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Daily Market Update - 21/08/2017

US:S&P closed -0.18%, -0.26% from the London close, on volumes +3% vs the 30 day average. The week ended with a  whimper rather than a bang as markets closed modestly lower but both the market and volumes failed to follow through on Thursdays move in any meaningful way. On the day SPX -0.18%, NDX -0.09% and RTY -0.08%. The major news of the day was that Trump has decided to remove Stephen Bannon amid pressure from Chief of Staff John Kelly and general public opinion. Utilities, Energy and Materials the best performing sectors. Real Estate the greatest laggard, followed by Telcos and Discretionary.
Maersk sells Maersk Oil to Total for a total consideration of $7.45bn  made up of  $4.95bn via Total shares (3.8% in Total) & $2.5bn of debt pushed down into Maersk Oil. Total also assumes all the decommissioning obligations of $2.9bn.
RWE-To sell Innogy shares to boost stakes in Fossil-Fuel plant
FIAT-Great Wall interested in buying the Jeep Brand
BNP-Belgian state prepares placement of more BNP before year end, owns 7.8%
The US market research NPD-Group reported July was the 2nd worst performing month of '17. Sales of footwear dropped 5% and unit sales fell 6%. All main names fell on Friday in US.
Rathbone , the wealth manager in UK said to be planning a merger with Smith & Williamson, to have merged AuM of £52bn.
UK Times has lead story on ad spending in UK by gambling companies, how children are being exposed to area.
FT lead article says that Trump to target tax reform to reconnect with GOP
China announced formal measures to curb outbound investment as the government seeks to establish firmer control over corporations whose international shopping spree has rattled China’s currency and foreign-exchange reserves. WSJ
Federal regulators said they would drop civil charges against two former J.P. Morgan Chase & Co. traders at the centre of the 2012 “London Whale” saga, ending the last U.S. case against traders involved in a debacle that cost the bank more than $6 billion. WSJ
HNA now holds a total purchase position of  20.92% of Dufry shares
Bloomberg article today on unintended consequences of MIFID 2 : less research, job losses ( and some gains), growth of specialist houses, shrinking buy lists, shrining investment universe, less business in London, trading volumes and finally to become a global standard?
White House economic adviser Gary Cohn is emerging as the clear front-runner for the nomination to succeed Federal Reserve Chair Janet Yellen, according to a National Association for Business Economics survey.
Markets lower after open, Europe trades – 35 BPs.