Slightly down but not rattled. Markets were wary today on North Korean-Asian tensions but there were no wild swings, though gold continues to push up (1,339.30 mid afternoon). European stocks gained slightly in confidence from earlier losses with the French CAC 40 down 11 points at 5,111 at close to 4pm. The US market was closed for Labor Day. The Nikkei 225 was down -0.93% at 19,508.
Currency-wise the euro climbed against the dollar, up +0.28% to $1.1912 though the pound was down -0.04% against the greenback at $1.2956, not helped by some anti-interest rate rise sentiment in the business media. The euro was up +0.32% against the pound at 0.9193. All eyes meanwhile on Thursday’s European Central Bank meeting though there is little expectation of any policy change, in reality.
The FTSE 100 ended 27 points lower at 7,411.4 tonight with Fresnillo and Next taking the biggest share price climbs, up +2.91% and +2.25%. However airline operator IAG slipped -2.19%. Prudential was also down, -1.89% to 1788.50p.
- UK FTSE 100 7,411.4 -0.36%
- Dow 21,987.56 +0.18%
- S&P 500 2,476.55 +0.20%
- Nasdaq 6,453.33 +0.10%
- Nikkei 225 19,508.25 -0.93%
- DAX 12,125.64 -0.14%
- CAC 40 5,112,33 -0.21%
- Gold 1,339.30 +0.67%
- Oil WTI 47.47 +0.38%
Boeing claims victory over Airbus in new WTO ruling
A major boost for Boeing today with the World Trade Organisation (WTO) back-tracking on an earlier ruling that the US plane maker received unfair tax credit support for the development of its new 777x aircraft. The European Union had argued that Boeing’s position gave it an unfair advantage over Airbus, claiming illegal tax breaks from Washington State.
However the WTO has ruled in Boeing’s favour though the bickering has been going on for a decade. “The latest of the false claims Airbus and its government sponsors have made has now been rejected by the WTO,” said Boeing General Counsel J. Michael Luttig in a statement.
However Airbus claims the WTO ruling is not the end of the matter. “The ‘game’ is far from over,” said Airbus exec Rainer Ohler.