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July 30th - US semiconductor stocks extended their gains, with the Philadelphia Semiconductor Index rising 9% and the Nasdaq Composite Index currently up 2.6%. Micron Technology (MU.O) surged over 16%, AMD (AMD.O) rose over 15%, and Intel (INTC.O) climbed over 14%.U.S. EIA natural gas inventories for the week ending July 24 were 28 billion cubic feet, compared to an expected 35 billion cubic feet and a previous reading of 32 billion cubic feet.World Trade Organization: Brazil has filed a dispute settlement lawsuit over US tariffs.On July 30, the Thailand Futures Exchange issued an announcement stating that due to a 2.50% drop in the USD/JPY futures trading price compared to the most recent settlement price, and in accordance with the guidelines for suspending trading of derivatives due to triggering daily price fluctuation limits, the Thailand Futures Exchange decided to temporarily suspend futures trading of this currency pair from 21:04:41 local time, and resume formal trading at 21:06:41.On July 30th, after the Bank of England kept interest rates unchanged and stated that domestic inflationary pressures were easing, UK short-term government bonds saw their biggest single-day gain in over a month. The yield on the most sensitive monetary policy gilt fell 11 basis points to 4.34%, the largest single-day drop since June 12th. Bank of England Governor Bailey stated at a press conference that he did not want people to "leave the meeting with the impression that the committee is gradually moving towards raising interest rates," after which UK government bonds further extended their gains. Influenced by the Bank of Englands dovish stance, the money market expects the Bank of England to raise interest rates by a cumulative total of about 32 basis points by the end of this year, lower than the 38 basis points before the decision was announced. The markets probability of a rate hike at the September meeting has also fallen from nearly 60% to less than 40%. James Lynch, portfolio manager at Aberdeen Asset Management, said, "The threshold for a Bank of England rate hike is very high." He expects the Bank of England to keep interest rates unchanged for the remainder of the year. He stated that Bailey was "more definitive than I expected."

Commodity-linked gains lift FTSE; fading Ukraine optimism weighs on midcap index

Cameron Murphy

Mar 31, 2022 09:47

(Reuters)-- London's FTSE 100 increased on Wednesday, aided by a jump in commodity-linked shares. At the same time, uncertainties emerging around the development of the Russia-Ukraine peace negotiation weighed on general belief and dragged the midcap index lower.


After dropping as much as 0.18%, the blue-chip index shut 0.6% greater, with energy and miners leading gains, while the domestically-focused mid-cap index dropped 1.0%, breaking its three-day winning streak.


Oil majors BP Plc and Covering Plc got 3% and 4.6%, specifically, as oil rates clawed back hefty losses suffered earlier today. Covering also got an increase after J.P. Morgan elevated its cost target. [O/R] The Kremlin on Wednesday stated there was no development indicator yet in talks, even as it welcomed that Kyiv has laid out its demands to finish the dispute in written form.


"The release from the Kremlin this morning that it saw no innovations in peace negotiation has seriously increased doubts regarding its proposal to de-escalate," stated Stuart Cole, ahead macroeconomic expert at Equity Capital.


Moscow on Tuesday vowed to minimize military operations around Kyiv and in north Ukraine.

Including in the worries, the widely tracked U.S. 2-year-10-year Treasury yield curve briefly inverted on Tuesday, which is extensively considered an indication of an economic downturn.


"The quick inversion in 2yr-10yr Treasury returns aggravates concerns that global central bank actions to bear down on inflation will create a decline in development," Cole added.


Other breakthroughs were topped by weakness in financials, down 1.3%. Lloyds Financial Team led losses after RBC double downgraded the supply to "underperform," saying growth vehicle drivers did not appear to be "game-changing."


The commodity-heavy FTSE 100 is tracking a sixth straight quarterly gain, buoyed by higher oil and gas prices. At the same time, the FTSE 250 is established for its first quarterly decrease since March 2020 amidst increasing problems concerning damage to economic growth due to surging inflation.


To name a few stocks, Pearson fell 5.9% to the bottom of FTSE after the education team stated it had turned down a third takeover offer from Beauty, valuing it at 6.7 billion pounds ($8.8 billion).

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