FTSE 100 tumbles, concern of declining consumer confidence weigh

UK Market News: The UK stock market tumbled on Thursday, with the blue-chip FTSE100 index losing over 2 per cent. Amid the rising concerns regarding a consumer slowdown, over £40 billion has been wiped off the market, and the blue-chip index is headed for an awful end to the week. The sell-off emerged post a harsh session on Wall Street. European markets were also down after the S&P 500 slumped to its worst level since June 2020.

Royal Mail Group plc (LON: RMG): The shares of the UK-based postal service and courier business, Royal Mail Group plc, were down by 14.49%, with a day’s low of GBX 292.80. The company has reported a decline of 8.8% in its pre-tax profits today and has warned about lowering its expectations for the coming year.

Aviva plc (LON: AV.):  The shares of the UK-based insurance firm Aviva plc, were up by 0.39%, with a day’s high of GBX 415.60. The company reported robust growth in the first quarter yesterday, with UK & Ireland Life sales surging by 2% along with a 31% hike in UK&I Life value of the new business.

Endeavour Mining plc (LON: EDV): The shares of the UK-based global mining firm Endeavour Mining plc were up by 0.06%, with a day’s high of GBX 1,760.00. The company has recently declared its results for the first quarter, reporting a 21% hike in its adjusted net earnings and stating that production is in line with its 2022 guidance.

US Markets: The US market is expected to extend the fall with a weak start, as indicated by the futures indices. S&P 500 future was down by 45.50 points or 1.16% at 3,877.25, while the Dow Jones 30 future was down by 1.15% or 362 points at 31,078.00. The technology-heavy index Nasdaq Composite future was also down by 1.21% or 144.50 points, at 11,791.00. (At the time of writing – 9:00 AM ET).

The share of the US-based department store retail chain, Kohl’s (KSS), went down by 3.3% in the premarket trading session. The company has reported less-than-expected adjusted quarterly earnings amid concerns about rising costs and an unfavourable sales environment.

The shares of the US-based warehouse club chain, BJ’s Wholesale (BJ), surged by 5.8% in the premarket trading session. The company has reported more-than-expected adjusted quarterly earnings, comparable-store sales, as well as revenues.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 19 May 2022)

(Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Vodafone Group Plc (VOD), BP plc (LON: BP.)

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 $108.47/barrel and $106.22/barrel, respectively.

Gold Price*: Gold price at the time of reporting was quoted at US$ 1,836.71 per ounce, up by 1.15% against the prior day’s closing.

Currency Rates*: GBP to USD: 1.2474; EUR to USD: 1.0559.

Bond Yields*: US 10-Year Treasury yield: 2.790%; UK 10-Year Government Bond yield: 1.8180%.

*At the time of writing