Overnight losses on US markets sparked by inflation fears have flowed through to Europe this morning, helping send the FTSE 100 down about 9 points to 4,583.
BP is up 3p to 537p as investors buy into the bigger cashflow rising oil prices portend. Shell, however, is down 5.5p to 412.5p as investors continue to bail out of the stock on the company’s recovery plans outlined yesterday, which include a massive hike in R&D to secure supplies of oil coupled with big plans to hive off assets. Reuters is down 8p to 322p after analysts at Morgan Stanley cut their earnings per share forecast. SABMiller, the brewer, is up 7.5p to 724p, adding to gains made yesterday on news of an acquisition of a competitor. Smiths Group, the defence and medical...
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