Wall Street stocks turned in a mixed performance on Wednesday as market participants digested comments from Federal Reserve chairman Jerome Powell at the European Central Bank forum.
Deutsche Bank downgraded Diageo on Wednesday to 'sell' from 'hold' and cut its price target on the stock to 3,230. 0p from 4,050. 0p as its analysts argued the stock was "priced for perfection" and "due for deceleration".
European shares extended losses on Wednesday, alongside a retreat in euro area government bond yields and for the single currency itself, as the heads of the US Federal Reserve, European Central Bank and Bank of England all sounded a somewhat hawkish note.
London stocks closed down but off lows on Wednesday, as investors mulled comments from central bank officials on both sides of the pond, amid ongoing concerns about a global slowdown.
The focus of Thursday's session will be on US inflation and the country's jobs market.
Investors sought out the more defensive areas of the market on Wednesday, including Pharmaceuticals and Gas, Water and Multiutilities, as the head of the US central bank sounded a somewhat hawkish note.
Federal Reserve chairman Jerome Powell believed his country's economy was in "strong shape" and that inflation could be brought back to target without undermining the solid jobs market.
The head of the Bank of England walked a fine line between hawkishness and its gradual approach to interest rates up until now at the European Central Bank Forum in Sintra, Portugal.
London’s FTSE 100 was up 0. 1% at 7,330. 77 in afternoon trade on Wednesday.
Wall Street trading got off to a mixed start on Wednesday as market participants digested comments from Federal Reserve chairman Jerome Powell at the European Central Bank forum.
The American economy shrank at a slightly faster than expected clip over the three months to March, as consumption slowed more than previously thought.
Morgan Stanley slashed its price target on shares of cruise operator Carnival on Wednesday to $7 from $13, maintaining its ‘underweight’ rating and staying cautious following "another chunky forecast cut".
ITV revealed on Wednesday that chairman designate Andrew Cosslett had acquired 301,889 ordinary shares in the FTSE 250-listed media group.
Sentiment across the Eurozone faltered in June, a closely-watched survey showed on Wednesday, as concerns about the economic outlook weighed heavily.
The FTSE 250 was down 1. 56% at 19,048. 90 at 1400 BST.
European shares extended losses on Wednesday, as renewed recessionary fears put the brakes on a rally sparked by China relaxing Covid quarantine curbs for visitors.
BT said it had requested an extension to the UK government’s deadline for removing Huawei equipment from its network, after the Chinese company’s equipment was banned due to data security concerns.
Consumer price inflation in the euro area's largest economy surprised to the downside in June, but some economists expected the relief to be short-lived.
The government is expected to cap maximum stakes for online casinos when it publishes its long-awaited White Paper on gambling, it was reported on Wednesday.
The CEO of cryptocurrency exchange platform FTX, Sam Bankman-Fried, denied the rumor generated by information published by Bloomberg mentioning that the company is looking for opportunities to buy the popular Robinhood platform. He expressed that the company is not looking for any active merger or acquisition with the trading app.
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