FTSE 100 descends as brent crude weakens

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FTSE 100 descends as brent crude weakens

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 FTSE 100 descends as brent crude weakens
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UK Market: The UK stock market was trading in the negative territory on Wednesday, with the blue-chip FTSE100 index losing over 1 per cent. The index extended the losses of the previous session and its performance deteriorated following the weakening of the US markets for the third consecutive session, attributed to the aggressive monetary tightening stance of the Fed. Oil giants like BP and Shell suffered from losses as brent crude fell to $96 per barrel. Heavyweight stocks like AstraZeneca and Centrica also plunged.

Shell plc (LON: SHEL): The shares of the renowned oil industry firm, Shell plc, were down by 3.40%, with a day’s low of GBX 2,260.00. The CEO of the company has cautioned that the ongoing energy crunch may extend for more than one winter.

BP plc (LON: BP.): The shares of the oil and gas supermajor, BP plc, were down by 3.50%, with a day’s low of GBX 433.55. The company is restarting its Whiting refinery in a phased manner after it was closed in the earlier week due to electrical fires.

AstraZeneca plc (LON: AZN): The shares of the leading producer of pharmaceutical items, AstraZeneca plc, were down by 2.59%, with a day’s low of GBX 10,686.00. Its CEO has questioned the value of the yearly Covid booster shots for healthy people, claiming that it is not in fair use of taxpayer money.  

 

US Markets: The US market is likely to get an average start, as indicated by the futures indices. S&P 500 future was up by 5.25 points or 0.13% at 3,993.25, while the Dow Jones 30 future was up by 0.01% or 4 points at 31,779.00. The technology-heavy index Nasdaq Composite future was also up by 0.51% or 62.50 points, at 12,421.25. (At the time of writing – 8:10 AM ET).

 

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 31 August)

                                                                   

                                                                       (Source: Refinitiv)

 

 

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

Top 3 sectors traded in red*:  Energy (-3.67%), Utilities (-2.97%), Healthcare (-2.24%)

Top 3 sectors traded in green*:  Consumer Cyclicals (0.34%)

 

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 $95.12/barrel and $89.08/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,724.95 per ounce, down by 0.65% against the prior day closing.

Currency Rates*: GBP to USD: 1.1620; EUR to USD: 0.9995.

Bond Yields*: US 10-Year Treasury yield: 3.132%; UK 10-Year Government Bond yield: 2.8085

 

*At the time of writing

 

 

 

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