FTSE 100 rallies ahead of BoE’s decision, markets bet on Fed rate hikes

Be the First to Comment Read

FTSE 100 rallies ahead of BoE’s decision, markets bet on Fed rate hikes

 FTSE 100 rallies ahead of BoE’s decision, markets bet on Fed rate hikes
Image source: Copyright © 2021 Kalkine Media Pty Ltd.

UK Market: The UK stock market bounced back on Wednesday, with the blue-chip FTSE100 index gaining over 1.4%. Consumer stocks including Whitbread and WH Smith aided, the index with the declaration of their robust earnings. Markets are expecting the US Federal Reserve to go for a 0.75% rate hike tonight, marking the biggest such move since 1994. Also, the two-day meeting of the BoE’s monetary policy committee has started today, and it is also under the same pressure to go for a rate hike of 0.5% tomorrow.

WH Smith plc (LON: SMWH): The shares of the leading British retailer, WH Smith, were up by 6.88%, with a day’s high of GBX 1,452.00. Today the company has announced that in the 15 weeks to 11 June 2022, its revenues surged by 107% as compared to the 2019 levels.

Whitbread plc (LON: WTB): The shares of the UK-based leading hospitality business, Whitbread plc, were up by 5.30%, with a day’s high of GBX 2,702.00. The company has announced today that it has performed better than expected in the UK and Germany over the first quarter, with results well ahead of pre-covid levels.

BP plc (LON: BP.): The shares of the oil and gas supermajor, BP plc, were down by 1.63%, with a day’s low of GBX 427.85. The company has recently declared that it is buying a 40.5% stake in an Australian renewable energy mega-project.

US Markets: The US market is likely to get a positive start, as indicated by the futures indices. S&P 500 future was up by 35.75 points or 0.96% at 3,772.50, while the Dow Jones 30 future was up by 0.68% or 206 points at 30,581.00. The technology-heavy index Nasdaq Composite future was also up by 1.21% or 137.25 points, at 11,450.00. (At the time of writing – 9:20 AM ET).

The shares of the Chinese global tech firm Baidu (BIDU) were up by over 4% in the premarket trading session. This happened after the release of a Reuters report claiming that the company is planning to sell off its stakes in the video streaming company iQIYI.

The shares of the American business intelligence company, MicroStrategy (MSTR), plunged by over 2% in the premarket trading session. This happened after bitcoin hit an 18-month low level as the company has massive bitcoin holdings.

European Indices Performance (at the time of writing):

European Indices Performance

FTSE 100 Index One Year Performance (as on 15 June 2022)

1 Year FTSE 100 Chart

(Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), HSBC Holdings plc (HSBA), BP plc (BP.)

Top 3 Sectors traded in green*:  Financials (2.93%), Consumer Cyclicals (2.69%), Consumer Non-Cyclicals (1.93%)

Top sector traded in red*: Energy (-1.20%)

London Stock Exchange: Stocks Performance (at the time of writing):

 Stock Performance On LSE

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $120.65/barrel and $118.17/barrel, respectively.

Gold Price*: Gold price hovered at around US$ 1,827.50 per ounce, up by 0.77% against the prior day’s closing.

Currency Rates*: GBP to USD: 1.2070; EUR to USD: 1.0419.

Bond Yields*: US 10-Year Treasury yield: 3.393%; UK 10-Year Government Bond yield: 2.4425%.

*At the time of writing

WH Smith plc (LON: SMWH): The shares of the leading British retailer, WH Smith, were up by 6.88%, with a day’s high of GBX 1,452.00. Today the company has announced that in the 15 weeks to 11 June 2022, its revenues surged by 107% as compared to the 2019 levels.

Whitbread plc (LON: WTB): The shares of the UK-based leading hospitality business, Whitbread plc, were up by 5.30%, with a day’s high of GBX 2,702.00. The company has announced today that it has performed better than expected in the UK and Germany over the first quarter, with results well ahead of pre-covid levels.

Disclaimer

Speak your Mind

Featured Articles