Global oil clears $42 mark but oversupply fears loom large August 3, 2016 Oil climbed above $42 per barrel today, but concern about the pace of the market recovery remains. Brent crude, the global benchmark, rose 1.60 per cent to $42.47 per barrel in late afternoon trading. West Texas intermediate, the US benchmark, rose 1.82 per cent to $40.23. They were supported by US government data which showed oil [...]
Fitch warns European oil majors unlikely to break even this year August 3, 2016 Fitch warned today that the cash-strapped European oil majors are unlikely to break even until next year. It comes after Royal Dutch Shell, BP, Total and Eni revealed a disappointing set of first half results. They didn’t benefit as expected from oil prices swelling about a third during this period. The credit ratings agency said the results suggest big oil [...]
Rio Tinto share price falls as first half profits nearly halve August 3, 2016 Shares in Rio Tinto fell 0.70 per cent to 2,424.50p per share today, after the miner's first-half profit fell to its weakest in 12 years. The figures: Rio's underlying earnings tumbled 47 per cent year-on-year in the first half to $1.56bn, from $2.92bn. This beat analysts' forecasts of around $1.46bn. Its efforts to shrink net debt also exceeded expectations, falling [...]
UK on brink of recession as service sector slammed in July August 3, 2016 The UK could already be in the midst of a recession according to fresh economic data out this morning. The latest purchasing managers' index (PMI) data has revealed the dominant services sector shrunk in the first full month after the EU referendum as the shock of the UK's vote to leave appears to have taken an immediate [...]
Brexit vote reminds us of existing concerns August 3, 2016 The full consequences of the UK's vote to leave the European Union are not yet known. Advocates of a painless Brexit can point to data that refutes the worst fears put about by a panicking Remain campaign. But those looking for evidence to demonstrate that those fears weren't baseless have plenty to go on, too. [...]
Think tank warns of 50-50 chance of post-Brexit recession August 3, 2016 The government will borrow an extra £47 billion between now and the end of the decade as a result of the UK's decision to leave the European Union, economists have warned. The new economic outlook from the National Institute of Economic and Social Reserach (Niesr) also said there was a 50-50 chance of the UK economy [...]
City braced for rate cut as construction data and banking woes unsettle markets August 3, 2016 The FTSE 100 fell to a two-week low of 6,645.40 yesterday, spooked by a double whammy of gloomy UK construction data and faltering bank stocks. Official data shows that UK construction has shrunk at its fastest pace in seven years. Markets are now bracing themselves for tomorrow’s Bank of England policy meeting, at which governor Mark [...]
This is how much hosting the Olympics boosts a country’s stock market on average August 2, 2016 Brazil is set to reap a 25 per cent stock market boost from hosting this year’s Olympics in Rio de Janeiro, if the experience of past hosts is anything to go by. One year after organising the games, the last six host countries of Spain, the US, Australia, Greece, China and the UK registered an average increase of [...]
US oil holds above $40 after falling into bear market territory August 2, 2016 Crude prices crept into positive territory today, after US oil dropped below $40 per barrel for the first time since April yesterday. Brent crude, the global benchmark, rose 0.69 per cent to $42.43 per barrel in late afternoon trading. Its US counterpart, West Texas Intermediate, swelled 0.17 per cent to $40.23. Increases in the number of [...]
Fresnillo shares rise after its profits more than double August 2, 2016 Fresnillo shares sparkled today, after the precious metals miner struck gold in the first half of 2016. It comes on the back of investors boosting gold and silver prices by rushing into the so-called safe haven assets following Britain's decision to leave the European Union in June. Read more: The Royal Mint hails best results in over a thousand [...]
