Sharecast News
10 May, 2022 03:55

Sector movers: Autos&Parts hit by concerns around Ukraine war, fresh Russia sanctions

dl russia tanks
Russian Ministry of Defence

Autos&Parts were at the bottom of the pile again as concern around the war in Ukraine continued to take its toll.

Adding to the negative sentiment towards the sector, at the weekend the UK announced that it would hike tariffs on imports of platinum and palladium - a key component of catalytic converters - from Russia and Belarus.

Tariffs on a range of goods were set to go up by 35%.

Adding to the selling pressure, uncertainty around the increasingly protracted nature of the war more than offset relief that the Kremlin did not go ahead and declare all-out war on its smaller neighbour during the 9 May Victory Day celebrations in Moscow.

Investors were also in a dour mood following the release of data that revealed the impact that higher energy prices around the world and Covid-19 restrictions were having on demand for Chinese exports.

And on the interest rate front, on 6 May, Minneapolis Fed President, Neel Kashkari, published an essay in which he said that if disruptions to supply chains did not unwind soon then the central bank might have no alternative to triggering a recession.

The war in Ukraine and the lockdowns in China were among the reasons cited by Kashkari for the lack of an improvement.

Top performing sectors so far today

Personal Care, Drug and Grocery Stores 3,990.50 +0.49%

Tobacco 34,388.88 +0.22%

Non-life Insurance 2,926.33 +0.09%

Alternative Energy 0.00 0.00%

Alternative Investment Instruments NULL 0.00%

Bottom performing sectors so far today

Automobiles & Parts 2,137.55 -6.02%

Real Estate Investment & Services 2,396.74 -3.90%

Industrial Metals & Mining 7,084.63 -3.75%

Travel & Leisure 6,180.72 -3.75%

Electronic & Electrical Equipment 8,922.53 -3.21%


News Source: © 2022 Web Financial Group (UK) Limited. All rights reserved and terms of use apply.

Important Legal Notice about News Sources: Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news and we may not share the views of the author or publisher. We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.

 

Important Legal Notice about News Sources

Pilling and Co Stockbrokers Ltd. is not responsible for the content or accuracy of third party news articles and we may not share the views of the author or publisher.

We provide third party news for your convenience and information only and make no representation or endorsement whatsoever and hereby exclude all liability for any loss or damage that may be incurred by you as a result of your access or use. Please note that third party content may be subject to terms and conditions imposed by the third party owner of that content.

The value of investments can fall and you may get back less than you invested.