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Oil prices surge on export cuts whilst European housing construction flounders

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OPEC+ extend oil supply cuts

The oil cartel OPEC+, made up of multiple oil producing nations, announced that they would extend their curbs to oil supply – notably from Russia and Saudi Arabia. Russia has said that they will cut production by 300,000 barrels a day, whilst Saudi Arabia will dramatically reduce their output by one million barrels a day. This sent oil prices back above $90 for the first time this year. Oil stocks climbed on the back of the news and as a result, so did some of the major indexes. 

Eurozone housing construction drops to pandemic levels

PMI (Purchasing Manager Index) data released yesterday revealed an almighty drop in housing construction across the Eurozone and in the UK. It’s the fastest pace of decline in the sector since the pandemic, which shows a real slowing in the economy. Property construction companies have been suffering with falling stock prices in the last few weeks, with Persimmon (PSN) notably falling off the FTSE 100 and Barratt (BDEV) just yesterday announcing flailing profits. 

Manchester United off the market

The US owners of Manchester United (MANU) have announced that they have not received a suitable offer to buy the club and take it private. There had been rumours of a British billionaire, as well as a Qatari Sheikh in the running to buy the club outright and take it off the publicly listed stock market. On the back of the news, the shares fell by the most ever in one day, plummeting by 18% and wiping around $700 million off the value of the club. 

Sources: BBC, Bloomberg, Financial Times, Yahoo Finance

Zoe Burt