Here are the top business, market, and economic stories you should be watching today in the UK, Europe, and abroad:
Oil majors weigh on the FTSE 100
US president Donald Trump asked the Organization of the Petroleum Exporting Countries (OPEC), a club of producing countries, to raise crude oil output in a bid to soften any the impact of US sanctions against Iran would have on the country. Oil prices (BZ=F) fell by nearly 1% on the news, dragging oil majors in tandem.
Meanwhile, online supermarket Ocado (OCDO.L) was one of the biggest losers for the index, after its share price slipped when it disclosed the cause of the fire at its Andover site earlier this year.
The stocks offsetting losses today included travel groups TUI (TUI.L) and Thomas Cook (TCG.L). The travel operators’ share prices increased by more than 2% after Thomas Cook revealed that British holidaymakers are favouring destinations outside the European Union.
Italian banks boost European shares amid political uncertainty in Spain
The pan-European STOXX 600 index moved higher in early trading with all country indexes slightly in the green — expect Spain.
Italians banks provided some of the biggest lift for European markets as upbeat industrial data from China provided support, pushing up the Unicredit (UCG.MI) share price up by 2%.
Meanwhile, market participants took a cautious note as uncertainty ensued over the state of the Spanish government.
Spanish prime minister Pedro Sanchez overcame a historic challenge by right-wing nationalists but will need the aid of regional parties, or the centre right, to form a government.