Ocado and Bunzl both report revenues in-line

Stocks to watch

Ocado reported consistent strong growth in retail revenue of 12% in the final quarter of the year, helped by its new robot-operated warehouse in south London. Revenue was in line with management guidance for the full year, while there was cash and equivalents of £411m and £286m of debt on the balance sheet.

Logistics company Bunzl said full year group revenue for the year is expected to increase by between 8% and 9% at constant exchange rates due to organic growth of more than 4% and a similar impact from acquisitions, net of disposals. Currency translation movements are expected to reduce the constant exchange revenue growth by between 3% and 4%. Bunzl also said it has recently acquired CM Supply, a foodservice distributor based in Copenhagen, Denmark for an undisclosed sum.

G4S has begun the process to spin off its Cash Solutions business, which it thinks could "unlock substantial shareholder value". A review by directors of different separation options should be completed some time next year, with an update to be provided alongside full year results in March.

Newspaper round-up

Brexit is battering the UK property market, pushing it to its weakest level in more than six years, with almost half of surveyors reporting that sellers and buyers are sitting tight because of political uncertainty. The Royal Institution of Chartered Surveyors (Rics) said its monthly indicators for demand, supply and prices fell to multiyear lows in November. – Guardian

MPs on the Foreign Affairs Select Committee have urged British universities to exercise "extreme caution" accepting money from Huawei, amid growing international concern about the security threat posed by the controversial Chinese telecom company. Huawei, the world's biggest telecom equipment manufacturer, has agreed to pour at least £6m into UK universities including Cambridge, Oxford, Manchester and York despite warnings from intelligence agencies around the world over potential security risks posed by the company’s technology. – Telegraph

The European Commission is preparing to grant European banks temporary access to British-based clearing houses for an additional year in the event of a no-deal Brexit, ending uncertainty about the status of trillions of euros of financial derivatives. Brussels had failed to provide assurances that cross-border derivative contracts would be recognised in the event of a no-deal Brexit. – The Times

US close

US stocks closed higher on Wednesday amid signs of improving trade relations between the US and China, with much of the attention being focussed back on this side of the pond.

At the close, the Dow Jones was 0.64% higher at 24,527.27, while the S&P 500 had picked up 0.54% at 2,651.07 and the Nasdaq traded 0.95% firmer at 7,098.31.

Sentiment was underpinned by reports that China has agreed to cut tariffs on US cars from 40% to 15% in a move aimed at de-escalating the trade war with the US.

The mood was also lifted by news that Huawei's chief financial officer, Meng Wanzhou, had been released on bail and comments by Donald Trump, who said in an interview with Reuters on Tuesday that he would intervene in the Justice Department's case against Wanzhou if needed.