Opec has warned that the Brexit vote will weigh on European oil demand as it pumps more oil than at any time in recent history July 12, 2016 Diminished former oil cartel Opec has cautioned the UK's recent vote to quit the European Union could dampen oil demand across the continent. The warning comes alongside data that showed Opec countries between them pumped more oil than at any time in recent history, sparking fears the supply glut may not clear in the second half of the year. The [...]
At the close: Sterling surge holds down the FTSE 100 July 12, 2016 The FTSE 100 closed flat this evening after ending yesterday's session at an 11-month high. The blue-chip index closed at 6,680.69 points, down just two points and flat in percentage terms. The end to yesterday's rally was put down to sterling being on course for its best performance against the yen in over three years after Theresa May [...]
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 [...]
Before the bell: What you need to know before the US market open July 12, 2016 Major US markets are on a tear hitting record highs and the UK blue-chip index is in bull market territory. Here's what you need to know before the US market open at 2:30pm London time. It seems nothing can stop the equity ball rolling now, with futures pointing yet higher ahead of the open. The [...]
The Irish economy grew by a whopping 26 per cent last year – but economists are not impressed July 12, 2016 The Irish economy grew by an impressive 26 per cent last year, soaring past estimates of 7.8 per cent gross domestic product (GDP) growth – but only after the capital stocks of a number of companies that relocated to the country were included in the state's balance sheet. Revised figures from Ireland's Central Statistics Office (CSO) show GDP was [...]
Bank of England was warned over property fund trading suspensions after Brexit July 12, 2016 The Bank of England was warned that property funds could be suspended in the aftermath of a Brexit vote. The Financial Policy Committee (FPC), which is chaired by BoE governor Mark Carney, was briefed by the Financial Conduct Authority (FCA) that the “extent of outflows from these funds and on the possibility that funds could suspend [...]
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 [...]
