Global Markets*: The United States broader equity indices were trading in green zone, with the Dow Jones Industrial Average Index added 197.70 points or 0.77% and quoting at 25,975.60, the S&P 500 index increased by 17.04 points or 0.59% to 2,886.20, and the Nasdaq Composite index accelerated to 7,859.06, up by 32.11 points or 0.41% respectively.
Global News*: The US Trade Representative confirmed on Wednesday plans by President Donald Trump to impose 15 per cent tariffs to a portion of the target goods from 1 September, which represented an additional 5% tariff on a $300 billion list of Chinese imports in retaliation to tariffs by Chinese on $75 billion worth of US goods. The Mortgage Bankers Association reported that mortgage rates rose last week for the first time in six weeks and mortgage applications reported their biggest weekly drop in over four months. Amid growing concerns about the trade conflict with China, 30-year Treasury yields fell to record low, while yield curve inverted further on Wednesday.
European Markets*: The London’s broader equity benchmark index FTSE 100 traded at 25.13 points or 0.35% higher at 7,114.71, the FTSE 250 index snapped 111.09 points or 0.57% lower at 19,224.79, and the FTSE All-Share Index ended 12.85 points or 0.33% higher at 3,912.07 respectively. Another European equity benchmark index STOXX 600 ended at 372.86, down by 0.76 points or 0.20 per cent.
European News*: A request by Prime Minister Boris Johnson to suspend the parliament was approved by the Queen following a meeting of the privy council, infuriating opponents who requested Queen Elizabeth to intervene. This will cut the amount of time the parliament sit between now and EU exit day, limiting the ability of lawmakers to derail his Brexit plan by effectively shutting parliament from mid-September for around a month. Stocks sensitive to slowing consumer spending, like UK airlines and housebuilders, fell on Wednesday amid worries about a no-deal Brexit loomed over investors. Government bond yields fell on the news and pound tumbled to its lowest in nearly a week.
London Stock Exchange (LSE)
Top Performers*: PORVAIR PLC (PRV), GREGGS PLC (GRG) and TREATT PLC (TET) are top performers of the day and up by 7.14%, 4.48% and 4.07% respectively.
Worst Performers*: THOMAS COOK GROUP PLC (TCG), PROVIDENT FINANCIAL PLC (PFG) and NOSTRUM OIL & GAS PLC (NOG) are the top three laggards of the day and down by 15.25%, 9.04% and 8.44% respectively.
FTSE 100 Index
FTSE 100 Index Chart: 5-days Price Performance (as on August-28-2019), before the market closed. (Source: Thomson Reuters)
Performers*: FRESNILLO PLC (FRES), BP PLC (BP.) and TESCO PLC (TSCO) are the top three gainers in today’s session and up by 3.93%, 2.29% and 2.25% respectively.
Laggards*: BERKELEY GROUP HOLDINGS (THE) PLC (BKG), TAYLOR WIMPEY PLC (TW.), and PERSIMMON PLC (PSN) are top laggards at the FTSE 100 index and down by 4.01%, 3.77% and 3.47% respectively.
Active by Volume*: LLOYDS BANKING GROUP PLC (LLOY), BARCLAYS PLC (BARC), and BP PLC (BP.).
Top Performing Sectors*: Energy (+1.18%), Telecommunications Services (+0.95%), and Consumer Non-Cyclicals (+0.49%).
Worst Performing Sectors*: Technology (-0.88%), Consumer Cyclicals (-0.80%), and Industrials (-0.71%).
Foreign Exchange and Fixed Income
FX Rates*: GBP/USD and EUR/GBP were trading at 1.2202 and 0.9077, respectively.
10-Year Bond Yields*: US 10Y Treasury and UK 10Y Bond yields were exchanging at 1.473% and 0.453% respectively.
* At the time of writing
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