BP rose as much as 2.8% to its highest since October on Friday morning, after Reuters reported that Abu Dhabi National Oil Company (Adnoc) is considering a takeover offer for a British company. It was one of the highest in terms of increase rate.
The UAE's state-owned oil company has been in direct talks with BP in recent months and has sought advice from investment banks about a potential deal, the people said.
However, the deliberations did not progress beyond preliminary discussions after Adnoc said BP was not a good fit for its strategy. The company was also concerned about the political aspects of the bid.
The Emirati company considered all options when considering BP, including buying a large stake, according to people familiar with the matter.
read more: UK economy grew slightly in February
Adnoc has pursued a series of European assets. Last year, the company made a non-binding bid of around €11.3bn (about £9.6bn, £12bn) to acquire German plastics and chemicals maker Covestro. It is also in talks with Austria's OMV to create a chemical group with combined annual sales of more than $20bn (£16bn).
In December last year, the company also agreed to acquire European chemical manufacturer OCI's stake in Fertiglobe, an ammonia and urea producer, for $3.6 billion.
Adnoc is currently supporting BP's hydrogen production project in Teesside, and last year the two companies partnered on a $2 billion venture to acquire 50% of Israeli gas company NuMed. However, this agreement was suspended in March due to the Gaza conflict.
The reason behind this is that British companies are attracting many foreign companies to take over as a result of falling stock prices on the London stock market.
Gold prices soared to an all-time high on Friday, breaking the $2,400 threshold for the safe-haven asset for the first time. This was due to the potential for increased tensions between Israel and Iran.
Meanwhile, silver traded at its highest since February 2021. Gold has soared this year, and silver has climbed along with it as central banks, including China's, ramp up purchases of precious metals.
This comes as Israel prepares for an attack from Iran expected within the next two days. The Wall Street Journal reported, citing people familiar with the matter, that this was in retaliation for last week's attack on the country's diplomatic facilities in Syria.
Ricardo Evangelista, senior analyst at ActivTrades, said: “As the rhetoric between the two rival powers becomes increasingly bellicose, investors are bracing for a conflict with significant geopolitical and economic implications. “The appeal of safe-haven assets is increasing.”
“The rise in gold prices was due to a stronger dollar and stronger-than-expected U.S. consumer and producer prices, which resulted in the Federal Reserve's expected first rate cut being postponed from June to November. This is especially noteworthy given the rise in government bond yields, which has been spurred by the
He added: “Given these prevailing circumstances, the trajectory of gold prices looks poised for further upside.”
Platinum and palladium also rose as the Bloomberg Dollar Spot Index traded near its highest since November.
Samsung fell 0.5% overnight as it prepares to announce a $44 billion investment in U.S. semiconductor manufacturing as soon as next week.
The world's largest semiconductor maker will be in Texas with Commerce Secretary Gina Raimondo to outline the project, Bloomberg reported.
However, the timing and details of the announcement may change before it is finalized, according to people involved.
Samsung has reportedly secured more than $6 billion in government subsidies, with investments expected to total $44 billion over multiple years.
The move comes as President Joe Biden's administration seeks to challenge China's technological rise and revitalize U.S. semiconductor manufacturing, which has shifted production to Asia for decades.
rose 4% in New York overnight on news that Apple plans to revamp its Mac product line with the AI-focused M4 chip.
The company aims to release its latest computers later this year or early 2025, including the new iMac, the low-end 14-inch MacBook Pro, the high-end 14-inch and 16-inch MacBook Pros, and the Mac mini.
Bloomberg reported that Apple plans to highlight the new chip's AI processing capabilities and how it will integrate with the next version of macOS.
Meanwhile, JPMorgan said the company has received interest from hedge fund investors who see potential for AI-related iPhone upgrades.
Analysts led by Samik Chatterjee said in a research note Thursday that “hedge fund investors are increasingly warming to the opportunity for an AI upgrade cycle,” starting with the iPhone, which launches later this year. The question remains as to whether it will be released in 2025 or not. .
Chatterjee added: “Hedge funds are looking at headwinds to create more tactical entry points ahead of the AI upgrade cycle.”
This comes after Apple's stock price has fallen by up to 13% this year due to sluggish sales in China.
clock: JP Morgan, Wells Fargo, and Citigroup report financial results
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