Spreadex Market Update
Retailers enjoy their festive period.
However at the other end of the FTSE, energy stocks moved sharply lower as oil trades at 12 year lows. Brent neared $30 a barrel as more than 2 million barrels were added to stockpiles last week with some analysts claiming that $10 oil was not impossible. On top of this Iran remains committed to boost production, selling a new grade of crude in March when international sanctions are lifted.
However banks still see the average 2016 price above $40 with Morgan Stanley predicting $42.50 a barrel while Bank of America predicts $46.
A prominent campaign seeking a “Brexit” published a report stating that bankers would be unlikely to flee London if the country withdrew from the EU. The report stated that European countries are strangled by EU regulation and a “Brexit” would leave the UK better placed to compete with Hong Kong and Singapore. This view supports Barclays’ Mark Astaire who recently claimed that London “would continue to thrive” without the EU
Weekly Trading Update 08/01/2016
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