Shell losses weigh on FTSE 100
|Another fall for Shell has weighed on the FTSE 100, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
Shell slumps despite Oil price bounce
The FTSE 100 has lingered in the red following today’s update, with the outlook compounded by the realisation that non-US oil firms are likely to miss out from any Venezuela bonanza. Energy stocks are already widely disliked, but when Chevron, Exxon and others are poised to benefit from the midnight raid on Caracas, why bother with anyone else? Elsewhere Tesco’s slump has also detracted from the index, which remains in the red even with BAE and Rolls poised to benefit from a US defence splurge next year.
Battle for Bitcoin intensifies
Bitcoin might have reversed from $95,000, but some furious buying at $90,000 raises hope that the latest bounce might not go the way of all the others since the summer. The volatility in gold and silver will have shifted some flows towards cryptocurrencies, with the hope that tomorrow’s payrolls will be weaker than forecast, bolstering hopes both that the Fed will cut and that the US economy is facing significant headwinds.
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