European equities trading marginally lower
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European equity markets trade marginally lower. US stock markets even opened up to 0.5% in the red. General Electric's results slightly beat expectations, but they cut the outlook as the sluggish economy crimps industrial demand.
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Britain is on course to borrow billions of pounds more than planned this year, leaving Chancellor of the Exchequer Philip Hammond little room for generosity as he prepares new budget plans to help the economy cope with Brexit.
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Long‐term euro zone inflation projections remain well anchored near the European Central Bank's target, but GDP growth will be weaker than earlier thought, the ECB's Survey of Professional Forecasters showed.
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Italian Prime Minister Matteo Renzi said he would not change his 2017 budget plan even if the European Commission says it breaches EU rules on fiscal consolidation.
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A new cigarette king is in the making. British American Tobacco offered to buy the 58% in Reynolds American it doesn't already own for $56.50 a share, 20% over yesterday's close but only just above this year's peak. The deal would create the largest publicly traded tobacco company, surpassing Altria, bringing Camels and Lucky Strikes under one roof and underscoring the industry's consolidation as smoking rates in the developed world decline.
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Tonight, rating agency DBRS decides on Portugal's BBB‐ rating. On Sunday, Spanish Socialists vote on whether or not to abstain when PM Rajoy makes a new minority government bid.
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