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Summary
- UK shares have had tepid sessions in the penultimate week in this month so far
- In the 17 trading days, the FTSE 100 has managed to gain only 0.65 per cent
- Escalated Covid activity across the globe and fears of rising inflation have been major hurdles
UK shares have had a tepid start in the penultimate week in this month so far, largely due to growing uncertainties amidst the investors with regard to the apparent economic recovery as the businesses look forward to realise pre-pandemic-level commercial scale after massive reopening in the three stages.
In the 17 trading sessions so far, the equities have gained moderately after steering a week of dismal activity on the back of rising inflationary in the United States and the rest of the world as well after the prices of factory gate products in China registered a meaningful jump. The benchmark FTSE 100 has only managed to gain 0.65 per cent in this month, barring the present day’s dip.
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According to the data available with the London Stock Exchange, the FTSE 100 was trading at 7,002.47, down 0.39 per cent from the previous close of 7,029.79. The headline index extended the losses in the mid-morning deals, further recorded deep intraday bottoms in the afternoon session.
FTSE 100 chart (26 May)
Image Source: REFINITV
On the contrary, the mid-cap heavy FTSE 250 traded in the positive region, defying the broader odds. The market index gained 0.74 per cent, to 22,604.11 from the previous close of 22,438.90. The wider share barometers including the FTSE 350 and FTSE All-Share oscillated little changed in red with losses capped below 0.15 per cent, respectively.
European shares reflected a similar dejection with most of the major stock indicators hovering in the negative territory. DAX of Germany shed 0.19 per cent to 15,435.38, CAC 40 of France dipped 0.12 per cent to 6,382.82, Spain’s IBEX 35 cracked 0.49 per cent to 9,163.90, FTSE MIB of Italy slipped 0.29 per cent to 24,820.43, while SMI of Switzerland rose 0.19 per cent to 11,326.82.
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The domestic shares have been a victim of heightened worries around the Covid activity in several nations across the globe with India reporting a record-breaking rise in the fatal cases following the 200,000 plus daily infections for more than 40 days. The massive eruption in the Covid infections has unnerved the market participants in the long run as international trade gets severely hampered under strict restrictive environment and lockdown conditions.
Investors are now looking forward to some concrete evidence that can support the notion of global economic recovery and improving domestic sentiments. With no major macroeconomic data lined up for release in the present week, the trading activity is likely to be lacklustre and choppy.
