Falling commodity stocks put an end to the FTSE 100’s 13-month peak. A 0.9% decline from Brent Crude, and a sharper 1.4% slide from copper, sent the index’s weighty oil and mining stocks lower, and left the FTSE itself down by over 20 points at lunchtime.
By contrast – and almost certainly contributing to the FTSE’s losses according to Connor Campbell, financial analyst at Spreadex – the pound rose 0.1% against the dollar and 0.3% against the euro. “This as sterling tries to reset after a rough set of sessions last week,” Campbell added.
The Eurozone fared better. The DAX essentially didn’t move after the bell, holding at the 15,220 mark it spent most of last week buzzing around, with the CAC dipping 0.1%.
“Looking ahead to this afternoon and, after last Friday’s big push, the Dow Jones is set retreat from its record highs,” said Campbell.
“The futures have the index down 110 points and back below 33,700. If things go the Dow’s way this week, especially in regard to Monday’s 3-year and 10-year Treasury auctions and Tuesday’s inflation readings, then it could cross 34,000. If not, and fears of rising bond yields and inflationary pressures reignite, then the Dow’s recent gains could quickly unravel.”
FTSE 100 Top Movers
Admiral Group (1.52%), Severn Trent (1%) and Bunzl (0.98%) made the most, albeit modest, gains on the FTSE 100 at lunchtime on Monday.
Rightmove (-3.10%), Ocado (-2.77%) and Kingfisher (-2.5%) are the day’s top fallers on Monday.
Shell
Royal Dutch Shell has confirmed its plan to install 5,000 electric vehicle chargers across the UK by 2025. The oil company is also looking to invest in slower-on-street public charging points in an effort to firm up its place as a market leader established through the acquisition of Ubitricity earlier this year.
It is a part of Shell’s plan to move towards a strategy of carbon neutrality. The Anglo-Dutch FTSE 100 company is aiming to operate 500,000 charging points across the world by 2025 and up to 2.5m by 2030.