US GDP Performs Better Than Expected

Global Markets: Stocks at the Wallstreet on the last trading session of this week were trading in green zone, with the S&P 500 index quoting at 3,025.78 and added 22.11 points or 0.74% in day’s session, the Dow Jones Industrial Average Index added 26.94 points or 0.10% and trading at 27,167.92 against the previous day closing price and the technology benchmark index Nasdaq Composite added 85.43 points or 1.04% and quoting at 8,323.40 respectively, at the time of writing.

Global News: The Commerce Department on Friday released better-than-expected GDP reading as the economy was helped by a surge in consumer spending to grow at a 2.1 per cent annualized rate in the second quarter, slowing less than expected. The economic data, along with strong earnings from Alphabet and Twitter took the S&P 500 and Nasdaq indexes close to record levels on Friday, while Treasuries remained steady after yields briefly rose on positive economic data.

European Markets: The London’s equity benchmark index FTSE 100 ended at 60.01 points or 0.80 per cent higher at 7,549.06, the FTSE 250 index snapped 37.59 points or 0.19 per cent higher at 19,857.94, and the FTSE All-Share Index closed 28.05 points or 0.69 per cent higher at 4,124.08 respectively. Another European equity benchmark index STOXX 600 ended at 390.73, up by 1.21 points or 0.31 per cent.

European News: The Irish foreign minister said on Friday that Prime Minister Boris Johnson appeared on a collision course with the European Union and described his approach to Brexit as very unhelpful, indicating the problems of the Brexit tactic chosen by the new government. The Society of Motor Manufacturers and Traders said a no-deal Brexit would result in huge tariff costs and disruption that would threaten output and added that hard exit was an existential threat to the industry. After Boris Johnson was rebuked by the European Commission President Jean-Claude Juncker over his plan to renegotiate the original agreement, the British pound weakened on Friday.

London Stock Exchange (LSE)

Top Performers Stocks: RENEWI PLC (RWI), VODAFONE GROUP PLC (VOD), and MEARS GROUP PLC (MER) surged by 13.87 per cent, 10.61 per cent and 6.20 per cent respectively.

Top Laggards Stocks: PETRA DIAMONDS LD (PDL), PLUS500 LTD (PLUS), and CHARLES TAYLOR PLC (CTR) decreased by 10.61 per cent, 6.12 per cent and 5.11 per cent respectively.

FTSE 100 Index

FTSE100 Index Chart: 5-days Price Performance (as on July-26-2019), after the market closed. (Source: Thomson Reuters)

Top Risers Stocks: VODAFONE GROUP PLC (VOD), PEARSON PLC (PSON) and RELX PLC (REL) rose by 10.61 per cent, 5.89 per cent and 3.59 per cent respectively.

Top Fallers Stocks: ANGLO AMERICAN PLC (AAL), ANTOFAGASTA PLC (ANTO) and INTL CONSOLIDATED AIRLINES GROUP SA (IAG) reduced by 4.07 per cent, 2.25 per cent and 1.51 per cent respectively.

Top Leaders (Active Volume): VODAFONE GROUP PLC, LLOYDS BANKING GROUP PLC, and ANGLO AMERICAN PLC.

Top Risers Sectors: Telecommunications Services (+7.61%), Technology (+1.79%) and Consumer Cyclicals (+1.49%).

Top Faller Sector: Basic Materials (-0.27%).

Foreign Exchange and Fixed Income

FX Rates*: GBP/USD and EUR/GBP were trading at 1.2384 and 0.8984 respectively.

10-Year Bond Yields*: US 10Y Treasury and UK 10Y Bond yields were exchanging at 2.081% and 0.689% respectively. 

*At the time of writing

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