FTSE 100 goes down to 2-year minimum
On Friday, Britain’s number one stock index declined to its lowest value for two years, after earnings downbeat outcomes from Amazon and Alphabet provoked another wave of global selling. Diving crude also affected heavyweight crude majors, which is a mighty drag on the commodity-heavy index.
As a matter of fact, the FTSE 100 UKX headed south by 1.4% coming up with an outcome of 6,906.62 that could mark the weakest settlement since December 2016.
The currency pair GBP/USD tumbled from $1.2818 to $1.2798.
British equities faced a volatile week against the backdrop of fears over Brexit as well as lingering questions about UK Prime Minister Theresa May’s role in the process of escaping from the European bloc. However, UK equities were mostly taking their lead from American shares, set to sink steeply in the face of weaker-than-anticipated outcomes from technology as well as internet-related business sharks – Alphabet and Amazon.
A risk-off mood put pressure on crude contracts CLZ8, affecting equities of related heavyweight crude businesses. Total SA TOT headed south by 3%. Royal Dutch Shell Group inched down by 1.5%, while BP PLC BP slipped by 2.9%.
What’s really worrisome about the company’s mediocre performance as well as downbeat guidance is how out of step it is with the wider group of peers, as investment director at AJ Bell, Russ Mould informed clients. He added that the likes of Publicis and Omnicom have already posted upbeat third quarter outcomes.
Besides this, Royal Bank of Scotland RBS headed south by 5% due to the fact the financial institution reported higher gains. However, the bank added that it had to set aside more funds for claims of payment-protection insurance.
Moreover, Rolls-Royce Holdings PLC RR equities dived more than 4% because the company told that in the fourth quarter it would fall short of its previous engine-delivery projection for Airbus’s fresh A330neo.
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