Markets Still Trading Marginally Lower!

  • Jan 28, 2019 GMT
  • Team Kalkine
Markets Still Trading Marginally Lower!

It can be assumed that the market players are getting worried about the global economic slowdown and they are keeping a close watch on global macro parameters which could affect the performance of the broader markets. It can be assumed that the investors in the US markets would closely be tracking the earnings reports of the big technology giants as the equity markets are also sensitive to the corporate earnings. The big technology giants namely Facebook (NASDAQ: FB), Amazon.com Inc. (NASDAQ: AMZN) and Apple Inc. (NASDAQ: AAPL) would be releasing their December 2018 quarter earnings report during January 29 to January 31, 2019 respectively. Moreover, the US Federal Reserve would be conducting its meeting on January 29, 2019-January 30, 2019 and market participants would be closely tracking the meeting.

Coming to the European markets, FTSE 100 Index closed marginally lower at 6,747.10 on January 28, 2019 implying the fall of 0.91% on the intraday basis. Before the market close, FTSE 100 Index fell to a level of 6,752.50, down by 0.81% and EURO STOXX was trading at 354.80, down by 0.86%.

Big news was seen to be coming from the UK’s biggest supermarket Tesco, as the company announced about several restructuring initiatives to its business structure, cutting 9000 jobs on the line. Several changes that Tesco will implement include reducing the number of counters available in shops and improving both stock control and merchandising simplification.

On Monday, Debenhams Plc said that JP Morgan Chase now owns 5.9% stake in the company. JPMorgan’s stake in the company prior to the purchase on Wednesday last week, was not in public domain. Debenhams shares were trading down 7.9% at 3.13 GBX each.

Pound is trading lower against its global peer US dollar, as market is waiting for vote on British Prime Minister Theresa May’s Plan B withdrawal deal in the House scheduled for 29th Jan. At the time of writing, GBP/USD was trading at 1.3166 and EUR/GBP was trading at 0.87. Members of the House are going to debate and vote on new amendments in EU Withdrawal deal on 29th January, and many things would be cautiously watched.

International Crude Oil benchmarks, Brent Crude and WTI Crude Oil were seen on a softened side as at January 28, 2019 but both were marginally up later.

On LSE, stocks like Ocado Group Plc (OCDO.L), Spirax-Sarco Engineering Plc (SPX.L) and Coca Cola HBC AG (CCH.L) were among the gainers on FTSE 100 Index and up by 2.1%, 1.04% and 0.76% respectively. On the other hand, stocks like Imperial Brand Plc (IMB.L), Barclays Plc (BARC.L) and Tesco Plc (TSCO.L) were the laggards on FTSE 100 Index and down by 2.42%, 2.45% and 1.7% respectively.

The only sector on FTSE 100 index which was seen to be trading in green during the day was Basic Metals, and all others were trading in red. Energy, Consumer Non-cyclicals and Financials, were seen to be hit the most during the day.

With Bank of England reducing the interest rates to a historic low level, the spotlight is back on diverse investment opportunities. 

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