Stocks are making gains on the UK's benchmark index this morning, led by Allied Domecq, after the drinks company agreed the anticipated $14bn purchase of Pernod Ricard and Fortune Brands.
Buoyed by news of such a major acquisition, the FTSE 100 index has so far earned 9 points or 0.2% to 4831 and the FTSE All-Share index is up a fraction to 2422.5 on the back of that Allied Domecq deal, which has seen Allied climb 19p or 3% to 662p.
Rival drinks company is making on the back of it too, as its share price is this morning up 6.5p or 0.8% to 780p.
However, oil and gas mining companies have fallen after the oil price dropped and on concerns there will be less demand for raw materials.
BP, now Europe's largest oil company, has lost 3p or 0.6% to 524.5p while Shell has slipped 1.5p or 0.3% to 467p, BG Group is down 3.5p or 0.9% to 406.75p and mining giant Rio Tinto is off 9p or 0.5% to £16.48.
In Asia, the markets closed down today after a report in the US suggested consumer spending may accelerate the need for interest rate rises, and pushed the US markets down to its lowest level for the year.
The Japanese Nikkei 225 index lost 0.9% to 10,984.39 as Toyota Motor Corp – one of the largest stocks by value on the market – generates as much as 70% of its profit in the US, and this could be affected if inflation pushes up interest rates.
Similarly, Fujitsu, which was the fourth-largest maker of servers in Japan, fell 1.5% to Yen609 after yesterday reporting fourth-quarter profit dropped 51% on the previous year.
And in the US yesterday, both the Dow Jones and S&P500 index suffered major losses on the back of that report into US inflation levels against a possible slowing of economic growth and the potential for interest rate rises in the US.
The Dow Jones index closed down 115 points or 1.14% to 10.012 while the S&P 500 index lost almost 15.3 points or 1.33% to 1,137.5 and the Nasdaq Composite index dropped 18.6 points or 0.96% to 1,913.7.IFAonline
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