The London market made modest gains today, although drinks giant and takeover target SABMiller saw its shares come under pressure after reports suggested it is likely to reject a A 70 billion takeover offer. The Peroni and Grolsch firm - which is in talks with suitor Anheuser-Busch InBev over a potential blockbuster deal - saw its shares fall almost 4% on fears that a deal that would mark the biggest ever takeover of a British company is unravelling.
Stocks were mostly lower in midday trading Tuesday, taking a pause after five straight days of gains. DuPont's shares soared on news that its embattled CEO will retire, while biotechnology companies sank again.
SABMiller, the brewing giant in talks about a potential takeover by rival Anheuser-Busch InBev, reported improved underlying quarterly sales on Tuesday which it said reflected the strength of its long-term business model. The earlier-than-expected statement from the maker of beers including Peroni and Grolsch was seen by some analysts as aimed at trying to ensure a higher bid price from AB InBev, maker of Budweiser and Stella Artois.
World stocks rose Monday after weak U.S. jobs data prompted expectations the Federal Reserve might postpone an interest rate hike. . Jay Woods, with Goldman Sachs, center, works with other stock traders at the New York Stock Exchange, Monday, Oct. 5, 2015 in New York.
Japan led Asian stocks higher Tuesday on hopes for new stimulus from its central bank while investors were also buoyed by the prospect that the Federal Reserve will wait until next year to raise interest rates.
REUTERS: Wall Street opened higher on Monday, after a disappointing U.S. jobs report on Friday hardened views that the Federal Reserve will not raise interest rates this year. Global stock markets rose on Monday with investors expecting the era of near-zero interest rates to continue for a while yet.
DuPont also downgraded its operating earnings outlook on Monday, saying it now expects operating earnings per share for the full year of about $2.75, compared with prior guidance of $3.10. The company said the revised outlook primarily reflects continued strengthening of the U.S. dollar versus currencies in emerging markets, particularly in Brazil, and a further weakening of agricultural markets, primarily in Brazil.
KEEPING SCORE: The Dow Jones industrial average rose 159 points, or 1 percent, to 16,632 as of 10:55 a.m. Eastern. The Standard & Poor's 500 index added 21 points, or 1.1 percent, to 1,972 and the Nasdaq composite rose 42 points, or 0.9 percent, to 4,751.