UK markets have had a relatively benign week following last week’s autumn budget statement. The FTSE 100 is trading up over 1.7%, now taking it into positive territory for the year. The UK’s main index has been buoyed by the larger weighted oil and gas majors such as BP and Shell, up six per cent and seven per cent respectively.
The US has also had a quiet week as Thursday saw markets close for Thanksgiving, whilst Friday is only operating as a half day. News from the New York Stock Exchange broke earlier in the week that Manchester United Football Club is seeking new investment and is possibly up for sale. The news sent their share price soaring, up 43% on the week.
Commodity Markets
Oil prices were higher on Tuesday after the cartel of major exporters and their allies reiterated plans to stick to targets to cut production rather than increase output to make up for any shortfall from Russian supplies. The Wall Street Journal published an article suggesting OPEC would increase supply by 500,000 barrels per day, however, this quickly reversed as Saudi Arabian authorities stated the cut in 2 million barrels per day would continue into 2023. Europe is committed to reducing its reliance on Russian oil from December, further fuelling volatility.
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