LONDON MARKETS: London Airline Stocks Win After Trump's Jawboning On Oil
29 April 2019 - 2:03PM
Dow Jones News
By Dave Morris
But oil majors drop, weighing on the index
Airlines jumped on Monday, driven by potential savings on fuel
costs as oil prices continued to fall after jawboning by U.S.
President Donald Trump last week.
How did markets perform?
In the U.K., the FTSE 100 was flat following Friday's decline of
nearly 0.1%.
The pound inched up to $1.2914 after climbing 0.2% Friday.
Oil prices continued to fall after comments Friday by President
Trump to reporters and on twitter that he had told major oil
producers such as Saudi Arabia to increase their output
(https://www.reuters.com/article/us-global-oil/oil-falls-after-trump-presses-opec-to-make-up-for-iranian-sanctions-idUSKCN1S5010).
The West Texas Intermediate (WTI) benchmark was down 0.2% while
Brent fell 0.3% .
What's moving the markets?
Oil prices continued to fall after comments Friday by President
Trump to reporters and on Twitter that he had told major oil
producers such as Saudi Arabia to increase their output
(https://www.reuters.com/article/us-global-oil/oil-falls-after-trump-presses-opec-to-make-up-for-iranian-sanctions-idUSKCN1S5010).
The West Texas Intermediate (WTI) benchmark was down 0.2% while
Brent fell 0.3% .
China kicked off a busy week of economic developments Saturday
with news that recovery in key sectors had sparked a 13.9% year
over year increase in industrial profits in March. The rebound,
reported by the National Bureau of Statistics, was significant
coming after a slump in that figure in January and February.
London's mining stocks are sensitive to economic developments in
China because the country is a big user of natural resources.
This week's economic reports will include both a U.S. Federal
Reserve meeting on Wednesday and the Bank of England on
Thursday.
Which stocks are active?
Airlines were the main beneficiaries of the fall in oil prices,
which are expected to pass through cheaper fuel costs to them.
EasyJet Plc (EZJ.LN) was up 2.3% and TUI AG climbed 1.8%. Oil major
BP PLC (BP.LN) (BP.LN) fell 0.5%
British Airways parent International Consolidated Airlines Group
(IAG.LN) was 2.6% higher after an upgrade by UBS from neutral to
buy, with a price target of 705 pence. The company reports earnings
May 10.
(END) Dow Jones Newswires
April 29, 2019 07:48 ET (11:48 GMT)
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