UK Market: The UK stock market was trading in the positive territory on Friday, with the blue-chip FTSE100 index gaining over 0.5 per cent. This came despite the pound still being at around its lowest level in over 30 years. Moving away from UK assets in the current environment, investors started dumping housebuilding stocks. This happened as the British Chambers of Commerce announced that the UK economy might fall into a recession phase by the end of 2022, and that the economic growth will remain weak till 2024.
Berkeley Group Holdings plc (LON: BKG): The shares of the property developing and house-building firm, Berkeley Group Holdings plc, plunged by 5.74%, with a day’s low of GBX 3,383.00. The company has recently announced an interim dividend of 21.25p per share.
Barratt Developments plc (LON: BDEV): The shares of the leading residential property development business, Barratt Developments plc, tumbled by 4.50%, with a day’s low of GBX 396.50. A case against the company for mis-selling of leasehold houses has been shut down recently.
Persimmon plc (LON: PSN): The shares of the UK-based housebuilding firm, Persimmon plc, plummeted by 4.04%, with a day’s low of GBX 1,410.50. The company has recently declared that its half-year earnings have gone down due to rising inflation.
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 2.75 points or 0.07% at 3,966.50, while the Dow Jones 30 future was down by 0.01% or 2 points at 31,660.00. The technology-heavy index Nasdaq Composite future was also down by 0.26% or 32.50 points, at 12,260.75. (At the time of writing – 8:00 AM ET).
The shares of the athletic apparel and leisurewear maker, Lululemon (LULU), surged by 9.5% in the premarket trading session. This happened after the company declared greater-than-expected results for the quarter along with upbeat prospects.
The shares of the chip maker, Broadcom (AVGO), rallied by 9.5% in the premarket trading session. This happened after the company announced better-than-expected revenues and earnings for the quarter, owing to robust demand.
European Indices Performance (at the time of writing):
FTSE 100 Index One Year Performance (as on 2 September)
Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), BP plc (BP.), Glencore (GLEN)
Top 3 sectors traded in red*: Healthcare (-0.21%), Utilities (-0.09%)
Top 3 sectors traded in green*: Real Estate (3.53%), Basic Materials (2.22%), Financials (2.11%)
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 $95.03/barrel and $89.34/barrel, respectively.
Gold Price*: Gold price was quoting at US$ 1,718.60 per ounce, up by 0.54% against the prior day closing.
Currency Rates*: GBP to USD: 1.1540; EUR to USD: 1.0007.
Bond Yields*: US 10-Year Treasury yield: 3.282%; UK 10-Year Government Bond yield: 2.9525
*At the time of writing