Equinor falls short of expectations as production set to remain flat in 2019 February 6, 2019 Norwegian state oil producer Equinor slipped up on falling oil prices, as earnings failed to live up to expectations in the fourth quarter. Earnings hit $1.5bn (£1.2bn) after tax in the quarter, up from $1.3bn in the same period last year. Read more: BP more than doubles profit in bumper 2018 Meanwhile, adjusted earnings rose [...]
Cuadrilla boss pleads for fairer treatment after good results at Lancashire fracking site February 6, 2019 The chief executive of Britain’s first fracker has called on the government to review its limits on earthquakes caused by drilling. Francis Egan said his company, and other shale gas explorers, were being treated unfairly when compared to other industries, which are allowed to cause much more violent tremors. Read more: Jim Ratcliffe: Government's shale [...]
Opec exports to US fall to a five-year low as cartel cuts its output February 6, 2019 US oil imports from Opec countries have dropped to five-year lows as the oil producing cartel cuts output, while US domestic production grows. Opec’s sales to the world’s biggest economy fell 22 per cent month-on-month and 37 per cent year on year, to 1.4m barrels per day, data from energy intelligence company Kpler shows. Read [...]
The yield curve explained: is it predicting recession? February 6, 2019 | City Talk The yield curve has been a reliable predictor of US recessions over the last four decades. Each time the yield curve has inverted, the US economy has entered a downturn within 18 months. At the start of 2019, the curve is precipitously close to inverting again. The yield curve is the difference between the interest [...]
Will Wirecard wave goodbye to the DAX? February 5, 2019 | City Talk Questions are being asked about whether Wirecard AG deserves its generous valuation – and it’s newly won place in the DAX – following allegations of fraud. Munich-based fintech company Wirecard unseated Commerzbank – a stalwart of the DAX since 1988 – to become a member of the DAX in September 2018. The firm won its [...]
Enquest hits expectations as production grows by half February 5, 2019 Oil producer Enquest is focusing on paying down its debt as production looks set to soar this year. Shares rose 2.95 per cent to 19.56p in the mid-afternoon as the company showed a 48 per cent rise in output to 55,400 barrels of oil equivalent per day in 2018. Read more: EnQuest agreed to buy [...]
What is the outlook for interest rates in 2019? February 5, 2019 | City Talk US Concern over the outlook for US interest rates was one of the dominant themes of 2018, especially as the year progressed. President Trump got involved in the debate, tweeting in December that it was “incredible” that the US Federal Reserve (Fed) was considering raising interest rates again. Despite the pressure from the president, the [...]
FCA fines former Newton fund manager Paul Stephany for IPO misconduct February 5, 2019 Former fund manager Paul Stephany has been fined by the UK’s financial watchdog for misconduct related to On the Beach’s initial public offering (IPO) in 2015. The Financial Conduct Authority (FCA) has fined Stephany, a former employee of Newton Investment Management, £32,200 after it was found that he had contacted rival fund managers to influence [...]
Despite 2018’s woes, could the year of the pig be a sign of good fortune for Chinese equities? February 5, 2019 Chinese stock markets were dogged with problems last year – pretty fitting given that it was the year of the dog. The country grappled with slower growth, a mountain of debt, and a trade war with the US, creating a tough environment for Chinese equities. The MSCI China index slumped by 14 per cent in [...]
China’s success among western firms will depend on the desirability of the brand February 5, 2019 Not a week goes by when there isn’t a data print-out of China posting the weakest number since… well pick a year. Last Friday, for example, the Caixin manufacturing survey posted a second consecutive month of contraction and the lowest reading since 2016. The slowdown has triggered a set of 2019 growth downgrades from the analyst [...]