Below is a selection of the morning's key market news, earning reports & trending stories - see more here.
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The international supplier of oilfield services & gas Petrofac (PFC) said it was seeing strong operational performance in 2018 despite posting a net loss in the first half of the year.
This was due to $207m of expenses surrounding the sale of some of its assets.
Elsewhere net profit was up 20% to $190m, and the company secured $3.3bn of new orders for the year to date.
Chief Executive Ayman Asfari said: "We have reported a good set of first half results that reflect strong execution and excellent progress delivering our strategy.
“Our focus on operational excellence is reflected in improved margins and continued good progress across our project portfolio in the first half. Furthermore, we are well positioned for the second half with good revenue visibility, a strong competitive position and healthy liquidity."
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After the news yesterday that Trump agreed a new trade deal with Mexico, the US markets are continuing to soar.
The FTSE 100 also closed 0.5% higher at 7,617 after the announcement.
Yesterday the US President said he will be “terminating” the existing North America Free Trade Agreement (NAFTA) that he has been highly critical of in the past.
Off the back of this announcement, today the US Commerce Department will be publishing its revised Q2 GDP figures.
Analysts expect US growth rate to sit at 4.0%, slightly below the advanced reading of 4.1%.
The numbers are due at 1.30pm BST.
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British firm Sinclair Pharma (SPH) announced this morning that it has agreed a proposed offer from China’s Huadong Medicine.
Headquartered in London and listed on AIM, Sinclair focuses on making skin lifting, collagen stimulation treatments and dermal fillers and employs over 180 people.
The 32 per share cash offer would value the AIM-listed UK company at around £161m.
The company said: “Sinclair independent directors are of the view that the possible offer is an attractive proposal which they would be prepared to recommend to Sinclair shareholders.”
