Romain Fournier

Chief Editor
Having worked in the British, French and Swiss financial press, Romain is able to report on local and international issues, as comfortable in French as in the language of Shakespeare, Romain Fournier leads the editorial team at Marketscreener. Fine connoisseur of the English-speaking markets, Romain delivers an editorial every day on US and UK markets.

FTSE 100 is up again as Johnson resigns

07/07/2022 | 04:56am EDT

Investors welcome the Fed minutes yesterday, which gave them more clarity on the central bank’s next steps in monetary policy. Officials are committed to reducing inflation, despite the many signs that a recession is imminent. A rate hike of 0.75% at the July meeting seems likely.

The FTSE 100 is up for a second consecutive day, gaining 0.7% on Thursday morning, as a BBC report announced that Boris Johnson would resign as leader of the Conservative Party during a speech later today.

The British Prime Minister has been weakened by a number of departures in his government. He is expected to remain in office at Downing Street until next autumn.

Oil & gas stocks perform best, with Shell up 2.3% after the oil major said it would reverse previous write-offs of up to £3.8 billion this quarter due to the surge in energy prices.

Meanwhile, housebuilder Persimmon tumbled 5.8% after it warned that the number of homes it delivered in the first half was lower than expected.

 

Things to read today:

US Bond market flashes warning signal of economic slowdown (Financial Times)

Inflation Fears Drove Larger Fed Rate Increase in June (WSJ)

Who Would Replace Boris? (Bloomberg)


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Stocks mentioned in the article
ChangeLast1st jan.
PERSIMMON PLC 0.46% 1855.5 Delayed Quote.-35.03%
SHELL PLC -1.49% 2182 Delayed Quote.34.54%