Unilever plans to acquire Dollar Shave Club in the US in a deal worth about $1bn (€905m), gaining a firmer foothold in the burgeoning market for male grooming products and opening up a new front in its battle against Procter & Gamble.

The global dairy industry is being reshaped by a wave of dealmaking driven by low milk prices and growing demand for products like yoghurt and baby formula in Asia and the Middle East.

Professional golfer Phil Mickelson is being sued by the US Securities and Exchange Commission (SEC) over claims he profited from an insider trading scheme.

Stocks closed mostly lower after investors found little to like in weak corporate earnings reports and news of only tepid growth in the US economy in the third quarter.