FTSE 100 Live: Oil and gold ease on possible US-Russia summit – Evening Standard

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Mid-cap pair back takeover deals

Prices have been agreed for takeovers at aviation services business John Menzies and online retail specialist Clipper Logistics.

Menzies has been valued at £558 million after its Edinburgh-based board backed an improved approach from Kuwait’s National Aviation Services at 608p a share.

Clipper Logistics, which handles online orders for major retailiers, has reached agreement on a cash and shares approach from New York-listed GXO Logistics worth £920 million.

Both deals are subject to the completion of due diligence and other conditions.

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Oil and gold prices ease

Stock market nerves steadied today as it emerged that US President Joe Biden and Russian President Vladimir Putin have agreed to meet in an effort to resolve Ukraine tensions.

The proposed summit, which was brokered by France, will only take place in the event that Russia does not invade.

Wall Street is closed today for Presidents Day, but the developments helped US futures swing into positive territory overnight. The FTSE 100 index is poised to open 15 higher at 7528, having fallen by more than 1.5% last week.

Oil prices returned to below $94 a barrel after the summit plan was announced, with investors also monitoring a potential Iran nuclear deal that could lead to the return of its supplies to a stretched energy market.

Gold earlier hit an eight-month high of $1908 an ounce before settling back at $1890.