FTSE 100 falls post tax plan U-turn

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UK Market: The UK stock market was trading in the negative territory on Monday, with the blue-chip FTSE100 index losing over 0.5 per cent. This happened after it was confirmed that the UK government would abandon its plans to eliminate the country’s top tax rate. This was a major U-turn taken by the government on a crucial fragment of its Budget proposals. With this the pound moved back toward $1.13. UK Chancellor Kwasi Kwarteng referred to the 45p tax rate as a distraction.

SSE plc (LON: SSE): The shares of the global energy firm, SSE plc, were up by 2.42%, with a day’s high of GBX 1,564.50. The company has kept its full-year earnings forecast unaffected despite the potential impact of unfavourable weather on its output.

BP plc (LON: BP.): The shares of the multinational oil and gas giant, BP plc, were up by 2.33%, with a day’s high of GBX 443.20. The company is planning to redeploy offshore personnel to its Na Kika and Thunder Horse platforms.

Vodafone Group plc (LON: VOD): The shares of the global telecom firm, Vodafone Group plc, were up by 2.20%, with a day’s high of GBX 103.34. The company has confirmed that it is in talks with CK Hutchison regarding Three merger.

US Markets: The US market is likely to get a decent start, as indicated by the futures indices. S&P 500 future was up by 65 points or 0.46% at 3,618.00, while the Dow Jones 30 future was up by 0.58% or 168 points at 28,965.00. Meanwhile, the technology-heavy index Nasdaq Composite future was also up by 0.06% or 6.50 points, at 11,043.00. (At the time of writing – 8:15 AM ET).

The shares of the American automotive firm, Tesla (TSLA), plunged by 5.7% in the premarket trading session. This happened after the company reported less-than-forecasted deliveries of vehicles over the third quarter.

The shares of the satellite company, ViaSat (VSAT), surged by 5.9% in the premarket trading session. This happened after it was reported that the company is selling a military communications unit to L3Harris Technologies for almost $2bn.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 3 October)    


                                                        (Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Vodafone Group plc (VOD),  Barclays plc (BARC)

Top 3 sectors traded in green*:  Energy (2.13%), Technology (0.80%), Utilities (0.70%)

Top 3 sectors traded in red*: Healthcare (-1.64%), Financials (-1.28%), Industrials (-1.08%)

London Stock Exchange: Stocks Performance (at the time of writing):

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $88.69/barrel and $83.16/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,673.95 per ounce, up by 0.12% against the prior day closing.

Currency Rates*: GBP to USD: 1.1209; EUR to USD: 0.9767

Bond Yields*: US 10-Year Treasury yield: 3.718%; UK 10-Year Government Bond yield: 3.9565%

*At the time of writing


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