UK market muted as Liz Truss quits as PM

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UK Market: The UK market was muted on Thursday after Liz Truss announced that she is stepping down as the UK prime minister. At around 1:43 pm GMT+1, the benchmark index FTSE 100 was down 0.05%, while the mid-cap-focused FTSE 250 was down 0.52%. Truss' resignation comes after just 45 days into Number 10, making it one of the quickest power turnovers the country has ever seen. 

Schroders PLC (LON: SDR): The shares of the asset management company went marginally up by 0.2% even as its assets under management dropped by £21 billion in the third quarter of the year. The latest figures from the company reflect the financial crisis that the country is witnessing.

Bunzl PLC (LON: BNZL): The shares of the multinational distribution and outsourcing company slipped over 1.6% after it raised concerns over the slowing macroeconomic environment. It, however, kept its full-year guidance unchanged at constant exchange rates.

AJ Bell PLC (LON: AJB): Shares of the investment services provider were down over 2.3% after it posted its year-end trading update for the year ended 30 September. The company's gross inflows fell to £10.1 billion from £10.9 billion in FY21, while the net inflows slipped to £5.8 billion from £7.0 billion last year.

US Market: The US market is likely to open in the red, as indicated by the futures indices. S&P 500 future was down by 24.82 points or 0.67% at 3,695.16, while the Dow Jones 30 future was down by 0.33% or 99.99 points at 30,423.81. The technology-heavy index Nasdaq Composite future was also down by 0.85% or 91.89 points, at 10,680.51. (At the time of writing – 9:17 am ET).

The shares of the telecom firm AT&T (T) surged 2.4% in the premarket trading session after it surpassed profit and revenue expectations in the third quarter.

The shares of airline American Airlines (AAL) rose 2.6% in the premarket trading session after it exceeded top and bottom line expectations for the third quarter of the year. The numbers were boosted by the rising travel demand.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 20 October)

(Source: Refinitiv)

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

Top 3 sectors traded in green*: Energy (2.09%), Real Estate (1.23%), Financials (0.02%)

Top 3 sectors traded in red*:  Healthcare (-2.07%),  Technology (-1.48%), Real Estate (-0.81%)

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 $93.68/barrel and $86.31/barrel, respectively.

Gold Price*: Gold price was quoting at US$1,638.25 per ounce, up 0.25% against the prior day's closing.

Currency Rates*: GBP to USD: 1.1264; EUR to USD: 0.9801.

Bond Yields*: US 10-Year Treasury yield: 4.153%; UK 10-Year Government Bond yield: 3.8915%.

*At the time of writing



 

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