Market Pulse
US close: Stocks end lower as oil prices reach fresh low
US stocks finished in the red on Wednesday as oil prices hit fresh lows and data showed US inflation rose less than expected in December.
Market overview: Carney talking the pound lower?
1630:Close Randgold Resources did best on Wednesday, a not unlikely outcome given the Footsie’s skid lower into bear-market territory. At the bottom of the pile were oil and commodity stocks as West Texas Intermediate crude oil futures threatened to lose the $26 mark. In global capital markets more generally, the focus shifted towards the Hong Kong dollar, amid worries – and fresh estimates – about the scale of capital flight out of China. Do the policy-makers meeting in Davos know what they are doing? Exactly? One outspoken veteran ex-trader appeared to harbour his doubts.
Wednesday newspaper share tips: Unilever, Ocado
Unilever’s plans to buttress its growth prospects in anticipation of weakness in emerging markets paid off last year. In September 2013 the company’s boss, Paul Polman, warned of a downturn in emerging markets – from which it derives about half its business. Rivals afterwards issued similar warnings, albeit to different degrees. Now Polman is warning of tougher market conditions ahead this year. The consumer goods-maker has responded by cutting costs hard and forcing through price increases where it can.
Sector movers: Resource stocks hammered by commodities sell-off
A commodities market sell-off on Wednesday ensured resource stocks took a massive pounding with headline London indices ending the session in negative territory.
Commodities: Oil, base metals hammered over volatile session
Oil futures hit fresh record lows on Wednesday, while base metals took a pummelling at the hands of short-sellers over another volatile trading session.
China’s lower growth a ‘new normal’, IMF says
The International Monetary Fund has urged the global community to accept lower growth in China as the ‘new normal’ going forward.
OPEC delegates reject Venezuela's call for emergency meeting
Another call from Venezuela on Wednesday for the Organisation for Petroleum Exporting Countries to hold an emergency meeting fell on deaf ears.
Saudis 'ban' betting against currency, reports say
Saudi Arabia’s central bank has moved to ban betting against the country’s currency.
London close: FTSE closes in bear-market territory
The FTSE 100 finished in a bear market on Wednesday as worries about China’s slowing economy and capital flight, a continued fall in oil prices and weak UK wage growth dragged on stocks. Bears about to receive an equity enema? — Todd Harrison (@todd_harrison) January 20, 2016.
Bank of Canada keeps rates unchanged, sounds slightly cautious note on growth
The Bank of Canada kept its main policy lever, its deposit rate, at 0. 5%, against market expectations, although it did sound a slightly more cautious note on domestic growth prospects in the very short-term.
Europe close: Stocks drop sharply ahead of ECB after selling in Asia picks up
European stocks fell sharply on Wednesday, as selling carried over from the Asian session and oil futures slid lower yet again, sending the Footsie into so-called 'bear-market' territory.
Barclays to let investment bankers go in London and New York
Barclays said it would cut investment banking jobs in London, New York and across Asia, in places such as Hong Kong and in Australia, Bloomberg reported.
ECB's Draghi needs more radical instruments
The European Central Bank would increase the size of its programme of quantitative easing, but what was really needed were “more radical instruments [from the ECB]”, Kenneth Rogoff, an ex-International Monetary Fund chief economist told Bloomberg TV.
Graphene Nanochem surges on maiden oil and gas order
Shares in Graphene Nanochem surged after the AIM-listed company announced it first commercial order of its Confi-Gel additive into the oil and gas sector, together with progress on its debt restructuring plan.
FTSE 100 movers: BHP and Shell lead fall, Randgold and Sports Direct only risers
The FTSE 100 was wallowing in negative territory on Wednesday afternoon, with resources stocks leading the retreat.
FX Roundup: Dollar slips, commodity currencies continue to falter
The dollar slipped lower on Wednesday, while commodity currencies continued to struggle on another volatile trading day for the oil market.
Biofrontera cancels admission of shares on AIM
Dermatology company Biofrontera on Wednesday said it was cancelling its admission of ordinary shares to trading on London Stock Exchange’s AIM index from 18 February.
TyraTech appoints new CFO
TyraTech, the maker of natural pest control products, said on Wednesday it had appointed Erica Boisvert as its new chief financial officer.
US open: Stocks in the red as oil hits fresh lows
US equity markets fell sharply on Wednesday, with energy shares suffering the brunt of the losses as crude oil slid to fresh lows.
Footsie drops into bear-market territory
The top flight index dropped into bear-market territory on Wednesday, having fallen by over 20% in intra-day trading from the peak it reached on 27 April 2015.