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Londonâs broader equity benchmark FTSE 100 index traded lower against its Tuesdayâs closing price.
US stocks opened in red on Wednesday as week projection from videogame makers pulled the communication industry lower, but support from technology companies kept the indexes near two-month highs. Electronic Arts Inc (EA.O) plunged 14 per cent after slashing its yearly revenue outlook. General Motors Co (GM.N) reported strong quarterly profit on Wednesday, and companyâs reported quarterly profit exceeded Wall Street expectations.
Coming back to the European market, the UKâs broader equity benchmark FTSE 100 ended Wednesdayâs session (i.e., February 06, 2019) at 7173.09, depicting a fall of 4.28 points against its Tuesdayâs closing price. Another European equity benchmark, STOXX 600 ended Wednesdayâs session at 365.3, up marginally from Tuesdayâs closing price.
In company news, Mercedes maker Daimler (DAIGn.DE) reported for an operating profit plunge of 22 per cent, as industrial downturn, a rising cost of manufacturing electric cars and trade war hit the bottom line of the most profitable car maker. GlaxoSmithKline Plc (GSK.L) has flagged for 2019 earnings to be above the market expectations, taking support from sales of shingles vaccine that boosted the quarterly results.
At London Stock Exchange, stocks like Lloyd Bank Group Plc (LLOY.L), Vodafone Group Plc (VOD.L) and Barclays (BARC.L) were top active volume stocks on Wednesday.
Performers and Laggards at LSE
Stocks like Hardy Oil (HDY.L), Sterling Energy Plc (SEY.L) and CYBG Plc (CYBG.L) were the top performers on the London Stock Exchange and were up by 25.3%, 10.2%, and 13.9%, respectively. On the other side, stocks like Vordere Plc (VOR.L), Management Consulting Group Plc (MMC.L) and Knights Group Holding Plc (KGH.L) were laggards on the London Stock Exchange and were down by 16.22%, 9% and 5% respectively.
FTSE 100 Index - Sector Cues
Brexit Update: On Tuesday, the British Prime Minister rebuffed to replace Irish backstop from EU divorce deal; instead, she categorically said she is seeking some amendments in the controversial backstop. After speaking with business people, Prime Minister said she is seeking to reform, rather than remove, the contended Irish backstop from Brexit agreement. On Thursday, the British Prime Minister is going to meet Donald Tusk, Verhofstadt, Juncker and European parliament president Tajani. She has set a cut-off date of Feb 13, for her to close a deal with EU and if she fumbles, MPs of British parliament will propose their own Plan B on Feb 14, and they can also consider a delay in Brexit. Meanwhile, EU Council President, Donald Tusk has urged British Prime Minister Theresa May to consider realistic proposals to solve contentious Irish backstop.
Commodity Market
At the time of writing,
- Brent Crude was trading 0.92% higher at $62.55 per barrel
- West Texas Intermediate crude was trading 0.60% higher at $53.95 per barrel
- Aluminium ended lower for the second day, down 0.79% at London Metal Exchange
- Gold was at $1316.75 an ounce
Forex Market
At the time of writing,
- British Pound against US Dollar (GBP/USD) traded at 1.29
- Euro against British Sterling Pound (EUR/GBP) traded at 0.87
- US Dollar was trading 0.30 per cent higher against majors at 96.36
Money Market Cues
At the time of writing,
- US 10-Year Govt. bond yield was 2.70%
- EU 10-Year Treasury bond yield was 0.168, trading 0.005% higher
- London's 10-Year Treasury yield was 1.21%, trading at 0.002% lower
Key Events to Watch
- European Commission President Jean- Claude Juncker will meet British Prime Minister Theresa May
- Bank of England (BOE) will announce base rates decision and inflation report
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