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UK Market: The UK stock market started the holiday-shortened week lower on Tuesday. The blue-chip FTSE 100 index was trading down by around 0.80% as a strong sterling weighed on export-oriented stocks and offset upbeat results from oil major BP. It comes ahead of the Bank of England’s expected hike of interest rates from 0.75% to 1% at the Thursday meeting, a level not seen since early 2009. The central bank could also raise its forecast for inflation as the war in Ukraine compounds a crippling cost-of-living crisis.
BP Plc (LON: BP.): The shares of the UK-based multinational oil and gas company were up by around 3%, with a day’s high of GBX405.00. The oil giant’s underlying replacement cost profit increased to US$6.2 billion in Q1 2022, from US$2.6 billion a year earlier, after benefiting from the soaring price of oil and gas due to the war in Ukraine. The company announced a US$24 billion hit in profit from its decision to ditch its 19.7% stake in Russian oil giant Rosneft.
BAE Systems Plc (LON: BA.): The shares of the British multinational arms, security, and aerospace company were up by around 4%, with the day’s high of GBX768.80. The company announced the opening of a 200,000 sq. ft engineering and production facility in Manchester, New Hampshire.
International Consolidated Airlines Group S.A. (LON: IAG): The shares of one of the leading airline holding companies in the UK, Spain, and Ireland were up by around 3.5%, with the day’s high of GBX149.26. There was a positive impact of Wizz Air Holdings Plc’s (AIM: WIZZ) decent results on the whole sector, as it said air travel continued to recover from the pandemic.
US Markets: The US market is likely to have a positive start in trade today, as suggested by the trading in futures indices. S&P 500 future was up by 23.45 points or 0.57% at 4,155.38, while the Dow Jones 30 futures was up by 0.26% or 84.29 points at 33,061.50. The technology-heavy index Nasdaq Composite future was up by 1.72% at 13,075.85 (At the time of writing – 8:50 AM ET).
US Market News:
The shares of the multinational mass media and entertainment conglomerate Paramount Global (PARA) fell by 4.3% in the premarket trading session. The company though announced quarterly profit that beat Wall Street estimates, but the revenue stood below analysts’ estimates amid increasing video streaming competition and weak ad sales growth.
The shares of the Swiss manufacturer of computer peripherals and software, Logitech (LOGI) fell by 5.3% in the premarket trading session. The company announced a fall in its sale by 20% from a year earlier, as it faced tough comparisons to a pandemic-fueled surge last year.
European Indices Performance (at the time of writing):
FTSE 100 Index One Year Performance (as on 3 May 2022)
1 Year FTSE 100 Chart (Source: EODHD/Others)
Top 3 Volume Stocks in FTSE 100*: Vodafone Group Plc (VOD), Lloyds Banking Group plc (LLOY), Barclays Plc (BARC).
Top 3 Sectors traded in green*: Energy (1.09%), Financials (0.69%) and Technology (0.16%).
Top 3 Sectors traded in red*: Real Estate (-6.41%), Basic Materials (-1.59%), Utilities (-1.08%)
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 $106.25/barrel and $103.88/barrel, respectively.
Gold Price*: Gold price quoted at US$ 1,860.66 per ounce, down by 0.15% against the prior day closing.
Currency Rates*: GBP to USD: 1.2523; EUR to USD: 1.0522.
Bond Yields*: US 10-Year Treasury yield: 2.973%; UK 10-Year Government Bond yield: 1.9690%.
*At the time of writing
