European clean energy stocks fall as Trump wins the presidency
After Donald Trump's election as president of the United States on Wednesday, shares in European clean-energy groups plunged. Investors were worried about a possible dismantling by the United States of its support for renewables. Trump pledged to cancel offshore wind projects via an executive order his first day of office, and roll back climate regulations that were implemented by President Joe Biden. This includes withdrawing from the Paris Agreement where countries commit to limit global heating and possibly undoing Biden’s Inflation Reduction Act which provides massive incentives and subsidies to clean energy technologies.
Equities, commodities climb after China announces stimulus
After China announced stimulus measures for its economy, a widely-followed global stock index reached a new record high. Copper prices also hit their highest level in 10 week on Tuesday. Mining stocks drove the Dow and S&P 500 to record-breaking closing highs. The Chinese yuan reached a 16-month-high against the U.S. Dollar, and oil prices rose to a 3-week-high on the news that China was the world's largest crude importer. Pan Gongsheng, Governor of the People's Bank of China, announced plans to reduce borrowing costs and inject additional funds into China's economy as well as ease mortgage repayment burdens for households.
Voser Steps in as Interim CEO at ABB
ABB Chief Executive Ulrich Spiesshofer has quit the Swiss industrial group as the board and major shareholders look for a speedier turnaround at the maker of industrial robots and supplier of factory automation.Spiesshofer’s abrupt exit follows the launch of the biggest overhaul in ABB’s 31-year history to reposition the company more toward digital industries and agreeing to activist shareholder demands to sell its power grids business.But the latest revamp by the former management consultant failed to revitalize ABB’s stock, which has flatlined under his tenure while profits fell last year.Time ran out for Spiesshofer…
Commodities Ride Rollercoaster on $100 Oil Talk
Oil highest in over 3 yrs on report Saudis want higher prices; nickel sees biggest jump in 6-1/2 years on sanctions worries. Talk that Saudi Arabia has its sights on $80-$100 a barrel oil again and of more U.S. sanctions on Russia ignited a rally in commodities and resource stocks on Thursday, though the potential boost to inflation hit fixed-income assets. It was set to be the strongest day for the commodity complex in eight months as Brent crude futures climbed past $74 a barrel after a near 3 percent jump overnight. The surge came on a Reuters report that OPEC's new price hawk Saudi Arabia would be happy for crude to rise to $80 or even $100…
European Shares Rise as Earnings Roll In
Supportive crude prices and strong results from energy firms and auto companies helped European shares rise on Wednesday. The pan-European STOXX 600 ended up 0.5 percent, broadly in line with euro zone stocks and blue-chips , as oil and gas shares gained 0.8 percent and autos climbed 0.6 percent. "Indications are more positive on the outlook for energy stocks, especially for the most geared such as oil services," said Angelo Meda, head of equities at Banor SIM in Milan. Tullow Oil rose 7.9 percent after higher output from new fields helped sales at the Africa-focused oil producer rise 46 percent in the first half…
Oil Dips as Qatar Rift Threatens Output Cuts
Oil falls as some question impact of diplomatic row over Qatar. Oil prices fell on Monday on concerns a diplomatic rift among some of the Arab world's major energy producers could weaken a global deal on output cuts, while sterling shrugged off a deadly attack in London and focused on this week's UK election. Wall Street looked likely to open down 0.1 percent, index futures showed , after falls on European bourses. The dollar lifted off seven-month lows hit on Friday in reaction to a weaker-than-forecast U.S. jobs report as U.S. Treasury yields rose and markets signalled they expected the Federal Reserve to raise interest rates next week.
Oil, Equities, Emerging Markets End Year on Upbeat
Oil prices edged down on Friday but headed for their biggest annual percentage rise since 2009, with world stocks also up nearly 6 percent over the year despite concerns over China's slowing growth and weakening currency. Global markets have fared surprisingly well in a year marked by major political shocks, including June's Brexit vote and the unexpected election of Donald Trump as U.S. president in November. U.S. stocks have hit successive record highs and emerging equities have rebounded 8 percent after three years in the red . Wall Street looked set to add to those gains, with index futures pointing to higher opening levels .
Oil Lifts Global Stocks as Crude Slips on OPEC Doubts
Oil company shares lift global stocks after OPEC deal. An agreement by OPEC members to curb output boosted oil company shares on Thursday, lifted the currencies of crude-producing countries, and drove yields on low-risk government debt higher. Global stocks were pulled higher by the oil company rally, although Wall Street, which rose on Wednesday after the agreement was struck, looked set to open flat. Crude prices fell after Wednesday's near 6 percent surge as investors questioned whether OPEC's first deal to limit output since 2008 would restore balance to the oversupplied oil market.
Oil Slips as OPEC Deal Questioned
OPEC producers agree output targets for first time in 8 years; energy company shares up on surge in oil prices. Oil prices slipped on Thursday as investors questioned whether an OPEC agreement to curb production - the group's first such deal since 2008 - would be enough to rebalance a heavily over-supplied market. The Organization of the Petroleum Exporting Countries agreed on Wednesday to cut output to 32.5-33.0 million barrels per day (bpd) from around 33.5 million bpd, estimated by Reuters to be the output level in August. Prices rose 6 percent on Wednesday, feeding general risk appetite and boosting energy shares.
Yellen's Rate Hike Language Boosts Dollar; Deflate Stocks
U.S. equities gave up early gains on Friday, hurt by a surging U.S. dollar after Federal Reserve Chair Janet Yellen said that the case for raising U.S. interest rates has strengthened in recent months. European stocks advanced, however, while oil and Treasury prices came off highs as investors across asset classes parsed the details of Yellen's presentation, markets' central focus of the week. In her much-awaited speech during an international gathering of central bankers in Jackson Hole, Wyoming, Yellen did not indicate when the U.S. might hike rates, but her comments reinforced the view that such a move could come later this year.
Oil Tops $50, Lifting Commodity Stocks
Brent oil tops $50/barrel first time in nearly 7 months. Brent crude oil topped $50 a barrel for the first time in nearly seven months on Thursday, lifting commodity and energy-related shares in Europe and Asia, though worries about U.S. interest rates and signs of slowdown in China limited gains. Oil's rise took it to levels more than 80 percent above January's 12-year lows and was fuelled in part by a weaker dollar, which fell against the Japanese yen. European shares edged higher, led by the basic resources and oil and gas sectors. The pan-European FTSEurofirst 300 index rose 0.1 percent, pushing on from a four-week high hit on Wednesday.
Lundin Petroleum Slashes 2016 CapEx
Sweden's Lundin Petroleum said on Friday it will cut its 2016 capital spending by around a quarter compared to last year and doubled its production guidance due to a new oilfield coming onstream. Oil and gas firms have been squeezing costs as crude prices have dropped by around 70 percent since mid-2014. Lundin said it expects to spend $1.1 billion on total capital expenditures this year, down 26 percent from last year. "More than ever in this challenging oil price environment, a strong focus on operational efficiency, production performance and cost discipline will be in the forefront of our minds," Chief Executive Alex Schneiter said in a statement.
Enel CEO - Endesa to Remain Cash Cow Until EU Reforms Power Market
Endesa, the Spanish arm of Italian utility Enel, will keep paying out all of its earnings as dividends for now, and Enel will only decide on its future plans for the business when Europe has completed its power market reforms, Enel's CEO said. Endesa paid out 100 percent of its earnings to shareholders this year and said last month it plans on a dividend payout of 100 percent of net profit in the 2015-2019 period. That left some investors wondering how Endesa will finance growth, although its management has said that gearing is not a problem at the moment and that the company could easily borrow for expansion.
Pain for Oil Producers, Service Providers
Oil producers and oilfield service providers down as U.S. crude oil prices fell below $42 a barrel after new build in U.S. stockpiles put global glut back in focus. U.S. crude last down 16 cents at $42.07 a barrel.
Energy Stock Slide Sends Europe Shares Lower
European equities turned negative on Wednesday, as a fresh fall in the price of Brent crude oil hit energy stocks. Brent sank 2.6 percent to around $65 a barrel and hit a five-year low on Wednesday as producers forecast lower demand for their oil next year. The STOXX Europe 600 Oil & Gas Index fell 1.3 percent to 279.48 points. Dutch oil services group Fugro slumped 12.2 percent. The broader pan-European STOXX 600 index fell 0.1 percent while the FTSEurofirst 300 index also retreated by 0.2 percent. "Crude oil is under punishment today once again on the back of the OPEC news.
BP to Spend $1 bln on Thousands of Job Cuts
BP to review 2015 spending cuts amid falling oil prices. BP will cut thousands of jobs cut across its global oil and gas business by the end of next year in a $1 billion restructuring programme announced on Wednesday following steep falls in oil prices. The British oil major said it was also considering deeper cuts to its 2015 budget beyond the $1-$2 billion reduction already announced in October, as a result of the oil slump. "Given the recent position taken by OPEC and with oil prices where they are today, we will continue to review this further," BP head of upstream Lamar McKay said in a presentation during an investor day in London.
Billions Lost from Energy Shares, Investors Exit
A fresh slide in the price of crude wiped tens of billions of dollars off oil companies' market value on Friday and signalled an end to the sector's safe-haven status, as fears mounted over future profits and dividend payouts. Fund managers described the last 24 hours of trading as "capitulation" - the point at which a sell-off becomes widespread and panic-driven - as investors reassessed whether the sector could keep gushing cash after OPEC's decision not to cut oil production to fight a supply glut. "Oil stocks are currently in the final phase of capitulation," said UniCredit strategist Christian Stocker.
Cheaper Euro and Oil Set to End Europe's Years of Earnings Downgrades
The recent sharp slide in the euro and commodity prices is set to provide tailwind for European companies struggling against economic weakness, and soon break a streak of earnings downgrades that has already lasted 3-1/2 years. After two years of declining profits, European firms have struggled to turn the corner as the euro zone economy flat-lined; data on Tuesday even showed a sharp drop in Germany industrial production. Every month since early 2011, equity analysts have revised more profit forecasts downward than upward for European firms, a trend exacerbated by a sharp rise in the euro that hit exporters hard in the early part of this year.
