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UK Market: The UK stock market gained in the early trading hours on Tuesday but failed to continue the momentum and slipped into red by the afternoon. At around 1:30 pm GMT+1, the blue-chip FTSE100 index was trading 0.08% lower, while the FTSE 250 index slipped 0.33%. Investors were awaiting the key US inflation data, which is to be released on Tuesday. The CPI data for August is expected to show that inflationary pressures during the month peaked.
BT Group PLC (LON: BT.A): Shares of the leading British telecom provider were up by 0.35% after Deutsche Bank upgraded its rating from sell to hold. The broker viewed the stock as more expensive than its industry peers but said it could benefit from the halt on planned tax rises.
Ocado Group PLC (LON: OCDO): Shares of the grocery technology provider slumped over 13% after the company said the full-year sales at Ocado Retail would see a decline due to consumers facing inflattinary pressures.
Marks and Spencer Group PLC (LON: MKS): Shares of the company, which holds a 50% stake in Ocado Retail, fell nearly 3% following the latter's update on its full-year guidance.
US Markets: The US market is likely to get a decent start, as indicated by the futures indices. S&P 500 future was up by 43.05 points or 1.06% at 4,110.41, while the Dow Jones 30 future was up by 0.71% or 229.63 points at 32,381.34. Meanwhile, the technology-heavy index Nasdaq Composite future was up by 1.27% or 154.10 points, at 12,266.41. (At the time of writing – 9:10 AM ET).
US Market news
Shares of the fashion rental firm Rent the Runway (RENT)—slumped 22% in the premarket trading session after it announced that it'll lay off almost a quarter of its corporate workforce. The company also said it is slashing $25 million to $27 million in fixed costs due to the uncertain economic conditions.
Shares of the Swedish food company Oatly (OTLY) fell 1.8% in the premarket trading session after Credit Suisse slashed its rating from outperform to neutral, saying its ability to compete will be impacted by rising prices in Europe and Asia.
European Indices Performance (at the time of writing):
FTSE 100 Index One Year Performance (as on 13 September)
(Source: Refinitiv)
Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Vodafone Group plc (VOD), Barclays plc (BARC)
Top 3 sectors traded in red*: Real Estate (-2.71%) Healthcare (-1.48%), Consumer Cyclicals (-1.39%),
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 $93.46/barrel and $87.00/barrel, respectively.
Gold Price*: Gold price was quoting at US$ 1,713.75 per ounce, down by 1.59% against the prior day's closing.
Currency Rates*: GBP to USD: 1.1553; EUR to USD: 1.0172.
Bond Yields*: US 10-Year Treasury yield: 3.418%; UK 10-Year Government Bond yield: 3.1595%
*At the time of writing
