IMF cuts UK growth forecasts; Oil eases to below $100 and stocks rebound - MARKETS LIVE
Oil has retreated to below $100 a barrel while stocks rise as Iran suggested it was open to striking a deal with the US, despite the collapse in talks over the weekend.Even as the US began its blockade of the Strait of Hormuz, a wave of relief spread across markets as Donald Trump said Iranian negotiators were keen to strike a deal.Iranian President Masoud Pezeshkian said the country was open to talks but only within the framework of ‘international law’.Brent crude dipped below $100 per barrel to around $98, with Asian stocks up overnight and the S&P 500 closing above its pre-war level. The FTSE 100 is up 10 points at 10,595. But the US is still playing hardball, going ahead with its blockade of the Strait of Hormuz, which came into effect on Monday afternoon (London time). Trump said the US would block Iranian vessels and any ships that paid tolls.Vice President JD Vance said the US had shown ‘two can play at that game… If the Iranians are going to try to engage in economic terrorism… no Iranian ships are getting out, either.’Elsewhere today, Rachel Reeves is in Washington DC for an International Monetary Fund (IMF) summit. UK growth forecasts have been slashed as higher energy prices take their toll, raising the risk of stagflation and recession. If you are reading on the This Is Money app, click here. IMF slashes UK growth forecasts Morrisons plots more job cuts FTSE flat as oil inches towards $100JP Morgan traders cash in on Iran war with record quarterly results Intertek surges 11% as it mulls separation of businessesRetailers boosted by early Easter BP flags 'exceptional' quarter on higher oil prices
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IMF cuts UK growth forecasts; Oil eases to below $100 and stocks rebound - MARKETS LIVE
