S&P 500 and Nasdaq hit record highs on better-than-expected US jobs data and renewed optimism of trade war truce November 2, 2019 The S&P 500 and Nasdaq finished Friday at a record high following data better-than-expected US jobs growth data and fresh optimisim the US and China would cease their trade war. The S&P 500 rose by 0.97 per cent to 3,066.91 and peaked at a record high of 3,066.95 during Friday’s session, despite another weak reading [...]
Government bans fracking “with immediate effect” November 2, 2019 The government announced it has ended its support for fracking in the UK, following the publication of new scientific analysis. Ministers took the decision on the basis of a report by the Oil and Gas Authority (OGA), which found that it is impossible to accurately predict the probability or magnitude of earthquakes linked to fracking [...]
Sajid Javid launches zero-carbon review as government bans fracking November 2, 2019 Sajid Javid will launch a new review this morning of how the UK can maximise economic growth as it transitions to a green economy. The net zero review, which is the first of its type, will determine how the UK goes about achieving its target of zero emissions by 2050. Read more: Energy industry questions [...]
Exxon Mobil profits halve in the third quarter November 1, 2019 Exxon Mobil saw its third quarter profit nearly half today as lower oil prices and weaker margins in refining and chemicals saw earnings drop to $3.17bn (£2.5bn). The oil giant’s three main businesses all reported lower year-over-year profit as earnings fell 49 per cent from $6.24bn a year earlier. Read more: Shell profits slide 15 [...]
Volatile market movements boost TP ICAP revenues November 1, 2019 TP ICAP has reported a jump in third quarter revenue, with the world’s largest inter-dealer broker benefitting from an increase in trading activity over the summer due to global trade tensions and Brexit uncertainty. The broker held its current guidance for the year, however, warning that geopolitical uncertainties could impact transaction volumes. Read more: Broker [...]
Pound nears $1.30 as weak dollar and election buoy GBP/USD November 1, 2019 The pound jumped against the dollar in early trading today thanks to a weaker US currency and hopes of a Tory majority at the upcoming election. GBP rose 0.34 per cent against USD to $1.297 as markets opened, buoyed by a weaker dollar due to the US Federal Reserve’s third cut to interest rates this [...]
Oil giants face vast cuts to hit climate targets November 1, 2019 The world’s major oil and gas suppliers must cut combined production 35 per cent by 2040 to keep emissions within international climate targets. According to a new report released this morning from think tank Carbon Tracker, none of the majors are currently on track to be in line with the Paris agreement by 2040, despite [...]
Vaping backlash hits Altria for $4.5bn October 31, 2019 The backlash from the crackdown on vaping has knocked Altria for $4.5bn (£3.5bn) today, as its 35 per cent stake in e-cigarette maker Juul turned sour. The company reported a net loss of $2.60bn, or $1.39 per share in the third quarter ended 30 September, from a profit of $1.94bn, or $1.03 per share. Read [...]
EDF Energy in talks to buy electric vehicle chargers Pod Point October 31, 2019 The French energy supplier EDF is in talks about the acquisition of electric vehicle-charging start-up Pod Point. The company is the latest utilities supplier to branch out into the global automotive sector. Read more: Fiat Chrysler and PSA set to enter 50-50 share swap in $50bn merger Talks about a deal are understood to have [...]
FTSE 100 staggers as Lloyds and Shell profits tumble October 31, 2019 The FTSE 100 dropped sharply this morning as Lloyds and Shell weighed down London’s blue-chip index, which headed for its biggest fall since 2 October. The index fell roughly one per cent to 7,254 points, with the DAX and the CAC both down 0.7 per cent. Shell’s share price fell nearly 3.8 per cent to [...]