Source: Sharecast
STOCKS TO WATCH
Anglo American and Canada's Teck Resources on Tuesday said they had agreed a merger “of equals” to form the Anglo Teck group headquartered in Canada and expected to offer investors more than 70% exposure to copper. In a joint statement, the two miners said the deal was expected to produce annual synergy savings of $800m.
Homewares retailer Dunelm reported modest full-year top-line growth on Monday as it continued to progress on its digital and store expansion strategy. Dunelm said revenues had risen 3.8% to £1.77bn in the year ended 28 June, while pre-tax profits ticked up 2.7% to £211.0m. Gross margins improved by 60 basis points to 52.4%, supported by disciplined buying and strong sell-through of seasonal ranges. Diluted earnings per share increased 3.2% to 76.8p.
NEWSPAPER ROUND-UP
The succession battle at Rupert Murdoch's media empire has ended. The family announced on Monday that Lachlan Murdoch, Murdoch's eldest son, will secure control of the Murdochs' sprawling media empire that includes Fox News, The Wall Street Journal and The Times in the UK, with his three oldest siblings receiving an estimated $1.1bn each for their shares in the business. – Guardian
Two of Britain's biggest banks face being sued over "unfair" mortgages that have left some people owing up to 20 times the sum they originally borrowed. The law firm Teacher Stern is bringing group actions against Barclays and Bank of Scotland in an attempt, it said, to win justice for two new groups of claimants comprising current and former customers and their next of kin. - Guardian
Sick days taken by British workers have surged to a record high as Labour prepares to force companies to offer more generous benefits to staff off work with illness. On Tuesday, new figures from the Chartered Institute of Personnel and Development showed that UK workers missed nearly two full weeks of work in the last year because of sickness, equal to 9.4 working days on average. - Telegraph
The new chairman of Pret A Manger said there was a potential opportunity to float the sandwich chain on the stock market, as it revealed plans to try out meal deals in an attempt to boost its lunchtime trade. José Cil, who became Pret's chairman this year, said there were a number of avenues available for the company to explore, including an initial public offering. – The Times
Sir Jim Ratcliffe's energy empire has stopped investing in Britain because the country has become "one of the most unstable fiscal regimes in the world". The boss of Ineos's energy operations said the group would focus on its business in the United States after closing down its Grangemouth oil refinery in Scotland. Brian Gilvary, executive chairman of Ineos Energy, told The Telegraph that the company would divert £3bn of investment to the US. – The Times
US CLOSE
US stocks edged higher on Monday, with the Nasdaq hitting a new peak, as markets gear up for a potential interest-rate cut by the Federal Reserve next week.
At the close, the Dow Jones Industrial Average was up 0.25% at 45,514.95, while the S&P 500 advanced 0.21% to 6,495.15 and the Nasdaq Composite saw out the session 0.45% stronger at 21,798.70.
Reporting by Iain Gilbert at Sharecast.com