FTSE 100 dragged down as real wages take a hit

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FTSE 100 dragged down as real wages take a hit

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 FTSE 100 dragged down as real wages take a hit
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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 0.3 per cent. The downward slide can be attributed to the figures released today by the Office for Nation Statistics (ONS) showing that real wages of UK workers have dropped by a record 3% amid the spiralling cost of living crisis. Not taking bonuses into account, the regular pay surged by 4.7% in Q2, but this above-expected figure represents a huge decline when adjusted for inflation. The ONS said that unemployment rate was stable at 3.8% while the number of job opening went down.

 

Fresnillo plc (LON: FRES): The shares of the miner focused on precious metals, Fresnillo plc, surged by 1.47%, with a day’s high of GBX 733.40. Owing to lesser gold production and a drop in silver price, the company has recently reported its profits going down by over 50%.

Diageo plc (LON: DGE): The shares of the leading beverage alcohol business, Diageo plc, rallied by 1.25%, with a day’s high of GBX 3,896.00. The company has recently reported its annual sales going up due to customers drinking more expensive whiskey in spite of price hikes.

Coca-Cola HBC AG (LON: CCH): The shares of the bottler of Coca-Cola products, Coca-Cola HBC AG, soared by 1.08%, with a day’s high of GBX 2,060.00. The company has recently reported robust volumes for the first half of the year and is confident about its bright prospects.

 

US Markets: The US market is likely to get a sluggish start, as indicated by the futures indices. S&P 500 future was down by 37.75 points or 0.88% at 4,270.25, while the Dow Jones 30 future was down by 0.64% or 217 points at 33,900.00. The technology-heavy index Nasdaq Composite future was also down by 0.99% or 135.75 points, at 15,522.75. (At the time of writing – 9:15 AM ET).

 

The shares of the home improvement retailer, Lowe’s (LOW), surged by 1% in the premarket trading session. This happened after the company reported quarterly earnings of $4.67 per share, which were 9 cents more than estimated.

The shares of the leading doughnut chain, Krispy Kreme (DNUT), plunged by 14.7% in the premarket trading session. This happened after the company reported less-than-expected revenues and profits for the second quarter of the year.

 

European Indices Performance (at the time of writing):

 

FTSE 100 Index One Year Performance (as on 17 August)

                                                                  

                                                            (Source: Refinitiv)

 

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Rolls-Royce Holdings plc (RR.), BP plc (BP.)

Top 3 sectors traded in red*:  Real Estate (-1.92%), Consumer Cyclicals (-1.12%), Financials (-1.07%)

Top 3 sectors traded in green*:  Consumer Non-Cyclicals (0.53%), Energy (0.40%)

 

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 $92.50/barrel and $87.06/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,785.95per ounce, down by 0.21% against the prior day closing.

Currency Rates*: GBP to USD: 1.2068; EUR to USD: 1.0162.

Bond Yields*: US 10-Year Treasury yield: 2.880%; UK 10-Year Government Bond yield: 2.3005%.

*At the time of writing

 

 

 

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