Wednesday, October 27, 2021

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    FTSE 100 overwhelmed by monetary tightening tips, PMI declining

    The FTSE 100 outperformed its European peers as a series of central bank actions and commentary surprised investors and caused risk aversion. The decrease in PMI readings in September also weakened positive sentiment.

    The Federal Reserve Board officially announced on Wednesday that it would ease the pace of asset purchases, but the Bank of England said Thursday that recent price movements seemed to have strengthened its claims for modest monetary policy tightening. rice field. However, interest rates were stable at 0.1% and quantitative easing was stable at £ 895 billion. Earlier that day, the Norges Bank raised benchmark interest rates, suggesting a rate hike again in December.

    The FTSE 100 plummeted from its day’s high of 7131.43 as sentiment weakened as more countries moved away from the ultra-easy monetary policy stance. It is currently trading at 7077.02, down 0.09% from the previous closing price of 7083.37.

    The index is currently trading at a 48:53 up-to-down ratio.

    Meanwhile, the September IHS Markit / CIPS Flash PMI release showed that manufacturing PMI fell from 60.3 last month to 56.3. Service PMI decreased from 55.0 in August to 54.6. Composite PMI fell from 54.8 in August to 54.1.
    Rolls-Royce Holdings is the FTSE 100’s best performer of the day, with a profit of 3.13 percent.

    Entainplc, which received a new takeover offer a day ago from US-based sports betting firm DraftKings, fell the most by 3.49% in the index.
    International Consolidated Airlines Group, Hargreaves Landsdown and Polymetal International are also significantly sluggish.

    The Lloyds Banking Group is the most active scrip with sales of 66 million. Scrip increased by 1.38%.

    Against the backdrop of the tightening tips given by the BoE at the Japan-China meeting, the GBPUSD pair increased from Wednesday’s closing price of 1.3625 to 1.3709.

    Yields on 10-year UK bonds remained strong from a closing price of 0.8000% on Wednesday to a maximum of 0.8780% following a case of monetary tightening backed by the Bank of England.

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    FTSE 100 overwhelmed by monetary tightening tips, PMI declining

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