If a week is a long time in politics, sometimes it can be a lifetime in financial markets. On Wednesday the guys were reflecting on how calmly stocks and bonds were behaving, and within a day the situation had turned on its head.
The International Energy Agency has declared the current disruption ‘the largest in the history of the oil market’. European power prices are surging, and UK interest rate expectations have swung from cuts to one or even two increases.
While oil majors like BP (BP.) and Shell (SHEL) are reaping the whirlwind, housebuilders and banks are collateral damage. Stocks like Barratt Redrow (BTRW), Persimmon (PSN), and even NatWest (NWG) have been through the mill this week.
On a positive note, US memory chip maker Micron (MU) posted strong Q2 results, but concerns over cash burn linger. Here, Unilever (ULVR) is in focus as it begins talks with a US buyer for its food business, as James explains.
There are more consumer names reporting next week, with Kingfisher (KGF) hoping to emulate Wickes (WIX) with a ‘beat and raise’. Also, retail bellwether and serial surpriser Next (NXT) has results next week, so watch this space.
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