World News – GB – PRE-OPENING OF THE LONDON MARKET: Weir to sell its & gas unit for 405 million USD

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(Alliance News) – Shares in London are expected to open higher on Monday after news that US President Donald Trump has « continued to improve » after being admitted to hospital for treatment for Covid-19

« Given the liquidation and uncertainty generated by this news on Friday, it’s no surprise to see the reaction today as markets tentatively shift risk after President’s better-than-expected Covid prognosis « said Stephen Innes of Axi

In the UK company’s first news, Weir announced the $ 405 million sale of its Petroleum unit & Gas, Greencore reported improving revenue trends in the fourth quarter, and Cineworld confirmed it would suspend operations in the United States and the United Kingdom

IG says futures indicate FTSE 100 large cap index will open 4258 points higher at 594470 on Monday The FTSE 100 closed 2267 points, or 04%, at 590,212 on Friday

In the US on Friday, Wall Street finished in the red with the Dow Jones Industrial Average ending at 05%, the S&P 500 down 10% and closing Nasdaq Composite 28% lower

US President Donald Trump « continued to improve » as he was treated for Covid-19 at a military hospital near Washington, his doctors said on Sunday, adding he could be released on Monday

During a briefing outside Walter Reed Medical Center, they said Trump’s oxygen levels had briefly dropped twice in recent days and that he was being treated with steroids, while continuing to provide optimistic assessment of the health and outlook of the 74-year-old man

« The president has continued to improve, » said his White House doctor Sean Conley « As with any illness, there are frequent ups and downs along the way »

Conley said the president was flown to Walter Reed on Friday after his illness « progressed rapidly », with a worrying drop in his oxygen levels

The British pound was listed at USD 12933 early on Monday, soft to USD12939 as London shares close on Friday

British Prime Minister Boris Johnson has said a trade deal between the UK and the EU is ‘here to be done’, but stressed that the UK could ‘prosper mightily’ if no deal does not was concluded, with both sides agreed to intensify negotiations

Johnson and European Commission President Ursula von der Leyen spoke via videoconference on Saturday to take stock of the progress of negotiations following the latest round of talks scheduled between Brussels and the UK this week

Following their conversation on Saturday, the pair instructed their chief negotiators to work « intensively » to resolve remaining differences in post-Brexit trade talks

In Asia on Monday, Japan’s Nikkei 225 index climbed 12% Financial markets in China are closed to commemorate ‘golden week’, although the Hong Kong market reopened on Monday after the national holiday, with the Hang Seng up 14%

Gold was trading at $ 1,89256 an ounce early Monday, below $ 1,90650 on Friday Brent oil was trading at $ 4011 a barrel early Monday, up from $ 3948 on Friday late

In the UK company’s first news, Weir said it agreed to sell its oil division & Gas to Caterpillar for an enterprise value of USD 405 million

The proceeds will be used to reduce company leverage and the deal is expected to be finalized by the end of 2020

« Along with the previous sale of the Flow Control division and the acquisition of ESCO, this is a major step in the Group’s transformation into a company specializing in high-end mining technologies », said Jon Stanton, CEO

Greencore said it saw improvement in revenue and profits in the fourth quarter of its fiscal year

The group’s pro forma fourth quarter revenue, which ended September 25, was down 19% – although this marks an improvement from the 36% drop in the third quarter

For the full year, Greencore expects to post revenue of £ 1.27 billion and adjusted profit before interest, taxes, depreciation and amortization of £ 85 million For the year ended 2019, revenue s ‘amounted to £ 145 billion and Adjusted EBITDA of £ 142.0 million

« The fourth quarter of our fiscal year was marked by continued improvement in demand for our products. We are realistic but also confident in our plans for FY21, and remain excited about Greencore’s longer term outlook, » said CEO Patrick Coveney

Wizz Air reported a 59% drop in passenger numbers in September after dropping 41% in August September capacity was down 40% and load factor reduced to 646% from 945%

Cineworld confirmed on Monday that it will suspend operations in the US and UK due to an « increasingly difficult theatrical landscape »

The closures affect all of its 536 Regal theaters in the United States and its 127 Cineworld and Picturehouse theaters in the United Kingdom They will be closed from Thursday this week

These closures will affect around 45,000 employees, said Cineworld Managing Director Mooky Greidinger said it was not a decision taken lightly

« Cineworld will continue to monitor the situation closely and communicate any future plans to resume operations in these markets at the appropriate time, when key markets have more concrete indications of their reopening status and, in turn, the studios. will be able to bring their pipeline of major releases back to the big screen, « said Greidinger

The decision comes after the release of the latest James Bond film has been delayed

Daniel Craig’s latest outing as a James Bond spy won’t hit big screens until next April, it was announced on Friday No Time To Die was originally slated for April 2020, but has first pushed back to November due to the pandemic

Monday’s economic calendar features services PMIs for Germany, Eurozone and UK at 0855 BST, 0900 BST and 0930 BST respectively

Eurozone retail sales are at 1000 BST and there is a US Markit Services PMI at 1445 BST, followed by an ISM report at 1500 BST

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Cineworld, Finance, London, Stock

News from the world – GB – LONDON MARKET PRE-OPEN: Weir To Sell Oil & Gas Unit For USD405 Million


SOURCE: https://www.w24news.com

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