Monday,07 October 2024 16:57:41

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Monday,07 October 2024 at 15:54

UK and European stocks started the new trading week on a positive note, buoyed by gains in Asia overnight and last Friday’s rally on Wall Street as investors await fresh data sets.

The U.S. dollar was just off its highest level in seven weeks after a rally sparked by Friday’s strong U.S. jobs data and an escalation in the Middle East conflict.

U.S. crude oil rose, as the market waited for further developments between Israel and Iran. Oil prices spiked last week on fears that Israel could hit Iran’s oil industry in retaliation for Tehran’s ballistic missile attack.

BP has abandoned a target to cut oil and gas output by 2030 as chief executive Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, according to three sources cited by Reuters.

When unveiled in 2020, BP's strategy was the sector's most ambitious with a pledge to cut output by 40% while rapidly growing renewables by 2030. The oil giant scaled back the target last February to a 25% reduction, which would leave it producing 2 million barrels per day at the end of the decade.

On Monday, Reuters cited sources with knowledge of the matter as saying that BP is now targeting several new investments in the Middle East and the Gulf of Mexico to boost its oil and gas output.

Markets

AT THE CLOSE

FTSE 100 8,303 +0.28%

FTSE 250 20,853 (-0.22%)

DAX 19,094 (-0.14%)

AT 16.50

Dow Jones 42,189 (-0.39%)

S&P 500 5,736 (-0.26%)

NASDAQ 18,082 (-0.30%)

Fixed Income

UK 10-YR YIELD 4.214

Exchange Rates

GBP/USD 1.308

GBP/EUR 1.191

Commodities

Gold $2,646 (-0.19%)

Brent $80.42 +3.17%

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.