London markets flat despite Middle East friction - MarketWatch

London markets were flat as geopolitical tensions could not dent the week’s central bank-driven rally.

How did markets perform?

The U.K.’s FTSE 100 UKX, +0.18%  was also flat, trading at 7,426.5. It increased 1.2% Thursday.

The pound GBPUSD, -0.4409%  fell 0.4% to $1.2656, after ticking down 0.1% Thursday.

The continuing tensions in the Middle East continued to lift crude oil benchmarks. The West Texas Intermediate (WTI) CL.1, +1.21%  front month contract traded at $57.22/bbl., up 0.3%, and the Brent front month contract BRN.1, +1.72%  was at $64.82/bbl., up 0.6%.

What’s moving the markets?

The New York Times reported that U.S. President Donald Trump ordered airstrikes on Iran in response to the downing of an unmanned U.S. drone, but withdrew the order before it could be executed. The two sides had disagreed over whether the drone was in international or Iranian airspace when it was shot down. Reuters reported that, according to Iranian sources, Trump warned Tehran via Oman that an attack was imminent and called for talks.

The race to be the next U.K. Prime Minister narrowed to two as the Conservative Party leadership contest came down to former Foreign Secretary Boris Johnson and current Foreign Secretary Jeremy Hunt. Environment Secretary Michael Gove was eliminated in a fresh ballot among the party’s MPs, losing to Hunt by two votes. The final result will be determined by a postal vote of the Conservative membership, with the result expected the week of July 22.

Which stocks are active?

Large oil companies across Europe gained on the rise in the oil price. BP PLC BP, +1.75% rose 1.8%. Royal Dutch Shell PLC RDS.A, +1.77% RDS.B, +1.84%  climbed 1.2%.

Cruise operator Carnival PLC CCL, -7.65%  sank 2.3% as it slashed earnings guidance for the full year on Thursday. The company cited factors including the Cuba travel ban by the U.S. and softness in bookings by European customers.

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https://www.marketwatch.com/story/london-markets-flat-despite-middle-east-friction-2019-06-21

2019-06-21 10:17:00Z
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