LONDON MARKETS: FTSE 100 Ends Higher, Flipping Green For The Week
22 Giugno 2018 - 6:36PM
Dow Jones News
By Victor Reklaitis, MarketWatch
Analyst: 'Equity markets are experiencing a bit of a bounce'
U.K. stocks finished sharply higher Friday, helped by a rally
for the energy sector as oil prices gained, with the advance
flipping the FTSE 100 benchmark into the green for the week.
How markets are moving
The FTSE 100 jumped 1.7% to close at 7,682.27, 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 finished 0.6% higher for the week.
The pound rose to $1.3270, 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
Crude futures traded sharply higher Friday as Organization of
the Petroleum Exporting Countries members agreed at a meeting in
Austria to raise output
(http://www.marketwatch.com/story/oil-prices-climb-amid-signs-of-strain-ahead-of-opec-meeting-2018-06-22),
but by an amount that appears likely to be less than traders had
feared. 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.
"The FTSE 100 is firmly higher as the strength of commodity
stocks has made the British market the envy of Europe," said David
Madden, analyst at CMC Markets UK, in a note. "BP and Royal Dutch
Shell both started out weaker on the session, but rallied in the
wake of the announcement from OPEC."
Stock movers
As oil prices gained, shares in oil giant Royal Dutch Shell PLC
(RDSA.LN) (RDSA.LN)rose 3.5% and rival BP PLC's stock (BP.LN)
(BP.LN)tacked on 3.1%.
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 12:21 ET (16:21 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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