FTSE 100 recoils despite political uncertainty and economic worries

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FTSE 100 recoils despite political uncertainty and economic worries

 FTSE 100 recoils despite political uncertainty and economic worries
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UK Market: The UK stock market rebounded on Wednesday, with the FTSE 100 index gaining over 1.5%. The blue-chip index recovered from its worst session in three weeks despite political uncertainty in the country and economic worries. Sterling slumped near a two-year low on Tuesday after two senior UK cabinet ministers, Rishi Sunak and Sajid Javid, resigned. The week pound has supported the exporter-heavy blue-chip index this year despite spiralling inflation and growing fear over the economic recession. UK housebuilders also reported a slowdown in activity in June, with S&P Global/Clips construction purchasing managers’ index (PMI) dropping to 52.6 from 56.4 in May. This marks the lowest expansion in construction activity since September 2021.

Trainline Plc (LON: TRN): The share of the world’s leading independent rail and coach travel platform, Trainline Plc gained around 21.5%, with a day’s high of GBX 353.20. The company has raised its full-year guidance after reporting a faster than anticipated recovery in rail passengers across Europe.

Abrdn Plc (LON: ABDN): The share of the UK-based global investment company, Abrdn Plc, gained around 7.5%, with a day’s high of GBX 162.10. The company has announced a share buyback programme worth £300 million.

Robert Walters Plc (LON: RWA): The share of recruitment company Robert Walter Plc, gained around 4%, with a day’s high of GBX 540.00. The company reported a rise in quarterly net fee income after it predicted full-year profit above market expectations amid a recovery in permanent hiring globally.

 US Markets: The US market is likely to get a flat start, as indicated by the futures indices. S&P 500 future was down by -4.18 points or 0.12% at 3,830.60, while the Dow Jones 30 futures was up by 0.03% or 9.84 points at 30,977.66. The technology-heavy index Nasdaq Composite future was up by 0.10% at 11,796.59 (At the time of writing – 9:45 AM ET).

US Market News:

The share of Uber (UBER) and DoorDash (DASH) fell by 3.1% and 7.5%, respectively, in the premarket trading session, after Amazon (AMZN) struck a deal to add membership in rival food delivery service Grubhub as a free benefit for its prime members.

The share of the American tobacco company, Altria (MO) gained 2.7% in the premarket trading session after the FDA temporarily suspended its ban on Juul e-cigarette products. The company has a 35% stake in Juul.

 European Indices Performance (at the time of writing):

European Indices Performance

FTSE 100 Index One Year Performance (as on 6 July 2022)

 1 Year FTSE 100 Chart

(Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Barclays Plc (BARC) and BP Plc (BP.).

Top 3 Sectors traded in green*: Industrials (2.70%), Real Estate (2.65%) and Consumer Non-Cyclicals (2.37%).

Top 3 Sectors traded in red*: Energy (-1.01%).

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

 : London Stock Exchange stock performance

Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $104.27/barrel and $100.16/barrel, respectively.

Gold Price*: Gold price was hovering at around US$ 1,759.85 per ounce, down by 0.22% against the prior day closing.

Currency Rates*: GBP to USD: 1.1904; EUR to USD: 1.0192.

Bond Yields*: US 10-Year Treasury yield: 2.809%; UK 10-Year Government Bond yield: 2.0675%.

*At the time of writing





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