"The FTSE 100 once again remains a leader in Europe, although the pullback in oil and precious metals has meant that commodity stocks are lagging behind as financials take the lead. Strong gains for the likes of HSBC, Barclays, and NatWest bring a recovery from a sector that has been hit by Trump's recent move to limit credit card interest rates to 10%."
"Oil prices have turned lower after Donald Trump cooled calls for near-term military action in Iran, saying he was reassured by information that the regime would stop killing people involved in the recent protests. While many will look at this as another opportunity for the US to open up a maligned nation to higher oil exports, the fact is that Iran already produces much more that Venezuela and that output is at risk if the government falls."
"This comes after an October contraction, which had been heavily impacted by a 27% slump in car production following a cyber-attack on Jaguar Land Rover. The snapback in manufacturing highlights how volatile monthly data can be, and why not every piece of data should be seen solely through a political prism. That being said, the underlying picture remains soft in the UK. Construction continues to deteriorate, with output falling again in November and now almost 3% lower since July."
FTSE 100 remains a leader in Europe as financials outperform commodity stocks after oil and precious metals pulled back. Gains in HSBC, Barclays and NatWest reflect recovery in banks following a move to limit credit card interest rates to 10%. UK GDP posted a surprise 0.3% monthly gain in November after an October contraction driven by a 27% slump in car production from a cyber-attack on Jaguar Land Rover. Manufacturing showed a snapback while construction output fell and is almost 3% lower since July. Oil fell after Donald Trump cooled near-term military action in Iran, reversing the recent bearish oil thesis and raising concerns over Hormuz disruptions and Iranian output risks. Traders remain cautious ahead of a delayed Supreme Court judgment on tariffs.
Read at London Business News | Londonlovesbusiness.com
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