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Shell And BP Boosted By Crude, Dow Set To Open At Record High

Published 31/07/2017, 11:46
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By Connor Campbell, Financial Analyst, Spreadex

Little happened to change Monday’s trading landscape as lunchtime approached, with just as little on the horizon this afternoon.

Though still up 0.4% to 0.5% the FTSE found itself sporadically drifting back below 7400 as the morning went on, in large part thanks to the cooling of HSBC's (LON:HSBA)’s gains. While the miners remained perky, and BP (LON:BP) and Shell (LON:RDSa) were boosted by Brent Crude’s Venezuelan 2 month high, the fact that Europe’s largest bank saw its growth contract from 3.7% to 2.3% weighed on the UK index.

In the eurozone the latest inflation reading for July failed to make much of an impact. The flash estimate came in as expected at 1.3%, while the core reading – arguably the more important of the two – nudged a bit higher to hit 1.2%. The euro found little reason to get excited about the data, neither figure being strong enough to push the ECB in a hawkish direction, meaning the currency remained down 0.2% against the dollar and shed its early growth against the pound.

Looking to this afternoon, and though the only data on offer is Championship rather than Premier League – there’s the Chicago PMI and US pending home sales and not much else – that isn’t going to stop the Dow Jones from hitting a fresh record peak. The futures have the Dow opening 40 or so points higher, pushing it above 21850 and leaving it within touching distance of 21900.

Disclaimer: Spreadex provides an execution only service and the comments above do not constitute (or should not be construed as constituting) investment advice or recommendations, or a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any person placing trades based on their interpretations of the above comments does so entirely at their own risk. Spreadex Ltd is a financial and sports spread betting and sports fixed odds betting firm, which specialises in the personal service and credit area. Founded in 1999, Spreadex is recognised as one of the longest established spread betting firms in the industry with a strong reputation for its high level of customer service and account management.

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