Oil slides away from $50 ahead of Opec meeting June 1, 2016 Oil prices fell away from $50 this morning, as production from major Middle Eastern exporters was expected to remain high or even increase. Middle Eastern oil producers have been ramping up their supplies to Asia in an aggressive tussle over market share. It comes ahead of a meeting of the Organisation of Petroleum Exporting Countries (Opec) tomorrow. "Many [...]
FTSE quarterly review: Inmarsat’s share price tumbles ahead of expected relegation May 31, 2016 Inmarsat’s share price fell nearly four per cent today ahead of its expected demotion from the FTSE 100. The satellite services company is set to be replaced in the FTSE 100 by Hikma Pharmaceuticals. Read more: At the close: Brexit poll sends FTSE 100 down for the month While Inmarsat’s share price dropped to 719.5p, [...]
New polymer banknotes could cost businesses £236m to implement May 31, 2016 New polymer banknotes being introduced by the Bank of England (BoE) in September this year will cost businesses a staggering £236m to implement, research by an independent payments consultancy has found. CMSpi claims that the process of switching to polymer banknotes will leave businesses with a hefty bill, thanks to the costs of upgrading and replacing cash-handling [...]
What analysts expect from the Opec meeting on Thursday May 31, 2016 Delegates from the increasingly divided Organisation of Petroleum Exporting Countries (Opec) will be hoping for a quiet meeting on Thursday. The gathering will mark the first meeting since Opec and non-Opec members failed to agree a production freeze deal in April. This was largely due to a long-running enmity between regional rivals Iran and Saudi Arabia. Read [...]
At the close: Brexit poll sends FTSE 100 down for the month and knocks sterling back May 31, 2016 A shock EU referendum poll killed the FTSE 100’s chances of stumbling to a fourth consecutive month of growth today, as the blue chip index failed to stay above the 6,241 gain line. The FTSE 100 closed the day down 0.6 per cent at 6,230.79 following a new ICM survey which put the Leave side four [...]
Yellen helps gold and copper prices clock biggest loss in six months May 31, 2016 Gold and copper prices melted in May — with the stronger dollar putting them on course for their biggest drop in six months. Spot gold swelled 0.7 per cent to to $1,213 per ounce, but the yellow metal has still fallen around six per cent so far in May, also its biggest monthly decline in six. [...]
Chinese steel and iron ore futures post worst monthly performance on record May 31, 2016 Chinese steel and iron ore futures clocked their worst monthly slump on record, amid a deepening crisis in the global steel industry. Rebar, or reinforcing steel, clocked a 23 per cent monthly decline, its worst on record since launching in 2009. The most-traded rebar on the Shanghai futures exchange closed down 0.8 per cent at 1,978 yuan [...]
Russia’s Gazprom moves to quash Saudi-style gas price war speculation May 31, 2016 Russian export monopoly Gazprom has moved to quash speculation that it could start a price war in the European gas market. Analysts, industry experts and commentators have argued Russia, which supplies about a third of Europe's gas via pipelines, could cut its prices in response to higher cost US liquefied natural gas shipments. Such a move would [...]
JP Morgan Cazenove loses its long-standing lead over Bank of America Merrill Lynch in FTSE 100 stockbroking stakes May 31, 2016 JP Morgan Cazenove has lost its long-held position as the top stockbroker for FTSE 100 companies. The bank's crown has been taken by Bank of America Merrill Lynch, new figures from Adviser Rankings show. JP Morgan Cazenove has topped the FTSE 100 rankings every year since Adviser Rankings began compiling the list as part of its [...]
FTSE quarterly review: Inmarsat and Jimmy Choo set for demotions as Hikma Pharmaceuticals gets ready to move up May 31, 2016 Inmarsat could find itself demoted from the FTSE 100 as part of quarterly changes to the index. The satellite services company, whose shares tumbled earlier this month when it unveiled disappointing first-quarter profits, is set to be bumped from the FTSE 100 – and could be replaced by Hikma Pharmaceuticals, FTSE Russell said today. Meanwhile, [...]