Wednesday, 16th August: The FTSE has pulled off a smooth hat-trick as it climbs higher at the opening once again, without any interruptions from nuclear wars, inflationary pressures, drastic changes in commodities like oil and gold, but most importantly, and probably the most daunting cause, President Trumps tweets, which seem to be causing bother in more sensitive matters. Political figures from across the globe are rightly taking it upon themselves to condemn Trumps’ most recent comments, in which he inconsiderately blames not only white supremacists, but also the leftist counter-protesters for the horrific events which occurred last week. Both Theresa May and senior German politicians have touched upon his approach, and how it was wrong of him to try and equally pin the blame on any other party except the far-right groups.
It was a proud moment for Brits when it was revealed that the UK jobless rate fell 4.4% to its lowest since 1975, even though wages adjusted for inflation fell for a fourth consecutive month. Amazon could potentially help to maintain this in the future, as they plan to open a new distribution centre in Bristol which would add an extra 1,000 jobs to their existing workforce of 24,000 in the UK.
With regards to the FTSE 350 sectors, industrial metals were at the top of the list. Since the start of 2017, the sector as a whole has increased 45.7%, and even on a YTD basis the sector has increased the most, by 81.3%, with contributions from Ferrexpo and Evraz, which are up 236% and 50% respectively, on a YTD basis. The sector which has declined the most on a YTD basis is oil equipment, services and distribution, which includes the likes of Petrofac, Wood Group, Amec Foster Wheeler and Hunting, with Petrofac making the largest losses, trading 50% lower on a YTD basis.
After a fairly mellow day of trading, the FTSE 100 closed 0.67% higher at 7,433, and the FTSE 250 followed, up 0.83% at 19,859.