Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

MARKET WRAP: FTSE 100 finishes higher, oil set to snap winning streak

EconomySep 16, 2021 16:35
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Key Points

  • FTSE 100 closing price of 7,027, +0.15%
  • Travel stocks take-off
  • Basic materials sector struggles
  • USD rallies, GBP/USD back below 1.38
  • Oil snaps 4-day winning streak
  • Cryptocurrencies mixed

By Samuel Indyk

Investing.com – The FTSE 100 finished higher on Thursday, supported by airlines as the UK looks set to ease travel rules.

The Financial Times reported that the traffic light system for international travellers entering England is set to be scrapped by a simpler system with countries deemed safe to travel to or not. Travellers from countries that remain on the Red list will still need to quarantine upon arriving in England while those arriving from other countries will not have to take a PCR test when they enter.

The news lifted airlines such as EasyJet (LON:EZJ), Wizz Air (LON:WIZZ), and British Airways parent IAG (LON:ICAG).

Ryanair (LON:RYA) shares were higher as the company lifted its passenger growth forecast to 50% over the next five years from an earlier estimate of 35%.

Drax Group (LON:DRX) was at the top of the FTSE 250 after the fire at the Sellindge interconnector on Wednesday. National Grid (LON:NG) said the power link from France to the UK will be out for more than six months. The timing could not be worse as wholesale natural gas prices have surged but it may mean the UK will have to generate power from alternative sources and Drax looks set to benefit.

At the other end of the FTSE were miners such as Anglo American (LON:AAL), Rio Tinto (LON:RIO), and BHP Group (LON:BHPB). The slowing growth outlook from China is pressuring shares while the country’s NDRC said relevant authorities will continue to release material reserves to ensure prices of metals such as aluminium, copper and zinc will return to reasonable ranges.

The USD was strong across the board, benefitting from strong US data where both Retail Sales and the Philadelphia Fed Manufacturing Index beat expectations. The Commerce Department said retail sales rose 0.7% in August versus expectations of a 0.8% decline.

GBP/USD drifted lower with the pair dropping back below 1.3800 ahead of the Fed and Bank of England rate meetings next week.

WTI and Brent crude futures were both trading lower, napping a four-day winning streak. US crude production in the Gulf of Mexico is slowly coming back on line with the Bureau of Safety and Environmental Enforcement (BSEE) saying just 30% of production is shut in, as of Wednesday.

Natural Gas Futures snapped a three-day winning streak but remained above $5 with focus on tight supplies. The latest US storage change data showed a larger than expected increase of 83Bcf versus consensus of 76Bcf but stocks are still 231Bcf below the five-year average.

Bitcoin and other major cryptocurrencies were relatively steady with Bitcoin struggling to make a break above $48,000.

“A significant break below $44,000 could make things interesting, while a move above $48,000 will put the focus back on $50,000 and may even trigger a shift in momentum that has been absent in previous rallies,” writes OANDA Senior Market Analyst Craig Erlam.

------------------------------------------------------------

Subscribe to Investing.com UK here

------------------------------------------------------------

MARKET WRAP: FTSE 100 finishes higher, oil set to snap winning streak
 

Related Articles

Miners, mixed earnings drag down European stocks
Miners, mixed earnings drag down European stocks By Reuters - Oct 27, 2021

(Reuters) - European stocks slipped on Wednesday, with miners in the lead after concerns about Chinese intervention hit metal prices, while mixed corporate earnings reports kept...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (5)
salmo mohamed abdirahmaan
salmo mohamed abdirahmaan Sep 16, 2021 21:00
Saved. See Saved Items.
This comment has already been saved in your Saved Items
its ok
Nissan Rohitha
Nissan Rohitha Sep 16, 2021 19:36
Saved. See Saved Items.
This comment has already been saved in your Saved Items
what
Subhayu Hazra
Subhayu Hazra Sep 16, 2021 17:37
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Silver will be high mark or not ?
Subhayu Hazra
Subhayu Hazra Sep 16, 2021 17:36
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What's the position of Silver... please help me
Józsefné Dudás
Józsefné Dudás Sep 16, 2021 17:04
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Nincs aki forditana,igy nem tudok az uzenetre valaszt adni. Udvozlettel Dudas Jozsefne
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email