Business
Stock markets tumble as oil prices surge in biggest weekly gain since 2020
Global stock markets have continued to take a hammering as oil prices rocketed in their biggest weekly gain for six years, with no sign of a swift resolution to the conflict in the Middle East.
London’s FTSE 100 Index slumped 1.6% lower at one stage before closing about 130 points, or 1.2%, lower at 10,284.75 on Friday.
Declines were compounded by heavy falls on Wall Street, with the S&P 500 and Dow Jones indexes down about 1.1% after European markets had closed.
Gloomy jobs data in the US were adding to market woes, and there were similar declines across Europe as the Dax in Germany and France’s Cac 40 were both 1.5% down at one stage, before paring back some of the losses to close 0.9% and 0.7% lower, respectively.
By Friday evening, benchmark Brent crude prices shot up by as much as another 10% to 94 US dollars a barrel, reaching levels not seen for three years, after Kuwait reportedly joined Qatar and said it was beginning to halt energy production.
The sharp gains since the US-Israel war with Iran began on Saturday mean oil prices have risen by more than 25% so far this week – the biggest weekly gains since early 2020 at the height of the Covid-19 pandemic.
Comments from US President Donald Trump that there would be no end to the conflict until an “unconditional surrender” of the Iranian regime has further dashed hopes of a de-escalation.
Kathleen Brooks, research director at XTB, said: “There is not much to stop (oil) from hitting 100 dollars per barrel in the near term.
“Until the oil price stabilises it’s hard to see how stock markets and bond prices can recover.”
She cautioned over further stock market falls next week.
“If the war continues to escalate over the weekend, we think that markets will continue to sell off, especially after the rapid increase in oil prices today,” she said.
UK Government borrowing costs have also risen sharply this week due to inflation fears.
The yields on 10-year government bonds, also known as gilts, have jumped from 4.27% at the start of the week to 4.62% on Friday, with fears that soaring fuel and energy bills will put paid to further interest rate cuts.
“The rapid repricing of monetary policy expectations and the UK’s history of high energy prices means that UK gilts are particularly vulnerable to this energy price spike,” Ms Brooks said.
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Top stocks to buy today: Stock recommendations for April 24, 2026 – check list – The Times of India
Stock market recommendations: Bharat Electronics, and Colgate-Palmolive (India) have been recommended as the top stocks to buy today (April 24, 2026) by Bajaj Broking Research. Take a look at the target prices and expected returns:Bharat ElectronicsBuy in the range of ₹ 440.00-450.00
The stock is in structural up trend forming higher high and higher low in all time frame signaling strength and continuation of the uptrend. The entire up move of the last 8 months is in a rising channel as can be seen in the chart highlighting sustained demand at an elevated level.On the smaller time frame, the stock is at the cusp of generating a breakout above the bullish Flag like formation as post a sharp up move in the first 3 weeks of April the stock went into a consolidation phase in the last four sessions. It is seen resuming up move and is at the cusp of generating a breakout above the bullish Flag formation highlighting continuation of the up move and offers fresh entry opportunity.We expect the stock to extend the up move and head towards 495 levels in the coming months being the confluence of the 123.6% external retracement of the previous decline 473 – 400 and the upper band of the rising channel of the last 8 months.Colgate-Palmolive (India)Buy in the range of 2120-2160
The share price of Colgate-Palmolive has generated a breakout above bullish Flag pattern signaling continuation of the up move and offers fresh entry opportunity.We expect the stock to head higher towards 2330 levels in the coming months being the measuring implication of the bullish flag breakout.The daily 14 periods RSI is in buy mode thus supports the positive bias in the stock.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
It is unusual for a senior figure at the Bank to be so forthright on market movements.
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Consumer confidence has fallen for the third consecutive month amid household “jitters” over rapid price rises, figures show.
GfK’s long-running consumer confidence index fell four points to minus 25 in April, following falls of two points and three points in March and February respectively.
The deepening concern was driven by perceptions of the UK economy, with a six-point slide in confidence for the next 12 months to minus 43, its lowest level since February 2023.
Confidence in personal finances over the coming year fell five points to minus four – one point lower than this time last year.
The major purchase index – an indicator of confidence in buying big ticket items – held steady, albeit at minus 18 but one point better than last April.
The only measure to improve was the savings index – often an indication that households are concerned about their finances and looking to build contingency funds – which is up five points to 32.
Neil Bellamy, consumer insights director at GfK, said: “Consumers really do have the jitters now.
“It is a year since we last saw a monthly drop of this size, and we have to go back to October 2023 to find the last time consumer confidence was lower.
“Everyone is grappling with rapid price rises, especially at the fuel pumps, which are taking a dent out of household budgets, and people know further price hikes are coming.
“Consumer confidence is deteriorating sharply, with fuel prices and threats of more energy price increases acting as constant reminders of inflation.
“While the Gulf crisis is intensifying pressures, much of the current strain reflects earlier domestic cost increases.
“How long can all this disruption and pain continue?”
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