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UK Market: The UK stock market was trading in the negative territory on Tuesday, with the blue-chip FTSE100 index losing 0.71 per cent. This happened as sterling continues to get weakened continued today following the currency hitting its lowest level since March 2020 as compared to the US dollar. The darkening economic outlook of the UK has pushed the pound to just over $1.17 amid the rising prospects for a further US interest rate hike next month. The US dollar has also hit a fresh 20-year record level against the euro, surpassing the parity limit on the back of recession fears in Europe.
BP plc (LON: BP.): The shares of the oil and gas supermajor, BP plc, were up by 0.87%, with a day’s high of GBX 452.90. The company’s subsidiary Castrol Ltd has recently signed a strategic deal with Chinese manufacturer BYD.
Pershing Square Holdings Ltd (LON: PSH): The shares of the hedge fund manager, Pershing Square Holdings Ltd, were up by 0.56%, with a day’s high of GBX 2,705.00. The company has recently declared pretax losses in the first half of the year.
Croda International Plc (LON: CRDA): The shares of the British company engaged in making chemicals, Croda International Plc, were down by 2.37%, with a day’s low of GBX 6,912.00. The company has recently declared that its pre-tax profits have gone up in the first half of the year.
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 1.75 points or 0.04% at 4,14.00, while the Dow Jones 30 future was up by 0.04% or 12 points at 33,070.00. The technology-heavy index Nasdaq Composite future was also up by 0.09% or 11.75 points, at 12,919.50. (At the time of writing – 8:45 AM ET).
The shares of the videoconferencing company, Zoom Video Communications (ZM), were down by 11.5% in the premarket trading session. This happened after the company declared better-than-expected earnings for its recent quarter, but its revenue was not as much as predicted.
The shares of the cybersecurity company, Palo Alto Networks (PANW), were up by 9.3% in the premarket trading session. This happened after the company announced better-than-expected results for the quarter and released a positive forecast.
European Indices Performance (at the time of writing):
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FTSE 100 Index One Year Performance (as on 23 August)
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(Source: EODHD/Others)
Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Glencore plc (GLEN), Vodafone Group plc (VOD)
Top 3 sectors traded in red*: Industrials (-1.87%), Utilities (-1.46%), Consumer Non-Cyclicals (-1.40%)
Top 3 sectors traded in green*: Energy (1.33%)
London Stock Exchange: Stocks Performance (at the time of writing):
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Crude Oil Future Prices*: Brent future crude oil (future) price and WTI crude oil (future) price were hovering at $97.86/barrel and $91.89/barrel, respectively.
Gold Price*: Gold price was quoting at US$ 1,749.30 per ounce, up by 0.06% against the prior day closing.
Currency Rates*: GBP to USD: 1.1764; EUR to USD: 0.9925.
Bond Yields*: US 10-Year Treasury yield: 3.068%; UK 10-Year Government Bond yield: 2.6215
*At the time of writing
