LONDON MARKETS: FTSE 100 Rallies, Tries To Turn Green For The Week
22 Giugno 2018 - 2:02PM
Dow Jones News
By Victor Reklaitis, MarketWatch
Analyst: 'Equity markets are experiencing a bit of a bounce'
U.K. stocks traded higher Friday, helped by a rally for the
energy sector as oil prices gained, with the advance flipping the
FTSE 100 benchmark to roughly unchanged for the week.
How markets are moving
The FTSE 100 jumped 1% to 7,633.10, after dropping 0.9% Thursday
(http://www.marketwatch.com/story/ftse-100-gains-ground-as-pound-dips-before-bank-of-england-rate-verdict-2018-06-21).
The blue-chip gauge is on track to finish about flat for the
week.
The pound rose to $1.3283, up from $1.3241 late Thursday in New
York. It is finding buyers after the Bank of England on Thursday
revealed a hawkish tilt
(http://www.marketwatch.com/story/dollar-rallies-to-11-month-high-pound-slumps-ahead-of-boe-call-2018-06-21)
as its policy makers voted 6-3 in favor of keeping rates
unchanged.
Don't miss:Two years after Brexit vote, these charts show the
U.K. economy losing momentum
(http://www.marketwatch.com/story/two-years-after-brexit-vote-these-charts-show-the-uk-economy-losing-momentum-2018-06-22)
What's driving markets
Oil prices are in focus as Organization of the Petroleum
Exporting Countries members and other key crude producers gather in
Austria to discuss the future of an output-cut pact that has been
in place since January 2017. Crude-oil futures
(http://www.marketwatch.com/story/oil-prices-climb-amid-signs-of-strain-ahead-of-opec-meeting-2018-06-22)traded
higher Friday as Iran appeared to oppose a deal
(http://www.marketwatch.com/story/iran-says-it-opposes-opec-plan-to-raise-oil-output-2018-06-21)
to increase crude production, and that seemed to give a lift to
shares of the London-listed oil giants.
Don't miss:OPEC risks destroying its oil market success
(http://www.marketwatch.com/story/opec-risks-destroying-its-oil-market-success-2018-06-14)
Meanwhile, investors are fearing that trade tensions between the
U.S. and major trading partners such as China and the European
Union could develop into a big drag on the global economy. These
concerns come as the American economy, the world's largest, is
increasingly viewed as in the late stages of its expansion
(http://www.marketwatch.com/story/slowing-growth-stalling-stocks-raise-fear-that-economys-good-days-are-numbered-2018-05-07).
The EU has said it would begin implementing tariffs
(http://www.marketwatch.com/story/eu-to-impose-tariffs-on-32-billion-of-us-goods-starting-friday-2018-06-20)
on $3.2 billion in U.S. imports on Friday.
Check out:And the most American-made car is...
(http://www.marketwatch.com/story/and-the-most-american-made-car-is-2018-06-21)
What strategists are saying
"Equity markets are experiencing a bit of a bounce on Friday at
the end of what has been another worrying week, in which trade
concerns have weighed on risk appetite," said Craig Erlam, senior
market analyst at Oanda, in a note.
"All eyes today will be on the OPEC meeting as producers discuss
whether and how much to increase production," Erlam added.
Stock movers
As oil prices gained, shares in oil giant Royal Dutch Shell PLC
(RDSA.LN) (RDSA.LN)rose 1.4% and rival BP PLC's stock (BP.LN)
(BP.LN)tacked on 1.1%.
Off the FTSE 100, Uvenco UK PLC (UVEN.LN)said Friday that it
will delay the publication
(http://www.marketwatch.com/story/uvenco-uk-to-delay-full-year-results-2018-06-22)
of its accounts for 2017, as talks with its principal creditor
continue. The vending-machine operator said its shares will remain
suspended from trading on London's junior AIM market.
(END) Dow Jones Newswires
June 22, 2018 07:47 ET (11:47 GMT)
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