Investment market update
UK stocks are expected to open lower this morning, following Asian markets overnight.
UK stocks advanced for the first time in three days, helped by mining shares, while the pound fell after the mayor of London said he’ll back an exit from the European Union. Gains in commodities pushed Anglo American Plc, Glencore Plc and BHP Billiton Ltd. up more than 8%.
US stocks rallied, with the Standard & Poor’s 500 Index closing at a six-week high as oil prices rose again. Brent crude climbed 5.1% to $34.69 a barrel.
Asian stocks declined after early gains, led by Japanese equities as the yen resumes strength.
Lower oil prices have helped Qantas post a record underlying pre-tax profit of £470m for the six months to December. The result is the best first-half profit in the Australian airline’s 95-year history. It was an increase of 151% compared to the same period in 2014.
For the first time in more than a decade, China is the centre for the world’s copper stockpiles. There’s more metal in warehouses tracked by the Shanghai Futures Exchange than the London Metal Exchange as price differences make arbitrage trading profitable and encourage copper imports to China. In Shanghai, stockpiles more than doubled since the end of August, reaching an all-time high.
Gold prices declined on Monday as US stocks rallied amid rising demand for risk assets. The precious metal dropped 1.4% to $1,210.24 an ounce, returning some of the gains the safe haven asset has made this month amid concerns about global economic growth and a sell-off in US stocks and oil.