At the close: Gushing oil pushes the FTSE 100 higher as miners slip after recent gains June 7, 2016 The FTSE 100 managed a modest rise today, falling back from much bigger gains directly after the open. The blue-chip index added 0.2 per cent to close at 6,284.53. The initial burst came as a result of Royal Dutch Shell earmarking 10 per cent of its oil and gas production assets for sale, which would result in the [...]
Dow Jones rises above 18,000 for the first time since April as S&P 500 hits its highest level since July June 7, 2016 It looks like those shockingly bad jobs figures are a thing of the past, after the S&P hit its highest level in nearly a year, while the Dow Jones index briefly passed the 18,000 mark for the first time since April. The S&P jumped to 2,117 points in late-morning trading in New York. That was after [...]
Women could miss out on financial success as they shun the stock markets June 7, 2016 A new campaign to get more women involved in the stock markets has been launched today as it was claimed women were missing out on financial success because they are shunning riskier investments. A survey by YouGov for the initiative launched by advice website Boring Money found a "whopping 85 per cent of British women are disengaged with the stock [...]
Rio Tinto launches $3bn bond buyback as commodities brighten June 7, 2016 Rio Tinto said today that it has launched a multi-billion bond buyback programme, as formerly tarnished metals price begin to shine one more. The firm intends to purchase up to $3bn of its 2018, 2020, 2021 and 2022 US dollar-denominated notes. It's trying to whittle down its debt pile, having bought $1.5bn of its 2017 and 2018 notes in April. Read [...]
Former London Metal Exchange boss considers launching rival June 7, 2016 The former head of the London Metal Exchange (LME) is considering launching a new London-based metals trading platform. Martin Abbott is in talks with trading houses and brokers over the potential move to challenge the LME. Read more: Open outcry lives on at the London Metal Exchange He left the LME in 2013 after the [...]
As Brexit momentum sends sterling tumbling, is a weaker pound really such a bad thing for the UK economy? June 7, 2016 Vicky Pryce, board member of the Centre for Economics and Business Research, a former government adviser, and co-author of It’s the Economy, Stupid. Economics for Voters, says Yes. The external Monetary Policy Committee member Kristin Forbes recently pointed out that the burgeoning UK current account deficit has been more driven by a deterioration in the investment [...]
IPOs might be back – but for how much longer? June 7, 2016 Investors are on a treasure hunt for returns but there have been all too few big finds on stock markets lately and the jury is still out on whether a rally will present itself this summer. So why are managers so seemingly unwilling to tap into all the new issues hitting the markets? And where [...]
Argentine confectioner Havanna lists in the country’s first local IPO since 2013 June 6, 2016 Havanna, an Argentinian confectioner, has listed on the Buenos Aires Stock Exchange. It’s the country’s first local listing since 2013 and has been taken as a further sign of economic recovery in Argentina. In May financial group Grupo Supervielle SA raised $280m (£193m) when it listed in New York and Buenos Aires. Havanna placed a [...]
Bond yields in the developed world hit a record low – even the EU referendum won’t stop them falling June 6, 2016 Bond yields across the advanced world have touched a record low. The fall comes as the US looks set to delay its next interest rate hike, the effects of quantitative easing and negative interest rates continue to take hold and political uncertainty mounts. The yield on Bloomberg's global developed sovereign bond index dropped to 0.62 per cent – [...]
Oil, copper, gold, zinc: Commodities rally as dollar softens after US jobs shocker June 6, 2016 The dollar's pain was commodities' gain this morning, as the weaker greenback reinvigorated the typically ailing asset class. It helped oil push through the $50 mark, while copper, gold and zinc hit multi-week highs. Most metals had a torrid time last month due to the stronger greenback. But it traded near three-week lows today, making dollar-traded commodities cheaper [...]