Norway union and oil industry talks break down as strike threat looms July 6, 2016 Talks between Norwegian oil service workers and their employers broke down today, as the threat of strike action in Western Europe's biggest oil exporter loomed. The Norwegian Oil and Gas Association, which represents the employers, separately said the negotiations had been put on hold for the time being, Reuters reported. But the affected workers can't strike until [...]
Oil prices charge back from two-day drop ahead of US data July 6, 2016 Oil prices ticked up after falling in early trading today, as global markets convulsed over Britain's vote to leave the European Union. Brent crude, the global benchmark, added 0.75 per cent to $48.32 per barrel this afternoon. Meanwhile, its US counterpart, West Texas Intermediate crude, swelled 1.01 per cent to $47.07. Read more: Tullow Oil shares [...]
Tullow Oil shares tank as it announces $300m bond auction July 6, 2016 Tullow Oil's latest bid to shore up its balance sheet sent the oil explorer's shares tumbling to a near three-month low. The FTSE 250-listed firm said it would offer $300m (£234.5m) convertible bonds. It comes just months Tullow agreed a $3.5bn loan deal, with access to $800m in April next year and an extra $200m available if needed. Read more: S&P downgrades Tullow amid low [...]
At the close: Markets enter reverse as Brexit strains stack up July 6, 2016 Sterling has been savaged today, the FTSE 100 has crashed and half of all assets in UK property funds have been frozen in a difficult day on the financial markets. The pound dropped down below $1.28 overnight, recovered briefly, but is now on the slide after a number of analysts published decidedly bearish forecasts. A [...]
George Osborne should turn attention from cutting corporation tax to helping smaller businesses July 6, 2016 The Chancellor’s biggest ever policy U-turn appears to have snuck under the radar amid the political resignations, betrayals and leadership bids currently dominating the headlines. On Sunday, Mr Osborne announced that he plans to cut corporation tax to less than 15 per cent in an effort to attract companies deterred from doing business in a [...]
Slow lane for EU-Canada trade deal could hit Brexit negotiations July 6, 2016 The EU’s landmark free trade deal with Canada could be years away from coming into force, after it was agreed national parliaments across the continent will have to approve the treaty. Earlier this week the EU’s trade commissioner Cecilia Malmstrom said she had ceded to political pressure and decided all 28 members will have to take [...]
Before the bell: What you need to know before the US market open July 6, 2016 Sterling and bond yields continue to slide, though gold has been labelled as the go-to investment for the rest of the year. Here's what you need to know before the US market opens at 2:30pm London time. US stock futures are not looking good ahead of the open. The S&P is down by 0.62 per cent, the Nasdaq is [...]
Dip in car sales provides few clues about Brexit fallout July 6, 2016 New car sales dipped slightly in June after recording their best ever start to a year, as analysts get one more snapshot of how the UK economy is faring in the aftermath of the EU referendum. The total number of vehicles registered in June fell by 0.8 per cent compared to last year, with a [...]
Bank of England: How climate change news affects energy firms’ share prices July 6, 2016 Bloggers over at the Bank of England have looked at the effect of climate change news on energy firms' valuations. Central banks are paying more attention to whether climate goals will leave vast reserves of oil, coal and gas unburnable, meaning fossil fuel firms are overvalued. Bank of England governor, Mark Carney, previously warned investors [...]
At the open: Strong FTSE 100 highlights wider Brexit fears July 6, 2016 Financial markets appear to be getting themselves into a bit of a pattern in the wake of the EU referendum. As sterling moves one way (down, inevitably), the FTSE 100 moves in the other. This morning is no different. After a small hiccup at the open, London's leading benchmark rose 0.4 per cent to 6,570, [...]