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UK Market: The UK stock market slumped on Wednesday as global oil prices hit a nine-month low amid fears of weak demand. At about 1:00 pm GMT+1, the benchmark FTSE 100 index was down over half a per cent, while the mid-cap-focused FTSE 250 slipped about 0.35%. Crude oil prices on Wednesday slipped to the lowest levels since before Russia's invasion of Ukraine. Traders were also focused on the new policy of Liz Truss, the prime minister of the UK.
Centrica PLC (LON:CNA): Shares of the energy utility company rallied over 5% after Liz Truss ruled out imposing a windfall tax to ease the energy crisis, saying that it would defer the companies to invest in the UK. The opposition accused her of shielding energy companies and their profits.
SSE PLC (LON:SSE): Shares of the energy company jumped over 6% during the day following Truss' announcement on windfall tax. The company was the top gainer on the FTSE 100 index till the afternoon.
Halfords Group PLC (LON:HFD): Shares of the motoring and cycling products retailer soared over 16% after it posted its trading statement for the 20 weeks to 19 August. The company reported a 9.2% rise in revenue during the period and continued its target of pre-tax profits of £65 million to £75 million for the full year.
US Markets: The US market is likely to start in red, as indicated by the futures indices. S&P 500 future was down by 16.07 points or 0.41% at 3,908.00, while the Dow Jones 30 future was down by 0.55% or 173.14 points at 31,145.30. The technology-heavy index Nasdaq Composite future was also down by 0.74% or 85.96 points, at 11,544.91. (At the time of writing – 8:32 am ET).
US Market News:
Shares of the business management software firm Coupa Software (COUP) rallied 11.6% in the premarket trading session after it posted estimate-beating earnings in its recent quarter. The company also issued strong guidance for its full-year revenue and earnings.
Shares of the robotic process automation software maker UiPath (PATH) slipped 22.4% after it posted its third quarter and full-year guidance that is lower than estimates. This is despite the company surpassing earnings and revenue expectations in its most recent quarter.
European Indices Performance (at the time of writing):
FTSE 100 Index One Year Performance (as on 7 September)
(Source: Refinitiv)
Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), BP Plc (BP.), Vodafone Group Plc (VOD)
Top 3 sectors traded in green*: Utilities (1.16%), Industrials (0.11%)
Top 3 sectors traded in red*: Basic Materials (-2.10%), Financials (-1.69%), Healthcare (-1.49%)
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 $92.04/barrel and $86.23/barrel, respectively.
Gold Price*: Gold price was quoting at US$1,711.95 per ounce, down 0.03% against the prior day's closing.
Currency Rates*: GBP to USD: 1.1427; EUR to USD: 0.9893.
Bond Yields*: US 10-Year Treasury yield: 3.326%; UK 10-Year Government Bond yield: 3.026%.
*At the time of writing
