Global Markets*: Stocks in the United States zoomed up during the day’s session, with broader index S&P 500 added 20.43 points or 0.70% to 2,926.70, the Dow Jones Industrial Average Index surged by 169.80 points or 0.65% to 26,293.22 and the technology benchmark index Nasdaq Composite index leapt up by 68.29 points or 0.87% to 7,942.14, respectively.
Global News: The Commerce Department reported that the trade deficit of the United States with China surged by 9.4 per cent to $32.8 billion to a six-month high in July, even as overall trade deficit dropped by 2.7 per cent to $54.0 billion, helped by a rise in exports. Raising hopes for at least a pause in Iran-West confrontation, Iranian President Hassan Rouhani said talks with European powers were moving forward and gave the bloc another two months to save a 2015 nuclear deal, though he warned of extraordinary effects of the next breaches. Easing tensions in Hong Kong and positive data from China helped US equity to rise broadly at the open on Wednesday.
European Markets: The London’s broader equity benchmark index FTSE 100 traded at 43.07 points or 0.59% higher at 7,311.26, the FTSE 250 index snapped 154.97 points or 0.80% higher at 19,619.11, and the FTSE All-Share Index ended 24.56 points or 0.62% higher at 4,007.19 respectively. Another European equity benchmark index STOXX 600 ended at 383.18, up by 3.37 points or 0.89 per cent.
European News: After an alliance of opposition MPs backed by 21 rebels from the Conservative party seeking to prevent a no-deal Brexit took control of the proceedings of the parliament on Tuesday, British Prime Minister Boris Johnson on Wednesday demanded a 15 October snap election. However, his attempt for an early election is not expected to succeed as that would require the backing of two-thirds of lawmakers. The Bank of England Governor Mark Carney revised down the severity of contraction in gross domestic product from 8 per cent to .5 per cent peak to trough, as preparations undertaken since the end of last year has lowered the scale of damage to the economy in a worst-case Brexit scenario.
London Stock Exchange (LSE)
Top Performers*: NOSTRUM OIL & GAS PLC (NOG), FULLER,SMITH & TURNER PLC ‘A’ (FSTA) and MACAU PROPERTY OPP. FUND LD (MPO) were the gainers for the day (at the time of writing) and expanded by 10.79%, 9.01% and 7.44% respectively.
Worst Performers*: KAINOS GROUP PLC (KNOS), DUNELM GROUP PLC (DNLM) and THOMAS COOK GROUP PLC (TCG) were the top three laggards of the day and down by 10.71%, 8.23% and 7.50% respectively.
FTSE 100 Index
5-days Daily Price Chart (as on September 04, 2019, before the market close). (Source: TR)
Performers*: STANDARD CHARTERED PLC (STAN), PRUDENTIAL PLC (PRU) and GLENCORE PLC (GLEN) were the top gaining stocks in today’s session and surged by 3.52%, 3.48% and 3.14% respectively.
Laggards*: BARRATT DEVELOPMENTS PLC (BDEV), MICRO FOCUS INTERNATIONAL PLC (MCRO), and ADMIRAL GROUP PLC (ADM) were the losers for the day (FTSE 100 index) and contracted by 4.66%, 1.53% and 1.50% respectively.
Volume Movers*: VODAFONE GROUP PLC (VOD), LLOYDS BANKING GROUP PLC (LLOY), and BARCLAYS PLC (BARC) were the top volume movers for the day (at the time of writing).
FTSE 100 Sectors Cues
Performers*: Basic Materials (+1.89%), Financials (+1.25%), and Energy (+0.65%).
Laggards*: Healthcare (-0.71%), Telecommunications Services (-0.52%) and Consumer Non-Cyclicals (-0.40%).
Foreign Exchange and Fixed Income
F.X. Rates (at the time of writing): GBP/USD and EUR/GBP were quoting at 1.2211 and 0.9032 respectively.
10-Year Bond Yields (at the time of writing): US 10Yr. Treasury and UK 10Yr. Bond yields were quoting at 1.452% and 0.484% respectively.
* At the time of writing