Oil price slides as US and Iran pause fire; cancer treatments help AstraZeneca beat profit forecasts – business live

AI Summary

Oil prices dropped sharply amid easing tensions between the US and Iran and Houthi attacks on Saudi oil facilities. European stock markets rallied, while central banks including the Federal Reserve and Bank of England are expected to keep interest rates steady this week amid inflation concerns.

Rolling coverage of the latest economic and financial news European stocks are rallying this morning as investors rejoice at a sharp drop in oil prices. The Stoxx Europe 600, which tracks the biggest companies on the continent, is up by 0.9%. The UK’s blue chip FTSE 100 is up 0.5%, while the French Cac 40 is up 1.1% and the German Dax is up 1.5%. The situation has been further complicated by Houthi attacks on oil facilities in Saudi Arabia although a path to deescalation is the bull case. In addition, while fears are growing that the Federal Reserve could consider hiking interest rates in its meeting this week due to inflationary concerns, the majority view is that rates will remain on hold although a September rise is on the cards. The Bank of England will be considering similar issues this week, although it also is expected to leave rates unchanged at its meeting on Thursday. Continue reading...