Market Pulse
US close: Stocks defy dreary data to mount contrarian comeback
US stocks mounted a contrarian comeback after a deluge of seemingly depressing data early in the session that tipped most stocks into the red initially.
Commodities: Oil sees mild recovery on US inventory data
Oil futures stemmed declines on Wednesday, as US crude inventory data served as a counterweight to Saudi Oil Minister Ali Al-Naimi’s recent observation of there being no prospect of production cuts.
Sector Movers: Resource stocks continue to drag London market lower
Resource stocks slipped further on Wednesday, dragging the London market further into negative territory.
Fitch Ratings lowers oil price assumption to $35/bbl for 2016
Fitch Ratings has lowered oil price assumptions it uses to rate energy companies, reflecting its view that prices were “increasingly unlikely” to recover this year.
FX Roundup: Currencies in mixed mode, pound loses further ground
Currency markets were in mixed mode on Wednesday, with none of the major crosses dominating proceedings as the pound continued to slide further.
Market overview: Footsie lower despite rise in oil, copper
1630:Close London´s top-flight index finished the session lower led by basic resource stocks, while shares of homebuilders and precious metals miners led to the upside. The Stoxx 600 gauge of basic resource stocks dropped by the most, ending the day off by 6. 66%, despite late day gains in copper futures. The latest US oil inventory data also pushed crude futures into the black towards the end of the trading day. Mixed remarks from Fed speakers overnight and on Wednesday were noted by some analysts.
Europe close: Basic resource shares pumeled
Basic resource shares paced the decline in European stocks on Wednesday, with energy issues also under the cosh as oil prices slid.
Small caps news round-up
Pro Global Insurance Solutions was looking at a sizeable expansion of its operations and revenue on Wednesday, announcing it had entered into a multi-year contract with a leading global reinsurer and a leading UK insurer to provide long-tail claims management services relating to UK liability. The AIM-traded firm said the services related to both the insurer's claims reinsured by the leading global reinsurer, as well as its retained long-tail claims.
Tata Steel's Europe chief exec Karl Koehler steps down
The European chief executive of Tata Steel, Karl Koehler, will step down from his role to take up a senior leadership position with a large privately-owned industrial company in Germany.
London close: Stocks slide on fall in oil prices, Brexit worries
Falling oil prices and concerns about the possibility of Britain leaving the European Union dragged UK equities lower on Wednesday.
Further rate hikes still logical in 2016, Fed´s Lacker reportedly says
The president of the US Federal Reserve bank of Richmond on Wednesday held out the possibility of further interest rate hikes in 2016, with some market commentary interpreting his words to mean that several increases might still be on the table.
Morgan Advanced Materials director backs company after dip in profit
Two years after joining the board of Morgan Advanced Materials, director Douglas Caster has finally opened his wallet and backed the company after a dip in its full year earnings.
Bridging $1trn global infrastructure gap will fall to private sector, Moody’s says
Bridging the gap between global infrastructure investment needs and actual spending, estimated at $1 trillion annually, will require the mobilisation of new and existing sources of private capital, according to Moody's.
FTSE 250 movers: IPF plunges after profit dips
The FTSE 250 had undone the week’s gains on Wednesday, dropping 140. 42 points (0. 87%) to 16,088. 78 by mid-afternoon.
France said to seek €1.6bn in back taxes from Google
France is reportedly seeking €1. 6bn (£1. 3bn) in back taxes from Google.
EnQuest non-exec joins Barratt's board
EnQuest non-executive director Jock Lennox has been appointed as a non-executive director of Barratt Developments, the housenuilder confirmed on Wednesday.
US oil product stockpiles fall in latest week, DoE says
US oil inventories registered another sharp increase in the latest week, but accompanied by equally large drawdowns in those for oil-products.
C&C Group veteran non-exec to step down
C&C Group non-executive director John Hogan will retire from the company’s board on 29 February, the beer and cider maker confirmed on Wednesday.
FTSE 100 movers: Miners keep index firmly in the red
The FTSE 100 was firmly in the red again on Wednesday, down 110. 76 points (1. 86%) to 5,851. 55 by mid-afternoon.
WEY appoints Barrie Whipp as non-exec director
Wey Education has appointed Barrie Whipp as a non-executive director of the company.