Friday, 22 June: London futures looked for a positive tone as the week comes to a close with the index following suit, rising more than 1.5% at the close to end the week higher. Other major indices on either side of the Atlantic failed to erase weekly losses, although the Dow Jones looks to be halting is longest streak of consecutive declines in more than a year, up 0.67% at the time of writing. More punchy gains were recorded in London and some of Europe at the close as tensions of trade war between the US and China subsided slightly. Instead President Trump has tweeted of tariff threats to European car makers in retaliation. Volkswagen and BMW suffered falls and the export heavy DAX Xetra in Germany ended the day with 0.27% gains consequently.
The large meeting between both OPEC and non-OPEC oil producers kicked off in Vienna this morning. Oil prices have been a victim of rumours over the course of the week as major producers look for an agreement to increase supply over the second half of the year. Oil rose as an overall 700,000 barrel a day increase was agreed, sending oil prices higher. Brent sits 1.65% higher at the time of writing at $74.85. Miners and oil producers rose on the London index consequently; Royal Dutch Shell and BP both gaining more than 3%.
Thousands of jobs could be at risk in the UK after European plane maker Airbus became the latest company to warn of its future position, should the UK fail to agree on a trade deal when it leaves the EU. Around 14,000 people are employed by Airbus across 25 sites, around half of which are in Wales. Despite Theresa May’s confidence in arranging trade deals, Airbus has warned “a no-deal scenario directly threatens Airbus’ future in the UK”.