In the UK the FTSE 100 index of leading shares was down 7.60 points to 5336.60, Cable & Wireless, Britain's second-biggest phone company leading fallers this morning after agreeing to pay at least $1.1 billion for Energis to expand its services and add clients. Cable & Wireless fell 2.3% to 159.25p.
BP also dropped 1.1% to 639p while Shell retreated 1.4% to 1,830p. Both have been affected by crude oil prices which have fallen for a second day in New York on speculation a government report will show stockpiles of heating fuel rose in the US after repairs to refineries. Crude oil for September delivery has fallen as much as 1.2% to $65.50 a barrel. Prices had hit $67.10 a barrel last week.
On the winning side Daily Mail & General Trust, increased 1.5% to 665.5pas analysts at Deutsche Bank raised their recommendation on the shares to ``buy'' from ``hold.''
Meanwhile Japanese stocks rose after a retail sales report added to optimism consumer spending will support economic growth in the world's second-largest economy. The Nikkei 225 Stock Average rose 0.5% to 12,315.67, its highest point since Aug. 7, 2001, at the market’s close in Tokyo a short while ago.
Steelmakers in the region climbed after OneSteel and Wuhan Iron & Steel Co. said profits rose. The industry group tracking energy stocks including Santos and PetroChina Co. had the biggest decline among the 10 that make up the MSCI regional benchmark after oil fell for a second day in New York.
Marui, Japan's biggest department store operator by market value, climbed 0.7% to 1,786 yen. Daimaru Inc., the nation's third-biggest department store, advanced 3.2% to 1,121 yen.
In the US the Dow Jones Industrial Average closed up 34.07 points to 10,634.38 at its close late last night.
Home Depot rose $0.43 to $42.04. The company will likely report higher second-quarter net income after it sold more gas grills, patio furniture and appliances. The company may say that net income climbed 12% to $1.73bn, according to the average estimate of 24 analysts surveyed by Thomson Financial.
Wal-Mart shares fell $0.13 cents to $48.97. The company will probably say before trading starts that second-quarter earnings per share was $0.65, up from $0.62 a year earlier, according to Thomson Financial.
Hewlett-Packard may say third-quarter profit rose after new chief executive Mark Hurd fired workers to reduce costs. Earnings at Hewlett-Packard, before some expenses, probably increased to $895.9m, or 31 cents a share, from $0.24, a year earlier, according to the average estimate of 27 analysts surveyed by Thomson Financial.IFAonline
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation