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UK Market News: The UK market moved lower on Wednesday, with the blue-chip FTSE 100 index falling around half a per cent. According to the latest report from the Organisation for Economic Co-operation and Development (OECD), the UK will be the worst-performing major economy next year as it is on the brink of recession because of sharply rising inflation, supply chain crisis, and shortage of staff. The organisation forecasted that the UK economy will expand by 3.6% this year but will see zero growth next year, and inflation will peak at more than 10% at the end of this year and will stay at 7.4% at the end of 2023. On Wednesday, economic fears kept the sterling under pressure against the US dollar amid increasing investors’ concern over a confidence vote on Boris Johnson that left him politically vulnerable.
Wizz Air Holdings Plc (LON: WIZZ): The share of low-cost airline company, Wizz Air Holdings Plc was down by almost 10%, with day’s low of GBX 2,425.00. The company reported that its pre-tax loss has widened for FY2022 after booking higher costs. However, it has reported an operating loss in Q1 2023, which will be higher than the €108.6 million loss reported in Q1 2022.
Aveva Group Plc (LON: AVV): The share of the information technology consulting company Aveva Group Plc was up by around 7%, with a day’s high of GBX 2,437.00. The company reported a solid set of results in FY2022 as the business recovered from the disruption caused by the pandemic. However, it expects the war in Ukraine and the sanctions against Moscow to hit revenue.
Melrose Industries Plc (LON: MRO): The share of the British manufacturing company rose by almost 7%, with a day’s high of GBX 156.20. The company confirmed that it would pay out up to £500 million to shareholders under the share buyback programme after this week agreeing to the disposal of its Ergotron business.
US Markets: The US market is likely to get a negative start, as suggested by the futures indices. S&P 500 future was down by -21.70 points or 0.53% at 4,138.40, while the Dow Jones 30 futures was down by 0.61% or 201.91 points at 32,978.23. The technology-heavy index Nasdaq Composite future was up by 0.04% at 12,716.13 (At the time of writing – 10:16 AM ET).
US Market News:
The share of American food processing company Campbell Soup (CPB) rallied 3.7% in the premarket trading session after it reported an adjusted quarterly profit of 70 cents per share, 9 cents above forecast. The company’s sales also beat forecasts and raised its full year outlook.
The share of pharmaceutical and biotechnology company Moderna (MRNA) rose by 1.6% in the premarket trading session after it reported that data would be submitted to US regulators in the coming weeks on a modified version of its Covid-19 booster shot prompting a stronger immune response than the company’s original vaccine for omicron variant.
European Indices Performance (at the time of writing):
FTSE 100 Index One Year Performance (as on 8 June 2022)
(Source: Refinitiv)
Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group Plc (LLOY), BP Plc (BP.) and Vodafone Group Plc (VOD).
Top 3 Sectors traded in green*: Energy (0.29%).
Top 3 Sectors traded in red*: Basic Materials (-1.88%), Real Estate (-1.40%), Financials (-0.94%).
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 $121.75/barrel and $120.67/barrel, respectively.
Gold Price*: Gold price hovered at US$ 1,852.75 per ounce, up by 0.03% against the prior day’s closing.
Currency Rates*: GBP to USD: 1.2553; EUR to USD: 1.0736.
Bond Yields*: US 10-Year Treasury yield: 3.012%; UK 10-Year Government Bond yield: 2.2620%.
*At the time of writing
