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FTSE 100 rallies by 5.7% in 2024 in ‘a year of resilience’ for the stock market – as it happened

www.theguardian.com 31-12-2024 04:25 1 Minutes reading

Rolling coverage of the latest economic and financial news, on the final trading day of the year

Wall Street is set for a calm final session of 2024, judging by the latest futures prices which show the Dow flat:

European gas prices are also higher today, with the month-ahead contract up 0.8% at €48.25/MWh.

Gazprom said it would send only 37.2 million cubic metres on Tuesday compared to 42.4 mcm on Monday. Flows are expected to fall to zero from the early hours of Jan. 1 after the expiry of the five-year transit agreement.

Its demise marks the almost complete loss of Moscow’s once mighty hold over the European gas market. Ukraine refused to negotiate a new deal because of the war.

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Factory closures highlight the turbulent shift to a green economy, exposing political challenges and the urgent need for a equitable move to net zero

One of the biggest political battles of the future began to take shape in 2024, yet it did not centre on Westminster. Instead, try Grangemouth in central Scotland, Port Talbot in south Wales and Luton in the south of England. Their stories were not front-page staples, but each was of huge significance – locally, nationally and economically.

Grangemouth is Scotland’s sole oil refinery, whose owners confirmed in September that it would shut, to be replaced by a terminal taking in imported fuel – with nearly 400 workers losing their jobs. In the last days of September, the only remaining blast furnace at Port Talbot was shut down, as part of a restructuring that will cost 2,800 employees their jobs. At the end of November, staff at Vauxhall in Luton were told the plant would shut, ending 120 years of the carmaker’s association with the town and putting between 1,100 and 2,000 jobs at risk. One result was two days of protests in the town a week before Christmas.

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