Traders today bet that old-fashioned energy stocks, the much derided “Big Oil”, might do well as green concerns are overtaken by economic pressures.
Political turmoil might also lead to environmental issues taking a back seat, at least for a while.
There was a sort of Boris-bounce yesterday as markets seemed to embrace the PM’s resignation. That wasn’t repeated today, but the City did at least hang on to the gains after a decent showing on Wall Street yesterday and in Asian markets overnight.
Meanwhile, US jobs data has cemented market expectations of a 75 basis point rise by the Federal Reserve.
