Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

NEWS

Oil stocks send FTSE 100 to 7-week closing high, Anglo American sinks

By Shashwat Chauhan and Sruthi Shankar

(Reuters) -The UK’s FTSE 100 closed at a seven-week high on Friday with a rebound in crude prices lifting shares of oil majors, though Anglo American slumped after the miner said it would slash capital expenditure in the face of weak demand.

The London-listed stock of Anglo American sank 19% to touch a three-year low and was the biggest decliner among the FTSE 100 stocks.

The miner said it aims to cut capital expenditure by $1.8 billion by 2026, and that it will reduce production at its South African unit Kumba Iron Ore, where iron ore stockpiles surged following worsening rail bottlenecks.

However, the blue-chip FTSE 100 closed up 0.5% and recorded its second consecutive week of gains.

Heavyweight energy stocks jumped 1.6% after Saudi Arabia and Russia called for more OPEC+ members to join output cuts, driving up crude oil prices. [O/R]

The focus next week shifts to a slew of central bank meetings, with investors awaiting key decisions from the Federal Reserve, the Bank of England (BoE) and the European Central Bank (ECB).

“The switch to what has become a “Table Mountain” approach to rate policy, or a higher-for-longer approach now appears to be the preferred messaging given that headline inflation along with wages is much higher in the UK even now,” noted Michael Hewson, chief market analyst at CMC Markets.

Hewson added that interest rate cuts by the BoE are likely to come well after the ECB starts cutting rates due to elevated inflation in the UK.

However, optimism that major central banks are done hiking rates sent the pan-European STOXX 600 to its highest close since February 2022 and New York’s S&P 500 near its highest level of 2023.

The domestically focussed FTSE 250 midcap index gained 0.5% to touch a near three-month closing high.

An RBC downgrade pulled cigarette and cigar producer Imperial Brands down by nearly 2%, while Sainsbury gained 1.6% after Goldman Sachs upgraded the supermarket group’s rating to “buy” from “neutral”.

(Reporting by Shashwat Chauhan and Sruthi Shankar in Bengaluru; Editing by Anil D’Silva and Shailesh Kuber)

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!


By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts