FTSE Gains Over Saudi Oilfield Attack, PBOC’s Reforms

FTSE 100 looks all set for its biggest rise in over 10 days following news of an attack on a Saudi oilfield which has helped oil companies'

Written by: Arslan Butt • Monday, August 19, 2019 • 1 min read

• Last updated: Monday, August 19, 2019

FTSE 100 looks all set for its biggest rise in over 10 days following news of an attack on a Saudi oilfield which has helped oil companies’ shares trade higher. FTSE has gained nearly 1% and is currently trading at a little above 7180.

Shares of Shell and BP climbed higher by over 1% as crude oil prices surged early on Monday. This follows the news of a drone attack on a Saudi oilfield by Yemeni separatists which took place over the weekend.

The rise in FTSE has also been fueled by a bull run in stocks of financial companies with business in Asia after PBOC introduced reforms to lower corporate borrowing costs. This news has helped HSBC’s shares gain nearly 2%, coming as some relief amid the rising tensions surrounding the ongoing US-Chhina trade war and its impact on global economy.