FTSE 100 rises after China cuts US tariffs amid coronavirus outbreak February 6, 2020 The FTSE 100 and global stock markets have risen after China cut tariffs on US goods in a bid to boost market sentiment amid the coronavirus outbreak, with an all-Europe index hitting a record high. The FTSE 100 was 0.3 per cent higher by 3pm, despite the third case of coronavirus being reported in the [...]
UK fund markets buoyed by ‘Boris bounce’ February 6, 2020 The UK fund market has benefited from the ‘Boris bounce’, ending the year with December inflows of £3.6bn. The net retail sales for the month were more than double the November figure and the biggest monthly inflow since January 2018, according to the latest figures published by the Investment Association (IA). On an individual fund [...]
EU markets watchdog clashes with City regulator over post-Brexit trading rules February 6, 2020 The EU’s markets watchdog has asked its British counterpart to ensure that the London Metal Exchange (LME) and ICE Futures Europe fully comply with the bloc’s rules on market transparency for commodity derivatives. In the latest in a series of spats over the future relationship between EU and UK markets post-Brexit, the European Securities and [...]
Coronavirus: Opec agrees provisional 600,000 barrel oil production cut February 6, 2020 Oil cartel Opec’s technical committee has recommended a 600,000 barrel per day production cut in an attempt to counter falling demand due to China’s coronavirus outbreak. Sources told Reuters that the group was awaiting Russia’s decision on the potential cut, which is larger than the 500,000 barrel curb that had been mooted. If approved by [...]
Riverstone sells stake in UK’s only fracker Cuadrilla February 6, 2020 Riverstone has sold its 45 per cent stake in Cuadrilla to mining firm AJ Lucas, meaning that the Australian company now owns 93 per cent of the UK’s only fracking firm. The sale of Riverstone’s stake comes as no surprise, as the investment group has long been looking to exit the business after a series [...]
Water bills set for £17 cut as new price controls begin February 6, 2020 Water bills for households in the UK will be cut around £17 this year as new price controls on utilities companies come into effect. For the average home, bills will fall from £413.33 to £396.60, taking them back to the same level as they were at the beginning of the last decade. The four per [...]
Ashmore shares rise after interim profit jumps February 6, 2020 Shares in emerging markets asset manager Ashmore jumped this morning after it announced profit had surged at the half-year stage. Profit before tax jumped 42 per cent on strong inflows to hit £132.4m for the six months to 31 December. Ashmore said assets under management increased 28 per cent year-on-year to $98.4bn (£76bn). The company [...]
Equinor beats expectations as oil firm unveils new climate programme February 6, 2020 Norway’s Equinor trumped analyst expectations today by posting a smaller than expected drop in profits in the final quarter, as it unveiled a raft of new climate commitments. Profit before tax at the state-owned firm fell to $3.5bn (£2.7bn), down from $4.4bn for the same period last year, but ahead of forecasts of $3.3bn. The [...]
Total chief warns of coronavirus impact as annual income falls February 6, 2020 The chief executive of French oil firm Total today warned that coronavirus would have a significant impact on oil demand as the company reported a 13 per cent fall in annual income. Patrick Pouyanne said that the outbreak, which has killed 563 people thus far and knocked oil prices by about $10, said the impact [...]
Asian stocks soar after China halves US tariffs February 6, 2020 Asian stocks surged overnight after China announced it would halve tariffs on about 1,700 US goods in a bid to boost market sentiment amid the coronavirus outbreak. China’s Shanghai composite index finished 1.7 per cent higher, Japan’s Nikkei jumped 2.4 per cent, and Hong Kong’s Hang Seng rose 2.5 per cent. Beijing’s finance ministry said [...]