A third of North Sea oil could remain untouched due to price collapse May 20, 2020 More than a third of the remaining oil in the North Sea basin may never be extracted if prices do not improve, a new study has warned. Economists at Aberdeen University have modelled the impact of $25, $35 and $45 per barrel prices on the industry, At the lowest figure, the research finds, up to [...]
UK sells bond with negative yield for first time ever May 20, 2020 The UK has sold a bond with a negative yield for the first time ever, meaning investors want to hold government debt so much that they will pay to do so. The three-year bond sold at an average yield of minus 0.003 per cent. The bond has a “coupon” of 0.75 per cent, but because [...]
FTSE 100 and US stocks slip as investor excitement cools May 19, 2020 US stocks have followed the FTSE 100 lower as investor sentiment cools following a dramatic rally yesterday on hopes that a coronavirus vaccine may soon emerge. Wall Street’s Dow Jones index was down 0.6 per cent shortly after the bell. The S&P 500 was 0.3 per cent lower but the Nasdaq was up 0.2 per [...]
Oil prices soar as world begins to emerge from lockdown May 18, 2020 Oil prices continued their upwards trajectory this afternoon, dispelling fears of a repeat of last month’s price implosion as the countries around the world continued to move out of lockdown restrictions. Worldwide standard Brent crude broke through the $35 mark, rising nine per cent to stand at its highest levels since March. West Texas Intermediate, [...]
FTSE 100 breaks 6,000 barrier as vaccine hopes and Fed pledge boost markets May 18, 2020 The FTSE 100 broke through the 6,000-point milestone in a positive start to the week’s trading today, buoyed by hopes of a vaccine and more Federal Reserve stimulus. Easing lockdowns and lower infection rates in Europe infection hotspots Italy, the UK and Spain also boosted London’s blue-chip index. The FTSE 100 closed 4.5 per cent [...]
Gupta snaps up industry veteran to lead steelmaking division May 18, 2020 Sanjeev Gupta’s Liberty Steel Group has announced the appointment of industry heavyweight Paramjit Kahlon to run its primary steel and integrated mining division. Kahlon, who spent over a decade at steel giant Arcelor Mittal, will oversee the company’s operations in the Czech Republic, Romania and Australia. In the short term, his focus will be on [...]
Slumping economy, surging stock market– what’s going on? May 18, 2020 | City Talk While tens of millions of Americans were losing their jobs, the stock market in April produced its best monthly return in over 30 years. We look at what’s behind this apparent disconnect. 36 million Americans filed for unemployment claims over the past eight weeks. US GDP plunged by 4.8 per cent in the first quarter [...]
Oil prices surge past $30 for first time in two months May 18, 2020 Global oil prices jumped this morning on growing optimism as governments around the world continued to ease lockdown measures. Worldwide standard Brent crude rose 5.2 per cent to hit $34.20, its highest levels in a month. US benchmark West Texas Intermediate also surged 6.9 per cent to $31.47, levels which it has not seen since [...]
Asian shares make cautious gains even as Japan falls into recession May 18, 2020 Asian shares made cautious gains on the back of S&P 500 futures and a rise in oil prices, even as Japan slipped into recession. Japan has fallen into recession as the coronavirus outbreak continues to take its toll on the global economy. Japan’s economy shrank 3.4 per cent in the first three months of 2020 [...]
Global dividends set to plunge as much as 35 per cent this year May 18, 2020 Global dividends could fall as much as 35 per cent this year, as companies scramble to conserve cash amid the pandemic. The coronavirus pandemic and the hit to oil prices has had a profound impact on the cash position of a lot of companies. Businesses in the worst hit areas – such as hospitality, aviation [...]