Proactive Investors -
- FTSE 100 11 points higher at 7,738
- Currys (LON:CURY) ups profit guidance
- Eurozone inflation slows to 2.6%
Eurozone inflation slows in February
Eurozone inflation slowed to 2.6% in February from 2.8% in January, Eurostat has revealed.
Monday's figure reiterates the region's flash figure from the end of last month and sees inflation at its slowest since November 2023.
Food, alcohol and tobacco inflation also slowed from 5.6% in January to 3.9% last month.
Energy prices in the European region also sped up from January, with February prices 3.7% lower than in 2023, compared to being 6.1% lower at the start of the year.
❖ EUROZONE CPI (MOM) (FEB) ACTUAL: 0.6% VS -0.4% PREVIOUS; EST 0.6%❖ EUROZONE CPI (YOY) (FEB) ACTUAL: 2.6% VS 2.8% PREVIOUS; EST 2.6%
❖ EUROZONE CORE CPI (MOM) (FEB) ACTUAL: 0.7% VS -0.9% PREVIOUS; EST 0.7%
❖ EUROZONE CORE CPI (YOY) (FEB) ACTUAL: 3.1% VS 3.3% PREVIOUS;…
— *Walter Bloomberg (@DeItaone) March 18, 2024
Oil prices soar to four-month highs
Oil prices have reached a four-month high after Brent crude rose 1% to US$86.16 per barrel and US crude reached US$81.86.
It comes after data from China revealed it has started to experience an uptick in its factory output and investments, paving the way for a greater demand for energy.
Ricardo Evangelista, senior analyst at ActivTrades, also believes geopolitical tensions are pushing prices higher.
He said: "Ongoing tensions in the Middle East persist as a significant worry, with potential escalations threatening to disrupt crude supply from the Gulf and crucial shipping routes.
"Supply anxieties were exacerbated over the weekend following additional attacks on Russian refineries, resulting in an estimated 7% reduction in the country’s output."
World's largest solar panel manufacturer to cut thousands of jobs
Longi, the world's largest solar panel manufacturer, is set to axe around one-third of its global workforce as the industry continues suffering from soaring costs and increasing competition.
Some 30% of workers are expected to be cut as part of a reduction of its workforce which began in November last year.
At its peak last year, the Chinese company employed around 80,000 before the industry began to suffer a downturn.
Manufacturers were forced to sell at below cost in some situations after the prices of solar panels dropped sharply in 2023.
British Land lifts as analysts welcome new deal
Shares in British Land are up 3% after it announced the launch of 50/50 joint venture with Royal London Asset Management to redevelop Meta's old HQ.
As per the partnership, the two will undertake the development of 1 Triton Square (NYSE:SQ) to turn it into a world-class science and innovation building, fitted with both lab and office space.
Shore Capital analysts welcomed the move just a week after they upgraded British Land to highlight the "growing positivity on London’s West Office market."
The UK broker noted that "net rents for fully-fitted labs can demonstrate a 40% premium over existing office space."
'We believe this a good move by the company, releasing some early gains while also helping advance the overall delivery of the scheme," Shore Capital said.