandemic.
This report has been prepared for private circulation. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.