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.

The latest from London: The FTSE 100 struggles for direction

01/20/2022 | 04:46am EDT

The LSE bounced back yesterday, helped by miners and the People's Bank of China easing monetary policy. Strong results from luxury stocks also boosted the FTSE 100, with Burberry posting higher sales and guiding for 35% earnings growth this year.

However, the FTSE 100 struggles for direction today, going up and down, as investors still fear the consequences of a tightening of the Fed’s monetary policy. Wall Street ended in the red overnight, with the Nasdaq now more than 10% below its late November peak.

In addition, worries about the situation in Ukraine worsened after U.S. President Joe Biden said he believes Russia intends to "move in" on Ukraine.

However, there was a bit of good news when China's central bank took another step towards a more accommodating policy on Thursday. To counter a slowing economic recovery, the institution lowered one of its benchmark interest rates.

In other news, Unilever rose 1.5% after it officially dropped its plan to acquire GSK's healthcare business, while Associated British Foods fell 1% after it said the spread of Omicron impacted shopper numbers in December.

 

Things to read today:

China cuts mortgage lending rate for first time in two years (Financial Times)

Nasdaq Falls More than 1%, Entering Correction Territory (WSJ)

The UK is Two Months Away From a Brutal Cost-of-Living Crisis (Bloomberg)


© MarketScreener.com 2022
Stocks mentioned in the article
ChangeLast1st jan.
ASSOCIATED BRITISH FOODS PLC -1.41% 1605 Delayed Quote.-20.07%
BANK OF CHINA LIMITED 0.65% 3.08 Delayed Quote.9.25%
BURBERRY GROUP PLC -2.80% 1577 Delayed Quote.-13.23%
FTSE 100 -0.39% 7484.35 Delayed Quote.1.75%
NASDAQ COMP. -2.35% 11264.45 Real-time Quote.-26.27%
ON SEMICONDUCTOR CORPORATION -2.49% 54.5 Delayed Quote.-19.76%
S&P 500 -0.81% 3941.48 Real-time Quote.-16.63%
UNILEVER PLC 0.20% 3541 Delayed Quote.-10.25%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.25% 56.5157 Delayed Quote.-21.84%