Banking stocks were boosted as traders predicted higher interest rates from central banks following hawkish comments from US Federal Reserve chairman Jerome Powell last week. Higher interest rates mean banks can charge more for loans, helping to boost their profit margins. Shell edged up slightly by 0.2 per cent, or 5.5p, to 2339.5p while BP slipped 1.9 per cent, or 8.55p, to 449.25p. The investment bank said shares in the group had ‘near-term upside potential’ and that forecasts for its 2022 performance were ‘too low’. Meanwhile, other major mining stocks fell amid fresh concerns a recession could dent global metal demand.

Source: Daily Mail August 30, 2022 22:35 UTC