FTSE 100 tumbles after mini-budget announcements

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FTSE 100 tumbles after mini-budget announcements

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 FTSE 100 tumbles after mini-budget announcements
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UK Market: The UK stock market was trading in the negative territory on Friday, with the blue-chip FTSE100 index losing over 2 per cent. This happened following Kwasi Kwarteng’s mini-budget announcements were made, with consumer confidence hitting a record low level while markets navigated the pressures of rate hikes. Earlier today it was unveiled that GfK’s consumer confidence index dropped by five points in September to -49, which is the lowest score witnessed since records started in 1974.

Segro plc (REIT) (LON: SGRO): The shares of the industrial property investor, Segro plc, were down by 5.96%, with a day’s low of GBX 757.80. On Thursday, the company’s Chief Operating Officer Andy Gulliford has stepped down.

Land Securities Group plc (LON: LAND): The shares of the property developer and investor were down by 5.90%, with a day’s low of GBX 536.00. On Wednesday, the company announced that it is selling an office development in London for more than £800m.

Fresnillo Plc (LON: FRES): The shares of the precious metal miner, Fresnillo Plc, were down by 5.69%, with a day’s low of GBX 689.80. The company has recently said that more electrical testing is required prior to Juanicipio mine being tied into grid.

 

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 45.25 points or 1.20% at 3,727.50, while the Dow Jones 30 future was down by 1.09% or 330 points at 29,822.00. Meanwhile, the technology-heavy index Nasdaq Composite future was also down by 1.23% or 143.25 points, at 11,424.00. (At the time of writing – 8:30 AM ET).

The shares of the transportation, e-commerce and business services provider, FedEx (FDX), dropped by 3.2% in the premarket trading session. This happened after the company declared a 6.9% rise in shipping rates and its plans to cut down $4 billion more in annual costs.

The shares of the operator of membership-only big-box retail stores, Costco (COST), slumped by 3.3% in the premarket trading session. This happened in spite of the company reporting higher-than-expected profits and sales for the recent quarter.

European Indices Performance (at the time of writing):

 

FTSE 100 Index One Year Performance (as on 23 September)

                                                                   

                                                                       (Source: Refinitiv)

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

Top 3 sectors traded in red*: Real Estate (-5.91%), Basic Materials (-3.92%), Energy (-2.78%)

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 $87.95/barrel and $80.81/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,652.55 per ounce, down by 1.70% against the prior day closing.

Currency Rates*: GBP to USD: 1.1076; EUR to USD: 0.9759

Bond Yields*: US 10-Year Treasury yield: 3.757%; UK 10-Year Government Bond yield: 3.8015%

*At the time of writing

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