The World Bank has hiked its 2016 forecast for oil again July 26, 2016 The World Bank has remained upbeat on the outlook for oil prices, despite fears that the market recovery will take longer than expected. The international organisation hiked its forecast for crude this year to $43 per barrel, up from $41 in April. It cited a string of unanticipated supply outages and robust demand in the second [...]
US economy unaffected by Brexit vote, but attention turns to presidential election July 26, 2016 Fresh economic data from the US has shown the world's largest economy is feeling little fallout from the UK's vote to leave the EU. Both consumer confidence and business activity in the dominant services sector were "virtually unchanged" between June and July, figures out this afternoon revealed, although caution remained the prevailing sentiment as the US winds [...]
Wood Mackenzie: More oil firms on track to live with $40 crude July 26, 2016 Cost cuts mean a growing number of oil firms will stop bleeding cash this year with crude at $40 per barrel, according to energy consultancy Wood Mackenzie. This is good news for them, as the black stuff has been hovering around $45 due to oversupply concerns. Read more: This chart shows why UK North Sea strikes [...]
Meet the companies that have ignored London’s EU referendum IPO freeze July 26, 2016 Last month’s Brexit vote is thought to have led to several companies, including Hollywood Bowl and NewDay, putting their flotation plans on hold. But some, generally smaller, companies have taken the plunge and launched initial public offerings (IPOs), or announced their intentions to, in the weeks since the vote. They include an Italian PR outfit, [...]
Before the bell: What you need to know before the US market open July 26, 2016 Markets are braced for a raft of tech stock earnings today and later this week and the Japanese yen is surging. Here's what you need to know before the US market open at 2:30pm London time. The pre-market is painting a mixed picture with the S&P down by 0.03 per cent, the Nasdaq is up by 0.16 per [...]
Bank of Japan and Shinzo Abe prepare for next round of stimulus in fight for growth July 26, 2016 Japan's policymakers are gearing up to unleash a new round of massive economic stimulus over the next few weeks in a push to bust the economy out of its low-growth low-inflation malaise. The action will get underway this week in a crunch central bank meeting where markets expect the Bank of Japan (BoJ) to deliver [...]
Shell’s Philippine unit fires starting gun on long-delayed IPO July 26, 2016 Pilipinas Shell has finally fired the starting gun on its long-delayed initial public offering (IPO). The Royal Dutch Shell unit wants to raise as much as $629m, according to a regulatory filing released today. This means it will be one of the country's biggest ever stock market debuts. Read more: Oil majors to stage sharp rebound [...]
The Royal Mint hails best results in over a thousand years July 26, 2016 The Royal Mint unveiled record-breaking results today as it announced its largest ever annual revenues. Revealing a bumper top line of £361m, up 39 per cent on the previous year, the government-owned company said that a key driver of the growth was its increased share of the US silver market. The results were hailed by the company as the [...]
Global oil falls towards $44 as negative sentiment weighs heavy July 26, 2016 Crude fell today as a wave of negative sentiment swept across global oil markets. Brent crude, the global benchmark, fell 0.36 per cent to $44.56 per barrel in late morning trading. Its US counterpart, West Texas Intermediate crude, also fell 0.77 per cent to $42.80. The market has been weighing the 'green shoots' of a recovery [...]
The Bank of England is all but certain to slash rates next week after Martin Weale’s declaration July 26, 2016 Another member of the Bank of England's rate-setting monetary policy committee (MPC) has signalled their intent to vote in favour of slashing interest rates at next week's meeting, pushing expectations of a cut to a near-certainty. Martin Weale, an independent member of MPC said today in the Financial Times last week's disappointing purchasing managers' index (PMI) had [...]