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Summary
- FTSE 100 index was trading firmly in the red on Thursday amid crude oil prices falling due to a Suez Canal blockage
- WTI crude oil May futures were down by over 3 per cent
- UK and EU announced to work together on vaccine rollout ahead of an EU Summit later today
The FTSE 100 index stood at 6,623.31, down by 89.58 points or 1.33 per cent as of 12:46 PM GMT +1 on 25 March, as investors worried about crude oil prices falling as the Suez Canal was expected to be blocked till Sunday.
(Source: EODHD/Others, Thomson Reuters)
European markets mostly down
European markets were mainly in the red over the pace of vaccinations and extended lockdown worries. The UK and Europe signalled a pause in rising tensions over a vaccine war as the two parties released a joint statement aiming to work together for the same, ahead of an EU Summit to be held later today.
Meanwhile, Pharmaceutical major AstraZeneca, whose vaccines is being used for mass inoculation globally, had announced a lower efficacy rate of 76 per cent in its up-to-date trial on Wednesday.
Germany’s DAX index was down by 0.94 per cent, while France’s CAC 40 index fell by 0.73 per cent. Meanwhile, Italy’s benchmark index FTSE MIB was down by 0.65 per cent and Spain’s Ibex 35 index dragged by 1.50 per cent lower. The Swiss key index SMI was up by 0.10 per cent.
Crude Oil
Oil prices fell after the Suez Canal, one of the key arteries for trading globally remained blocked. Reports suggest that a rescue squad is set to arrive at the site later today.
Brent’s crude oil May futures were at USD 62.59, down by 2.78 per cent at around 13:31 hrs GMT, while WTI’s crude oil May futures were at USD 59.27, down by 3.11 per cent.
US Markets open lower
US markets opened lower, though the US Bureau of Economic Analysis announced US’ revised Q4 2020 GDP data up to 4.3 per cent buoyed by higher private inventory investments. Meanwhile, initial jobless claims data fell to a new low to 684,000 during the week ended March 20, from last week’s 730,000 revised figures.
The Dow Jones Industrial Average was down by 0.66 per cent, while the S&P 500 index was lower by 0.27 per cent. And the Nasdaq composite index was down by 0.12 per cent in early trading.
GBP firms against USD
The GBP/USD currency pair was up by 0.2981 per cent, trading at 1.3726 at around 1334 HRS GMT. Meanwhile, the GBP/EUR currency pair was up by 0.2763 per cent, trading at 1.1616 at.
