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MARKET WRAP: FTSE slides to end week lower, crude rally continues

Stock MarketsJan 28, 2022 16:28
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Key Points

  • FTSE 100 closing price of 7,472.03 (-1.09%)
  • Carnival (NYSE:CCL) sinks on booking softness
  • USD steady, GBP/USD regains 1.3400
  • Crude rally continues ahead of OPEC
  • Bitcoin steady below $40,000

By Samuel Indyk

Investing.com – The FTSE 100 finished lower on Friday after a volatile week that has seen large daily price swings. For the week, the FTSE 100 finished lower by 0.3%.

Carnival (LON:CCL) shares were weak in the UK after the cruise line operator said it has seen increased cancellations since the start of the fiscal year due to positive COVID cases. Carnival also said it had seen a “dampening” in cruise bookings in the second half of the year in comparison to 2019.

Ocado (LON:OCDO) shares declined in the week when they unveiled new innovations for its automated warehouses. A German court ruled that the company’s IP claims over AutoStore’s technology were invalid while rising interest rates may also impact its ability to add new partnerships, according to Hargreaves Lansdown (LON:HRGV) Equity Analyst Sophie Lund-Yates.

“It may be that investors are concerned that rising interest rates will affect how much companies are prepared to borrow, which could mean Ocado will be less effective in striking deals with retail partners looking to expand,” Lund-Yates said.

The USD was relatively steady with the US Dollar Index trading at its highest level since July 2020.

GBP edged higher ahead of the Bank of England meeting next week with EUR/GBP dropping close to its lowest level since February 2020.

The rally in WTI and Brent crude futures continued ahead of next week’s OPEC+ meeting. Currently, the cartel is expected to continue to add 400,000 barrels per day to production in March but the situation on the Ukrainian border could make the decisions more complicated. Russia has consistently denied it is planning an attack, despite the build-up of troops on the border.

Major cryptocurrencies were relatively steady, with Bitcoin trading back above $37,000 heading into the weekend. $37,500 looks like it could be key resistance, with a break above that level potentially opening the door to the psychological $40,000 mark.

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MARKET WRAP: FTSE slides to end week lower, crude rally continues
 

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