FTSE 100 declines, GDP figures spark the fears of recession

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FTSE 100 declines, GDP figures spark the fears of recession

 FTSE 100 declines, GDP figures spark the fears of recession
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UK Market News: The UK stock market was down on Thursday, with the blue-chip FTSE 100 index declining by around 2%. This happened after the Office for National Statistics (ONS) released the monthly GDP data, according to which the UK’s GDP declined by 0.1% in March after not growing at all in February. This has added to the fears of recession amid skyrocketing inflation levels. The powerhouse services sector was the main contributor to the decline, as per ONS.

Coca-Cola HBC AG (LON: CCH): The shares of the Swiss-based beverage company, Coca-Cola HBC AG, was up by 4.41%, with a day’s high of GBX 1,668.50. The company has reported a rise in its quarterly revenues and has declared that it would reduce its presence in Russia in the wake of the war.

BT Group plc (LON: BT.A): The shares of the UK-based telecommunications holding firm BT Group plc were up by 3.32%, with a day’s high of GBX 182.30. The company has reported greater-than-expected underlying profits for the last year and has thus decided to reinstate its final dividend.

JD Sports Fashion plc (LON: JD.): The shares of the leading sports fashion retailer, JD Sports Fashion plc, were up by 2.73%, with a day’s high of GBX 122.15. The sales of the company have improved, and despite trainer shortage, it expects an improvement in profits.

US Markets: The US market is likely to have a sluggish start, as indicated by the futures indices. S&P 500 future was down by 36.25 points or 0.92% at 3,94.00, while the Dow Jones 30 future was down by 0.67% or 214 points at 31,520.00. The technology-heavy index Nasdaq Composite future was also down by 1.59% or 190 points, at 11,779.75. (At the time of writing – 8:45 AM ET).

The shares of the luxury fashion holding company, Tapestry (TPR), went up by 2.9% in the premarket trading session. The company has declared higher-than-expected quarterly profits of 51 cents per share, which is 10 cents more than the estimation.

The shares of the amusement park corporation, Six Flags (SIX), went up by 7.7% in the premarket trading session. The company has declared lower-than-expected quarterly losses along with higher revenues, which were supported by a surge in spending per guest and attendance.

European Indices Performance (at the time of writing):

European Indices Performance

FTSE 100 Index One Year Performance (as on 12 May 2022)

1 Year FTSE 100 Chart

(Source: Refinitiv)

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

Top 3 Sectors traded in red*: Basic Materials (-4.43%), Real Estate (-2.98%), Energy (-2.83%)

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

                                                      Stock Performance On LSE

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $106.68/barrel and $105.42/barrel, respectively.

Gold Price*: Gold price was quoted at US$ 1,8645.72 per ounce, down by 0.42% against the prior day’s closing.

Currency Rates*: GBP to USD: 1.2207; EUR to USD: 1.0407.

Bond Yields*: US 10-Year Treasury yield: 2.870%; UK 10-Year Government Bond yield: 1.7085%.

*At the time of writing

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