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London market hits 2016 high as oil shakes off Opec gloom – business live

Discussion in 'Market News' started by Lily, Apr 19, 2016.

  1. Lily

    Lily Forum Member

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    All the day’s economic and financial news, including the latest German ZEW index (10am) and Mark Carney at the House of Lords (3.30pm)


    9.28am BST

    Two of Europe’s better known lager brands are changing hands, as part of the latest mega-deal in the brewing industry.

    Budweiser brewer Anheuser-Busch InBev is selling Peroni and Grolsch to Japan’s Asahi (the firm behind Super Dry beer), to help smooth its takeover of SAB Miller.

    Greenwich @MeantimeBrewing now owned by Japan's Asahi Group. I can't keep up. https://t.co/OPURliX6Do pic.twitter.com/yjDBuoYxcY

    Related: Peroni and Grolsch sold as AB Inbev and SABMiller deal nears

    8.45am BST

    Sterling crisis, what sterling crisis?

    The pound has gained almost half a cent this morning to $1.4319, a one-week high.

    *U.K. POLL ON EU SHOWS 52% REMAIN, 43% LEAVE: ORB/TELEGRAPH POLL

    Phone polls > Online polls https://t.co/B8K2lO3RXC

    8.40am BST

    The FTSE 100 has just hit its highest level of the year, up 42 points at 6395.

    FTSE100 hits new high for the year. https://t.co/x7RyUUWUBL pic.twitter.com/zpgZltQ1q9

    8.37am BST

    Precious metal prices are rising this morning too.

    Gold has gained 1% to $1,246 per ounce, while silver has jumped by 3% to a 10-month high.

    Spot gold on the move this morning. The precious metal is spiking up by more than 1 percent https://t.co/SV94HKxU31 pic.twitter.com/8eR2dIbnKF

    #Silver jumps to highest since Jun. pic.twitter.com/ANUfi6HjAm

    #Silver exploding higher this morning on a key break of the October 2015 high which has been tested for the last week

    8.21am BST

    European stock markets are rising at the start of trading, following Asia’s lead.

    In London the FTSE 100 has gained 23 points, or 0.4%, to 6377 points.

    Brent crude at $40 per baarrel has done a good job of rejecting the notion that without production cuts it’s going to hell in a hand basket. Unless we can un-invent the technology gains of the last few years we won’t see dramatic upside and if the upshot is that oil prices settle into a range and better still, the correlation between non oil-producing countries currencies and the price of oil falls away, then that’s even better.

    In the meantime, the oil market’s willingness to get back to business as usual has been greeted by a loud cry of ‘Party On, Dudes’ in equity markets.

    Oil jumps 2%, greeted by "a loud cry of ‘Party On, Dudes’ in equity markets" says @kitjuckes https://t.co/LXvYd0JCx4 pic.twitter.com/Bd3DxoerOQ

    8.07am BST

    Yesterday’s oil price slide has been completely wiped out:

    Oil is back above $40 https://t.co/Q8hYKS04Zi pic.twitter.com/Up7wWS9zLt

    8.03am BST

    The recovery in the oil price has helped to drive stock markets higher in Asia.

    “The effects of the Dow reaching a nine-month high created a buying trend that helped lift the Nikkei today.”

    7.47am BST

    The oil price is rallying this morning as world markets put the debacle of Sunday’s Opec meeting behind them.

    Despoite #DohaTalks failure...#oil back at Friday levels as #Kuwait sees labour strikes pic.twitter.com/kwsjtHkaLc

    7.31am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    Today, we get a new healthcheck on economic confidence in Europe’s largest economy, and hear from the UK’s top central banker.

    The bank, which recently agreed to pay out over $5 billion to settle allegations related to the sale of subprime mortgage to investors between 2005 and 2007, is also forecast to report a 36.6 percent year-on-year drop in revenue, to $6.73 billion in the first three months of 2016 from $10.6 billion.

    Goldman’s pretax profit is also expected to take a hit and is likely to drop to $1.87 billion from $3.93 billion in the first quarter of 2015.

    Highlights: German ZEW Survey Current Situation, US Housing Starts, Building Permits, API Crude Oil Inventories, comments from BoE's Carney

    Continue reading...
     

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