News – USA – FTSE 100 led by Scottish Mortgage IT as technology goes out of style

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A number of investment trusts are taking a bath today as the wind in the tech sector suddenly changed

The London stock market doesn’t have the heavyweight technology stocks of US exchanges, but they are big enough to drag the market down

The FTSE 100 fell 41 points (0) 6%) at 6571, with the decline led by Scottish Mortgage Investment Trust PLC (LON: SMT), which is down 8% 0% at 1165p

The investment trust is a big owner of some of the biggest tech names including Tencent, Alibaba, and Delivery Hero, while probably best known for driving Tesla Motor forward

With technology stocks seeing a bit of profit-taking lately, the stocks of the Investment Trust are down from Jan.395 down A week ago they lost 17%, or about a sixth of their value

Other investment trusts taking a dip today include Jpmorgan China Growth & Income PLC (LON: JCGI) (down 9) 2%; Baillie Gifford US Growth Trust PLC (LON: USA), minus 82%; Allianz Technology Trust PLC (LON: ATT), minus 79%; and Edinburgh Worldwide Investment Trust PLC (LON: EQI), minus 69%

The major Wall Street indices opened negative Tuesday, with the Nasdaq leading the bearish indictment

In the first few minutes of trading, the Nasdaq 1 fell89% to 13277, while the Dow Jones Industrial Average fell 028% at 31434 and the S&P 500 fell 077% to 3846

Aside from the ongoing shake in the leading markets in technology stocks, investors could also sit on their hands ahead of testimony from Federal Reserve Chairman Jerome Powell today that they hope will provide additional insight into the outlook for the US enter US and world economy

Meanwhile, one of the earliest fallers in New York was Home Depot Inc (NYSE: HD) hardware store, which slumped 57% to $ 26380 despite its recent above-expected gains

Back in London, the FTSE 100 had plummeted after the lower start in New York, dropping 25 points to 6587 at about 245 p.m.

The price of the cryptocurrency has rallied in the last hour, and holders have only seen an 11% loss on that day

In the past, the curiously named Distributive Trades survey by the CBI told us little, we didn’t even know about the poor state of the retail sector

Reported sales balance (the percentage of retailers reporting an increase in sales minus the percentage reporting a decrease) improved from -50 in January to -45 in February, but not as much as economists expected The consensus forecast had been for a balance of -40

“The CBI survey shows that retail conditions improved almost imperceptibly in February, although other indicators point to a greater improvement. The frequency of visitors to retail stores increased in the week of March 14 February to 39% yoy, up from 35% in the previous six weeks, according to Springboard data.In addition, the BoE’s CHAPS figures show household spending on debit and credit cards rose 74% in the first eleven days of February of February 2020 levels, up from 66% in January, ”said Samuel Tombs of Pantheon Macroeconomics

“The BoE data is not seasonally adjusted, but the increase between January and February last year was only 4 percentage points, so probably about half of the increase this month reflects an improvement in the underlying trend, reflecting the subdued recovery in reported sales likely reflects the fact that retailers are being asked to compare sales to their level a year ago and have no idea how much demand has changed, ”suggested Pantheon

“In the meantime, the poll’s quarterly results paint a bleak picture The net balance of retailers planning to increase employment falls from -31 in the fourth quarter to -44 in the first quarter The likelihood that the pandemic has caused a permanent shift in online spending suggests retailers keep their employment will decline when the vacation program they have used to their full capacity ends in summer, ”he added

Internet sales grew at a historic pace (question was first asked in August 2009) The pace of growth should be broadly similar over the next month #DTS picTwittercom / xWBluKQzdF

After yesterday’s Nasdaq shake-out, the tech-heavy index is expected to open significantly lower again this morning

Spread betting odds suggest the Nasdaq 100, which lost 357 points yesterday, is giving up about half of those total points – 175 points – to drop at 13049 to open

Less tech-focused, the S&P 500 is expected to lose 15 points to get around 3862, while the old war horse, the Dow Jones industrial average, also happened to move 15 points up 31537

Today’s focus will be on Jerome Powell, Chairman of the Federal Reserve, and his appearance before a congressional committee to present his views on the economy

“Fed Chairman Jerome Powell will either determine or end the day for investors on his semi-annual testimony before the Senate today and tomorrow,” said Ipek Ozkardeskaya, Senior Analyst at Swissquote

“There is a good chance he will reaffirm the Fed’s full support for financial markets and the economy until significant progress has been made in the labor market, but he will certainly be asked about and say so about rising inflation expectations, given.” the record jump in producer prices printed last month will not knock him out of inflation, ”said the analyst

“So investor sentiment will largely depend on Powell’s belief that his monetary policy stance will be maintained at an extreme loss and the feasibility of continuing with such a soft hand in real market conditions,” said Ozkardeskaya

Bitcoin prices continue to fall faster than a center-forward who was lightly brushed in the opposition penalty area The cryptocurrency fell 16% to 46$ 218

The decline was sparked by some spontaneous comments from Tesla Motor CEO Elon Musk, who thought that cryptocurrency prices “appear high”

He added a “lol” (laugh out loud) to the end of his tweet, presumably to the amusement of speculators who wanted to take a dip on their investments because of his comment

Janet Yellen, former Federal Reserve chairman and current Treasury Secretary, appears not to be a fan. In an interview posted last night, she said that using Bitcoin “is an extremely inefficient way to conduct transactions and that.” The amount of energy consumed in processing these transactions is staggering “

In London the FTSE 100 fluctuates with 12 points (0) back towards parity2%) at 6600 thanks to support for real estate companies

Land Securities Group PLC (LON: LAND) is the top blue chip riser with a 48% rise at 658 pence, but industry conglomerate British Land Company PLC (LON: BLND) is on its heels with a 47% Profit at 4975p

Sentiment towards the real estate sector has improved since Prime Minister Boris Johnson shed light on commercial activity in the UK at the end of the tunnel with his lockdown roadmap unveiled yesterday

London’s leading stocks have turned south after a moderately solid start as pundits wonder if the big tech sell-off has finally begun

The FTSE 100 index when it’s down 29 points (0) 4%) at 6th583, with Scottish Mortgage Investment Trust PLC (LON: SMT), which is heavily exposed to US technology stocks, leading the retreat with a 5, 8% falling to 1194 pence

“The Nasdaq fell nearly 25% as investors dropped names like Apple and Amazon amid growing concerns about rising inflation expectations, the direction of interest rates and how that would jeopardize the valuation of technology stocks,” reported Russ Mold by AJ Bell

“Tech-heavy investment confidence Scottish Mortgage is down more than 12% in just over a week and was among the worst performers on the FTSE 100 on Tuesday, along with other tech names Ocado and Avast,” he noted / p>

There was little reaction to the large amount of economic data released this morning by the Office for National Statistics (ONS)

In January 2021 there were 83000 more people in employment; This is the second consecutive monthly increase, reported the ONS

The employment rate in the UK in the three months to December 2020 was estimated at 750, 15 percentage points lower than a year earlier and 03 percentage points lower than the previous quarter

The unemployment rate was estimated at 51%, minus 13 percentage points compared to the previous year, but 04 percentage points higher than the previous quarter

The growth in the average total wage (including bonuses) of employees in the three months October to December 2020 increased to 47% and the growth in regular wages (excluding bonuses) also increased to 41%

“The Prime Minister has described his plan to relax England’s lockdown restrictions as a ‘one-way street to freedom’ but the weakness of the labor market shows how long and tough it will be,” stated Jack Kennedy (not the one) , a British economist on the job, indeed

“Compared to that time last year, almost three quarters of a million people are less gainfully employed and the unemployment rate continues to rise,” he noted

“Still, there are signs of progress, albeit slowly. In the last quarter, the number of vacancies increased by 64 compared to the last three months000, ”reported Kennedy

The December unemployment rate spike is a move towards the 65% peak we expect by the end of 2021, however, if the government follows the roadmap set on Monday, the unemployment rate may return to pre-pandemic levels of 40% in 2023 https://www.youtube.com/watch?v=1d02d02d0 : // tco / fUbE158ZWE BildTwittercom / ae2ttEmtuO

James Smith, the economist who covers developed markets at ING, said the labor market has stabilized but wonders if this is the calm before the storm

“With wage support scheduled to run in the coming months, it is inevitable that the unemployment rate will rise again in the coming months, but by how much?

“We’ll learn more about the schedule for the vacation program in the budget next week, but an extension beyond the end of April seems inevitable”We may also see expanded or more generous support to the hardest-hit sectors to give them time to get back on their feet. A policy encouraging companies to bring workers back from vacation is also likely, similar to the original Job Support Scheme planned for the winter, and would have provided subsidies for companies that were able to bring employees back part-time “Said Smith

Regardless of how an extension is structured, Smith anticipates that there will inevitably be some jobs that are no longer viable due to the pandemic

“The latest weekly job data shows that there are just under a million workers who have been“ temporarily away from their jobs ”for at least three months This is a rough indicator of those who either work in sectors that have never opened again or whose jobs are unlikely to return, ”added Smith,

Labor productivity for the fourth quarter of 2020, as measured by hourly output, decreased by 1% compared to the previous year

“Productivity in the UK – as measured by performance per hour worked – slowed in the fourth quarter of 2020 when it fell 45% from the previous quarter, according to the Office of National Statistics (ONS) it had previously increased 5.6% from the previous quarter Previous quarter in the third quarter after a decline of 07% in the second and 11% in the first, “said Howard Archer, the chief financial advisor of the EY ITEM Club

“The ONS has reported that the difference between the two normally closely coordinated measures – performance per hour worked and performance per worker – is due to the government’s vacation programs. Overall, production per worker decreased by 9.6% in 2020.” , reported Archer

“The concern is that the impact of COVID-19 on the UK economy in 2020 has had a significant negative impact on the UK’s productivity and growth potential

“Business investment in particular fell significantly in 2020 and was weak for an extended period. In fact, business investment in the fourth quarter of 2020 was 114% below the high in the fourth quarter of 2017

“Productivity may also have been impacted by companies having to invest to make their premises compatible with social distancing requirements rather than using the resources to invest in new equipment and manufacturing practices

“Increased work at home can have mixed effects on productivity. On the positive side, the time savings on commuting can improve performance for many workers. On the negative side, productivity is increased through the lack of social interaction and experience building can be affected by people gathering in the office

“The hope is that the continued successful rollout of COVID-19 vaccines in the coming months will significantly boost business confidence and investment and have a positive impact on productivity,” said Archer

The FTSE 100 defied inflation concerns and rising bond yields to reclaim some of the ground it lost on Monday

Boris Johnson’s roadmap out of lockdown, although largely lagging behind in the weekend media, seemed to give the Square Mile price setters a boost

That optimism appeared to be impacting travel-related stocks, spearheaded by airline IAG (LON: IAG), by 85%, with the BBC reporting an increase in vacation bookings immediately after the Prime Minister’s announcement

Following its contrail was the engine manufacturer Rolls Royce (LON: RR), which will benefit from an upswing in airlines, and the InterContinental Hotels Group (LON: IHG), which rose 6, 4% and 4%, respectively

On the FTSE 250, easyJet (LON: EZJ) and Cineworld (LON: CINE), up 85% and 72% respectively led the resurgence. Boris’s pub reopening plan was among investors in Mitchell’s & Butlers (LON: MAB ) has not decreased by 3%

HSBC (LON: HSBA) was static after its Asian focal point had largely been carried over to “Sundays” The restoration of the dividend brought Natwest (LON: NWG) and Lloyds (LON: LLOY) however a plus of 27% and respectively 2%

Feedback PLC (LON: FDBK) announced that the pace of negotiations with the National Health Service about the use of its Bleepa product is improving

World High Life PLC (LON: LIFE) (OTCQB: WRHLF) announced that subsidiary Love Hemp Limited, Cannabidiol (CBD), has submitted its novel food dossier to the UK Food Standards Agency (FSA)

OKYO Pharma Limited (LON: OKYO) has been granted a patent for a potential new class of non-opioid analgesics being developed to treat symptoms of neuropathic pain, eye pain, eye inflammation, and / or dry eye disorders

Crossword Cybersecurity PLC (LON: CCS) has signed an agreement with the University of Glasgow (UOG) in support of the PRC (Privacy Risk and Compliance) project by developing a new software product aimed at data protection governance AIM-listed company said it would help design, market, and develop the software that will ultimately be owned by a separate UOG spin-off company that is newly formed

Sunrise Resources PLC (LON: SRES) said a 500-ton sample of pozzolan that was shipped to a large cement and ready-mixed company will be ground by the end of March and then used in a number of commercial concrete casts during the time Sunrise continues its drilling plans at the Bakers Gold Project in Australia At the end of March a drilling rig was booked for a drilling start

Strategic Minerals PLC (LON: SML) (USOTC: SMCDY) is launching a trench and auger exploration program to determine the possible presence of mineralization extensions up to 1000 meters west of the currently established resource to be explored at the Redmoor project in Cornwall As a result of a review of historical exploration data west of the Redmoor deposit, several potential targets for tin and copper have been identified

88 Energy Ltd (LON: 88E) has highlighted that the Merlin-1 exploration well in the Peregrine Project area in Alaska is expected to spud in early March. The hole targets a prospect estimated at 645 million Barrel of oil will house

i3 Energy PLC (LON: I3E, TSE: ITE) informed investors that production will remain predictably stable and averaging 9 in the period from November 2020 to January 2021150 barrels of oil equivalent per day is

NQ Minerals PLC (LON: NQMI) (OTCQB: NQMLF) announced that it is expected to qualify for admission to the London Stock Exchange’s Green Economy Mark

Doug Doerfler, CEO of MaxCyte Inc (LON: MXCT), presents two virtual events next month From March 1 at 8 p.m. ET he will be the 41st online audience Address Cowen’s annual health conference Then it’s at the HC. Wainwright & Co Global Life Sciences Conference, Sept. until 10 March

The finnCap Group PLC (LON: FCAP) has appointed Oberon Capital, part of the Oberon Investments Group PLC, as a joint broker with immediate effect

The FTSE 100 is expected to make up for its small losses from the beginning of the week following the Prime Minister’s speech on emerging from the current coronavirus lockdown

The London blue chip stock index is expected to rise 16 points one day after falling just under 12 points, or 0, by Spread-Better on the IG platform, 2% to 661224

Overnight, US stock market indices fell mostly as the Dow Jones battled the line to add 27 points, or 0.1% to 31521 to close69

However, the S&P 500 shifted 0.8% and the tech-heavy Nasdaq Composite fell 25%, with all but one of the 20 largest companies trending down, with the largest being an 8% decline for Tesla Inc (NASDAQ: TSLA)

“European markets got off to a disappointing start to the week as they are increasingly concerned about rising bond yields and what they tell us about the economic outlook and the outlook for inflation,” said CMC Markets market analyst Michael Hewson

“Today’s European Open should recover slightly after yesterday’s declines, aided by a positive Asian session, and while optimism about an economic recovery is high, there still seems to be a great deal of caution about when Strongly positive outlook for UK and European equities ”

Oanda’s analyst Jeffrey Halley was more dramatic: “Financial markets are seeing them for themselves today as asset classes diverge in their own directions, a combination of rising yields and the upcoming two-day testimony from Fed Chairman Powell in Washington today DC begins, seems to have had different reactions in different markets ”


Asia Pacific stocks were mixed on Tuesday as HSBC posted pre-tax earnings of $ 8 billion for 2020, a 34% year-over-year decline

The Hang Seng Index in Hong Kong gained 095% while the Shanghai Composite in China fell 049%

Horizon Minerals Ltd (ASX: HRZ) has generated $ 1 million net cash following the completion of the fourth and final grinding campaign from trial mining at the Boorara gold mine, 10 kilometers east of Kalgoorlie-Boulder in the Western Australia gold fields

Tempest Minerals Ltd (ASX: TEM) has increased its land tenure on the Messenger project in Western Australia with a new expansion that covers the historic Messengers Patch gold production area

Paradigm Biopharmaceuticals Ltd (ASX: PAR) has received more than $ 338 million as a Research and Development Tax Incentive (R&D) for Fiscal Year 2020

Astro Resources NL (ASX: ARO) has extensive work programs planned to advance the Needles Gold Project in the US and the Governor Broome Minerals Sands Project and Lower Smoke Creek Diamond Project in Western Australia

White Rock Minerals Ltd (ASX: WRM) (OTCQX: WRMCF) has worked with Thomson Resources Ltd (ASX: TMZ) has concluded a binding and exclusive term sheet for a three-stage earn-in and the option of a joint venture contract to advance the Mt Carrington gold and silver project in northeast New South Wales

PolarX Ltd (ASX: PXX) (FRA: PX0) is focusing this year on the further development of its North American projects in the Humboldt Range and the Alaska Range in order to complete the due diligence and to begin exploring both projects

Maximus Resources Limited (ASX: MXR) (FRA: M5F) has commenced drilling on the prospective Wattle Dam East nickel target at its Spargoville apartment buildings, 25 kilometers from Kambalda (BHX Group Ltd (ASX: BHP) (NYSE: BHP ) removes nickel concentrator

Euro Manganese Inc (ASX: EMN) (CVE: EMN) (OTCMKTS: EROMF) (FRA: E06) has received the support of the European Union-supported knowledge and innovation organization EIT InnoEnergy to accelerate the integration of the Chvaletice Manganese project in the Czech Republic Republic in the European battery supply chain

Rumble Resources Ltd (ASX: RTR) (FRA: 20Z) recent reconnaissance reversal (RC) drilling and mapping program completed the large-scale gold-copper-silver system at Amaryllis Prospect as part of the Munarra Gully Project, Cue in, Extended WA is Mid-West

The above has been posted on its website by Proactive Investors Limited (the “Company”) and is made available under the terms of use of its website (see T&C)

FTSE 100 rose slightly as investors digested Boris Johnson’s roadmap to recovery from Covid-19 The London blue-chip index rose 11 to 6623, which suggests that most of the well-leaked plan was already priced in

The owner of British Airways, IAG, the aeroengine maker Rolls-Royce and the aeroengineer Melrose were the

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News – USA – FTSE 100 is spearheaded by Scottish Mortgage IT as the technology the fashion fails

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