See below for the latest developments in the FTSE 100, which has witnessed some big moves in an otherwise quiet day
Tesco – negative pressure seems to be building, the dividend is the company’s one hope of reinvigorating the share price, but so far there have been no developments on this. The investment community seems to be looking to sell rallies at the moment. A daily close below 223.80 – Friday’s low would be a bearish development that could open the way to 200p. We expect any recovery to be short-lived.
ITV: One of the biggest positive movers on the FTSE today, its share price is higher on the back of a report that Liberty Global is preparing a takeover. Traditionally a takeover target sees shares rise when it is approached by a buyer. If this story has legs then there could be further upside to come. Back when Astra Zeneca was approached by Pfizer its share price rose by nearly 30%.
HSBC: down more than 1% after celebrity fund manager Neil Woodford, said he was selling the bank’s shares on the back of potential fines for FX and interest rate market manipulation. Woodford seems to be getting in front of the curve with this one, if fines are doled out to the banking sector expect to see financial shares sell off, even rumours about the size of fines etc could spook the markets.
Of note, there has been a 30% drop in FTSE turnover today, probably because the US is out. Things should pick-up later this week.
Recommended Content
Editors’ Picks
AUD/USD hovers around 0.6500 amid light trading, ahead of US GDP
AUD/USD is trading close to 0.6500 in Asian trading on Thursday, lacking a clear directional impetus amid an Anzac Day holiday in Australia. Meanwhile, traders stay cautious due ti risk-aversion and ahead of the key US Q1 GDP release.
USD/JPY finds its highest bids since 1990, near 155.50
USD/JPY keeps breaking into its highest chart territory since June of 1990 early Thursday, testing 155.50 for the first time in 34 years as the Japanese Yen remains vulnerable, despite looming Japanese intervention risks. Focus shifts to Thursday's US GDP report and the BoJ decision on Friday.
Gold price treads water near $2,320, awaits US GDP data
Gold price recovers losses but keeps its range near $2,320 early Thursday. Renewed weakness in the US Dollar and the US Treasury yields allow Gold buyers to breathe a sigh of relief. Gold price stays vulnerable amid Middle East de-escalation, awaiting US Q1 GDP data.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
Meta Platforms Earnings: META sinks 10% on lower Q2 revenue guidance Premium
This must be "opposites" week. While Doppelganger Tesla rode horrible misses on Tuesday to a double-digit rally, Meta Platforms produced impressive beats above Wall Street consensus after the close on Wednesday, only to watch the share price collapse by nearly 10%.