Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 460.00
Bid: 459.60
Ask: 459.80
Change: 0.00 (0.00%)
Spread: 0.20 (0.044%)
Open: 460.30
High: 463.35
Low: 458.30
Prev. Close: 460.00
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON MARKET MIDDAY: Stocks firm as expected Fed pause still in doubt

Mon, 12th Jun 2023 12:08

(Alliance News) - Stock prices in London were tentatively higher at midday on Monday, as investors looked ahead to a key US inflation print on Tuesday with some caution ahead of the Federal Reserve's next interest rate decision.

The FTSE 100 index was up 1.14 points at 7,563.50. The FTSE 250 was up 81.11 points, or 0.4%, at 19,172.77 and the AIM All-Share up 0.75 of a point, or 0.1%, at 794.09.

The Cboe UK 100 was flat at 754.16, the Cboe UK 250 was up 0.5% at 16,716.28, and the Cboe Small Companies was up 0.1% at 13,227.55.

The US Federal Reserve will announce its next interest rate decision on Wednesday. Markets see a 76% chance of the central bank holding US interest rates steady, with the balance expecting another 25 basis point hike, according to the CME FedWatch Tool.

Russ Mould, investment director at AJ Bell, warned that a "last-minute shift in the plan" cannot be ruled out, however, given the Fed is taking a "data-driven approach" and the latest US inflation figures are out on Tuesday.

"A higher-than-expected number could set the cat among the pigeons," he said.

According to FXStreet-cited consensus, the annual US inflation rate is expected to have cooled to 4.1% in May from 4.9% in April. This remains double the Fed's 2% target, however.

The European Central Bank announces its own interest rate decision on Thursday, the day after the Fed, with markets widely expecting another 25 basis point lift from the Frankfurt-based central bank amid stubbornly high inflation in the eurozone.

The Bank of Japan will reveal its decision the same day as the ECB, though Japan's central bank is expected to keep its loose monetary policy unchanged.

The following week, the Bank of England will take centre stage with an interest rate decision.

Mould said: "The calculus is different for the Bank of England, given the UK's more persistent inflation alongside warnings from a Bank of England official of further rate hikes, which felt like a parent telling a sickly child they need to take their bitter medicine. Unwelcome, but not unexpected. Its meeting next Thursday is expected to see another hike, barring anything dramatic."

Bank of England policymaker Jonathan Haskel wrote in The Scotsman on Monday that further interest rate rises "cannot be ruled out" amid decades-high inflation in the UK. Consumer price inflation was running at 8.7% in April.

Haskel said: "My own view is that it's important we continue to lean against the risks of inflation momentum, and therefore that further increases in interest rates cannot be ruled out."

The dollar was slightly lower ahead of the data and interest-rate decisions.

The pound was quoted at USD1.2585 at midday on Monday in London, higher compared to USD1.2577 at the equities close on Friday.

The euro stood at USD1.0779, higher against USD1.0750. Against the yen, the dollar was trading at JPY139.16, lower compared to JPY139.33.

Gold was quoted at USD1,965.54 an ounce, higher against USD1,961.75 on Friday, with the yellow metal benefited from a softer US dollar.

In London, Ocado remained the best blue-chip performer at midday, up 10%. The stock got a boost after Exane BNP raised the online grocer and warehouse technology firm to 'neutral'.

Segro was the FTSE 100's worst performer, down 1.8% after Goldman Sachs cut the asset manager and warehouse and industrial property developer to 'neutral' from 'buy'.

Shares of oil majors remained on the back foot as oil prices continued to decline. Shell and BP were 1.0% and 1.3% lower.

Brent oil was quoted at USD73.20 a barrel at midday in London on Monday, down from USD76.12 late Friday.

Ricardo Evangelista, senior analyst at ActivTrades, said: "Should the Fed hint at further rate hikes later in the year, as many now expect, there could be further downside for the price of the barrel.

"This is because crude is priced in dollars, and a stronger greenback means a lower nominal value. At the same time, US monetary policy is important not just for the world's largest economy but also for the rest of the world. Should the Fed continue to focus on fighting persistently high inflation through stringent monetary tightening, it will eventually achieve its objective, but the side effect will be an economic slowdown. It's this perspective of a Fed-driven decline in demand that is now being discounted by investors, creating a downside for oil prices," he explained.

In the FTSE 250, Darktrace added 2.3% as it launched new artificial intelligence risk and compliance models to address the threat of intellectual property loss and data leakage.

Wizz Air climbed 3.7% to 2,825.00p, following price target upgrades from Bank of America and JPMorgan.

BofA raised its price target on Wizz Air shares to 4,200p from 3,600p, while JPMorgan raised its price target to 4,050p from 3,750p.

Elsewhere in London, AO World jumped 6.4% after Frasers announced it had bought a stake in the online electricals retailer.

The Sports Direct-owner said it bought a 19% stake in AO World through the purchase of 109.4 million shares at a price of 68 pence each, for a total investment of GBP75 million.

Bradley Hughes and Clive Black at Shore Capital said the investment by Frasers is "a vote of confidence" in AO World's "pivot to profitability story".

Shares in Frasers were up 0.5%.

On AIM, Futura Medical surged 20% after the sexual health-focused pharmaceutical company announced that the US Food & Drug Administration granted over the counter sale marketing authorisation for MED3000.

MED3000 is now legally marketed in the US as the first topical treatment for erectile dysfunction available over the counter without the need for a prescription.

In European equities on Monday, the CAC 40 in Paris was up 0.5%, and the DAX 40 in Frankfurt was up 0.6%.

Stocks in New York were called higher amid the growing confidence that the Fed will hold steady and the US inflation rate will continue to ease. The Dow Jones Industrial Average was called up 0.1%, the S&P 500 index up 0.1%, and the Nasdaq Composite up 0.2%.

By Heather Rydings, Alliance News senior economics reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
Today 00:04

Crew evacuated from Greek-owned vessel hit by Houthis

MANILA/LONDON, June 14 (Reuters) - The crew of a Greek-owned vessel damaged in an attack by Yemeni Houthi militants has been evacuated, and the abandoned ship is drifting in the Red Sea, the United Kingdom Maritime Trade Operations said on Friday.

Read more
13 Jun 2024 16:22

Ukraine agrees on first LNG supply deal with US company Venture Global

June 13 (Reuters) - Ukraine signed on Thursday its first liquefied natural gas (LNG) deal with a U.S. company to help to avert an energy supply crunch amid a war with its bigger neighbour Russia.

Read more
11 Jun 2024 16:00

Woodside's Sangomar project produces first oil in Senegal

DAKAR, June 11 (Reuters) - Senegal's Sangomar oil and gas field has produced its first oil, operator Woodside Energy said on Tuesday, adding that the drilling campaign was ongoing.

Read more
11 Jun 2024 13:31

OPEC keeps global oil demand forecasts unchanged

(Sharecast News) - The Organisation of the Petroleum Exporting Countries kept its short-term global oil demand forecasts unchanged.

Read more
10 Jun 2024 23:46

Sector movers: Oil majors catch a bid after nearly a month of share price declines

(Sharecast News) - Oil & Gas shares caught a bid on Monday, tracking a rebound in oil prices after about two month's of losses, despite strength in the Greenback.

Read more
10 Jun 2024 22:44

California seeks company profits in Big Oil climate lawsuit

June 10 (Reuters) - California's attorney general on Monday sought to force the world's biggest oil companies to give up profits the state alleges they made while deceiving consumers about their role in contributing to climate change.

Read more
10 Jun 2024 21:48

California seeks company profits in Big Oil climate lawsuit

June 10 (Reuters) - California's attorney general on Monday sought to force the world's biggest oil companies to give up profits the state alleges they made while deceiving consumers about their role in contributing to climate change.

Read more
10 Jun 2024 15:37

Supreme Court seeks US government views on Honolulu climate suit against oil companies

WASHINGTON, June 10 (Reuters) - The U.S. Supreme Court on Monday asked President Joe Biden's administration to offer its views on a bid by Sunoco and other oil companies to scuttle a lawsuit by Honolulu accusing them of deceiving the public about climate change.

Read more
4 Jun 2024 17:16

European shares snap three-day winning streak on commodities' drag

Energy shares hit over two-month lows, biggest drag

*

Read more
4 Jun 2024 17:03

Sector movers: Miners, Big Oil weigh on FTSE 350

(Sharecast News) - Commodity related stocks were the chief drag on the FTSE 350 amid a combination of growth concerns and risk aversion.

Read more
4 Jun 2024 17:01

London stocks log declines as losses in miners weigh

FTSE 100 down 0.4%, FTSE 250 falls 0.9%

*

Read more
4 Jun 2024 16:53

LONDON MARKET CLOSE: Cooling US job market boosts rate cut hopes

(Alliance News) - Stock prices in London closed lower on Tuesday, with New York tracking down, amid some disappointing economic data from the US.

Read more
4 Jun 2024 11:59

LONDON MARKET MIDDAY: BP and Shell take hit as oil prices retreat

(Alliance News) - Stock prices in London were lower at midday Tuesday, with oil majors BP and Shell dragging the index lower as oil prices took a hit.

Read more
30 May 2024 20:55

Trinidad court recognizes ConocoPhillips' $1.3 bln claim against Venezuela

May 30 (Reuters) - A Trinidad and Tobago court order has granted ConocoPhillips the right to enforce a $1.33 billion claim against Venezuela for past expropriations, a decision that could complicate proposed offshore gas ventures between Trinidad and Venezuela.

Read more
29 May 2024 21:16

BP, Trinidad's NGC receive US license for gas development with Venezuela

May 29 (Reuters) - British oil major BP and Trinidad and Tobago's state energy firm NGC have received a two-year license from the U.S. Treasury Department to negotiate and develop the Cocuina-Manakin gas fields with Venezuela, Trinidad's energy minister said on Wednesday.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.