UK market rallies amid reports of govt's plans on funding tax cuts

Be the First to Comment Read

UK market rallies amid reports of govt's plans on funding tax cuts

Follow us on Google News:
 UK market rallies amid reports of govt's plans on funding tax cuts
Image source: © Komkrittor |

UK Market: The UK market was trading on the front foot on Monday after the government's U-turn on the tax rate and Chancellor Kwasi Kwarteng's plans to bring forward how the £43 billion tax cuts will be funded. The blue-chip index jumped over 2% at around 1 pm GMT+1, while the broader FTSE 250 soared over 2.5%. Originally, the Chancellor was to outline the plans in November, but several reports have claimed that it has been moved ahead to later this month. 

Greggs PLC (LON: GRG): Shares of the British bakery chain soared by nearly 10% after its upbeat trading statement for the third quarter. For the 13 weeks to 1 October 2022, its total sales went up 14.6% on a like-for-like basis. It expects its full-year outcome to be in line with its previous expectations.

Drax Group (LON: DRX): The renewable energy producer's shares slumped more than 5% after it was accused of poor business practices. A BBC investigation broadcast has accused the company of chopping up wood from Canadian forests for making wood pallets.

Royal Mail PLC (LON: RMG): Shares of the postal and courier services company jumped over 3% on its last day of trading with this name. The company has officially changed its name to International Distributions Services plc.

US Markets: The US market is likely to get an upbeat start, as indicated by the futures indices. S&P 500 future was up by 92.81 points or 2.59% at 3,678.43, while the Dow Jones 30 future was up by 2.66% or 765.38 points at 29,490.89. The technology-heavy index Nasdaq Composite future was also up by 2.27% or 239.82 points, at 10,815.43. (At the time of writing – 8:28 am ET).

US Market News:

Shares of the electric vehicle maker Rivian (RIVN) jumped 9.3% after it announced that its production for the third quarter rose by two-thirds over the second quarter. It also added that it is on the path to meet production goals for this year.

Shares of the e-commerce retailer Poshmark (POSH) soared 12.1% after reports of  South Korean internet giant Naver purchasing it for $17.90 a share.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 4 October)

(Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), Glencore Plc (GLEN), Vodafone Group Plc (VOD)

Top 3 sectors traded in green*: Consumer Cyclicals (3.33%), Financials (3.04%), Industrials (2.98%)

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 $90.18/barrel and $84.16/barrel, respectively.

Gold Price*: Gold price was quoting at US$1,715.30 per ounce, up 0.78% against the prior day's closing.

Currency Rates*: GBP to USD: 1.1331; EUR to USD: 0.9914.

Bond Yields*: US 10-Year Treasury yield: 3.587%; UK 10-Year Government Bond yield: 3.8515%.

*At the time of writing


Featured Articles