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FTSE Pauses Pursuit Of 7800 As Brent Crude Pulls Back

Published 18/05/2018, 09:02
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Having hit an all-time closing high on Thursday, the FTSE paused after the bell on Friday, so far content just to linger in the record peak arena.

With Brent Crude dipping back below $80 per barrel, helping nudge BP (LON:BP) and Shell (LON:RDSa) into the red, the FTSE had little reason to ascend to fresh heights. There’s still a long way to do until the day is over, however, and given that all it needs is 15 or so points to hit 7800, the chances of the index finally breaking through that landmark level are still pretty good.

Whether or not the FTSE can mount a charge on 7800 may be down to 2 things this Friday: Brent Crude and sterling. The former is sitting at $79.50 per barrel following the latest renewal of the US-China trade war fears; a return to $80 could give the FTSE the fuel to beat its own intraday record. As for the pound, if the currency sees even a semi-substantial slide against either the dollar, where it is just above $1.35, and the euro, where it is down 0.1%, then that may be enough to push the UK index over the edge.

Elsewhere the eurozone indices, like the FTSE, were fairly damp after the bell. Following yesterday’s oil-driven growth, the DAX and CAC both dipped 0.1%, like Brent Crude put off by Trump claiming China has been ‘very spoiled’ in its trade relationship with the US.

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