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Highlights
- The zero-Covid lockdown policies of China have significantly impacted the global markets, including the UK market.
- On Tuesday, Asian equities hit their two-year low amid low economic growth and skyrocketing inflation.
- Oil prices, as well as commodity-linked currencies, were on the decline, and the policymakers in the UK, the US, and Australia have been raising the interest rates to counter the rising inflation.
The zero-Covid lockdown policies of China have significantly impacted the global markets, including the UK market. The data published for the month of May regarding the new-home sales in China indicated that the sector is even now battling to get back on track. UK stocks have taken a hit amid the declining growth of exports.
Asian and European markets are struggling to survive the turmoil and the Bitcoin price is also going down. On Tuesday, Asian equities hit their two-year low amid low economic growth and skyrocketing inflation. However, the US stock futures supported the sour market sentiment.
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Oil prices, as well as commodity-linked currencies, were on the decline, and while the policymakers in the UK, the US, and Australia have been raising the interest rates to counter the rising inflation, the monetary tightening stances have increased the worries regarding the overall economic growth.
While the falling oil prices hit the commodity-linked currencies, including the Australian and Canadian dollar, the US treasury yields have increased significantly due to the Fed’s stance of aggressive monetary tightening.
Amid all this, the UK’s FTSE 100 index was up by 0.65%, or 46.89 points, on Tuesday. The biggest fallers for today include Airtel Africa, Shell, and BP. Let’s look at the share price performance of these top losers.
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Airtel Africa plc (LON: AAF)
The leading UK-based telecommunications firm, Airtel Africa plc, is all set to report its results for this fiscal year on 11 May 2022. Airtel Africa plc’s shares were down by 4.23% at 11:26 AM (GMT+1) on 10 May 2022, at GBX 138.00. The FTSE 100 index constituent has provided its shareholders with a return of 70.14% over the last one year as of 10 May 2022. The current market cap of the company stands at £5,415.50 million.
Shell plc (LON: SHEL)
Leading British oil industry firm, Shell plc, has been in the limelight recently due to facing pressure of a windfall tax after reporting record profits. Shell plc’s shares were down by 1.17% at 11:31 AM (GMT+1) on 10 May 2022, at GBX 2,199.00. The FTSE 100 index constituent has provided its shareholders with a return of 53.75% over the last one year as of 10 May 2022. The current market cap of the company stands at £166,906.23 million.
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BP plc (LON: BP.)
Oil and gas supermajor BP plc has also unveiled huge profits recently, and therefore, it is also facing the same pressure of dealing with a windfall tax. BP plc’s shares were down by 0.73% at 11:35 AM (GMT+1) on 10 May 2022, at GBX 402.15. The FTSE 100 index constituent has provided its shareholders with a return of 28.56% over the last one year as of 10 May 2022. The current market cap of the company stands at £79,040.85 million.
