Today's financial news

Tuesday 1st August

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With markets looking resoundingly positive, even lower oil profits can’t dampen the mood

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Global markets embracing the positive wave

Asian stocks hit a 16-month high overnight, whilst US stocks bagged their longest winning streak in over two years. That being said, there are a few bumps in the road throughout the week, with the US employment and jobs data due, as well as a decision from the Bank of England on interest rates. However, Australia decided for the second month in a row to make no adjustments to their interest rates. This leaves many people crossing their fingers, in the hope that other countries will be able to follow suit and keep the positive waves rolling. 

Oil giants earnings

BP released their earning results yesterday, which showed a fall in profits. The 10% increase to their dividend, however, dispelled any worries that the markets may have felt with the share price climbing. Fellow oil giant, Shell, also released disappointing earnings last week, with other major European oil and gas names including Eni, Exxon and Chevron all showing a slowdown in growth from last quarter. In the grand scheme of things, the profit levels are still relatively high, but they’re not as high as they have been in recent times, owing to the inflated oil and gas prices stemming from the invasion of Ukraine. 

A post-summer Birkenstock sale

The Financial Times reported that the owners of the famous summer footwear brand, Birkenstock, may be looking to go public. The IPO of the company, currently owned by the private equity firm L Catterton, may take place as soon as September, with rumours swirling that the company could be valued as highly as $8billion. With Birkenstock recently partnering with the luxury brand Manolo Blahnik, and many luxury labels including LVMH and Burberry, this could be the opportunity for Birkenstock to take a step in a different direction. 

Sources: AJ Bell, Financial Times, IG, Yahoo Finance, Nasdaq, Elle

Zoe Burt