Five Things You Need to Know to Start Your Day

08 Apr 2019, 01:17 PM IST

(Bloomberg) --

Good morning. Fighting in Libya supported crude oil prices overnight amid a mixed session for stocks, U.K. Prime Theresa May attempted to justify her discussions with the opposition Labour party, IPOs might be making a comeback, and it was an expensive weekend at the races for British bookmakers. Here’s what’s moving markets.

Tripoli Tensions

Oil was the focus of markets in Asia overnight as fighting in Libya encroached the capital of Tripoli, elevating the risk of new oil supply outages from the OPEC member. Crude futures edged higher after capping their best week in almost two months, while gold also gained after China continued its bullion-buying spree. Asian stocks were mixed after U.S. President Donald Trump’s top economic adviser said that Washington and Beijing are “closer and closer” to a trade deal.

Fed Up

The U.K. is fed up. The EU is fed up. Everybody is fed up with the Brexit deadlock, according to U.K. Chancellor of the Exchequer Philip Hammond, who reiterated his call to consider second referendum proposals. Prime Minister Theresa May took the unusual step of filming a social media video in which she attempted to justify her ongoing talks with the opposition Labour party, while European Council President Donald Tusk wants to delay the divorce for as long as a year.

Return of the IPO

The first quarter was the quietest for eight years for IPOs in London, according to consultant EY. This week will mark a big test for the European market as Middle East payments firm Network International starts trading, a day before Stadler Rail begin publicly traded life in Switzerland. The listings market has already gotten started in the U.S. with Lyft Inc. taking up plenty of attention.

Bookies Bashed?

U.K. bookmaker shares could underperform on Monday after the biggest British horse race of the year was won by the heavily backed favorite. The second consecutive Grand National victory for Tiger Roll, owned by Ryanair Holdings Plc boss Michael O'Leary, could cost bookies plenty in payouts to jubilant punters, one firm told The Racing Post, though some say they fared better than others.

Coming Up...

Plenty to look forward to as the week progresses. The European Central Bank will announce its latest policy decision on Wednesday rather than its traditional Thursday slot, but on Monday the Federal Reserve will hold a meeting considering the rules on oversight of foreign banks and there will be a summit between Russia’s Vladimir Putin and Turkey’s Recep Tayyip Erdogan.

What We’ve Been Reading

This is what’s caught our eye over the weekend.

The big business of Japanese cherry blossoms.
Where does Rudy Guiliani’s money come from?
Italy’s legendary movie lot is primed for new productions.
The humble billboard is having a moment.
Even robots are confused about Brexit.
How Russian billionaires are exploiting a lull in sanctions.
Tackling the U.S. wealth gap with ‘baby bonds.’