Wednesday,01 February 2023 17:20:44

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Wednesday,01 February 2023 at 17:21

The chief executive of BP plans to “dial back” a push into renewable energy after disappointment with the financial returns it has so far generated, according to reports.

Bernard Looney is said to have told colleagues he is disappointed with the outcomes so far from the company’s push into areas such as wind and plans to narrow its focus.

He is also said to believe that BP needs to do more to convince shareholders that it is focused on maximising profits and will place less emphasis on so-called ESG commitments.

UK and European markets closed lower, with investors keeping a close eye on the U.S. Federal Reserve’s next monetary policy decision later today.

U.S. stocks were lower at the open as traders awaited the latest monetary policy decision from the Federal Reserve later in the afternoon afternoon.

Oil prices ticked down as the market looks towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday.

Gold priced lower.

Markets

At the close

FTSE 100 7,761 (-0.14%)

FTSE 250 19,898 +0.23%

DAX 15,180 +0.35%

At 17:15

Dow Jones 33,774 (-0.90%)

S&P 500 4,057 (-0.46%)

NASDAQ 11,550 (-0.29%)

Fixed Income

UK 10-YR YIELD 3.310

Exchange Rates

GBP/USD 1.230

GBP/EUR 1.127

Commodities

Gold $1,922 (-0.29%)

Brent $82.57 (-3.38%)

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.