The European markets snoozed through the open, with little in the way of significant movement after the bell.
Initially in the red, the FTSE soon found itself flat at 7370. That BP (LON:BP) and Shell (LON:RDSa) posted some mild growth following Brent Crude’s 3% surge – the commodity’s gains stem from reports of an oil tanker explosion in the Gulf of Oman – helped counted losses in the banking sector, as did the generally green state of its miners. Elsewhere the DAX was unchanged just about 12100, with the CAC down 0.2% at 5360.
Sterling was looking pretty queasy this Thursday. The defeat of Labour’s attempts to block a no-deal Brexit by taking control of the Commons timetable, combined with the refusal of certain Tory leadership candidates to rule out leaving the EU on October 31st sans agreement, left cable back under $1.267, and the pound nearing Monday’s 5-month lows against the euro.
Tesco (LON:TSCO) tumbled 2% after it revealed its group like-for-like sales rose a paltry 0.2% across Q1, well off both the 1.8% posted for the same period in 2018, and the 1.4% full year rise announced at the end of April. The supermarket blamed tough comparatives for the disappointing figure, the quarter lacking the lift of a royal wedding and an unexpected heatwave. This follows on from May’s troubling Kantar data, which had shown Tesco’s market share slip year-on-year.
"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.
In relation to spread betting, Spreadex Ltd is authorised and regulated by the Financial Conduct Authority. Spread betting carries a high level of risk to your capital and can result in losses larger than your initial stake/deposit. It may not be suitable for everyone, so please ensure you fully understand the risks involved."