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Summary
- FTSE 100 index is expected to open a notch lower on Monday
- MV Ever Given has been unstuck by the local administration
- Brent crude oil was trading 2.06 per cent lower at $63.10 per barrel
- The June 21 futures linked to the FTSE 100 traded 0.64 per cent down
The headline FTSE 100 index is expected to open a notch lower on Monday, 29 March, as crude oil retreated sharply in the early morning deals after news of the Ever-Given refloat surfaced. According to various media reports, Evergreen Marine-operated contain ship MV Ever Given has been unstuck by the local administration after a weeklong struggle in the Suez Canal, paving the way for recommencement of the international trade route through one of the busiest waterways.
The 400-meter-long cargo container ship has been partially freed in the early hours on Monday, The New York Times said in a report.
Oil skids
Following the development, both Brent and WTI crude fell more than 2 per cent each after successive sessions of wild swings in the last week. As per the latest data available, Brent crude oil was trading 2.06 per cent lower at $63.10 (0546 GMT) per barrel, while a barrel of WTI crude was hovering 2.31 per cent lower at $59.56.
Equities stay uncertain
The June 21 futures linked to the FTSE 100 traded 0.64 per cent down, indicating a bleaker start to the London equities on Monday. FTSE 100 too witnessed chaotic moves in the last week but managed to close the five-day period on a positive footing as it registered a 1 per cent gain on Friday, offsetting the losses.
The index last closed at 6,740.59, up 0.99 per cent. Wall Street had an eventful Friday with S&P 500 and Dow Industrials finishing at fresh record highs, whereas the Nasdaq Composite clocked a rise of 1.24 per cent. Dow Jones Industrial Average rose 1.39 per cent, and S&P 500 jumped 1.66 per cent, led by a rally in blue-chip shares in the late afternoon trade.
Asian equities traded mixed on Monday, with Japan’s benchmark leading the charge. Nikkei 225 in Japan soared 1.17 per cent to 29,519.49, China’s Shanghai Composite gained 0.45 per cent to 3,433.75, while Hang Seng in Hong Kong tripped 0.26 per cent to 28,262.38 and South Korea’s Kospi dropped 0.29 per cent. Meanwhile, the ASX 200 of Australia concluded 0.36 per cent lower at 6,799.50.
