Global oil falls below $45 as oversupply concerns weigh July 25, 2016 Oil dropped to a two-month low today, amid concerns that the persistent global glut of crude and refined products isn't shrinking quickly enough. Brent crude, the global benchmark, was last down 1.46 per cent to $44.94 per barrel. Meanwhile, its US counterpart, West Texas Intermediate crude, slumped 1.95 per cent to 43.33 per barrel. Hedge [...]
Aberdeen Asset Management poised to take advantage of weakness in wake of Brexit vote July 25, 2016 Aberdeen Asset Management is better placed than its competitors in the wake of a spate of investment fund redemptions according to chief executive Martin Gilbert. Speaking to Morning Wire this morning, Gilbert said: “We are very much an emerging markets house, so theoretically we should come out of it better. Much more so than some [...]
This chart shows why UK North Sea strikes won’t affect oil prices July 25, 2016 While North Sea oil workers will grab Britain's attention when they go on strike tomorrow, global crude markets are unlikely to notice. The 24-hour stoppage will see 400 Wood Group employees walk out of eight platforms which are owned by Royal Dutch Shell. And it's expected to be followed by additional strikes over the following weeks. Read more: Date set [...]
Week ahead: Oil majors and GDP numbers set to steer markets July 25, 2016 Markets in the UK and Europe seem to be running out of momentum recently but a influx of earning reports this week may go some way to liven things up. The blue-chip FTSE 100 was up 0.5 per cent at 6,730.48 points at its close on Friday, its fifth straight week of gains. The latest [...]
Italian PR firm SEC in Aim listing to fund UK and European growth July 24, 2016 Italian public relations and communications agency SEC will list on London’s junior Aim market tomorrow. SEC has raised £3.4m before expenses to fund the growth of the business around Europe with discussions being held for acquisitions in the UK, France and Poland. The flotation will be the first European business to list on Aim since the [...]
Oil majors to stage sharp rebound due to crude’s modest revival July 24, 2016 Oil majors' second quarter earnings will show a sharp rebound when they're released next week, largely due to a modest recovery in the world's stricken oil markets. BP will kick off proceedings when it reports on 26 July, followed by Total and Shell on 28 July and Exxon and Chevron a day later. "Oil majors' second quarter 2016 earnings [...]
These companies have been the FTSE high-fliers and fallers since the referendum July 23, 2016 With all that's happened since 23 June, it's hard to believe it's only been a month since the UK came out in droves to vote in the EU referendum. While the FTSE 100 closed up 0.46 per cent yesterday in its fifth successive weekly advance, a number of companies on both the FTSE 100 and [...]
At the close: Pound slides on scary economic data- but FTSE rides higher July 22, 2016 It's been a rough day for the pound after data released today showed a "dramatic deterioration" in the UK economy. Markit's UK purchasing managers' index (PMI) dropped to 47.7 in July, down to an 87-month low from 52.4 in June. Both output and new orders fell for the first time since 2012. Chris Williamson, chief economist at [...]
The London Metal Exchange is going to Essex for a summer holiday July 22, 2016 The London Metal Exchange (LME) is leaving the Square Mile for a while – and moving its trading base to Essex. The Exchange, which is usually based at 10 Finsbury Square, has been informed by its landlord that a structural issue within the building, which was discovered last weekend, would take longer than originally expected to resolve. [...]
Estate agents, housebuilders and other property shares slide on downbeat house price forecasts July 22, 2016 Property companies were the FTSE's biggest fallers this morning, after a raft of downbeat forecasts surrounding the UK's housing market. Countrywide, the UK's largest estate agent, was one the biggest faller on the FTSE 250 in early trading, with its shares falling 7.2 per cent to 233.7p. However, property portal Zoopla and Crest Nicholson were also both [...]