UK market reverses early losses, all eyes on interest rate decision

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UK market reverses early losses, all eyes on interest rate decision

 UK market reverses early losses, all eyes on interest rate decision
Image source: © Darkworx | Megapixl.com

Highlights:

  • The UK market was trading in the green after reversing early morning losses.
  • All eyes are on the Bank of England's decision on the interest rate hike that'll be announced on 4 August.

UK Market News: The UK stock market started on a weak note on Wednesday but recovered the losses by the afternoon. The benchmark FTSE 100 index was up by over 0.4% at around 2:30 pm GMT+1. This comes as the latest data from the S&P Global / CIPS services PMI index showed the UK services sector witnessed sluggish growth in July. The index fell to 52.6 in the month, from 54.3 in the previous month.

Avast Plc (LON: AVST): Shares of the antivirus maker jumped 42% to reach their all-time high after the competition authority cleared its £6 billion takeover by rival NortonLifeLock. This was the final hurdle in the deal, and the firms were forced to delay the deal's closing.

Taylor Wimpey Plc (LON: TW.): The leading home construction company was among the top gainers on the FTSE 100 after it posted solid results for the first six months of 2022. The shares rose over 4% during the day, hitting an intra-day high of GBX 126.30.

Rolls-Royce Holdings Plc (LON: RR.): Shares of the defence and aerospace firm gained over 2% on Wednesday ahead of its half-year results that are expected to be published on Thursday. The company also announced that the sale of ITP Aero has been confirmed by the Spanish government in a €1.8 billion deal.

US Markets: The US market is likely to get a positive start, as indicated by the future indices. S&P 500 future was up by 20.50 points or 0.50% at 4,111.69, while the Dow Jones 30 futures was up by 0.47% or 151.35 points at 32,547.52. The technology-heavy index Nasdaq Composite future was up by 1.00% at 12,472.18 (At the time of writing – 9:33 am ET).

US Markets news:

Shares of the drugstore operator and pharmacy benefits manager CVS Health (CVS) jumped 3.8% in the premarket trading session after it raised its full-year earnings outlook following strong sales of its over-the-counter COVID-19 tests and a strong performance by its insurance unit.

Shares of the athletic apparel maker Under Armour (UAA) rose 2% in the premarket trading session even as it slashed its full-year earnings forecast. The company reported better-than-expected revenue for the last quarter, and its earnings were in line with expectations.

European Indices Performance (at the time of writing):

FTSE 100 Index One Year Performance (as on 3 August 2022)

(Source: Refinitiv)

Top 3 Volume Stocks in FTSE 100*: Lloyds Banking Group plc (LLOY), BT Group Plc (BT.A), Avast Plc (AVST).

Top 3 Sectors traded in green*: Technology (2.38%), Energy (2.09%) and Consumer Cyclicals (0.83%).

Top 3 Sectors traded in red*: Healthcare (-0.79%), Utilities (-0.37%), Consumer Non-Cyclicals (-0.17%)

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 $100.46/barrel and $95.98/barrel, respectively.

Gold Price*: Gold price was quoting at US$ 1,784.84 per ounce, down by 0.32% against the prior day closing.

Currency Rates*: GBP to USD: 1.2155; EUR to USD: 1.0174.

Bond Yields*: US 10-Year Treasury yield: 2.787%; UK 10-Year Government Bond yield: 1.9205%.

*At the time of writing

UK Market News: The UK stock market started on a weak note on Wednesday but recovered the losses by the afternoon. The benchmark FTSE 100 index was up by over 0.4% at around 2:30 pm GMT+1. This comes as the latest data from the S&P Global / CIPS services PMI index showed the UK services sector witnessed sluggish growth in July. The index fell to 52.6 in the month, from 54.3 in the previous month.

Avast Plc (LON: AVST): Shares of the antivirus maker jumped 42% to reach their all-time high after the competition authority cleared its £6 billion takeover by rival NortonLifeLock. This was the final hurdle in the deal, and the firms were forced to delay the deal's closing.

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