OPEC may raise oil supply targets to calm prices June 2, 2011 OPEC is considering raising oil supply targets for the first time since 2007 in a move that could weaken $100 (£60.87) oil prices and lessen the drag of high energy costs on global economic growth. The Organisation of the Petroleum Exporting Countries, which pumps more than a third of the world’s oil, may raise supply [...]
FTSE lifted by commodities and Man Group May 26, 2011 The FTSE rose today as commodity stocks received a lift while a series of positive corporate results helped to boost investor sentiment. As G8 leaders gathered in France with the future leadership of the IMF and the eurozone debt crisis at the heart of the talks, global markets regained some lost confidence. Investors once again [...]
FTSE hit by China growth fears and eurozone crisis May 23, 2011 Commodity stocks took a hammering in early trading today as miners and energy related groups suffered from uncertainty in the global economy. The eurozone debt crisis continued to cast a shadow after Italy’s credit rating was downgraded by Standard & Poor’s from stable to negative. Chinese manufacturing data from HSBC showing a ten-month low also [...]
M&B shares fall after profit drop May 20, 2011 Pub and restaurant giant Mitchells & Butlers (M&B) shares fell more than 4.9 per cent as they reported a drop in half-year profits. Pre-tax profit for the 28 weeks to 9 April was at £43m, compared with £72m in 2010. Revenue was down by almost nine per cent to £946m, compared with last year. The [...]
Eurozone inflation rises May 16, 2011 More expensive energy drove eurozone headline inflation higher in April and core inflation jumped as well, data showed, confirming an earlier estimate and the ECB’s concern about rising inflationary risks. The European Union’s statistics office Eurostat said consumer prices in the 17 countries using the euro rose 0.6 per cent month-on-month, confirming its earlier year-on-year [...]
US inflation on the rise May 13, 2011 US inflation hit the highest level in two and a half years as food and energy prices moved higher, but there was little sign of a broader pick-up in inflation that would trouble the Federal Reserve. The Labor Department said on Friday its Consumer Price Index increased 0.4 percent in April from March after rising [...]
Oil price fall fuels hopes of cheaper petrol May 11, 2011 CRUDE oil prices dropped below $100 a barrel and US petrol futures slumped yesterday, fuelling hopes that UK forecourt prices may fall substantially soon. Crude futures plunged more than five per cent in the week’s second major oil price fall, with light sweet crude for June hitting a low of $97.50 (£59.55). Brent crude traded [...]
HSBC drags FTSE back as investors eye inflation forecasts May 11, 2011 Banking giant HSBC sapped some of the confidence from the blue chip index today as it announced that it was aiming to slash costs by £2.1bn. The news followed a bruising start to the week for banks who have already earmarked billions for potential payouts over dubious insurance protection sales. HSBC fell 1.3 per cent [...]
Euro versus dollar: a scrappy fight May 10, 2011 OVER the last fortnight, the euro-dollar pairing has turned into a bit of an ugly dog contest, with both sides competing to see who carries the fewest fleas. However, the euro came out second best in this challenge last week, hit with attacks from all sides. The tipping point for the pairing came when the [...]
Centrica warns surprise tax hike means higher bills for customers May 9, 2011 ENERGY giant Centrica yesterday warned customers to brace themselves for bill rises as the Treasury’s tax hike on oil and gas firms starts to eat into the firm’s earnings. The firm said the surprise tax raid would cost the company £300m this year, and it expects to report “more modest” growth in the future as [...]