UK market in upbeat mood after Truss apologises for "mistakes"

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UK Market: The UK market made strong progress on Friday, continuing its gains after yesterday's announcement from chancellor Jeremy Hunt to reverse the tax cuts. At about 1:00 pm GMT+1, the FTSE 100 was nearly 1.20% up, while the FTSE 250 was trading nearly 0.8% higher. This came as prime minister Liz Truss apologised for the "mistakes" made during the first few weeks of her tenure.

Rio Tinto PLC (LON: RIO): Shares of the mining company rose nearly 1% after it slightly adjusted its annual guidance due to the downside risks to demand for commodities.

Ibstock PLC (LON: IBST): The clay bricks and concrete products manufacturer posted strong quarterly results and also raised its previous guidelines for the full year. Its shares rallied over 5% after its latest figures.

Bellway PLC (LON: BWY): The housebuilder posted its results on Tuesday, reporting a jump in full-year profits. Its revenues and completions also touched record highs. However, on a reported basis, the pre-tax profit was down 36.5% in the year. Shares of the company fell over 2.8%.

US Markets: The US market is likely to open in green, as indicated by the futures indices. S&P 500 future was up by 94.88 points or 2.65% at 3,677.95, while the Dow Jones 30 future was up by 1.86% or 550.99 points at 30,185.82. The technology-heavy index Nasdaq Composite future was also up by 3.43% or 354.41 points, at 10,675.80. (At the time of writing – 8:39 am ET).

Shares of the pharmaceuticals and consumer packaged goods Johnson & Johnson (JNJ) rose 1.4% in the premarket trading session after it surpassed the top and bottom estimates for the third quarter. The company has narrowed its earnings outlook due to the impact of the US dollar.

Shares of the toymaker Hasbro (HAS) slid 3.5% in the premarket trading session after the company announced its adjusted quarterly profit of $1.42.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 18 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*: Basic Materials (2.13%), Industrials (1.94%), Consumer Cyclicals (1.79%)

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 $91.47/barrel and $84.42/barrel, respectively.

Gold Price*: Gold price was quoting at US$1,658.05 per ounce, down 0.36% against the prior day's closing.

Currency Rates*: GBP to USD: 1.131; EUR to USD: 0.9837.

Bond Yields*: US 10-Year Treasury yield: 4.003%; UK 10-Year Government Bond yield: 4.0555%.

*At the time of writing



 

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