Oil prices are on the move – more climbs – again with OPEC members meeting in Vienna on Thursday. Currently WTI oil is up +0.57% at $50.96.
It’s likely OPEC will agree to extend the 6-month agreement to cut oil production by 1.8m barrels a day and even, possibly, extend it.
Friday saw the FTSE 100 up +0.46% to 7,470.71 with strong support from Anglo American and Rio Tinto, up 2.44% and 2.13%. At 7am this morning the pound was trading at 1.2996, down -0.13% on the day while the euro was at 1.1185. Overnight trades saw the EUR/USD pair criss-cross the 1.12 handle.
A quiet day as far as domestic and international economic stats go; German GDP figures arrives tomorrow at 7am. Later this week – Wednesday – M&S reports full-year numbers with an update on its flailing womenswear business.
- UK FTSE 100 7,470.71 +0.46%
- Dow 20,804.84 +0.69%
- S&P 500 2,381.73 +0.68%
- Nasdaq 6,083.70 +0.47%
- DAX 12,638.69 +0.39%
- CAC 40 5,324.40 -0.66%
- Gold 1,253.20 -0.04%
- Oil WTI 50.74 +0.81%
'Fred the Shred' targeted
Today the high court takes on the £520m RBS rights issue case and the events up to RBS’ £45bn public bailout in 2008. The case is being backed by 9,000 investors, both public and City.
Originally RBS investors were offered 11 new shares for every 18 owned at 200p. The rights issue was the largest in UK City history at the time. Ex-boss Fred Goodwin testifies on 8 June (the day of the UK election). The total hearing will last 14 weeks.
The funding for the case is being part-backed by businessman Trevor Hemmings. RBS denies all liability, denying the original rights prospectus was misleading.
Ethical investing boost
News that ethical investment can pay off handsomely. One of the best performing funds last year was the Church of England with a 17.1% return from its £7.9bn investment fund.