HomeUncategorizedFTSE 100 Live 19 May: Nationwide mortgage lending down; shares seen higher

FTSE 100 Live 19 May: Nationwide mortgage lending down; shares seen higher


Nikkei leads as stock market recovers, pound falls

The US dollar continued to strengthen amid optimism about progress in debt ceiling negotiations and after comments from Federal Reserve officials opposed to the proposed rate pause.

The British pound fell below $1.24 today, from a one-year high near $1.27 on May 10 as traders began to price in the next rate hikes. Bank of England.

Positive signs that a U.S. debt default will be avoided have also benefited Wall Street shares, with the S&P 500 index rising 0.9 percent late overnight to near a nearly nine-month high. .

Cyclical and tech stocks are in demand as the Nasdaq Composite has also continued its recent outperformance with a 1.2% gain.

In Asia, Japan’s Nikkei took the lead as a weak yen and strong domestic earnings lifted the benchmark for a seventh straight session to its highest level since 1990. Hong Kong’s Hang Seng, however, miss, 1% off due to disappointing results from Alibaba.

The FTSE 100 index was up 0.3% yesterday and is predicted by CMC Markets to open 20 points higher at 7762.


Consumer confidence continues to recover despite cost-of-living pressures

A lengthy survey shows consumer confidence in the coming year is continuing to recover despite persistent cost-of-living pressures.

The GfK Consumer Confidence Index rose three points in May to minus 27, the fourth consecutive monthly gain from minus 45 in January.

Confidence in personal finance over the next 12 months has increased “strongly” five points to negative 8-17, higher than this time last year.

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Hong Kong stocks slide as Alibaba sales miss

Stocks in Hong Kong fell this morning after Alibaba’s fourth-quarter sales failed to add to concerns about China’s post-Covid recovery slowing.

The e-commerce business posted a 3% drop in inbound commerce sales, while its cloud division saw revenue decline year-over-year for the first time ever. Alibaba said it will be planning an IPO for its cloud business and will consider a separate listing for its logistics and grocery businesses.

The Hang Seng China Enterprises Index fell 2.=4%, while Alibaba shares fell as much as 5.4%, the biggest single-day drop in nearly three months.


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