City briefs

Stobart confirms Wincanton interest; China slows

Eddie Stobart

Stobart may merge

Haulage group Eddie Stobart Logistics has confirmed that it has granted Wincanton access to its books to assess the potential merits of a merger.

Stobart’s board said in a statement that no proposal has been made by Wincanton and there can be no certainty that any offer will be made to shareholders.

Wincanton must declare its intentions by close of play on 15 November.

China slowdown

China’s economy grew in the third quarter at its slowest pace since the early 1990s, official figures showed.

In the three months to September, the economy expanded 6% from a year earlier, falling just short of expectations for 6.1% growth. It was the weakest pace for 27 years.

The government has moved to boost the economy with various measures including tax cuts, though analysts and market players said Beijing has relatively little room for significant easing.

The slowdown comes as China continues tariff talks with the US. Wall Street was buoyed by news of the Brexit deal, along with better than expected results from companies such as Morgan Stanley and hopes of a trade deal between the US and China.

In afternoon trading, Japan’s Nikkei 225 index added 0.2% while Hong Kong’s Hang Seng slipped 0.1% and the Shanghai Composite dropped 0.6%.

The Dow Jones rose 25 points to 27,027.11, the S&P 500 rose 8.35 points to 2,998.04 and the Nasdaq moved 32.67 points higher to 8,156.85.

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