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UPS Upstream

1.625
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Upstream LSE:UPS London Ordinary Share KYG7393S1012 ORD 0.25P (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.625 - 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Upstream Share Discussion Threads

Showing 5301 to 5317 of 5425 messages
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DateSubjectAuthorDiscuss
17/4/2024
10:54
Zephyr Energy begins drilling operations in flagship Utah project

(Alliance News) - Zephyr Energy PLC on Wednesday said it had begun rigging up operations to start the drilling process at the State 36-2R well, as part of its flagship Paradox project.

Zephyr Energy is an oil and gas company focused on resource development from carbon-neutral operations in the Rocky Mountains region in North America. Its flagship project is operating in the Paradox Basin in the US state of Utah.

Following its announcement last month, Zephyr Energy said the Helmerich & Payne Rig 257 has begun operations to spud the surface section of the new well over the next few days. Ancillary service providers are on the site for support, too.

The well is expected to recover all the drilling costs incurred by the well control insurance policy that the company had in place for the original State 36-2 well, Zephyr Energy said.

It added new well will target the Cane Creek reservoir and the over-pressured, gas bearing natural fracture system that was proven when the first well was drilled.

Drilling for the new well will reach a total measured depth of 10,362 feet, with the design also allowing the later drilling of a 10,000-foot horizontal section, if needed.

Zephyr Energy said its project is intended to confirm the presence of hydrocarbons in the new well, as well as assess the productivity of the Cane Creek reservoir through flow testing.

Drilling operations will take place 30 days from the beginning of the spud.

master rsi
17/4/2024
10:35
EEE 7.95p +0.40p

A new intraday high as the bid and offer have been moved forward

master rsi
17/4/2024
10:12
The market is bouncing back not only here....

FTSE 100 7,854.51 +34.15 +0.44% DAX 17,854.55 +88.20 +0.50% Euro Stoxx 50 4,945.65 +28.66 +0.58%

master rsi
17/4/2024
09:57
GAS Prices ease slightly but supply risks remain

April 17 - Dutch and British wholesale gas prices eased on Wednesday morning but were still near their highest levels since January, as the market kept a close eye on potential supply disruptions of liquefied natural gas (LNG).

The benchmark front-month contract at the Dutch TTF hub eased by 0.38 euro to 32.90 euros per megawatt hour (MWh) by 0849 GMT.

It had opened at 33.87 euros/MWh, its highest level since Jan. 5, following strong gains on Tuesday.

The renewed threat to supplies from the rising tensions in the Middle East was the key driver for rising gas prices globally over the past week, Daniel Hynes, senior commodity strategist at ANZ Bank said in a daily report.

"Traders were keen to snap up any available cargoes amid the threat to LNG tankers traversing the Strait of Hormuz," he said.

The Strait of Hormuz is a key choke point for deliveries from Qatar and the United Arab Emirates, supplying 11.7% of Europe's and 24.4% of Asia's LNG imports, according to analysis firm Rystad Energy.

Iran's Revolutionary Guards seized a container ship in the strait on April 13 days after Tehran vowed to retaliate for a suspected Israeli strike on its consulate in Damascus on April 1. Iran had said it could close the crucial shipping route.

A wider conflict affecting trade flows through the Strait of Hormuz could result in 82.4 million tonnes or 112 billion cubic metres of LNG being removed from the global, senior Rystad analyst Lu Ming Pang said in a note.....

master rsi
17/4/2024
09:18
The Indices have been Moving higher for the last few minutes a change of heart after the recent movement lower.
master rsi
17/4/2024
09:02
MARKET REPORT
LONDON MARKET OPEN: Stocks mixed as UK data douses BoE cut hope

(Alliance News) - Stock prices in London opened mixed on Wednesday, with the FTSE 100 underperforming European peers, with a hotter than expected UK inflation reading lifting the pound.

The FTSE 100 index opened just 1.54 points higher at 7,821.90. Stacked with international earners, a stronger pound is a headwind for London's blue-chip index.

The FTSE 250 was down 29.46 points, 0.2%, at 19,315.08, and the AIM All-Share was up 1.86 points, 0.3%, at 740.14.

The Cboe UK 100 rose 0.1% to 781.35, the Cboe UK 250 was 0.2% lower at 16,721.39, and the Cboe Small Companies was up 0.1% at 14,701.72.

In European equities on Wednesday, the CAC 40 in Paris rose 0.6% and the DAX 40 in Frankfurt added 0.2%.

The Dow Jones Industrial Average ended 0.2% higher on Tuesday in New York. The S&P 500 fell 0.2% and the Nasdaq Composite lost 0.1%.

In Tokyo, the Nikkei 225 fell 1.3%. In China, the Shanghai Composite ended 2.1% higher, though the Hang Seng in Hong Kong fell 0.1%. The S&P/ASX 200 fell 0.1% in Sydney.

Against the dollar, sterling rose to USD1.2452 early Wednesday, from USD1.2435 at the time of the London equities close on Tuesday. The euro was flat at USD1.0629. Against the yen, the buck bought JPY154.61, rising from JPY154.51.

The UK consumer price inflation rate was a touch loftier than expected last month, numbers on Wednesday showed, though it cooled to its tamest level since September 2021.

According to the Office for National Statistics, the year-on-year rate of consumer price inflation ebbed to 3.2% in March, from 3.4% in February.

A slowdown to 3.1% was expected, according to FXStreet cited consensus, however. Nonetheless, it was still the tamest rate of inflation since it sat at 3.1% in September 2021.

The ONS said food price growth slowed in March, key to the rate of inflation easing.

"Prices for food and non-alcoholic beverages rose by 4.0% in the year to March 2024, down from 5.0% to February. The March figure is the lowest annual rate since November 2021," the ONS said.

Market Financial Solutions analyst Paresh Raja commented: "Inflation remains above the Bank of England's target of 2%, delaying an eagerly awaited rate cut for another couple of months at least. The over-riding sense is that the base rate will be cut in June, although all eyes are on the US Fed, with the Bank of England unlikely to act until cuts are made 'across the pond'."

Still to come on Wednesday, Bank of England Governor Andrew Bailey speaks at an event in Washington at 1700 BST. Megan Greene, part of the rate-setting Monetary Policy Committee, speaks at the same event at 1305 BST.

Dutch bank ING said UK data this week has dashed rate cut hopes.

"The Bank of England has pinned the timing of the first rate cut on wage growth and services inflation. The former came in hotter than expected in data released on Tuesday, and now the latest data on the latter has come in stickier than expected too. The result is that markets are now only full pricing the first rate cut in November," ING analysts said.

The US Federal Reserve's ongoing fight against inflation could take "longer than expected," the head of the US central bank said Tuesday, further paring back the chances of early rate cuts.

But three months of higher inflation data since the start of 2024 have threatened to undermine the expectation of interest rate cuts this year, with one senior Fed policymaker recently suggesting that rates could remain at their current levels until 2025.

"The recent data have clearly not given us greater confidence, and instead indicate that it's likely to take longer than expected to achieve that confidence," Federal Reserve Chair Jerome Powell said during an event in Washington on Tuesday.

"That said, we think policy is well positioned to handle the risks that we face," he added.

In March, Fed policymakers pencilled in three rate cuts for this year, leading markets to price in the first of them as early as June.

But hot March consumer inflation data caused many traders to reevaluate and push back their expectations.

In London, retailers traded largely lower in the wake of the data. Next lost 1.2%, while Marks & Spencer fell 1.1%.

Shielding the FTSE 100 from a deeper decline, however, was the mining sector. Anglo American rose 2.6%. Rio Tinto added 1.9%.

Rio Tinto rose despite it reporting lower quarterly iron ore shipments and production at its key Pilbara operation.

Antofagasta added 1.0%. It said copper output was weaker in its first-quarter, though it maintained guidance.

Mining shares had fallen on Tuesday following mixed Chinese data. China is a major buyer of minerals. The nation's gross domestic product grew in the first-quarter, though industrial production and retail sales readings were weaker than expected.

Asos shot up 9.3% as it said it is becoming "faster and more agile". The fashion retailer said revenue in the 26 weeks to March 3 fell 18% to GBP1.51 billion from GBP1.84 billion a year earlier. Its pretax loss, however, narrowed to GBP270.0 million from GBP290.9 million.

Asos hailed "disciplined inventory and cost management".

CEO Jose Calamonte said: "At the beginning of this year we explained that FY24 would be a year of continued transformation for ASOS as we take the necessary actions to deliver a more profitable and cash generative business. Under our back to fashion strategy, we set out three priorities for the year - to offer the best and most relevant product, to strengthen our relationship with customers and to reduce our cost to serve. We have delivered on each of these in the first half of the year."

It reiterated its guidance for a 5% to 15% sales decline for the full-year.

It named Dave Murray as chief financial officer, with effect April 29. Interim CFO Sean Glithero will stick around for a handover period but depart the company thereafter.

Liontrust rose 3.1%, reporting a fall in assets under management and advice over its financial year, but noting "continuous flows" into its European Dynamic Fund. It also reported "positive net sales by the Global Innovation team".

Assets under management and advice as of March 31 totalled GBP27.82 billion, down 11% from GBP31.43 billion at the start of the financial year. It suffered GBP6.08 billion worth of net outflows during the year, including GBP1.21 billion during the fourth-quarter. The fourth-quarter outcome was better than the GBP1.66 billion worth of net outflows it reported for the third.

Chief Executive Officer John Ions said: "Liontrust has improving investment performance in the short term as well as excellent performance over the long term and it appears the UK and other developed economies have reached peak interest rates. This follows a period in which many of our core investment strategies, notably quality growth, small/mid-caps and UK equities, have been out of favour, impacting both performance and flows.

"Of our product range, we have seen continuous flows into the European Dynamic Fund - with its AuMA increasing from GBP747 million as at 31 March 2023 to more than GBP1.4 billion as at 31 March 2024 - and positive net sales by the Global Innovation team in the period. We have made continued progress against our strategic objectives, enabling us to seek to generate growth through an expanding product range, distribution and client base."

Anglo Asian Mining fell 5.5% as it reported a decline in first-quarter output due to its "operations remaining partially shut down".

Anglo Asian is awaiting permission in Azerbaijan "to raise its tailings dam wall", which would get output back to a normal level.

Total production in the first-quarter declined to 2,548 gold equivalent ounces, from 10,969 a year earlier.

"Amid what has been a challenging time for the company, we have made important operational progress and our portfolio of development assets is progressing in line with our expectations. We await government permission to raise our tailings dam wall, a necessary step for resuming normal production levels and our ability to issue production guidance for the year. We anticipate the permit will be issued shortly and this will enable us to take advantage of the current strong metal prices," Chief Executive Reza Vaziri said.

It now expects first production from the Gilar mine in the fourth-quarter, and not the third.

A barrel of Brent oil fell to USD89.46 early Wednesday, from USD90.21 at the European equities close Tuesday. Gold traded at USD2,378.56 an ounce, falling slightly from USD2,379.66.

master rsi
17/4/2024
08:30
UK Inflation falls at a snail's pace
Proactive Investors - The March inflation print came in hotter than expected at 3.2% against market forecasts of 3.1%, though this still makes for the lowest year-on-year rate since August 2021.

Annual core inflation (which is a better indicator of consumer income pressures) slowed to 4.2% in March, the lowest since December 2021 and down from 4.5% in February.

Retail prices, which also came out this morning, decreased to 4.3% year on year in March from 4.5% in February, marking the lowest rate of retail price inflation since July 2021.

It paints a picture of dogged determination for the economy to cool, though at a slower rate than policymakers might hope.

Office of National Statistics chief economist Grant Fitzner noted that “food prices were the main reason for the fall, with prices rising by less than we saw a year ago”.

“Similarly to last month, we saw a partial offset from rising fuel prices,” he added.

George Lagarias, chief economist at Mazars said: “UK headline inflation is coming down at a snail's pace. While producer prices fell further, services inflation saw the biggest jump in over six months.

"The UK is hitting the same ‘sticky’ inflation patch as the US, the point where energy and goods have stopped dis-inflating prices, but services persist as the labour market remains tight.

“However, there is one big difference with the US: the British economy is in a technical recession, and demand is much weaker.

“Despite the slightly stronger than expected inflation number, the shallow economic trajectory still allows the Bank of England enough room to begin cutting rates this year."

master rsi
17/4/2024
08:19
FTSE

Not going anywhere yet but are down 6 points

master rsi
17/4/2024
07:54
Empire Metals Limited / LON: EEE / Sector: Natural Resources

Pitfield Project Joint Venture Agreement to Include All Minerals

Empire Metals Limited (LON: EEE), the AIM-quoted resource exploration and development company, is pleased to announce that the terms of the Joint Venture Agreement ('JV') covering the Pitfield Project in Western Australia ('Pitfield' or the 'Project') have been amended to include all minerals discovered within the Project tenements.

Under the revised terms of the 70% Empire and 30% Century Minerals Pty Ltd ('Century') JV, there are no exemptions or other separate mineral rights applying to Pitfield. The consolidation of all minerals under the one JV simplifies the ownership structure and eliminates the potential for multiple parties to be working on the same ground, exploring for different commodities and allows for the continued rapid development of Pitfield.

Highlights

· Under the original terms of the Sale and Purchase Agreement (dated 6th April 2022) Century retained 100% of the rights to Mineral Sands and the JV retained 100% of all mineral rights to any and all bedrock mineral deposits, inclusive of titanium minerals.

· Although both Empire and Century have made it clear that the titanium mineralisation discovered at Pitfield, hosted within the bedded sedimentary bedrock, was not classified as Mineral Sands and thus formed part of the existing JV property, the consolidation of all minerals under the JV prevents other potential third parties in the future from exploring for other minerals and allows for the continued and unencumbered development of Pitfield.

· Under the amended agreement, Empire has secured a redefinition of rights at the Pitfield Project, to 70% of all minerals present regardless of their physical or chemical nature, for a consideration of A$250,000 (approximately £129,000). This investment is aimed at continuing to create value for all shareholders.

· The consideration will be funded from existing cash reserves and will not impact the Company's strong financial position and fully funded work programmes.

Ed Baltis, Century Director and Major Shareholder, said: "We always held the view that Pitfield had the potential of becoming a world class mining project and we are delighted with the progress that is being made towards that goal under the stewardship of Empire Metals. The fact that the titanium-rich mineral system discovered at Pitfield is not a mineral sands deposit was never in question, and both Empire and Century have worked together to first explore the extent of this extraordinary mineral system and then to identify geological controls that define the higher grades. The consolidation of all minerals under the JV was a logical and strategically important next step, one that supports Empire and allows them to focus on unlocking the inherent value of this huge titanium-rich mineral system."

Shaun Bunn, Managing Director, said: "I am extremely pleased that, in collaboration with Century, all minerals discovered at Pitfield will be owned by the JV in which Empire, as the 70% majority owner, acts as manager and operator. This not only simplifies the ownership structure it also removes any perceived ambiguity in relation to distinguishing the difference between bedrock hosted titanium minerals and surface mineral sands. We have a great working relationship with Century, whose principals have personally assisted our exploration team in planning and executing the field work to date."

apotheki
17/4/2024
07:44
Deltic Energy Plc / Index: AIM / Epic: DELT / Sector: Natural Resources

Final Results

Deltic Energy Plc ("Deltic" or the "Company"), the AIM-quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern North Sea ("SNS") is pleased to announce its audited results for the year ended 31 December 2023 ("FY 2023") and that it has released an updated corporate presentation. The corporate presentation is available on the homepage at the Company's website: www.delticenergy.com.

Highlights

· Drilling of Pensacola prospect resulted in the largest discovery in the Southern North Sea in the last decade, at the upper end of our pre-drill estimates
· RPS Energy Ltd ("RPS") independently assessed Pensacola on the basis of a combined gas and oil case, estimating a gross 2C contingent resource of 72.6 mmboe (21.8 mmboe net to Deltic) and in the gas only case gross 2C contingent resource of 50 mmboe (15 mmboe net to Deltic)
· RPS also estimated a Post tax NPV10 in the combined case of $683m (gross) or $205m net to Deltic and $663m (gross) in the gas only case or $199m net to Deltic
· Planning has progressed for a well to be drilled with Shell over the Selene gas prospect followed by an appraisal well for Pensacola in the second half of 2024
· Rig contract signed and structured such that both Selene and Pensacola will be drilled back to back using the Valaris 123, a heavy duty jack-up rig, expected to commence July 2024
· Success in 33rd UK Licensing Round
· Cash position of £5.6 million at 31 December 2023 (2022: £20.4 million) with no debt
· Net cash outflow for the year of £14.8 million (2022: inflow £10.3 million) mainly for funding Pensacola exploration drilling and other exploration investments
· Completed a farmout of the Selene prospect to Dana Petroleum post-period end with Deltic fully carried for the estimated cost of the success case well

Graham Swindells, Chief Executive of Deltic Energy, commented:

"2023 was a transformational year for Deltic following the Pensacola discovery in the Southern North Sea in February. As one of the area's biggest discoveries in the past ten years, this was a fantastic result for the Company and is testament to the hard work carried out in the years leading up to this point. We continue to prepare for an appraisal well on Pensacola in Q4 this year, which I believe will take us a step closer towards commerciality. During 2023 we also continued to progress our equally significant Selene exploration prospect, culminating in an excellent farmout in early 2024. We are now in the enviable position of drilling two consecutive wells in the second half of the year, with two world class partners in Shell and Dana."

"I am delighted with the progress that Deltic made in 2023 and firmly believe we can continue on this trajectory throughout 2024. The UK needs to bolster its security of energy supply more than ever and I believe that Deltic will play a key role in this."

apotheki
16/4/2024
22:24
MARKET REPORT
LONDON MARKET CLOSE: Stocks down on fears on Fed, Iran-Israel tensions

Alliance News) - Stock prices in London closed down on Tuesday, as investors showed concern over rising geopolitical tensions between Iran and Israel, while hopes of three US Federal Reserve interest rate cuts this year continue to fade.

The interest rate picture in the UK was also muddied by the latest batch of jobless data. The unemployment rate rose although pay growth remained sticky, giving the Bank of England food for thought.

The FTSE 100 index closed down 145.17 points, 1.8%, at 7,820.36. The FTSE 250 ended down 354.35 points, 1.8%, at 19,344.54, and the AIM All-Share closed down 12.00 points, down 1.6%, at 738.28.

The Cboe UK 100 ended down 1.9% at 780.58, the Cboe UK 250 closed down 2.0% at 16,760.24, and the Cboe Small Companies ended down 1.0% at 14,693.29.

In European equities, the CAC 40 in Paris ended down 1.4% and the DAX 40 in Frankfurt down 1.6%.

According to the Office for National Statistics, the UK jobless rate picked up to 4.2% in the three months to February from 4.0% in the three months to January. January's three-month reading was upwardly revised slightly from 3.9%.

According to market consensus cited by FXStreet, a jobless rate of 4.0% was expected for the period to February.

The ONS noted average growth in regular earnings, so excluding bonuses, cooled slightly to 6.0% in the three months to February from 6.1% in the same period to January.

Including bonuses, average earnings rose 5.6%, in line with the growth seen in the three months to January, and above consensus of a 5.5% climb.

"Today's labour market report highlighted a story of two halves: a cooling jobs market dampened by slower growth and falling demand and with pay growth still stubbornly strong," said Deutsche Banak analyst Sanjay Raja.

ING's James Smith noted wage growth is "temporarily stuck in the 6% area, and that's another reason to think the Bank of England will wait until August to cut rates for the first time, despite signs of a cooling jobs market."

He described the data as a "mixed bag", but a "surprise surge in private sector pay will be what ultimately catches the eye of Bank of England policymakers".

A barrel of Brent oil fetched USD90.21 on Tuesday at the equities close in London, up from USD89.20 at the time of the London equities close on Monday.

US Treasury Secretary Janet Yellen warned in prepared remarks of further sanctions targeting Iran, following its unprecedented attack on Israel over the weekend.

The Treasury "will not hesitate to work with our allies to use our sanctions authority to continue disrupting the Iranian regime's malign and destabilising activity," according to excerpts of Yellen's speech ahead of the spring meetings of the International Monetary Fund and World Bank in Washington this week.

Months of war between Israel and the Palestinian militant group Hamas in Gaza have triggered violence in the region involving Iranian proxies and allies who say they act in support of Palestinians in the Gaza Strip.

But tensions have soared even higher with Tehran's first direct assault on Israel, in retaliation for an April 1 strike on Iran's consulate in Damascus.

The attack has prompted appeals for de-escalation by world leaders fearing wider conflict.

TreasuryOne analyst Andre Cilliers commented: "Safe-haven assets like the dollar and gold are in demand as risk sentiment turns negative on the heightened Middle East tensions and on receding bets that the Fed will cut rates any time soon. Israel has vowed to retaliate to Iran's strikes while US retail sales data continued to reflect a still robust US economy."

Against the dollar, sterling fell to USD1.2435 on Tuesday at the equities close in London, from USD1.2458 on Monday. The euro fell to USD1.0629 from USD1.0636. Against the yen, the dollar traded at JPY154.51, up from JPY154.32.

Gold rose to USD2,379.66 an ounce at the time of the London equities close on Tuesday from USD2,348.01 on Monday.

In London, there was a slew of M&A activity on Tuesday.

DS Smith agreed to a takeover from New York-listed International Paper.

The bid values DS Smith, the London-based paper and packaging company, at around GBP5.8 billion on a fully diluted basis, and its enterprise value at around GBP7.8 billion.

The deal values each DS Smith share at 415p.

The stock fell 4.0% to 393.40 pence. Mondi, also a DS Smith suitor, gave back 0.5%. Earlier this month, Mondi's 'put up or shut up' deadline was extended to the close of play on April 23.

TClarke jumped 29% to 161.31p as the engineering services company agreed to a GBP90.6 million takeover from natural gas supplier and metering provider Regent Gas.

Regent will pay 160p per TClarke share, and shareholders also stand to receive the final dividend of 4.525p.

"In addition to presenting an attractive premium for TClarke shareholders, this transaction presents tremendous opportunities for TClarke to chart its own course as part of a larger group with significant financial strength, flexibility and autonomy as TClarke continues to pursue its long-term strategies that will drive sustainable growth and innovation," TClarke Chief Executive Mark Lawrence said.

Hostmore added 5.6% as it agreed to combine with its own franchisor TGI Fridays Inc in a deal with an enterprise value of GBP177 million. The deal will see Hostmore shareholders owning a 36% stake in the combined unit, with current shareholders in TGI Fridays owning the remainder.

Casual dining chain TGI Fridays is currently owned by TriArtisan and MFP Partners. Because of the size of the stake in the combined company owned by TriArtisan and MFP, a waiver to rule 9 of the UK takeover code, which relates to mandatory offers, would need to be waived for the transaction to be completed. Completion is expected in the third quarter.

The enlarged firm would be listed on London's Main Market.

In addition, Hostmore said its first-quarter like-for-like revenue fell 7% on-year, "due principally to reduced consumer demand across the sector".

Dr Martens plunged 29% after a profit warning. The Northamptonshire, England-based boot maker said a worse case scenario would see pretax profit in the year to March 2025 of around one-third of the level in the year just gone.

It expects US wholesale revenue will fall by double-digits in financial 2025. The decline in wholesale has a significant impact on profitability, it explained, with a base assumption being in the region of a GBP20 million pretax profit impact year-on-year, assuming no meaningful in-season re-orders.

Dr Martens also expects a GBP35 million headwind from inflation where it is seeing single-digit inflation in its cost base but leaving selling prices unchanged.

The company also expects to continue to require the additional inventory storage facilities, and therefore the majority of the GBP15 million of extra costs incurred in financial 2024 are expected to repeat in 2025.

Chief Executive Kenny Wilson said, "The FY25 outlook is challenging, and the whole organisation is focused on our action plan to reignite boots demand, particularly in the US, our largest market. The nature of US wholesale is that when customers gain confidence in the market we will see a significant improvement in our business performance, but we are not assuming that this occurs in FY25.

"We have built an operating cost base in anticipation of a larger business, however with revenues weaker we are currently seeing significant deleverage through to earnings."

Dr Martens said Wilson will step down and that this "will be his final year" at the helm.

Wilson will be succeeded by Ije Nwokorie, currently chief brand officer.

Stocks in New York were largely above zero at the London equities close, with the DJIA up 0.3%, the S&P 500 index marginally up and the Nasdaq Composite flat.

In Wednesday's UK corporate calendar, miners Antofagasta and Rio Tinto, alongside bookmaker Entain, all post trading statements.

The economic calendar has consumer and producer price inflation reads out for the UK at 0700 BST and a eurozone CPI release at 1000 BST.

master rsi
16/4/2024
22:08
DOW

Finishing 63 points lower

master rsi
16/4/2024
16:18
How the UPS are performing today
master rsi
16/4/2024
16:04
Another rotten day as the Indices and the rest of the Commodities are down as well
master rsi
16/4/2024
15:48
World economy "resilient" but conflict risks food price hikes — IMF
(Alliance News) - The global economy has been "remarkably resilient" over the past two years but the escalation of conflict in the Middle East risks pushing up food and energy prices across the world, according to the International Monetary Fund (IMF).

The UK will eke out slower growth this year than previously thought and remain the second-worst performer in the G7 group of advanced economies, new forecasts showed.

The IMF said the global economy has had an "eventful" journey in the years since the Covid-19 pandemic.

Russia's war in Ukraine triggered a global energy and food crisis, and a surge in inflation, followed by central banks around the world hiking interest rates.

Pierre-Olivier Gourinchas, the IMF's director of research, said: "Yet, despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops."

Current risks to the global outlook are more or less balanced, meaning there could be both positive and negative surprises that skew forecasts, according to the IMF.

In terms of threats, the economists warned that the Israel-Hamas conflict could escalate further into the Middle East, while continued attacks on ships in the Red Sea and the ongoing war in Ukraine risk new price hikes.

This could see food, energy and transport costs spike around the world, with lower-income countries set to be harder hit.

Other risks include a possible slow recovery of China's troubled property sector, which would have a knock-on effect on global trading partners.

On the other hand, the outlook could be improved as a result of elections happening in many countries this year, which could lead to tax cuts and a short-term boost to economic activity.

In its new assessment of the world economy, the IMF said global output will grow by 3.2% this year, a 0.1 percentage point upgrade from its previous report in January.

It expects UK gross domestic product (GDP) to hit 0.5% this year, a slight downgrade from the 0.6% growth it had forecast in January.

This would make the UK the second weakest performer across the G7 group of advanced economies, behind Germany, which is set to see growth of just 0.2% this year.

The G7 also includes France, Italy, Japan, Canada and the US.

Growth is set to improve to 1.5% in 2025, where the UK's position will flip to sit among the top three best performers in the G7, according to the finance body's predictions.

This will be driven by inflation easing and household incomes recovering after a prolonged cost-of-living squeeze.

The IMF predicted that the UK will see consumer prices index (CPI) inflation of 2.5% over 2024, before the rate comes down further to reach the Bank of England's 2% target over 2025.

The group said the immediate priority for central banks around the world is to "ensure that inflation touches down smoothly, by neither easing policies prematurely, nor delaying too long and causing target undershoots".

A spokesperson for HM Treasury said: "Today's report shows we are winning the battle against high inflation, with the IMF forecasting that it will fall much faster than previously expected.

"The forecast for growth in the medium term is optimistic, but like all our peers, the UK's growth in the short term has been impacted by higher interest rates, with Germany, France and Italy all experiencing larger downgrades than the UK.

"With inflation falling, wages rising, and the economy turning a corner, we have been able to lower taxes for 29 million people, as part of our plan to reward work and grow the economy."

master rsi
16/4/2024
14:56
ups please CMH 1.25 mid.

Tiny market cap recovery stock with a consistent buyer of the shares. ( see todays RNS )

40% off very recent placing price.

Company has been around over 100 years.

sunshine today
16/4/2024
14:49
DOW

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