UK Market News: The UK stock market made a sluggish start on Monday, though the blue-chip FTSE 100 index edged higher in the late trade. Gains in Vodafone stocks after UAE telecom group’s ‘e&’ brought a 9.8% stake in the telecommunication company for US $4.4 billion supported the index. The subdued data from China revealed the economic impact of the country’s zero-Covid policy that stoked slowdown concerns in the world’s second-largest economy. Investors are concerned that sharply rising inflation can further push up interest rates, which will damage the global economy.
Made.com Group Plc (LON: MADE): The shares of the retail company that designs and retails homewares and furniture online were down by around 13%, with a day’s low of GBX 49.55. the company lowered its guidance for 2022 due to highly challenging market conditions and posted a 10% drop in sales in the first quarter.
Greggs Plc (LON: GRG): The share of the UK-based bakery chain was down by around 2%, with a day’s low of GBX 2,110.00. The company reported a good start to 2022 and left its guidance for the full year unchanged. It also warned that costs are continuing to rise, with pressure on consumer incomes set to increase in the final six months.
Vast Resources Plc (LON: VAST): The share of the mining and resource development company was up by around 41%, with a day’s high of GBX 1.50. the company reported that it has repaid in full the outstanding bonds owed to Atlas Special Opportunities LLC.
US Markets: The US market is likely to have a negative start today, as suggested by the trading in futures indices. S&P 500 future was down by 22.39 points or 0.58% at 4,002.07, while the Dow Jones 30 futures was down by 0.25% or 81.53 points at 32,115.14. The technology-heavy index Nasdaq Composite future was down by 0.81% at 12,293.49 (At the time of writing – 9:39 AM ET).
US Market News:
The shares of the ultra-low-cost passenger airline Spirit Airlines (SAVE) surged by 19.3% in the premarket trading session after JetBlue (JBLU) launched a US$30 per share tender offer for its rival airline. Previously the company rejected a bid by JetBlue, preferring to keep a previously stuck deal to merge with Frontier Group (ULCC).
The shares of the online used car retailer Carvana (CVNA) jumped by 13.3% in the premarket trading session after the company forecasted significant core earnings for 2023 and detailed its plans to cut costs.
European Indices Performance (at the time of writing):
FTSE 100 Index One Year Performance (as on 16 May 2022)
Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Vodafone Group Plc (VOD), and Tesco Plc (TSCO).
Top 3 Sectors traded in green*: Basic Materials (1.02%), Real Estate (0.80%) and Utilities (0.55%).
Top 3 Sectors traded in red*: Consumer Non-Cyclicals (-0.25%), Consumer Cyclicals (-0.13%), Industrials (-0.06%)
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 $110.12/barrel and $107.38/barrel, respectively.
Gold Price*: Gold price quoted at US$ 1,802.10 per ounce, down by 0.31% against the prior day’s closing.
Currency Rates*: GBP to USD: 1.2258; EUR to USD: 1.0428.
Bond Yields*: US 10-Year Treasury yield: 2.918%; UK 10-Year Government Bond yield: 1.7835%.
*At the time of writing