Pound Set For A Weekly Fall Amid Political Uncertainty

  • Nov 22, 2019 GMT
  • Team Kalkine
Pound Set For A Weekly Fall Amid Political Uncertainty

Global Markets: Broader indexes in the United States were trading in green, with the S&P 500 index traded 5.02 points or 0.16% higher at 3,108.56, Dow Jones Industrial Average Index expanded by 83.74 points or 0.30% and quoting at 27,850.03 and the technology benchmark index Nasdaq Composite traded higher at 8,512.20 and was up by 5.99 points or 0.07% against its previous day close (at the time of writing, before the U.S market close at ET 12:55 PM). 

Global News: On 22nd November 2019, Wall Street opened on a rise, albeit finishing the week at a decline post news reported that the US’ quick trade deal with China might be out of the question. Nordstrom stock was up by 9 per cent. Tesla stock, post the reveal of its Cyber truck, was down by 3.5 per cent. Pure Storage reduced its full year guidance following a display of poor results, post which its stock massively fell by 20.9 per cent. Splunk was one of the top risers at 7.4 per cent, after it reported its earnings above their own guidance as well as above the market expectations. Ross Stores stock was marginally up by 1.1 per cent, after it announced robust third quarter earnings. Williams-Sonoma same stores sales were down by approximately 2.1 per cent, after which its stock was down by almost 5.1 per cent.

S&P 500 (SPX)*

Top Performers: Nordstrom Inc, J M Smucker Co and Amcor Plc are top gainers and increased by 7.87%, 4.32% and 1.92% respectively.

Worst Performers: Intuit Inc, TransDigm Group Inc, and Cognizant Technology Solutions Corp are the top three laggards and decreased by 3.64%, 3.23% and 1.89% respectively.

NASDAQ Composite (IXIC)*

Top Performers: EyeGate Pharmaceuticals Inc, Asian Pharmaceuticals Ltd, and Viveve Medical Inc are top gainers and increased by 82.10%, 81.82% and 50.23% respectively.

Worst Performers: Helius Medical Technologies Inc, Arcimoto Inc and Seneca Biopharma Inc are the top three laggards and decreased by 41.02%, 23.11% and 22.00% respectively.

Top Performing Sectors*: Telecommunication Services (up 0.83%), Energy (up 0.68%) and Basic Materials (up 0.66%).

Worst Performing Sector*: Utilities (down 0.01%).

Dow Jones Industrial Average (DJI)*

Top Performers: Chevron Corp, Exxon Mobil Corp and Dow Inc are top gainers and increased by 0.61%, 0.53% and 0.52% respectively.

Worst Performers: UnitedHealth Group Inc, Nike Inc and American Express Co are the top three laggards and decreased by 0.43%, 0.15%, and 0.07% respectively

European Markets: The London’s broader equity benchmark index FTSE 100 traded at 88.26 points or 1.22% higher at 7,326.81, the FTSE 250 index snapped 115.95 points or 0.57% higher at 20,485.81, and the FTSE All-Share Index ended 43.37 points or 1.08% higher at 4,045.74 respectively. Another European equity benchmark index STOXX 600 ended at 403.98, up by 1.76 points or 0.44 per cent.

European News: The decline in both the services and manufacturing sectors quickened in November as the first flash early reading of the IHS Markit/CIPS UK Purchasing Managers Indexes showed that the composite PMI fell to 48.5 from 50.0, as Brexit and election uncertainty weighed on business morale. The survey suggested a deeper contraction than anticipated in the manufacturing sector, suggesting British business suffered its deepest downturn since mid-2016, which resulted in a decline in the pound on Friday and set for a weekly loss. With an aim to deter wealthy investors from driving up house prices, the Conservatives party put forward a plan under which foreign buyers of English properties will have to pay a levy of 3% of the purchase value.

London Stock Exchange (LSE)

Top Performers*: PREMIER FOODS PLC (PFD), KIN AND CARTA PLC (KCT) and CMC MARKETS PLC (CMCX) are top performers of the day and up by 8.90%, 7.87% and 6.27% respectively.

Worst Performers*: COATS GROUP PLC (COA), LAMPRELL PLC (LAM) and AO WORLD PLC (AO.) are the top three laggards of the day and down by 8.11%, 7.62% and 6.32% respectively.

FTSE 100 Index

 FTSE 100 Index Chart: 5-days Price Performance (as on November-22-2019), before the market closed. (Source: Thomson Reuters)

Performers*: CENTRICA PLC (CNA), GLENCORE PLC (GLEN) and JD SPORTS FASHION PLC (JD.) are the top three gainers in today’s session and up by 3.56%, 3.53% and 3.19% respectively.

Laggards*: JOHNSON MATTHEY PLC (JMAT), FRESNILLO PLC (FRES), and OCADO GROUP PLC (OCDO) are top laggards at the FTSE 100 index and down by 3.75%, 3.64% and 1.73% respectively.

Active by Volume*: LLOYDS BANKING GROUP PLC (LLOY), VODAFONE GROUP PLC (VOD), and CENTRICA PLC (CNA).

Top Performing Sectors*: Telecommunications Services (2.03%), Basic Materials (1.89%), and Healthcare (1.79%).

Forex Rates*: GBP/USD and EUR/GBP were quoting at 1.2828 and 0.8595, respectively.

Bond Yields*: U.S 10-Year Treasuries yield was quoting at 1.767%, and the UK 10-Year Government Bond yield was trading at 0.698%, respectively.

 

*At the time of writing

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