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FTSE falls and Wall Street mixed amid LSE outage and US jobs data

How major markets are performing on Tuesday

Inside of the London Stock Exchange, FTSE, European stocks
The inside of the London Stock Exchange, which saw trading halted on hundreds of stocks on Tuesday after another outage on the stock market. In morning trading, it said it was only able to trade FTSE 100, FTSE 250 and IOB stocks following an incident. Photo: AP/Alamy (Nicholas.T.Ansell, PA Images)

On Wall Street, the S&P 500 (^GSPC) fell 0.1% by the time of the European close, and the tech-heavy Nasdaq (^IXIC) was 0.3% higher. The Dow Jones (^DJI) slipped 0.3%.

It came as job openings across America declined, a sign that the US labour market could be weakening. This was a drop of over 600,000 compared with the previous month, when there were around 9.3 million vacancies, and looks to be the lowest since 2021.

The number of job openings decreased to 8.7 million on the last business day of October, the US Bureau of Labor Statistics reported on Tuesday.

Pierre Veyret, technical analyst at ActivTrades, said: "Investors are experiencing patchy performances across all sectors as they struggle to reconcile positive dovish hints from ECB official Isabel Schnabel with the debt situation in China, which remains a dark cloud for equity traders.”

European stock markets were mixed on Tuesday, after a lacklustre start to the week. It came as the London Stock Exchange (LSEG.L) faced two outages during the morning, hitting trading in hundreds of small cap stocks.

Read more: FTSE: London Stock Exchange outage halts trading for 2,200 shares

The FTSE 100 (^FTSE) underperformed against its continental peers, 0.3% down on the day as the financial sector took a hit after ratings agency Moody’s cut its outlook on China’s government credit ratings to “negative” from “stable”.

Meanwhile the CAC (^FCHI) gained 0.8% in Paris, and the Frankfurt DAX (^GDAXI) was 0.9% up.

Tuesday's trading outage was the fourth in two months, with FTSE 100 and 250 (^FTMC) stocks unaffected by the halt. Trading was suspended in around 2,200 smaller shares, including online retailer Asos (ASC.L), drinks maker Fevertree (FEVR.L) and polling company YouGov (YOU.L).

The exchange said: "The London Stock Exchange is still investigating an incident.

"We are undertaking immediate analysis and will provide further updates through our live service portal. Currently only FTSE 100, FTSE 250 and IOB securities are available for trading."

It also came as new data revealed that UK annual grocery inflation had fallen to 9.1% in the four weeks to 26 November, down from 9.7% a month earlier, according to Kantar.

The group also predicted that supermarket sales will surpass £13bn for the first time ever this December, with 22 December set to be the busiest day for festive grocery shopping.

“The scene is set for record-breaking spend through the supermarket tills this Christmas," Fraser McKevitt, head of retail and consumer insight at Kantar, said.

“The festive period is always a bumper one for the grocers, with consumers buying on average 10% more items than in a typical month. Some of the increase, of course, will also be driven by the ongoing price inflation we’ve seen this year.”

Read more: How first-time buyers can get on the property ladder in a cost of living crisis

Meanwhile London stocks were also being weighed down by a rebound in the US dollar as well as weakness in basic resources and energy prices, while investors take a pause after the gains of the past couple of weeks.

"US markets fared little better, sliding back in the face of a modest rebound in yields as investors hit the pause button ahead of this week’s jobs data, which is due at the end of the week," Michael Hewson, chief market analyst at CMC Markets, said.

He added: "There is certainly an element of the market getting ahead of itself when you look at a US economy that grew at 5.1% in Q3 and still has an unemployment rate of 3.9%.

The same sadly cannot be said for Europe where the French and German economies could well already be in recession."

Live coverage is over
  • Latoya Harding

    Market close and recap

    Well that's all we have time for, thanks for following along. Here's a quick recap of some of the top stories from today.

    UK services sector grows for first time since July

    LSE investigates issue with trading

    New car registrations rise 9.5%

    Brits delay Christmas spending

    Gold prices on the rise

    Moody’s cuts China's credit outlook to negative

    Thames Water profits slump and debts rise

    Brazilian economy grows 0.1%

    Inflation across OECD countries hits two-year low

    US job openings fall

    See you tomorrow!

  • Latoya Harding

    US job openings fall

    Job openings across America declined, a sign that the US labour market could be weakening.

    This was a drop of over 600,000 compared with the previous month, when there were around 9.3 million vacancies, and looks to be the lowest since 2021.

    The number of job openings decreased to 8.7 million on the last business day of October, the US Bureau of Labour Statistics reported today.

  • Latoya Harding

    Inflation across OECD countries hits two-year low

    Inflation across the world’s richest countries has slowed to a two-year low, decreasing to 5.6% in October 2023 from 6.2% in September.

    This is the lowest level, as measured by the Consumer Price Index (CPI), since October 2021 before the spike in energy and food prices after Russia’s invasion of Ukraine in 2022.

    The OECD said inflation fell in 28 of its member countries, but rose by at least one percentage point or more in Greece, Czechia, and Costa Rica.

    It said

    Inflation rates were close to zero in Denmark, turning negative in the Netherlands and remained negative in Costa Rica despite its increase.

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    Image
  • Latoya Harding

    6 in 10 adults plan to cut spending this Christmas

    Research by Money Expert has revealed that 6 in 10 UK adults (60%) will be cutting back on their spending over the Christmas period in 2023, compared to previous years.

    The survey also found that:

    Cutbacks on gift giving: 43% of men and women stated they would be looking to save at least £100 on the amount they spend on gifts compared to last year, while 36% said they wanted to save between £100 and £300.
    Factors influencing spending cuts: 27% cite rising energy bills, 22% mention increased costs in food and drink, 18% express a general desire to cut costs and 10% blame rising mortgage repayments.
    Financial pressures: 35% feel pressured into providing a lavish Christmas for their loved ones, 18% said they compare themselves to other families, and 7% feel pressured into buying premium branded goods to impress their family and friends.
    Cost savings: Two-fifths (40%) suggested they would cut back on takeaways and dining out this year in order to pay for Christmas. Meanwhile, 17% stated they'd be reducing spend on travel and holidays, and 16% would reign in their budget for days out and experiences.

  • Latoya Harding

    Wall Street set to open lower

    S&P 500 futures (ES=F) are currently down 0.4%, Dow futures (YM=F) have gained 0.3%, and Nasdaq futures (NQ=F) are 0.4% lower a quarter hour before the opening bell in New York.

    It comes as rate cuts are expected from the US Federal Reserve in the US with traders seeing 50 basis points of cuts as more likely than not by June.

    The 10-year US Treasury yield was down around four basis points at 4.21%, paring back some of the previous day’s six-basis-point rise.

  • Latoya Harding

    Third of Brits consider switching jobs

    Being underpaid can have a serious impact on your wellbeing and job satisfaction. Photo: Getty
    Being underpaid can have a serious impact on your wellbeing and job satisfaction. Photo: Getty

    New research has revealed that more than a third of Brits are actively taking steps to change their jobs to increase their wages, amid the cost of living crisis in the UK.

    The study, by Forbes Advisor, also revealed that 52% of those working in the creative sector are looking to switch jobs – the highest of any industry in the country.

    Some other interesting findings from the data include:

    Half (50%) of all Brits aged 18-34 have seen their job status change over the past three years – compared to a national average of 30% The most volatile industry is marketing and advertising - nearly two-thirds (62%) of people in the sector have changed jobs in the last three years IT (12%) and artificial intelligence (11%) came out as the top career paths that Brits believe were most lucrative.

  • Latoya Harding

    Brazilian economy grows 0.1%

    New GDP data released today has shown that Brazil’s economy grew by 0.1% in the third quarter, beating forecasts for a contraction of 0.2% or 0.3%.

    Year on year, the economy was 2% larger – better than the 1.8% expected.

  • Latoya Harding

    Oil update

    Brent crude (BZ=F) prices hedged up slightly during early Tuesday trading but remain close to the two-week low touched during the previous session.

    Ricardo Evangelista, senior analyst at ActivTrades, said:

    Prices declined on Monday as traders questioned the impact of the additional voluntary production cuts announced by OPEC+ for 2024.

    With economic activity falling in China and the American economy showing signs of slowing down, the focus of the markets lies on the demand side, with the perspective of a reduction in supply so far failing to lift prices.

    Still, the downside was capped by simmering tension in the Middle East, with the conflict between Israel and Hamas threatening to escalate following a string of attacks on cargo ships crossing the strategic oil route of the Red Sea.

  • Latoya Harding

    How first-time buyers can get on the property ladder

    The past 12 months have been a tumultuous time in the property market, with mortgage rates skyrocketing and lenders tightening up on their affordability criteria.

    First-time buyers have been especially affected as many have seen their dreams of home ownership, via the traditional mortgage route at least, pushed out of reach.

    But there are still ways to buy your first home – it may just involve going about things a little differently.

    Find out more here

  • Latoya Harding

    Aldi crowned as UK's most popular supermarket

    Man buying fruit & veg in Aldi supermarket. UK
    Man buying fruit & veg in Aldi supermarket. UK

    Aldi has claimed the top spot as the UK's most favoured supermarket in 2023, with a 10% popularity increase.

    This is according to financial website Invezz.com which recently conducted a comprehensive analysis of YouGov data spanning from 2020 to 2023.

    The study focused on determining the popularity trends of supermarkets in the UK, providing insight into the shifts in consumer preferences during this period.

    M&S Foods saw a 7% rise over the three-year period, appealing to consumers seeking a balance between quality and convenience.

    In third place was Lidl, which showcased resilience with a 2% increase in popularity. The German supermarket continued to attract customers with its emphasis on cost-effective, high-quality products.

    Here's the full results below:

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    Image preview

Watch: How does inflation affect interest rates?

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