Oil prices fall as delta variant cases continue to spread

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gHello. The FTSE 100 is expected to fall flat today after yesterday’s rally as market sentiment shifted overnight over new fears about the delta variant spreading, despite a strong set of earnings from company. London’s main index closed at 7,081.72 points yesterday and is expected to rise 0.04% this morning.

CMC Markets chief analyst Michael Hewson warned August could repeat July’s “Jekyll and Hyde market, optimistic one day and pessimistic the next, ”after Asian stocks came back under selling pressure overnight. Traders appear to fear that China’s crackdown on education space will spread to other sectors yet.

“The decline in US markets last night and the slowdown in the Asian session should translate into a fairly flat opening later this morning for European markets,” Hewson said.

5 things to start your day

1) HS2 accused of presenting no overall ecological advantage: Ministers have bragged about the environmental credentials of the £ 100 billion project – but a former rail regulator says the line will not reduce carbon emissions.

2) Meggitt’s job losses are feared following a £ 6.3bn takeover: Parker Hannifin’s commitments to safeguard jobs at Meggitt are only valid for one year, admits the boss of the US bidder.

3) The threat of spike in inflation is growing as 150,000 job cuts loom: The consumer price index will hit 3.9% at the start of 2022 while the end of the holiday will trigger an increase in unemployment, warns the think tank NIESR.

4) Reese Witherspoon’s production company valued at $ 900 million in deal with Blackstone: The production company Hello Sunshine, the creator of Big Little Lies, was founded in 2016 to create television series focused on female roles.

5) The fund raising £ 500million to support start-ups in universities: Former Treasury and Northern Powerhouse Support Minister Lord O’Neill is aiming to raise hundreds of millions of dollars for the Northern Gritstone company.

What happened during the night

Asian stock markets followed Wall Street lower on Tuesday as nervousness over the rapid spread of the delta variant of the coronavirus dampened enthusiasm over strong corporate earnings.

The Shanghai Composite Index lost 0.6% to 3,444.12 and the Nikkei 225 in Tokyo lost 0.9% to 27,538.50. The Hang Seng in Hong Kong fell 1.5% to 25,849.38.

South Korea’s Kospi was down 0.2% to 3,215.30 and Sydney’s S & P-ASX 200 was down 0.4% to 7,463.50.

New Zealand, Bangkok and Indonesia won while Singapore fell.

Coming today

  • Company: Joules (Full year); BP, Coats Group, Direct Line Insurance Group, Domino’s Pizza, Fresnillo, Greggs, Hiscox, Keller, Rotork, Standard Chartered, Travis Perkins, IWG (Temp worker); AG Barr, Lamprell, TP Icap (Commercial update)
  • Economy: PMI BTP (UK); producer price index (EU); Car sales (WE)


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