Pound hits 10-week high against the euro amid German election fears – business live

Sterling has risen to €1.14 for the first time since early JulyLatest: Sterling rises against weak euroGerman election result hits single currencyCatalan election worries hit euro tooBombardier workers fear job losses over Boeing caseShrinking Jaffa Cake rowEarlier:Brent crude hits $59 per barrel, US crude at $52Kurdish independence vote angers Turkey 2.47pm BST US markets have moved ahead at the start of trading, as technology stocks recovered from Monday’s falls.But investors remained nervous amid the continuing tensions between North Korea and the US. So the Dow Jones Industrial Average is up 50 points or 0.23% while the S&P 500 opened 0.16% higher and the Nasdaq Composite 0.37%. 2.35pm BST Back with oil, and the latest surge may not continued but the market may now be better balanced, says Andrew Kenningham at Capital Economics:The latest rise in oil prices reflects concerns about Kurdish supply and hopes for another extension of OPEC’s output cuts, neither of which may have a lasting influence on prices. But the oil market has become better balanced over the past year, suggesting that prices should remain fairly stable…There are several reasons for the recent rise in prices. Most significantly, the underlying demand and supply for oil have been coming into balance over the past year or so. There has been a steady increase in demand as global growth has picked up. And the increase in supply has been constrained by the OPEC-led production cuts, for which compliance has continued to be surprisingly good. Continue reading…
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