European Indexes End Higher
The FTSE 100 closed in positive territory as Wall Street was trading higher on strong GDP data. Focus is on the US Federal Reserve's decision on interest rates due later today. A further 25bp cut to 4.5% is widely expected, though doubts persist. The BOJ stayed steady at 0.5%. Oil jumped over US$93/bbl on a large drop in crude stocks. Gold and copper prices fell. £ hit a 26-year high vs US$. Nationwide said British house prices rose 9.7% year-over-year in October. In earnings news, TATE & LYLE (+1.91%) reported a 19% fall in first half adjusted pretax profit, but the £120 million figure came ahead of forecast. TAYLOR WIMPEY (+5.89%) said it saw UK market subdued into the new year. WOOLWORTHS (+3.66%) reported a 0.4% decline in like-for-like sales, and said it was cautious about the trading environment. In M&A news, RESOLUTION's (+0.07%) biggest shareholder, Pearl Group, rejected rival STANDARD LIFE's (+3.71%) £4.9 billion takeover offer for Resolution. MITCHELLS & BUTLERS (+6.72%) chalked up gains after Elpida Group unveiled a 3.36% stake. Rumours did the rounds as well. DSG (+7.03%) jumped on talk that US retailer Best Buy is interested. PREMIER OIL (+6.25%) fired up on speculation of a possible bid from SHELL (-0.52%) or Australia's Santos.
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