The pound is on its best run against the Japanese yen in three years July 12, 2016 Sterling is on course for its best performance against the yen in over three years after Theresa May was named as the successor to Prime Minister David Cameron. A 1.9 per cent rise for the pound sent it to a one-week high of $1.3246, while against the safe haven Japanese yen sterling climbed almost four per [...]
Oil hovers rebounds from two-month low as traders eye Opec monthly report July 12, 2016 Oil pushed away from a two-month low today as supply squeezes threatened to re-emerge. Brent crude, the global benchmark, jumped 1.82 per cent to $47.09 per barrel this morning. Meanwhile, West Texas Intermediate crude, the US benchmark, swelled 1.52 per cent to $45.44. Read more: UK's largest oil and gas engineer Amec clinches two North Sea contracts Traders told Reuters that this [...]
UK’s largest oil and gas engineer Amec clinches two North Sea contracts July 12, 2016 Amec Foster Wheeler said today that it has won two North Sea contracts with oil explorer Repsol Sinopec. The FTSE 250-listed firm has agreed to provide labour at seven offshore sites across Scotland, in addition to looking after the modifications and repairs. Read more: Oil further below $50 as economic storm clouds gather over Asia Both contracts are for [...]
Why it could be a happy summer for stock market investors July 12, 2016 Are risk assets shaping up for a summer rally? That’s the question investors are asking themselves after Friday’s non-farm payrolls report. It’s raising hopes that the US economy is on a more stable footing than thought. It’s good news for risk sentiment – provided the Federal Reserve holds the line in commentary this week with [...]
Foreign currency: With sterling down against the euro and US dollar, here’s how to make your holiday money go further this summer July 12, 2016 Unless you’re holidaying in South Africa, Brazil, Russia or a number of other countries whose currency has fallen more steeply than sterling this year, you should brace yourself for considerable increases in the cost of hotel rooms, car hire and dining out. Market uncertainty around Brexit has led sterling to fall against a basket of other [...]
Well, this is awkward: Sterling leaps as Leadsom announces she is quitting Tory leadership race July 11, 2016 Andrea Leadsom may well fancy a holiday after her short-lived campaign for the Tory top spot, and she'd get a good rate if she hurries to the Bureau De Change too. The pound surged against the dollar as the Tory leader hopeful announced that she was pulling out of the race. Read more: Theresa May set to be appointed [...]
Oil further below $50 as economic storm clouds gather over Asia July 11, 2016 Oil fell further below $50 per barrel today, amid fresh concerns that weak economies in Asia would sap demand there. Brent crude, the global benchmark, fell 1.24 per cent to $46.18 per barrel in early afternoon trading. Its US counterpart, West Texas Intermediate, slumped 1.32 per cent to $44.81. Read more: Norway union and oil [...]
Petrofac pulls plug on contract with Malaysian state-owned oil firm Petronas July 11, 2016 Petrofac shares popped today after the oilfield services provider scrapped a contract with Malaysia's state-owned oil firm. Petrofac's Malaysian subsidiary and its partners agreed an early stoppage to the development of the the Beranti gas field, located about 150km offshore Peninsular Malaysia, with Petronas. Petronas was due to pay Petrofac $357m (£275.4m) for the contract last year, which resulted in a profit of just $1m [...]
Oil on course for largest weekly drop in six months July 8, 2016 Global oil prices headed towards their biggest weekly drop in six months today. Brent crude, the global benchmark, rose 0.39 per cent to $46.58 per barrel in late afternoon trading. Meanwhile, its US counterpart West Texas Intermediate rose 0.20 per cent to $45.23. Read more: Norway union and oil industry talks break down as strike threat looms Both benchmarks were [...]
UK vote fails to float Europe’s IPO boat July 7, 2016 The EU referendum has been blamed for slowing flotation activity levels across Europe in a new report. Mergermarket tracked 77 initial public offerings (IPOs), with €11.6bn (£9.9bn) raised, across the continent during the first six months of the year. This was down from 115 floats, which raised €27.1bn, in the first half of 2015. Read [...]
