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FTSE 100 goes down as American tech woes put pressure on global markets
On Wednesday, British equities headed south, reacting to a dive in American stocks in the previous trading session, where technology names managed to take a hammering.
The FTSE 100 index UKX inched down 0.7% being worth 6,950.60. It’s because the only the utilities sector, found defensive by experts, tacked on. The given dive actually contrasts with Tuesday’s 1.6% ascend that concluded a four-session losing marathon. In 2018, the London blue-chip benchmark has lost over 9%.
The currency pair GBP/USD ended up with $1.4176, soaring from $1.4159 demonstrated in New York on Tuesday.
Market participants were greatly impressed by Tuesday’s abrupt downturn in American equities. For example, the Nasdaq Composite Index COMP dived 2.9%. Equities of Twitter lost 1.32% on concerns as for its data business. As for Facebook, involved in a customer data scandal, inched down 5%.
In addition to this, on Tuesday, news that China and America are conducting behind-the-scenes trade negotiations helped to power a leap in London-listed blue chips because worries regarding a global trade conflict abated.
Aside from that crude stocks slumped along with crude prices CLK8, as the American Petroleum Institute demonstrated an abrupt soar in weekly American crude supplies.
Both crude producers BP PLC BP and Royal Dutch Shell PLC RDSB inched down 1.2% as crude prices went down.
As for techs, equities of software maker Sage Group PLC SGE went down 1.4%, while business software maker Micro Focus International PLC MCRO headed south 0.1%.
BT Group PLC BT slumped 0.3% after the British telecommunications watchdog, Ofcom officially confirmed fresh regulations aimed at driving investment in full-fiber broadband networks. However, it set a greater cap than earlier specified on the amount BT charges to counterparts to utilize its fast broadband service.
The bullish movement in the stock market is gaining speed, and Bitcoin ETFs are closer than they might seem. What do we need to know for the next trading week?
On Wednesday, September 22, Microsoft will be holding a product launch. The event starts at 18:00 GTM + 3.
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.