Oil Prices Surge and stocks tumble as barrage of missiles in the Middle East prompts supply fears in a region that accounts for a third of global oil production. Us Trade Paralysis dockworkers threaten to continue striking for as long as necessary with ports along the East And Gulf coasts remaining shut for a second day. Also on the programme, could technology bring extinct species back to life . We speak to the boss of a De Extinction Company hoping to resurrect the Woolly Mammoth. Live from london, this is business today. Lets start with the Middle East, where, as weve been reporting, israel has warned of grave consequences after iran launched a barrage of missiles at targets across the country on tuesday. Oil prices have been surging as traders fear a full scale regional war could disrupt Energy Supplies to the global market. Brent crude rose as much as 5 to 75. 40 a barrel in intraday trading. Lets Take A Look at the latest Oil Price now. Up up1. 36 , up 1. 36 , 74 up1. 36 , 74 and
Im nowjoined by our North America Business correspondent ritika gupta. What is it that markets make of what they are saying . They are nervous because they dont know whats going to happen next. Yes. The mood of nervousness. Little change now but losses off the back of those Middle East tensions. There is a dent to risk appetite. Markets dont like Uncertainty And Risk now is can this respondent is this going to blow into wider war. One of the sectors that is bucking the trend and going higher Todays Energy stocks and that is off the back of oil as you mentioned. It was up as much as 3 today and continuing again from yesterday over Supply Disruption concerns. Yesterday we saw some of those Safe Haven assets like gold, we are seeing some of Varese Today but i still think overall there is this wait and see mode and a very risk of town. Is this Waitandsee Mode and a very risk of town. Very risk of town. There is one thing they very risk of town. There is one thing they are very risk of town
Lets start in the us where its been a tumultuous week on the markets following the publication of a series of reports on the state of the Labour Market. On thursday, one of the latest of these reports showed private employers in the us posting their smallest monthly hiring growth since january 2021, with just under 100,000 new positions. On wednesday, government data showed Job Openings dropped to a 3. 5 year low injuly with 7. 67 million vacancies. And later today, all eyes will be on the Monthlyjobs Survey of employers and households. Last month, the Labor Department reported the Unemployment Rate had hit 4. 3 injuly up from 3. 5 a year earlier. This report is one of the most important gauges of the state of The Worlds largest economy and it is coming at a critical time with the president ial campaign under way. So what might be in store . Joining me now is kyle handley, associate professor of economics at the university of california san diego. Every so much apprehension, you just h
It is a mixed picture in asia at the moment. Moment. Lets get brexit done was the mantra of conservative leader and british Prime Minister Boris Johnson going into last weeks election, and many argue it was a key part of the partys winning campaign. However, now the talking is over, and the party has to deliver on that pledge. The brexit date when the uk leaves the European Union is set for 31 january 2020. Prime minister Boris Johnson agreed a deal with the eu, but it still needs to go through parliament. A vote could take place as soon as friday. Assuming its a yes, the next priority will be to negotiate a post brexit trade deal with the eu. Talks are expected to begin in march after all 27 eu nations agree to a formal negotiating mandate. These negotiations arguably need to produce a final agreement by the end ofjune. That is the point at which the uk has to decide whether or not to extend the transition period. But mrjohnson has ruled out any form of extension. If no trade deal has
welcome, here s what you need to know in business this hour. and we start with brexit. the uk prime minister borisjohnson is set to visit northern ireland later in a bid to restore its government. less than two weeks after the election, the democratic unionist party has blocked efforts to restore northern ireland s assembly, by refusing to elect a speaker. it s objecting to the so called northern ireland protocol the trading arrangement set up after brexit to keep northern ireland aligned with eu trade rules. the party says that creates a trade border in the irish sea and that puts it at an economic disadvantage. it says it wants to send a message to westminster and brussels that reform of the arrangement is necessary. but the uk business secretary kwasi kwarteng has told the bbc the government isn t looking for a trade war with the eu. we think it would be completely self defeating if they went into a trade war but it is up to them. what i am concerned about is political s