Oil prices rally post-Brexit vote on Norway strike threat June 28, 2016 Oil shook off a two-day slump which ensued after Britain's vote to leave the EU, helped by the threat of a union strike by Norwegian oil and gas workers. The strike at western Europe's biggest producer, which could start as soon as Saturday, would add to a string of outages in oil-producing countries such as Nigeria. [...]
At the close: FTSE 100 climbs out of the Brexit bloodbath after major losses in recent sessions June 28, 2016 The FTSE 100 bounced back today, as investors bought back into a market that had been heavily sold off in previous sessions. Just nine stocks finished in negative territory, pushing the blue-chip index up by 2.6 per cent to 6,140.39 points. Falls of over five per cent in the last two sessions had wiped nearly £100bn in value of from company market capitalisations. Insurers [...]
Oil baron Algy Cluff warns Brexit could squeeze lending to distressed North Sea firms June 28, 2016 UK oil baron Algy Cluff has warned Britain's vote to leave the European Union could make life harder for distressed oil and gas firms in the North Sea. "The banks haven't been falling over themselves to lend money to oil companies there recently, rather the reverse, and [the Brexit vote] could compound that I'm afraid," he told [...]
Q&A: Should we worry about the UK losing its AAA credit rating? June 28, 2016 The UK suffered the embarrassment of a downgrade to its credit rating from not just one, but two of the leading agencies yesterday. Standard and Poor's (S&P) stripped the UK government of its gold standard triple-A rating, while Fitch also knocked a notch from its rating. Treasury debt is now graded as double-A, the third [...]
US GDP revised up, but it’s still the slowest growth in a year June 28, 2016 Growth in the US economy has been revised up on the back of strong export and investment numbers. The world's biggest economy grew by 1.1 per cent on an annualised basis in the first quarter of the year – up from the most recent estimate of 0.8 per cent and more than double the very first [...]
Cheer up, Friday was only the ninth worst day in the history of sterling June 28, 2016 Sterling has been hammered since Thursday night. When EU referendum polls closed, a single pound was swapping hands for $1.50. Now it will only get you $1.33. The fall on Friday of 7.6 per cent – on historically comparable calculations – was the sharpest since the pound has been a free floating currency in the [...]
EU referendum: UK will have to wait until after Brexit to strike new trade deals June 28, 2016 The UK will have to wait until it has formally left the European Union before it can even begin to negotiate its own trade deals, experts and academics have said today, as the debate over what route out of the EU the UK should take heats up. The EU has formal responsibility for negotiating trade deals [...]
Before the bell: What you need to know before the US market open June 28, 2016 The Brexit rollercoaster is still going full tilt, unbalancing global markets, currencies and politics. Here's what you need to know before the US open at 2:30pm London time. Major US markets are pointing up ahead of the open, with the S&P up by 0.97 per cent in the pre-market. The tech-heavy Nasdaq is up by 0.99 per [...]
At the open: Relief in the City as stock markets stage mini-recovery June 28, 2016 Stock markets recorded their first gain since the UK voted to leave the European Union – jumping in the first few minutes of trading this morning and, crucially, holding on throughout the day. After two days of deep falls and mass trading suspensions, the bluechip FTSE 100 was up 2.5 per cent by lunchtime at 6,131. [...]
Pound on steadier ground as it peels itself off 31-year lows June 28, 2016 The pound showed some much-needed signs of life this morning as the currency picked itself off the floor and gained ground against the dollar. By mid-morning sterling was up one per cent on the day, trading at the dizzying heights of $1.3355. Were it not for yesterday's dismal performance that would still have been a [...]