BP and Shell lift the FTSE 100
Oil majors BP and Shell were lifting the FTSE 100 on Tuesday as the companies gained 5.4% and 3.5% respectively.
Shell and BP are major constituents of the FTSE 100 and accounted for a large proportion of the FTSE’s 50+ point gain at the time of writing.
Saudi Arabia production hike reports whipsaws oil
Although Saudi Arabia denied the claims, the Wall Street Journal have reported Saudi Arabia was considering a 500,000 barrel per day production increase ahead of the next OPEC+ meeting.
Chinese stocks bounce back
The choppiness in Chinese stocks persists with rising COVID cases causing sharp swings in equities as investors attempt to gauge the end of their Zero COVID policy which would spark a huge risk-on rally.
Severn Trent shares dip
Severn Trent announced falling earnings per share in the first half as inflation linked debt eroded their profitability. Revenue rose to £1,061.8 million, up £103.6 million in the period and the dividend rose to 42.73p.
Tesla shares hit by China concerns
Tesla shares closed down 6.8% overnight as investor fretted about the state of demand in China that may lead to further price cuts. Elon Musk’s antics at Twitter are also weighing on sentiment around Tesla shares. Tesla shares are down 58% year-to-date.