FTSE 100 slides despite GDP improvement, retail stocks surge

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FTSE 100 slides despite GDP improvement, retail stocks surge

 FTSE 100 slides despite GDP improvement, retail stocks surge
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UK Market: The UK stock market was trading in the red on Wednesday, with the blue-chip FTSE100 index losing over 0.7%. This happened despite the latest figures from the Office for National Statistics released today, revealing that the performance of the UK economy was better than expected in May. After witnessing a contraction of 0.2% April, the UK economy grew by 0.5% in May, primarily owing to the growth in construction and manufacturing activity in the face of rising cost pressures. Retail stocks rallied after the GDP news gave them a confidence boost.

Associated British Foods plc (LON: ABF): The shares of the UK-based food processing business, Associated British Foods plc, surged by 0.85%, with a day’s high of GBX 1,601.00. In the third quarter, the revenues generated by the group have jumped by 32% as per recent updates.

Diageo plc (LON: DGE): The shares of the leading British beverage business, Diageo plc, gained 0.56%, with a day’s high of GBX 3,617.50. The company has appointed Debra Crew as its new Chief Operating Officer on 12 July.

Fresnillo plc (LON: FRES): The shares of the Mexican mining business, Fresnillo plc, were up by 2.73%, with a day’s high of GBX 677.20. The company has signed an exclusivity agreement with Radius Gold for Mexico’s Plate Verde Project.

 

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 52.75 points or 1.38% at 3,770.75, while the Dow Jones 30 future was down by 1.05% or 324 points at 30,630.00. The technology-heavy index Nasdaq Composite future was also down by 2.05% or 241.25 points, at 11,539.75. (At the time of writing – 9:30 AM ET).

The shares of the US-based airline, Delta Air Lines (DAL), slid by almost 3% in the premarket trading session. This happened after the company reported earning $1.44 per share for Q2, less than the expected $1.73 per share.

The shares of the social network company, Twitter (TWTR) gained 2% in the premarket trading session. This happened after the company sued Elon Musk for pushing him to follow the conditions of their $44 billion takeover.

 

European Indices Performance (at the time of writing):

 

FTSE 100 Index One Year Performance (as on 13 July)

                                                         (Source: Refinitiv)

 

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Vodafone plc (VOD), Melrose Industries plc (MEL)

Top Sectors traded in red*:  Industrials (-1.59%), Consumer Cyclicals (-1.40%), Healthcare (-1.36%)

Top Sectors traded in green*: Energy (0.65%), Real Estate (0.32%)

 

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 $99.23/barrel and $96.02/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,721.25 per ounce, down by 0.20% against the prior day closing.

Currency Rates*: GBP to USD: 1.1867; EUR to USD: 1.0025.

Bond Yields*: US 10-Year Treasury yield: 3.030%; UK 10-Year Government Bond yield: 2.1310%.

*At the time of writing

 

 

 

 

 

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