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OFFON

Romain Fournier

Chief Editor
Having worked in the British, French and Swiss financial press, Romain is able to report on local and international issues, as comfortable in French as in the language of Shakespeare, Romain Fournier leads the editorial team at Marketscreener. Fine connoisseur of the English-speaking markets, Romain delivers an editorial every day on US and UK markets.

New day, same problems

10/05/2021 | 04:57am EST

Yesterday, the FTSE100 dropped 0.2%, hampered by tech and auto stocks due to concerns over supply chains disruptions and a rise in bond yields.

Surging energy prices boosted energy stocks, while retailers were boosted by the £7bn takeover by the US private equity group Clayton, Dubilier & Rice of Morrisons. J Sainsbury and Tesco were among the top performers.

London's FTSE 100 is up today, led by banks, but offset by the auto sector after fresh data showed this was the weakest September in 23 years for new car registrations in the U.K.

Inspiration Healthcare Group rose 4.1% after posting a 133% gain in first-half profit, while Melrose Industries fell 1.5% after unveiling an increase in cancellations from its customers in the auto industry due to the global chip shortage.

Investors’ worries remain the same. Brent crude is still above $80 a barrel after OPEC+ producers decided to keep their output policy unchanged.

China's property sector problems continue, and are even worsening. After Evergrande, it is now property giant Fantasia that has missed a coupon payment.

Discussion about the debt ceiling in America are stalling and if the country was to default on debt payments, that could cause U.S. economic activity to shrink nearly 4%, according to Moody’s.

 

Things to read:


ę MarketScreener.com 2021
Stocks mentioned in the article
ChangeLast1st jan.
EVERGRANDE PROPERTY SERVICES GROUP LIMITED -0.74% 2.68 End-of-day quote.1.52%
FANTASIA HOLDINGS GROUP CO., LIMITED 1.61% 0.315 End-of-day quote.-3.08%
FTSE 100 1.33% 7469.78 Delayed Quote.-0.18%
LONDON BRENT OIL -0.49% 89.3 Delayed Quote.11.88%
MSCI UNITED KINGDOM (STRD) 1.51% 1194.728 Real-time Quote.-1.02%
S&P UNITED KINGDOM (PDS) 1.31% 1506.16 Delayed Quote.0.62%