Oil prices lift U.K. markets, despite Covid and rates fears

11/24/2021 | 05:06am

Energy majors got a boost from rising oil prices, pushing the FTSE 100 0.5% higher this morning. BP and Royal Dutch Shell were both up more than 1%, despite the US announcing that it released 50 million barrels from its strategic petroleum reserves, as investors anticipate that Opec+ will be adjusting its production accordingly.

Covid fears and rising interest rates are weighing on investor sentiment, and tech stocks have taken a hit yesterday. German 10-year inflation linked bond yields climbed nine basis points to 3-week highs yesterday, while New Zealand's central bank raised interest rates for the second consecutive month today.

Apple supplier IQE, which makes semiconductor wafers for chips, dropped 19.6% after posting a downbeat earnings guidance.

In other news, Johnson Matthey announced that it is selling its Advanced Glass Technologies business to Fenzi Holdings SPV for 178 million pounds.

 

Things to read today:

Will tapping the US Strategic Petroleum Reserve lower oil prices? (Financial Times)

U.K. Handed Out Millions in Dubious Covid Loans (Bloomberg)

 

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