Shell chief Ben van Beurden has warned that US Hurricane Harvey is one of the biggest catastrophes the oil operator has had to deal with. However Beurden does not expect to see global oil markets disrupted – so far.
Despite the hurricane distress and supply worries to the oil market the dollar lifted earlier thanks to considerably improved GDP Q2 numbers, up 3% on an annualised basis. Better ADP non-farm private job numbers helped dollar sentiment along.
Just after 4pm the euro was consequently down -0.50% to $1.1912 – stronger German inflation numbers arrived earlier – while the pound was down very slightly against the greenback to $1.2915. The ease-off on the euro lifted stocks across Europe with the German Dax up more than +0.60% at 4pm. Both the pound and euro remain nearly +1% higher against the dollar on the week, still.
The FTSE 100 closed 28 points higher tonight with Ashtead Group the biggest climber, up almost +5%. G4S and ITV saw +2% gains. easyJet and Provident Financial took -2% and -1.6% losses.
- UK FTSE 100 7,365.2 +0.38%
- Dow 21,847.28 -0.08%
- S&P 500 2,430.01 -1.54%
- Nasdaq 6,221.91 -1.94%
- Nikkei 225 19,506.54 +0.74%
- DAX 12,021.64 +0.63
- CAC 40 5,059.53 +0.55%
- Gold 1,314.30 -0.35%
- Oil WTI 46.17 -0.54%
Ryanair calls time on Air Berlin
Ryanair’s Micheal O’Leary has given up any idea of making a bid for bankrupt German airline Air Berlin. "If there was a fair and open process we would get involved but we are not getting involved in this process because it's a stitch-up,” he told a press conference earlier, the BBC reported.
One less competitor, for the moment, on the European airline scene. An Air Berlin buy would have given O’Leary much improved access to the German market (easyJet has been expanding in Germany) which lacks competition.
O’Leary is making the most of an opportunity to voice concern about a “clearly illegtimate” deal as Air Berlin’s assets are wound up. Final bids for the German carrier will be made on 13 September. Lufthansa and easyJet are in pole position.
Co-op moves closer to Nisa deal
Move over Sainsbury’s. The Co-operative Group is thought to be putting the final touches to a £140m bid for the 3,000 Nisa store group. It’s likely the Co-op’s interest would focus on the distribution and buying arm with Nisa controlling the running of the shops.
The move comes after Sainsbury’s calling off further buy-out discussions. Originally the Co-op had made Nisa an offer of £130m which was rejected. The Co-op’s original deal would have included a key Nisa wholesaler contract, McColls, now lost to Morrisons.
Breaking news: Fashion entrepreneur Sir David Tang has died. The quarterly National Manufacturing Barometer claims that more than 40% of UK SME manufacturers think Brexit will hit their business.