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European stocks closed trading modestly higher after struggling at an early stage, as investors attempted to dispel trade-war anxiety between the U.S. and China and as shares of financials and the pharmaceutical companies affected the broader market.
The Stoxx Europe 600 regained from its losses with a 0.1% increase to 390.05, following its decrease in closing of 0.2% on Wednesday. Germany’s DAX 30 rose by 0.3% to 12,676.11, while France’s CAC 40 ended the day with minimal change. On the other hand the U.K.’s FTSE 100 fell 0.5% to 7,741.77, whilst the British pound dropped further.
U.S. markets closed mostly higher following a dismal performance by energy and industrial shares on the market. However, Nasdaq bucked the trend to rise for an eight consecutive session. This however, does not reflect the full story of performances as key benchmarks such as the S&P 500 performed mostly positively throughout the trading period before regressing gradually before the closing bell.
The Dow Jones Industrial Average fell by 0.3% to 25,509.23, whilst the S&P 500 fell 0.1% to 2,853.58. The Nasdaq composite index increased by 3.46 points to close at 7,891.78.
Samsung unveil new phone hoping to snatch iPhone users and increase sales
Samsung are hoping that the new $1,000 Galaxy Note 9 will switch iPhone users to Samsung and thus increasing its sales. The South-Korean electronics juggernaut is aiming at targeting high-end users whilst also luring traditional iPhone users.
Samsung’s new mobile launch arrives at a juncture where the company’s mobile division has been struggling. The mobile unit’s operating profit plunged in the second quarter, whilst also facing tough competition in particular from Chinese android rival Huawei which has become the second-largest smartphone maker by market share after overtaking Apple.
The Note series has never seen a huge selling in volume, however Samsung sees it as a vital category due to its high margin of revenue. It is estimated that over 100 million customers make use of the Galaxy S9 or S8 and these are the users which Samsung are aiming to persuade to upgrade to the Note 9.
Oil and gas drilling company SDI in the search for buyers
Scientific Drilling International, which is the U.S.’s largest independent drilling firm is being offered to any potential buyers for a valuation exceeding $500 million. The selling process of this company based in Houston began recently following the decision of the Steenwyk family, who have been owners for over 30 years.
This prospected sale of SDI has come at a time when the oilfield services firms over the country have seen an increase in financial benefits. This comes after U.S. oil production reached its highest level in recent years following tough cutting of costs from oil and gas exploration companies.
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