Brent crude and WTI: Oil hovers near bear market territory as oversupply weighs July 28, 2016 Fresh oversupply concerns and waning international demand has pushed crude near bear market territory. Oil has fallen nearly 20 per cent since hitting a year-high above $52 per barrel in June, when it was buoyed by unexpected supply outages in countries across the world. Brent crude, the global benchmark, fell 0.97 per cent to $43.05 per barrel today. West [...]
What Brexit? House prices inched up in July July 28, 2016 Brexit, what Brexit? The property market defied the uncertainty of the EU referendum result – for now – new data reveals. The full impact on the housing market has yet to be felt as prices edged up ever so slightly in July, according to Nationwide. Read more: Property shares are sliding after downbeat house price forecasts Property [...]
Centrica blames warm weather in North America and low oil prices for 14 per cent dip in earnings July 28, 2016 British Gas owner Centrica today revealed that customer numbers plunged in the UK, as it blamed a combination of weak commodity prices and warmer weather in North America for a drop in earnings. The figures Revenue dropped by 13 per cent in the six months to 30 June, to £13.4bn from £15.5bn. Adjusted operating profit was [...]
Shell blames oil price and BG costs for 72 per cent drop in earnings July 28, 2016 Royal Dutch Shell maintained its dividend today despite recording a massive dip in earnings during the second quarter of 2016, which it blamed partly on the continued weak oil price. The figures Income attributable to shareholders fell by 71 per cent to $1.18bn (£896m) from $3.99bn in the second quarter of last year. Earnings attributable to [...]
Take off! London lifted by green light for City Airport expansion as markets touch post-Brexit highs July 28, 2016 The City received a double boost yesterday as London City Airport was given the go-ahead for a major expansion while the latest GDP data beat expectations and lifted the FTSE 100 to a 12-month high. Chancellor Philip Hammond, transport secretary Chris Grayling and communities secretary Sajid Javid gave the green light to the multi-million pound [...]
Emerging markets are winning the dash for cash after Brexit vote July 27, 2016 Emerging markets are one of the big winners from the UK’s vote to leave the EU as economies have benefitted from an influx of foreign capital. With bond yields crashing in the advanced world following the shock vote for Brexit on 23 June, Standard and Poor’s (S&P) said “yield-hungry investors” had flocked to more exotic [...]
US Federal Reserve paves the way for pre-election rate rise July 27, 2016 The Federal Reserve signalled the way to an interest rate rise before the US Presidential Election this evening as it heralded the strong pace of the economic recovery. Rate-setters left policy unchanged on this occasion, as expected, but a hike for only the second time since the financial crisis is now a distinct possibility for [...]
Have we seen the end of volatility in the currency markets? July 27, 2016 In the hours after the referendum, sterling suffered its largest ever decline in the era of free-floating currencies. The pound fell from $1.50 just after the polls slammed shut to $1.33 as the count showed the Brexit camp were out in front. Sharp spikes up and down in the value of sterling characterised the referendum campaign. By [...]
Tullow Oil share price rises as it unexpectedly swings to profit July 27, 2016 Tullow Oil shares closed up 2.82 per cent to 204.50p today, after the Africa-focused oil explorer’s first half results smashed expectations. The figures The FTSE 250-listed firm beat expectations for a $196m loss with a net profit of $30m (£23m), up from a loss of $68m last year. This Africa-focused oil explorer's pre-tax profit rose to $24m from a loss of $10m. Revenue fell [...]
Oil prices plummet as US oil stocks hit fresh record high July 27, 2016 Oil hit a fresh two-month low today, after US government data stoked fears that the market recovery is coming along slower than expected. The US Energy Information Administration said US oil stocks swelled by 1.7m barrels in the week to 22 July, compared to analysts' expectations for a decrease of 2.3m barrels. Gasoline stocks rose by 452,000, dwarfing forecasts for a [...]
