Closing post
Time to wrap up... here are today’s main stories.
The British Chambers of Commerce, who conducted the survey, urged ministers to tackle the problems, with supplementary deals to smooth trade across the channel.
Consumes have been warned to expect higher prices after Nestlé and Reckitt both warned they would pass on higher costs to consumers.
European sales have hit a record January low, as semiconductor shortages hampered production.
European stock markets have fallen, on fresh concerns that a Russian invasion of Ukraine could be imminent. The FTSE 100 fell by 0.9%, while Wall Street is down around 1%.
Nasdaq, S&P 500, Dow Jones slump, bonds rally as Ukraine prompts safety trade https://t.co/3s7JaV8yvm via SeekingAlpha #news #SeekingAlpha
— BlackCentaur (@JacekWierzbicki) February 17, 2022
US jobless claims have risen, while housing starts dropped in January as bad weather hampered construction workers.
There has been a pickup in US #unemployment aid
— Victoria Scholar (@VictoriaS_ii) February 17, 2022
Latest weekly US initial #jobless claims hit 248k vs 225k week-on-week, and worse than analysts were expecting
Jobless claims hit a 52-year low in December but Omicron has pushed them higher since
Here are today’s other main stories:
Goodnight. GW
Susannah Streeter, senior investment and markets analyst, Hargreaves Lansdow, sums up the day:
‘’Financial markets took a turn for the worse after warnings from the US administration that there is evidence on the ground that Russia is moving towards an imminent invasion of Ukraine. Reports of firing in a border region and accusations that Moscow is orchestrating a false flag operation, an intent to pin the blame for starting conflict on Ukrainian forces, has ratcheted up tensions and led to more investors seeking less risky positions.
The price of gold, seen as a safe haven in times of crisis has risen by another 1.37% to $1896 an ounce, an 8 month high. Equity markets dropped with US indices falling on the open and the FTSE 100 lost more ground with once again travel stocks bearing the worst of the losses. Data out from Eurocontrol and the ONS earlier had showed the sector flying into brighter skies with UK daily flights up 17% compared to the previous week, with the lift off helped by half term holiday bookings. It’s feared that recovery for airlines could be derailed if a conflict breaks out on the doorstep of Europe.
This concern has seen British Airways (IAG) fall by around 4%, Wizz Air by more than 7% and Rolls Royce, so highly reliant on the commercial air travel, dropped 3%. Cruise company Carnival also saw a 2.5% fall in its share price as worries mount about travellers’ sentiment.
Evraz, the Russia focused mining and steel production company was the biggest faller on the FTSE 100 amid heightened worries about the effect sanctions will have on the business. For now the increased tensions haven’t pushed up the oil price, instead Brent crude dropped around 2.2% to $92.6 dollars a barrel. The price is proving much more sensitive to the better prospects for Iranian output, with negotiators of the Iran nuclear deal saying an agreement is closer than ever. An accord would provide supply side relief but fresh falls in the oil price are still likely to be limited by the ever more tense situation surrounding Ukraine.‘’
