Tag: Brent Crude

  • Goldman Sachs Warns Brent Crude Could Surge Past $120 on Strait of Hormuz Disruptions

    Goldman Sachs Warns Brent Crude Could Surge Past $120 on Strait of Hormuz Disruptions

    Brent crude oil prices could surge above $120 per barrel in the fourth quarter if disruptions in the Strait of Hormuz persist, according to Goldman Sachs. The investment bank, however, clarified that such a sharp rally is not its base-case expectation.

    The warning comes as global oil markets remain on edge amid renewed geopolitical tensions in the Middle East. Brent crude recently climbed above $91 a barrel following fresh hostilities involving the US and Iran, raising concerns over potential supply disruptions.

    Shipping Routes Under Pressure

    Market sentiment has also been affected by threats from Iran-backed Houthi rebels in Yemen to impose a blockade on Saudi oil shipments. The warning has added to concerns over the security of key energy routes.

    With disruptions at the Strait of Hormuz, the Red Sea has become an increasingly important alternative for transporting crude from the Persian Gulf to global markets. Any disruption along this route could further tighten supplies and push prices higher.

    In a note dated July 20, Goldman Sachs analysts said escalating tensions in the region and a sharp decline in Persian Gulf oil flows had already contributed to the recent rebound in crude prices.

    Base Case Still Points to Lower Prices

    Despite highlighting the upside risks, Goldman Sachs maintained that its central forecast assumes geopolitical tensions gradually ease. Under that scenario, the bank expects Brent crude to average around $80 per barrel in the fourth quarter and decline to about $75 per barrel next year.

    The analysts cautioned, however, that risks remain skewed to the upside because of ongoing shipping disruptions through the Strait of Hormuz and the possibility of further interruptions in the Red Sea.

    China Demand May Limit the Rally

    Goldman Sachs noted that declining global oil inventories during the second quarter have left the market more exposed to supply shocks. At the same time, weaker crude imports by China and greater demand elasticity could help contain any sustained price spike.

    For investors seeking protection from prolonged geopolitical uncertainty linked to the Middle East and Russia, the bank recommended taking a long position in the European diesel timespread between December 2026 and March 2027.

    According to the analysts, diesel markets were already tight before the latest conflict, with continued Ukrainian attacks on Russian refineries, hurricane risks, extreme summer temperatures and refinery maintenance delays adding to supply concerns.

    Brent crude futures were last trading at $88.54 per barrel. Earlier this year, prices briefly surged above $126 a barrel during the initial phase of the US-Iran conflict.

  • MCX Gold Rises 0.65% to ₹1,42,300 as Brent Crude Drops Below $90

    MCX Gold Rises 0.65% to ₹1,42,300 as Brent Crude Drops Below $90

    Gold prices on the Multi Commodity Exchange (MCX) climbed on July 21, driven by a decline in crude oil prices and reports of diplomatic efforts to de-escalate tensions in the Middle East. August gold futures rose 0.65% to ₹1,42,300 per 10 grams, while September silver futures gained 1.09% to ₹2,20,775.

    Brent crude oil futures fell 0.80% to $88.51 per barrel, slipping below the $90 mark. West Texas Intermediate (WTI) crude edged down 0.46% to $82.10 per barrel. The drop in oil prices eased inflation concerns, supporting demand for gold as a safe-haven asset.

    According to the CME FedWatch Tool, traders now see a 64% probability of a September rate hike by the US Federal Reserve. This expectation continues to influence precious metals markets.

    Domestic Gold Prices

    In India, 24K gold rose by ₹76 to ₹1,44,220 per 10 grams, while 22K gold advanced by ₹70 to ₹1,32,200. Prices remained largely uniform across major cities: Mumbai and Kolkata quoted ₹1,44,220 for 24K gold, Delhi ₹1,44,370, and Chennai ₹1,44,220.

    US Gold Prices

    In international markets, spot gold climbed 0.9% to $4,042.69 per ounce, and US gold futures for August delivery rose 0.8% to $4,047.40. The gains came as investors assessed diplomatic efforts to ease US-Iran tensions, which could reduce oil-driven inflation risks.

    Spot silver gained 2.2% to $57.67 per ounce, platinum rose 0.8% to $1,607.20, and palladium gained 0.8% to $1,263.73.

    Key Levels to Watch

    “It looks like gold is trying to find a base somewhere around this $4,000 level and is going to try to re-engage the upside from there,” said Ilya Spivak, head of global macro at Tastylive. “These headlines from the Middle East seem to have some degree of knock-on, though it is increasingly only being paid attention to in a passing kind of way.”

    Internationally, gold has support at $3,989 and $3,945, with resistance at $4,040 and $4,074 per troy ounce. Silver has support at $56.20 and $55.50, with resistance at $57.70 and $58.50 per troy ounce.

    On the MCX, gold has support at ₹1,40,850 and ₹1,40,400, with resistance at ₹1,42,000 and ₹1,43,650. Silver has support at ₹2,16,000 and ₹2,14,400, with resistance at ₹2,20,000 and ₹2,23,100.

  • FTSE 100 Dips 34 Points Amid Middle East Turmoil; Brent Crude Surpasses $90

    FTSE 100 Dips 34 Points Amid Middle East Turmoil; Brent Crude Surpasses $90

    The FTSE 100 opened 34.07 points lower at 10,566.30 on Monday, as continued US airstrikes against Iran and expanding Iranian retaliation across the Gulf region deepened risk-off sentiment. Brent crude futures surged 2.62% to $90.41 per barrel, while US West Texas Intermediate (WTI) advanced 2.39% to $84.36 per barrel. Sterling edged lower to $1.3452 against the US dollar.

    Gainers and Losers

    On the upside, Computacenter led gains with a 3.49% rise to £4,740, followed by Entain (+1.61%), Auto Trader (+0.94%), BP (+0.81%), JD Sports Fashion (+0.76%), and Convatec Group (+0.74%). On the downside, Coca-Cola Europacific Partners fell 1.02%, Spirax Group slipped 1.15%, Unilever dropped 1.40%, Reckitt Benckiser eased 1.14%, Rio Tinto declined 0.83%, and Next edged 0.37% lower.

    Political Shake-Up: Andy Burnham Poised to Become UK Prime Minister

    Andy Burnham, the former mayor of Greater Manchester and new Labour Party leader, is expected to succeed Keir Starmer as Britain’s seventh prime minister in the last decade. Burnham returned to Parliament last month after winning a special election and was sworn in on July 12, shortly after Starmer announced his resignation. Starmer will formally step down during a meeting with King Charles III.

    Ryanair Profit Slumps on Fuel Costs

    Ryanair reported a 36% slump in pre-tax profit to €593 million for the three months to June, as rising jet fuel prices driven by the Iran conflict took a toll. The airline noted that the cost of 20% of unhedged fuel more than doubled to $150 per barrel, pushing operating costs up 11% to €3.8 billion. Although traffic rose 6%, lower fares caused revenue to dip 1% to €4.3 billion.

    Craneware Cyberattack Shakes Shares

    Craneware shares fell as much as 8% after the healthcare software firm disclosed a cyberattack involving unauthorized access to a subset of its data environment. Employee data and a portion of customer and partner records were accessed and exfiltrated. Analysts at Panmure Liberum warned that consistency in breach reporting is critical to avoid regulatory penalties.

    Big Yellow Group Invests in Automation

    Big Yellow Group said it is increasing investment in automation and energy efficiency to reduce headcount and staff costs amid rising national insurance and minimum wage pressures. CEO Jim Gibson noted the move allows the company to avoid replacing certain leavers. Group revenue edged up 3% to £53.2 million, though the operating environment is expected to remain challenging until autumn.

    Global Market Overview

    US futures were mixed early Monday, with S&P 500 futures up 0.04% and Nasdaq-100 futures up 0.14%, while Dow futures dipped 59 points. Asian markets saw sharp declines: Tokyo’s Nikkei 225 fell 4.03%, China’s Shanghai Composite dropped 0.85%, and South Korea’s Kospi slid 4.46%. Hong Kong’s Hang Seng bucked the trend with a 2.25% gain. Indian indices Nifty 50 and Sensex declined 0.42% and 0.53%, respectively.

    This article is for informational purposes only and does not constitute financial advice. Please conduct your own research before making investment decisions.

  • MCX Gold Edges Higher on Value Buying; Brent Crude Pushes Past $90

    MCX Gold Edges Higher on Value Buying; Brent Crude Pushes Past $90

    Gold prices edged higher on the Multi Commodity Exchange (MCX) on July 20, supported by value buying as the US dollar softened, while Brent crude oil surged past the $90-per-barrel threshold, intensifying expectations that the Federal Reserve will raise interest rates again before year-end.

    August gold futures on MCX rose 0.32% to ₹1,41,039 per 10 grams, while September silver futures gained 1% to ₹2,18,560. Meanwhile, Brent crude futures climbed 2.62% to $90.41 per barrel, and US West Texas Intermediate (WTI) advanced 2.39% to $84.36 per barrel.

    According to the CME FedWatch Tool, traders now see an 82% probability of a rate hike in December, up from 73% last week.

    Domestic Gold Prices

    In India, 24K gold rose by ₹17 to ₹1,43,460 per 10 grams, while 22K gold climbed ₹15 to ₹1,31,500. City-wise, Mumbai and Kolkata both quoted ₹1,43,460, Delhi ₹1,43,610, and Chennai ₹1,43,460.

    US Gold Prices

    In the international market, spot gold slipped 0.1% to $4,014.53 per ounce as escalating Middle East tensions pushed Brent crude above $90, stoking inflation fears. US gold futures for August delivery were steady at $4,019.80. Spot silver gained 1.9% to $56.95 per ounce, platinum rose 0.5% to $1,599.97, and palladium eased 0.2% to $1,244.50.

    “Weekend escalations increase the risk of a full-scale offensive by both sides, which potentially threatens gold prices as the opportunity cost for holding the metal gets higher if this ongoing stagflation fear takes hold,” said Kelvin Wong, senior market analyst at OANDA.

    Key Levels to Watch

    International: Gold has support at $3,989 and $3,945, with resistance at $4,040 and $4,074 per troy ounce. Silver support is at $55.50 and $54.40, resistance at $57.50 and $58.80.

    On MCX: Gold has support at ₹1,40,400 and ₹1,39,650, and resistance at ₹1,41,500 and ₹1,42,200. Silver support is at ₹2,14,400 and ₹2,11,000, with resistance at ₹2,18,800 and ₹2,21,000.

  • FTSE 100 Opens Higher as Vodafone Surges 3.57% and Wise Reports 25% Revenue Growth

    FTSE 100 Opens Higher as Vodafone Surges 3.57% and Wise Reports 25% Revenue Growth

    The FTSE 100 opened 37.30 points higher at 10,609.54 on Friday, as continued US strikes on Iran weighed on investor sentiment and a sharp sell-off across Asian markets added to the risk-off mood. Brent crude futures rose 0.44% to $84.60 a barrel, while US West Texas Intermediate (WTI) advanced 0.94% to $79.69 a barrel.

    Sterling was quoted at $1.3465 early Friday, lower than $1.3483 at the London equities close on Thursday. Against the euro, sterling fell to €1.1768 from €1.3558 a day earlier.

    Gainers & Losers

    On the upside, Vodafone Group rose 3.57% to £120.40, while British American Tobacco advanced 2.67% to £4,656. Severn Trent gained 2.42% to £3,052, and National Grid climbed 2.34% to £1,245. BT Group added 2.30% to £197.90, and United Utilities Group climbed 2.22% to £1,381.

    On the downside, Lion Finance Group declined 1.66% to £11,280, while Games Workshop Group slipped 0.79% to £20,120. Antofagasta fell 2.48% to £3,499, and Anglo American declined by 2.24% to £3,407. Rio Tinto dropped 1.01% to £6,673, while Spirax Group eased 0.94% to £6,865.

    Burberry Upgrades Revenue Target

    Burberry upgraded its revenue estimates for the first half of the year after demand in the US market helped offset headwinds in Europe. The luxury fashion house reported revenue increased 5% to £455 million in the first quarter. Revenue was up 12% in the US, closely followed by 9% growth in Greater China. Wholesale revenue was upgraded on the back of the first-quarter performance and is expected to grow by a high-single-digit percentage in the first half.

    Wise Revenue Jumps 25%

    Global payments company Wise posted first-quarter net revenue of $714 million, up 25% from last year, with cross-border volume jumping 26% to $69.3 billion. Active customers rose 21% to 11.9 million, while customer holdings grew 31% to $41.2 billion. The average fee dropped to just 0.50%, the lowest in Wise’s history, and 77% of transactions now arrive instantly, up from 70% a year ago. Full-year guidance was reiterated, with revenue growth expected around the middle of its 15%-20% target range and margins near the top of the 20%-25% range.

    Bridgepoint Earnings Surge

    Bridgepoint’s earnings surged after growth in management fees and performance-related earnings. Earnings before tax jumped 77.6% to £227.3 million in the first half of the year, up from £128 million the previous year. This was driven by a 22.8% rise in management fees to £254.4 million and performance-related earnings more than doubling to £120.7 million. Assets under management rose 12.4% to £72.3 billion. The group declared an interim dividend of £4.8 per share.

    Global Market View

    In the US, Wall Street ended lower. The Nasdaq fell 1.5%, while the S&P 500 lost 0.5% and the Dow Jones declined 0.2%. In Asia on Thursday, Tokyo’s Nikkei 225 fell 4.03% to 64,141.14, while China’s Shanghai Composite dipped 3.05%. Hong Kong’s Hang Seng declined 2.15%, and South Korea’s Kospi fell 6.37%. In India, both the Nifty 50 and the Sensex rose by 0.87% and 1.04%, respectively.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always conduct your own research before making any investment decisions.

  • FTSE 100 Opens Lower as Middle East Tensions Overshadow UK GDP Growth

    FTSE 100 Opens Lower as Middle East Tensions Overshadow UK GDP Growth

    The FTSE 100 opened 45 points lower at 10,470.77 on Thursday, as escalating Middle East tensions weighed on investor sentiment despite stronger-than-expected UK economic growth data. Brent crude futures fell 0.52% to $84.51 a barrel, while US West Texas Intermediate (WTI) eased 0.13% to $79.50 a barrel.

    Sterling was quoted at $1.3537 early Thursday, up from $1.3486 at the London equities close on Wednesday. Against the euro, sterling rose to €1.1800 from €1.1791 a day earlier.

    Gainers & Losers

    On the upside, Diploma rose 3.84% to £7,030, while Spirax Group advanced 1.73% to £6,765. DCC gained 1.03% to £6,370, and Weir Group gained 1.91% to £2,454. IMI added 1.32% to £2,912, while Smiths Group climbed 1.31% to £2,547.

    On the downside, Games Workshop Group declined 0.59% to £20,380, while Experian slipped 4.28% to £2,593. AstraZeneca fell 0.62% to £12,488, and Lion Finance Group edged lower by 0.61% to £11,350. Rio Tinto dropped 1.02% to £6,797, while Coca-Cola Europacific Partners eased 0.83% to £7,745.

    UK Economy Grew a Modest 0.1% in May

    Figures from the Office for National Statistics (ONS) revealed the economy grew 0.1% in May, broadly in line with market expectations. The services sector, which contributes more than 80% of total economic output, increased 0.3% against a fall in other parts of the economy. Manufacturing fell 0.8% and production dipped 0.5%. “While all three main sectors grew over the three months (to May), the slight growth in GDP in May was driven by services alone, with production and construction both falling back,” Liz McKeown, director of economic statistics at the ONS, said.

    Experian’s Revenue Increased 10%

    Experian said revenue rose 10% in the three months to 30 June. Revenue in the UK and Ireland increased 7%, backed by the acquisition of software platform provider KYC360 and recent contract wins, while underlying sales gained 5%. Chief executive Brian Cassin cited the firm’s “trusted data assets, scaled platforms and growing AI-enabled opportunities.” Experian shares fell by more than 7% after its full-year results in May as investors questioned whether AI could erode demand for some of its data products over time despite the company highlighting productivity gains from the technology.

    ABB to Acquire Rotork for £4 Billion

    Rotork agreed to a £4 billion acquisition after reaching an agreement with Swiss tech firm ABB. The Zurich-based electrical engineering company has recommended that its shareholders accept a deal that values the firm at £4.1 billion. It is made up of £503 in cash and a dividend of up to £3. The offer price is a 73% premium on Rotork’s closing share price on 15 July. Under the terms of the deal, the group will operate as a separate division in ABB’s Automation business and is expected to add 3% to the group’s total revenue.

    Frasers Witnesses Profit Jump

    Frasers Group has seen its profit jump, driven by its recent takeover bids for rival retailers. The fashion group saw revenue jump by 8% to £3.3 billion in the year to the end of April, as pre-tax profit grew by 39% to £528 million. “Leveraging the strength of our UK Sport business and brand relationships, international expansion has become a powerful growth engine for the Group and a key pillar of our long-term strategy,” the firm said. Frasers stepped up its takeover efforts in recent weeks with a £1.7 billion bid for German fashion house Hugo Boss and a £166 million play for Australian shoe firm Accent.

    Global Market View

    In the US, the Dow Jones gained 0.3%, the S&P 500 rose 0.4% and the Nasdaq added 0.6%, with Apple climbing to a record high after reports it had secured approval to launch its generative AI features in China. In Asia on Thursday, Tokyo’s Nikkei 225 fell 2.79% to 66,835.54, while China’s Shanghai Composite dipped 1.85%. Hong Kong’s Hang Seng climbed 1.33%, and South Korea’s Kospi declined 6.37%. In India, both the Nifty 50 and the Sensex rose by 0.22% and 0.24%, respectively.

  • Gold Prices Slip on MCX Amid Middle East Tensions and Inflation Concerns; Brent Crude Also Declines

    Gold Prices Slip on MCX Amid Middle East Tensions and Inflation Concerns; Brent Crude Also Declines

    Gold futures on the Multi Commodity Exchange (MCX) traded lower on July 16, declining 0.45% to Rs. 1,41,205 per 10 grams, as escalating tensions between the US and Iran fueled inflation worries and reinforced expectations of a Federal Reserve rate hike later this year.

    September silver futures also fell, dropping 0.67% to Rs. 2,19,150. In the energy market, Brent crude futures slipped 0.21% to $84.77 per barrel, while US West Texas Intermediate (WTI) eased 0.09% to $79.53 per barrel.

    According to the CME FedWatch Tool, traders now see a 73% probability of a rate hike by the Fed in December, as the latest geopolitical unrest threatens to keep inflation elevated.

    Domestic Gold Prices

    In the domestic physical market, 24K gold fell by Rs. 28 to Rs. 1,43,290 per 10 grams, while 22K gold declined by Rs. 25 to Rs. 1,31,350. City-wise, Mumbai and Kolkata quoted gold at Rs. 1,43,290, Delhi at Rs. 1,43,400, and Chennai at Rs. 1,43,460.

    US Gold Prices

    Internationally, spot gold dropped 0.6% to $4,034.42 per ounce, and US gold futures for August delivery lost 0.3% to $4,039.90. Spot silver fell 1.1% to $57.14 per ounce. Platinum eased 0.6% to $1,664, while palladium edged 0.3% lower to $1,309.86.

    Key Levels to Watch

    “Gold is declining as the escalating attacks in the Middle East continue to push oil prices sharply higher this week, keeping concerns about inflation alive,” said Jigar Trivedi, Senior Research Analyst at IndusInd Securities. “June’s inflation figures did not reflect the impact of the latest escalation in the US-Iran conflict, as the interim peace union reached last month has effectively unravelled,” Trivedi added.

    Internationally, gold has support at $4,022 and $3,989, while resistance is at $4,084 and $4,110 per troy ounce. Silver has support at $56 and $54.40, with resistance at $58.80 and $60 per ounce. On MCX, gold support is at Rs. 1,41,000 and Rs. 1,40,250, and resistance at Rs. 1,42,650 and Rs. 1,43,300. Silver support is at Rs. 2,17,700 and Rs. 2,14,000, with resistance at Rs. 2,24,000 and Rs. 2,26,600.

  • MCX Gold Dips 0.46% as Brent Crude Surges Past $85, Inflation Worries Persist

    MCX Gold Dips 0.46% as Brent Crude Surges Past $85, Inflation Worries Persist

    Gold prices on the Multi Commodity Exchange (MCX) traded lower on July 15, despite a slowdown in U.S. inflation that reduced expectations for aggressive Federal Reserve rate hikes and weakened the U.S. dollar. August gold futures declined 0.46%, settling at Rs. 1,41,600 per 10 grams. Meanwhile, September silver futures slipped 0.31% to Rs. 2,22,499 per kilogram.

    In the energy markets, Brent crude futures jumped 1.20% to $85.75 per barrel, while U.S. West Texas Intermediate (WTI) advanced 0.92% to $80.07 per barrel. The rise in crude oil prices reignited inflation concerns, putting pressure on precious metals.

    According to the CME FedWatch Tool, traders now see a 58% chance of a September rate hike by the Fed, down from 78% earlier, reflecting the market’s shifting outlook on monetary policy.

    Domestic Gold Prices

    In the Indian domestic market, 24K gold rose by Rs. 77 to Rs. 1,43,570 per 10 grams, while 22K gold advanced by Rs. 70 to Rs. 1,31,600. By city, Mumbai and Kolkata quoted gold at Rs. 1,43,570, Delhi at Rs. 1,43,720, and Chennai at Rs. 1,43,780.

    U.S. Gold Prices

    U.S. gold prices fell on Wednesday after climbing more than 2% in the previous session, as rising oil prices fueled inflation concerns and uncertainty. Spot gold was down 0.5% at $4,035.67 per ounce, while U.S. gold futures for August delivery eased 0.7% to $4,042.20.

    Spot silver lost 0.3% to $58.48 per ounce. Among other precious metals, platinum gained 0.2% to $1,635.56, and palladium edged 0.2% higher to $1,307.11.

    Key Levels to Watch

    Kelvin Wong, senior market analyst at OANDA, commented: “I reckon that the market is now looking past the CPI data, which is kind of a lagging indication… Trump continues to maintain the blockade of ships that is flowing out of the Strait of Hormuz, causing oil prices to rise and gold to come under pressure.”

    Internationally, gold has support at $4,022 and $3,989, while resistance is at $4,110 and $4,140 per troy ounce. Silver has support at $57.40 and $56, with resistance at $60.60 and $62.00 per troy ounce.

    On MCX, gold has support at Rs. 1,41,400 and Rs. 1,40,650, and resistance at Rs. 1,43,350 and Rs. 1,44,500. Silver has support at Rs. 2,20,000 and Rs. 2,17,700, and resistance at Rs. 2,26,000 and Rs. 2,28,800.

  • FTSE 100 Drops 65 Points as Middle East Tensions and Weak China GDP Sour Investor Mood

    FTSE 100 Drops 65 Points as Middle East Tensions and Weak China GDP Sour Investor Mood

    The FTSE 100 opened 65 points lower at 10,464 on Wednesday, driven by escalating tensions between the United States and Iran that pushed oil prices higher, while disappointing Chinese economic growth data added to investor caution.

    Brent crude futures rose 1.64% to $86.12 a barrel, and US West Texas Intermediate (WTI) advanced 1.66% to $80.66 a barrel. Sterling strengthened slightly, quoted at $1.3405 early Wednesday, up from $1.3396 at the previous London close.

    Gainers & Losers

    Top Gainers

    • Barratt Redrow +3.06% to £286.70
    • ICG +2.24% to £1,830
    • Burberry Group +1.64% to £1,086.50
    • Smith & Nephew +1.21% to £1,127.50
    • Persimmon +1.14% to £1,064.50
    • Polar Capital Technology Trust +0.82% to £675

    Top Losers

    • Fresnillo -3.39% to £2,507
    • Antofagasta -2.91% to £3,731
    • Endeavour Mining -2.58% to £3,510
    • Lion Finance Group -1.40% to £11,290
    • Coca-Cola Europacific Partners -1.20% to £7,820
    • Games Workshop Group -0.59% to £20,220

    China’s Economic Slowdown

    China’s economy grew 4.3% year-on-year in the second quarter, its weakest pace since the fourth quarter of 2022, according to the National Bureau of Statistics. The reading missed the Reuters poll forecast of 4.5% and slowed from 5% growth in the first quarter, falling below Beijing’s full-year target range of 4.5% to 5%.

    B&M First Quarter Sales Rise

    B&M European Value Retail reported first-quarter sales growth of 2%, with revenue climbing to £1.43 billion in the 13 weeks to 27 June. Revenue at B&M UK increased 0.3% to £1.14 billion, though like-for-like sales fell 2.3%.

    Antofagasta Under Pressure from Rising Costs

    Antofagasta faced headwinds from falling production and rising operational costs. Year-to-date copper production declined 9.5% to 285,000 tonnes, while maintenance at Los Pelambres cut molybdenum output by 18% to 6,100 tonnes. Gold production increased 1.8% to 92,800 ounces, but raw production costs surged 22.8% to $2.8 per pound.

    Barratt Redrow Bets on Buybacks

    Barratt Redrow committed to returning £400 million to shareholders, citing that buybacks offer better value than larger cash dividends. The group completed 17,667 home sales in the year to 28 June, at the top end of its guidance and up from 16,826 a year earlier. Net cash stood at £772 million, well above the guided range of £550-£650 million.

    Global Market Overview

    In the US, the Nasdaq climbed 0.9% on semiconductor strength, while the S&P 500 added 0.4% and the Dow Jones edged up just 10 points. In Asia, Tokyo’s Nikkei 225 rose 1.49% to 68,751.51, China’s Shanghai Composite fell 0.29%, Hong Kong’s Hang Seng climbed 1.24%, and South Korea’s Kospi advanced 6.24%. In India, the Nifty 50 dipped 0.02% and the Sensex rose 0.04%.

    Disclaimer: This article is for informational purposes only and does not constitute investment advice. Always conduct your own research before making any financial decisions.

  • FTSE 100 Drops 68 Points as Middle East Tensions Boost Oil Prices and Energy Stocks

    FTSE 100 Drops 68 Points as Middle East Tensions Boost Oil Prices and Energy Stocks

    The FTSE 100 opened 68.09 points lower at 10,430.20 on Monday, as escalating tensions in the Middle East—triggered by US strikes on Iran—pushed oil prices sharply higher and dampened risk appetite across European markets. Brent crude futures rose 3.54% to $86.25 a barrel, while US West Texas Intermediate (WTI) advanced 3.19% to $80.63 a barrel.

    Sterling was quoted at $1.3366 early Monday, lower than $1.3378 at the London equities close on Friday. Against the euro, sterling fell to €1.1727 from €1.1733 a day prior.

    Gainers & Losers

    On the upside, BP rose 2.99% to £520.10, while Vodafone Group advanced 1.72% to £118.15. Centrica gained 1.71% to £175.45, and Shell climbed 1.58% to £3,158. Glencore added 1.46% to £522, and Rio Tinto climbed 1.46% to £6,831.

    On the downside, Games Workshop Group declined 1.09% to £20,000, while AstraZeneca slipped 1.33% to £12,442. Next fell 1.12% to £14,595, and London Stock Exchange Group edged lower by 1.73% to £8,854. Lion Finance Group dropped 1.13% to £11,420, while 3i Group eased 3.09% to £2,603.

    Debenhams Owner Could Sell Brands

    Debenhams Group has said it could sell off some of its brands to eliminate its £90 million debt. The group, which owns Debenhams, Boohoo and Pretty Little Thing, said on Tuesday it plans to slash its debt, which stood at £93 million in its recent financial year, to below the level of its pre-tax earnings. “With strategic brand licensing opportunities and potential business disposals, there is the opportunity to eliminate the debt,” the firm said. Debenhams Group saw “positive” trading in June and July, it said, as it capitalised on the hot summer weather.

    BP’s Oil Production Declines

    BP’s oil production declined as upstream production of oil and gas is set to come in at as low as 2,170 thousand barrels equivalent in the second quarter of the year, a fall of 7.3% compared to the first quarter. However, BP has been fueled by soaring oil prices, which averaged $103.85 per barrel in the second quarter, a jump of 28% compared to the first quarter. Brent crude prices slid back to $72 per barrel at the start of the month on renewed hopes of an end to the Middle Eastern Conflict, but since then has climbed to a four-week high above $80.

    Retail Sales Growth Softens

    UK retail sales grew 1.9% year-on-year in June, down from a 3.7% gain in May, according to the BRC-KPMG Retail Sales Monitor. Like-for-like sales rose 1.7%, down from 3.4% in May, and below the consensus forecast of 2.7%. Food sales increased 2.8%, below the 12-month average growth of 3.4%, while non-food sales were up 1.2%, above the 12-month average growth of 0.6%. KPMG’s Linda Ellett says, “As the summer holiday season gets set to fully begin, retailers will be looking to build on the increase in clothing sales for both adults and children that was seen during June.”

    Global Market View

    In the US, Wall Street began the week on a weaker note, with the tech-heavy Nasdaq leading the decline, tumbling 1.6%, while the S&P 500 dropped 0.8% and the Dow Jones fell 0.3%. In Asia on Tuesday, Tokyo’s Nikkei 225 rose 0.74% to 67,743.5, while China’s Shanghai Composite gained 1.36%. Hong Kong’s Hang Seng climbed 0.50%, and South Korea’s Kospi advanced 0.72%. In India, Nifty 50 and Sensex declined by 0.5% and 0.52%, respectively.

    Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments.