LONDON MARKETS: FTSE 100 Closes Slightly Higher, Halting 3-day Skid
March 15 2018 - 12:16PM
Dow Jones News
By Carla Mozee and Victor Reklaitis, MarketWatch
Unilever falls after London HQ news; Tesco gains on ratings
upgrade
U.K. blue-chip stocks finished with a slight gain Thursday,
helped by advances for supermarket giant Tesco PLC after a ratings
upgrade. The rise comes after a string of losses that were spurred
in part by fears of a global trade war.
Unilever PLC was in focus, after the maker of Ben & Jerry's
ice cream and other consumer brands chose Netherlands over the U.K.
for its single corporate headquarters.
How markets are moving
The FTSE 100 index rose 0.1% to end at 7,139.76. On Wednesday,
the benchmark shed 0.1%
(http://www.marketwatch.com/story/ftse-100-finds-higher-ground-as-miners-find-cheer-in-china-data-2018-03-14)
to mark a ()third loss in a row.
The pound bought $1.3936, slightly down from $1.3961 late
Wednesday in New York.
What's driving markets
Investors were seen scooping up stocks after a run of declines,
including in Wednesday's session, when U.K. stocks turned lower
alongside U.S. indexes . Wall Street's selloff () was led by falls
for major industrial stocks, after the White House said it will
seek to trim the U.S.'s trade deficit with China by $100 billion,
using tariffs.
Trade-war fears have been putting pressure on global markets in
recent sessions as U.S. President Donald Trump ordered tariffs on
steel and aluminum imports.
What strategists are saying
"There is a cautious consolidation across markets, as traders
take stock once more following renewed fear of U.S. protectionism
and trade wars," said Richard Perry, market analyst at Hantec
Markets.
"Disputes are also not confined to the trade of goods, with a
political dispute between the U.K. and Russia also taking hold
after the U.K. has accused Russia of what amounts to be a chemical
weapons attack on British soil. Perhaps the next leg will be taken
when there is more clarity on China trade tariffs from the U.S.
administration," Perry said in a note.
Read more:U.S. joins U.K. in condemning Russia over poison
attack on ex-spy
(http://www.marketwatch.com/story/us-joins-uk-in-condemning-russia-for-poison-attack-on-ex-spy-2018-03-15)
Stock movers
Unilever PLC's London-listed stock (ULVR.LN)(UNA.AE) was down
1.7% after the consumer-goods heavyweight said it would consolidate
its dual headquarters in Rotterdam,
(http://www.marketwatch.com/story/unilever-chooses-rotterdam-over-london-for-hq-2018-03-15)
rather than in London. The decision was made despite last-minute
lobbying by the U.K. government, which has argued that its planned
Brexit from the European Union will be positive for the
country.
The Anglo-Dutch company also said it would restructure its
operations into three divisions with separate headquarters, with
Unilever's beauty and personal care, and home care units based in
London.
Tesco shares (TSCO.LN) climbed 1.8% after the supermarket was
upgraded to overweight at J.P. Morgan, according to Dow Jones
Newswires.
(END) Dow Jones Newswires
March 15, 2018 13:01 ET (17:01 GMT)
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