London Closes: Weaker Shares as Investors Tear Down the Fed’s Timeline

London shares closed well below the waterline on Thursday after passing the session in red after minutes from the last meeting of the US Federal Reserve signaled that the reduction was on the cards this year.

The FTSE 100 ended the session 1.54% at 7,058.86, and the FTSE 250 was 0.96% weaker at 12,606.87.

Sterling also declined, last trading 0.61% weaker in dollars at $ 1.3672, and pulled 0.46% from the euro to € 1.1692.

Beauchamp noted that the week low at the VIX volatility index was a kind of warning and is likely to be repeated “at least a few times” before the end of the year.

In basin data during the afternoon, manufacturing activity in the U.S. Mid-Atlantic region slowed in August as firms lowered their inventory levels.

The Philadelphia Federal Reserve’s factory sector index fell from a reading of 21.9 in July to 19.4 – the consensus had been for a printout of 24.2.

The drag of the stock index below was a sub-index for inventories, which fell from -4.0 to 18.1.

On the shores of the house, the Competition Appeals Tribunal previously approved a 10 10 billion class action against Mastercard that could entitle 46 million British adults to around 300 300 each if successful.

The court was expected to uphold the first mass consumer action in the UK, brought by former financial ombudsman Walter Merricks, after the Supreme Court dismissed objections against him in December.

The move to finally adopt the five-year issue as a collective action is also likely to set a precedent for a series of proposed additional class action costumes that were stuck in its wake.

In the stock markets, miners were again among the top losers, with Anglo American down 10%, Antofagasta down 4.45%, Rio Tinto down 2.74%, and Glencore 3.5% weaker.

Anglo American was also hit by the fact that it came out in the former dividend, joined in that status by Abrdn, M & G, Phoenix Carfon Dixons Group, which lost 4.29%, 5.28%, 5.24% and 3.41% respectively.

Telecommunications infrastructure company Kullat Helios slipped 5.76% after reporting revenue rose in the first half of the year, but operating profit fell, in part due to rising deal costs.

Gambling operator The ranking group was also down, closing 4.48% weaker after reporting an operating loss of milion 93 million after Covid restrictions closed its seats.

The company said net annual gaming revenue almost halved to 32 329.6 million, from 29 629.7 million, with its losses compared to a profit of .5 21.5 million a year earlier.

Ultra Electronics lost 1.66% after UK Business Secretary Kwasi Kwarteng ordered an investigation into the company’s proposed takeover by Cobham.

Luxury fashion brand Burberry slipped 6.62% after Chinese Prime Minister Xi Jinping threatened to seize high incomes and redistribute wealth.

Burberry is highly dependent on demand from China.

ITV broadcaster was 4.15% weaker after saying it had completed an investment in Feel Holdings, a UK-based digital health start-up.

ITV agreed to subscribe to up to 3 million notes of Feel convertible loan banknotes in three installments, and said Feel would launch its own tailored media campaign on broadcaster channels later this year.

On the upside, the OSB Group rose 1.22% higher after saying pre-tax profits had doubled in the six months ended June 30th.

Marshalls landscape products company rallied 3.97% after lifting its expectations for 2021 and 2022, reporting strong growth in the first half in support market conditions.

Polymetal was alive, closing ahead 1.64% as gold prices rose.

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London Closes: Weaker Shares as Investors Tear Down the Fed's Timeline - /10

Summary

London shares closed well below the waterline on Thursday after passing the session in red after minutes from the last meeting of the US Federal Reserve signaled that the reduction was on the cards this year.

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