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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bp Plc | LSE:BP. | London | Ordinary Share | GB0007980591 | $0.25 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-5.40 | -1.05% | 510.40 | 509.40 | 509.50 | 516.60 | 506.10 | 516.30 | 26,147,354 | 16:35:10 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Petroleum Refining | 211.6B | 15.24B | 0.8934 | 5.70 | 86.91B |
By Tommy Stubbington
Shockwaves from collapsing oil prices continued to reverberate through markets on Tuesday, sparking bouts of volatility across a slew of assets classes and sending investors scrambling to position as 2014 fades.
Although stocks and currencies closely linked to commodity prices remained under fierce pressure all day--crushed by the price of Brent crude slumping to a yet another five-and-a-half year low of just $58.50 per barrel--the sell-off proved temporary elsewhere, keeping investors on edge.
Having earlier in the session tumbled to new two-month lows, extending Monday's sharp falls, the Stoxx Europe 600 ended the session up 1.7%.
Since the start of the month, the index has depreciated more than 5% and some traders said that some investors were now seeing an attractive entry point. François Savary, who oversees about $10 billion of assets as chief investment officer at Swiss bank Reyl, however, attributed the recovery to the prospect of cheaper oil eventually providing a boost to growth and stock prices by putting more money in consumers' pockets.
Even London's FTSE 100, vastly exposed to the oil and gas sector through names like BP PLC and Royal Dutch Shell PLC, closed Tuesday up 2.4%--its largest one-day point and percentage gain since July 2013--having earlier in the session hovered around its 2014 low.
"This underlines the fact markets still don't know whether to charge or retreat, and suggests we can expect further volatility to come," said Laith Khalaf, a senior analyst at broker Hargreaves Lansdown.
In Russia on Tuesday, prospects for markets showed no signs of brightening.
The ruble plummeted to a fresh all-time low of above 80 against the U.S. dollar, dealing a hefty blow to the country's central bank which late Monday jacked up its key interest rate by 6.5 percentage points to 17% in a dramatic attempt to stem seemingly relentless outflows.
In late European trade, the ruble recovered somewhat to around 67.75 against the greenback, but it nonetheless remains around 50% lower on the year, additionally battered by Western sanctions.
"Russia is in the midst of a perfect storm," said Heinz Rüttimann, emerging market strategist at Swiss private bank Julius Baer. "Western sanctions hurt, the oil price is down, interest rates high and the economy falling back into recession. It cannot get much worse for Russia, " he added.
Jason Pidcock, a fund manager at Newton, which manages around GBP50.9 billion ($80.1 billion) in assets, said that--barring a very rapid rebound in the oil price--he doesn't think that there is anything that will "stop Russia going into a very sharp and deep recession".
The CBOE Volatility Index, commonly considered a fear gauge of global markets, rose more than 8% on the day, briefly peaking above 23 before receding to just above 20. Less than two weeks ago it was at trading below 12.
"We are not prone to adding risk at this time of year, especially on illiquid markets [such as Russia]," said Didier Lambert, an executive director at J.P. Morgan Asset Management which looks after around $1.7 trillion in assets.
In light of the major swings in the ruble rate on Tuesday, he says it's simply not tradeable. "It's a market you want to stay out of."
The Turkish lira fell 1.5%, also to an all-time low against the dollar, before retracing, while the Polish zloty and Hungarian forint weakened too. The Norwegian krone, another currency closely correlated with the price of oil, fell more than 5% against the dollar before reversing those moves. Earlier in the session it also hit parity with its Swedish counterpart.
Further afield, stocks in the Persian Gulf suffered, while the German government bonds clocked yet another all-time high, fueled by surging demand for safe-haven assets.
The yield on Germany's 10-year bond sank to 0.57%. Bond yields fall as prices rise.
"Investors are scaling back risk exposure as year-end approaches, and beginning to realize that the economic scenario priced into historically low bond yields and collapsing commodity prices is hardly consistent with the growth required for an improvement in corporate profits," said Ian Williams, economist and strategist at brokerage Peel Hunt.
A contraction of China's manufacturing sector added to the gloom, while business activity in the eurozone picked up only modestly in December, data showed.
Like European equity markets, however, stocks in the U.S. brushed off any negative implications of weaker oil in late European trade Tuesday--the S&P rose almost 1%.
Mr. Savary at Reyl also attributed that move to the potential upside of cheaper commodities, but like many of his counterparts he said that he was nonetheless holding back from adding to his stock investments against the backdrop of financial turmoil in Russia.
"The oil price is reinforcing the possibility of a default by Russia," he said.
"That would have an impact on financial institutions and economic activity in Europe, and it is making people nervous."
Christopher Whittall
contributed to this article.
Write to Tommy Stubbington at tommy.stubbington@wsj.com and Josie Cox at josie.cox@wsj.com
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