Blog Post

Headlinesn > Business > Tea crisis brews as prices surge – latest updates

Tea crisis brews as prices surge – latest updates

The FTSE 100 has edged higher despite a hit from BP shares, following gains for Asian shares and US markets.

The blue-chip FTSE 100 was up 0.2pc, while the mid-cap FTSE 250, which gained heavily following Labour’s election win, was flat.

The energy sector was down as much as 1.8pc following a 2.4pc loss for BP, which took it to the bottom of the FTSE 100. 

The oil giant warned about a $2bn (£1.6bn) hit to its second-quarter profits amid related to a refinery in Germany and weak oil trading.

Precious and industrial metal miners rose as much as 1.1pc and 1pc, respectively, in tandem with gold and copper prices.

However, investors were cautious ahead of Federal Reserve chairman Jerome Powell’s two-day testimony before the Congress, which comes against the backdrop of weakening jobs market data increasing bets of a September rate cut.

In corporate news, Indivior plummeted 37.3pc after the drugmaker said it would cut about 130 jobs and lowered its profit forecast for the year.

Recruiter PageGroup tumbled 11.3pc to the bottom of the FTSE 250 after warning of lower annual profit, which it blamed on weaker-than-expected hiring in June and a more cautious view for the second half of the year.

#Tea #crisis #brews #prices #surge #latest #updates

Leave a comment

Your email address will not be published. Required fields are marked *