FTSE edges higher as traders optimistic about BoE's monetary policy

3 min read | November 02, 2022 12:25 AM AEDT | By Abhishek Sharma

UK Market: The UK stock market was upbeat on Tuesday, ahead of the Bank of England's (BoE) monetary policy meeting scheduled for this week. The FTSE 100 was up nearly 1.5% at 12:36 pm GMT+1, while the FTSE 250 soared over 2.5%. The BoE is expected to hold its meeting on Thursday. Besides, BoE is expected to sell a few gilts that it had bought.

BP Plc (LON: BP.): The oil and gas giant posted profits in the third quarter, hitting US$8.2 billion, significantly higher than the US$3.32 billion reported for the same period last year. But, the performance failed to lift its market performance as it witnessed losses in the morning before recovering later in the day.

Ocado Group PLC (LON:OCDO): Shares of the e-Commerce tech provider soared by a whopping 33% after it inked a deal with South Korea's Lotte Group to develop its online shopping business.

Rentokil Initial PLC (LON:RTO): The British pest-control business, on the other hand, dipped by 1.5% after its third-quarter results failed to convince the investors.

US Markets: The US market is expected to start on a negative note. The S&P 500 future was down by 29.08 points or 0.75% at 3,871.98, while the Dow Jones 30 future was down by 0.39% or 128.85 points at 32,732.95. Meanwhile, the Nasdaq Composite future was also down by 1.03% or 114.31 points, at 10,988.15 at 9:18 AM ET.

Shares of the medical device technology maker Abiomed (ABMD) surged 51.6% in the premarket trading session after it agreed to be acquired by Johnson & Johnson in a deal valued at nearly $16.6 billion.

Shares of ride-hailing app Uber Technologies (UBER) rallied 8.8% in the premarket trading session after its estimate-beating third-quarter revenues. While the company posted a quarterly loss, it was largely attributed to its equity investments.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 1 November)

(Source: EODHD/Others)

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

Top 3 sectors traded in green*:  Basic Materials (4.08%), Real Estate (2.85%), Consumer Cyclicals (2.54%), 

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 hover at $95.3/barrel and $88.17/barrel, respectively.

Gold Price*: Gold was quoted at US$ 1,657.55 per ounce, up by 1.03% against the previous day's closing.

Currency Rates*: GBP to USD: 1.1554; EUR to USD: 0.9945

Bond Yields*: US 10-Year Treasury yield: 3.941%; UK 10-Year Government Bond yield: 3.4835%

*At the time of writing


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