The FTSE rises on higher oil prices

June ended with the FTSE 100 down 5.9% over the month. The index is up 1.0% this morning on what is likely to be a quiet session, since the U.S. stock market is closed for the Fourth of July holiday.

Oil stocks rose as crude prices rose on worries over tight supplies. Oil majors BP plc and Shell rose 4% and 3.4%, respectively.

Miners are down after data showed China manufacturing slowed in June, while U.K. manufacturing slowed down further in June, with activity increasing at the slowest pace in two years.

Investors are now looking ahead to the coming earnings season, to get more clues about the slowing economy.

 

Things to read today:

Banks cannot escape a gloomy economic outlook (Financial Times)

The G-7 is considering a price cap on Russian oil. But energy analysts think it’s impossible (CNBC)