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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.

UK indexes struggle for direction after mixed China news

12/07/2022 | 05:13am EST

The fallout from strong US ISM services data continued yesterday, with the FTSE 100 losing 0.6% as investors fear that the Fed will raise interest rates for longer.

Energy stocks went down along with oil prices, due to worries over global demand.

Today, the FTSE was struggling for direction after the publication of weak economic data from China, where imports dropped 11% in November, while exports fell by 8.7% year-on-year to levels not seen since May 2020.

However, there is still some optimism as the country relaxes its zero-Covid policy. Authorities announced that some asymptomatic and mild cases of Covid-19 can now quarantine at home, instead of having to go to centralized government facilities.

In other news, UK house prices declined by 2.3%  between October and November, according to Halifax, compared to a fall of 0.4% the previous month.

Among stocks, Moonpig Group dropped by almost 7% in premarket trading after posting a decline in earnings for the first six months of its fiscal year. They fell to 5.8 million pounds sterling from 15.4 million pounds for the year-ago period.

 

Things to read today:

This Legoland is a Cautionary Tale as an Era of Easy Money Ends (Bloomberg)

China Scraps Most Testing, Quarantine Requirements in Covid Pivot (WSJ)

House prices fall at the fastest rate since 2008 (Daily telegraph)


ę MarketScreener.com 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.00% 0.7103 Delayed Quote.4.40%
BRENT OIL -1.57% 86.05 Delayed Quote.1.71%
BRITISH POUND / US DOLLAR (GBP/USD) 0.00% 1.2397 Delayed Quote.2.63%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.7507 Delayed Quote.1.73%
EURO / US DOLLAR (EUR/USD) 0.01% 1.0866 Delayed Quote.1.78%
FTSE 100 0.05% 7765.15 Delayed Quote.4.21%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.11% 0.012271 Delayed Quote.1.60%
MOONPIG GROUP PLC 0.17% 115.5 Delayed Quote.4.71%
MSCI UNITED KINGDOM (STRD) 0.06% 1146.93 Real-time Quote.6.67%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.00% 0.6492 Delayed Quote.2.23%
S&P UNITED KINGDOM (PDS) 0.05% 1577.28 Real-time Quote.3.81%
WTI -2.02% 79.45 Delayed Quote.0.75%