It took a while, but the FTSE finally become receptive to Brent Crude’s latest rise, lifting the UK index that bit closer to a fresh all-time high.
Though not quite as exuberant as its eurozone peers, the FTSE still managed to add another 25 points as Thursday went on. That takes it to 7765, just 30 or so points away from the historical peaks struck back in mid-January. Though not much has changed with Brent Crude – it is still dancing about the $80 per barrel mark – comments from Total (PA:TOTF) CEO Patrick Pouyanne that the black stuff could hit $100 in the coming months if oil companies aren’t given waivers by the US to work in Iran helped boost BP (LON:BP) and Shell (LON:RDSa), in turn lifting the FTSE higher.
As mentioned the eurozone indices were even more buoyant. The CAC crossed 5600 for the first time in more than a decade, while the DAX rose 90 points to jump beyond towards 13100, its best level since the start of February.
The Dow Jones wasn’t ready to properly join in with the day’s gains. Investors, seemingly put off by the strength of the dollar, fears over a US/China trade war, and the ongoing concerns over Trump pulling out of the Iranian nuclear deal, only sent the Dow 0.1% higher, leaving the index just shy of 24800.
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