Wednesday, 7th March: Following a late entry on Tuesday night, the Saudi Crown Prince Mohamed bin Salman didn’t wake up to a very warm welcome from some Brits. Demonstrators have been protesting against the war in Yemen which they claim both the UK and Saudi Arabia are responsible for, and are not planning on moving fir when the Prince arrives to meet May inside her Downing Street offices on Wednesday. Both Britain and Saudi Arabia are aiming to strengthen their current relationship, as May looks to create stronger trading partner ties, and Prince Mohammed bin Salman looks for ways to convince the world of their domestic reforms.
Trump’s plan to initiate tariffs on the import of steel, 25% and aluminium, 10%, in order to tackle cheap imports which he believes undermine the U.S industry and jobs have become more of a fearful reality after his top economic advisor walked away from his title and resigned, which consequently left the IMF and Europe advising Trump themselves to take a step back from a move which could spark a trade war. The dollar suffered and fell to a two week intraday low after news of Gary Cohn’s departure surfaced and the dollar index was pushed down by 0.2% in early trading. The news also had a negative impact on the FTSE 350 Mining sector, which was down more than 1.0% and at the bottom of the table of FTSE 350 sectors. All of the stocks in the mining list were in red, including the likes of Rio Tinto, Glencore, BHP Billiton, but Acacia Mining suffered the most, down around 6.32% at 15:00 (GMT).
Ryanair are attempting their comeback, with a plan to offer highly discounted courses to those wishing to become pilots. One of Europe’s low cost carrier planes is a 737, and the cost to join Ryanair in order to train to operate this type of plane has dropped from €29,500 to €5,000. After being forced to cancel thousands of flights in 2017, it’s clear their objective with this discounted course is to prevent this from occurring again, although they continued to deny there was any sort of pilot shortage.
The FTSE 100 spent the majority of the first half of the day in red, but made a comeback in the afternoon and held onto the gains until the end of the day, closing 0.16% higher at 7157.