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Sector movers: Stocks bounce despite drag from Precious Metals, Oil and Gas

Wed, 06th Jul 2022 18:16

(Sharecast News) - A motley assortment of sectors led the FTSE 350's bounce on Wednesday despite the release of weaker-than-expected economic data and the political ructions in Downing Street.

Against the backdrop of ongoing speculation that the global economy was heading towards a recession, S&P Global announced a drop in its UK construction sector Purchasing Managers' Index from a reading of 56.4 for May to 52.6 in June (consensus: 55.0).

According to Pantheon Macroeconomics that was indicative of housing activity buckling under the pressure of higher mortgage rates.

Pacing gains in the Media space were shares of publishing and business intelligence outfit Informa after analysts at BofA reiterated their 'buy' rating, telling clients that risks were adequately priced-in.

In Personal Goods meanwhile, Asia-focused Burberry Group outperformed, although market chatter was that it remained to be seen whether Chinese officials would loosen their Covid-19 curbs.

Going the other way, Precious Metals and Mining was again under pressure as the US dollar continued to gain altitude, in turn pushing gold futures down towards technical support around the $1,700/oz. area.

Oil, Gas and Coal added to the previous session's rout amid news that Norwegian oil and gas workers had called off their strike which served to push crude oil futures a tad lower.

TTF natural gas futures however rose 9.4% to 174.5/MWh.

Top performing sectors so far today

Leisure Goods 17,434.28 +3.40%

Media 8,599.24 +3.17%

Personal Goods 26,757.57 +3.17%

Investment Banking and Brokerage Services 12,252.92 +3.11%

Beverages 27,585.22 +3.02%

Bottom performing sectors so far today

Precious Metals and Mining 9,346.94 -1.99%

Oil, Gas and Coal 6,712.91 -1.99%

Automobiles & Parts 1,512.15 -1.43%

Medical Equipment and Services 9,976.09 -1.12%

Banks 3,117.79 -0.74%

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21 Apr 2020 11:04

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20 Apr 2020 21:38

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20 Apr 2020 13:00

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20 Apr 2020 12:48

Europe midday: Stocks move lower as WTI oil futures crater

(Sharecast News) - Early gains for stocks across the Continent have evaporated amid a continued slide in US oil futures and as investors continue to monitor the news-flow around the Covid-19 pandemic.

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16 Apr 2020 09:03

Shell steps up net-zero emissions actions

(Sharecast News) - Royal Dutch Shell said it was stepping up its activities to become carbon neutral to respond to heightened concerns about oil companies' impact on the climate.

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14 Apr 2020 13:57

US import prices drop as energy price crash like in 2008

(Sharecast News) - The cost of imported goods in the States fell sharply last month as energy prices crashed.

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12 Apr 2020 21:27

OPEC+ clinches output deal, Russia and Saudi end price war

(Sharecast News) - The Organisation of Petroleum Exporting Countries and its key allies managed to pull a rabbit out of the hat at the last minute - defying skeptics.

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9 Apr 2020 16:57

Saudi and Russian Federation agree on oil output cuts, Journal says

(Sharecast News) - Moscow and Riyadh have reached an agreement in principle to cut their crude oil output.

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5 Apr 2020 21:20

Norway may join OPEC+ in cutting output, Canada will dial into summit

(Sharecast News) - Norway may cut its oil production alongside other major producers if an agreement for a significant combined reduction can be reached.

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3 Apr 2020 14:08

Brent futures jump again after report Russian firms ready to cut

(Sharecast News) - Crude oil futures extended the previous day's rally following reports that Russian oil producers were prepared to reduce their own output to help stem the rout in prices.

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2 Apr 2020 16:12

Brent oil spikes higher after Trump says Russia and Saudi will cut output

(Sharecast News) - Traders in Brent crude oil endured a roller coaster-like session after the US President said Russia and Saudi had agreed to restrain their combined output, but Russian officials quickly appeared to call that into doubt, at least in part.

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2 Apr 2020 15:52

FTSE 100 movers: Shell and BP pace gains as Brent surges 24%

(Sharecast News) - US President Donald Trump triggered a sharp rally in crude oil futures on Thursday after doubling-down on his optimism regarding a detente between Russia and Saudi in their oil price war.

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2 Apr 2020 13:29

Europe midday: Stocks buoyed by rally in crude oil futures

(Sharecast News) - Stocks on the Continent are keeping their heads above water following the previous day's thrashing, helped by a rebound in oil futures, even as investors kept a close eye on the economic fallout of the Covid-19 pandemic.

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2 Apr 2020 13:03

Thursday broker round-up

(Sharecast News) - Unilever: Barclays upgrades to equal weight with a target price of 4,420p.

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2 Apr 2020 00:18

Chinese Covid-19 statistics intentionally incomplete, US intelligence says

(Sharecast News) - US intelligence has concluded that China did not reveal the true extent of the Covid-19 coronavirus pandemic in the country on purpose.

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