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On September 22nd, Ruth Gregory of Capital Economics stated in a report that the UKs public finance data for August was disappointing, which may limit the new UK governments policy ambitions. Public sector borrowing reached £18.3 billion in August, exceeding the Office for Budget Responsibility (OBR) forecast; the main reason for this was increased government spending, rather than weak fiscal revenue. This made the actual borrowing £8.1 billion higher than the OBRs March forecast. This overspending is expected to continue, as real GDP growth slows in the fourth quarter and the government is expected to announce further cost-of-living subsidies. This supports the view that to avoid significant tax increases or a strong market backlash, the government may scale back or postpone many policy objectives when it announces the budget next month.Ukrainian President Zelenskyy: We are continuing to explore the possibility of producing these air defense systems and missiles in Ukraine, while also working with partners to advance the FREYJA anti-ballistic missile project. We expect to see the first results this year.Ukrainian President Zelenskyy: We are also prepared to use funds provided by EU loans to purchase more SAMP/T air defense systems and their associated missiles for Ukraine.September 22 - According to Al-Masirah TV, controlled by the Houthi rebels in Yemen, Saudi Arabia launched a missile attack on the Zahir district and surrounding areas in Saada province, northern Yemen. There are currently no reports of casualties. Saudi Arabia has not yet responded to the report.Ukrainian President Volodymyr Zelenskyy met with French President Emmanuel Macron, primarily to discuss security issues and winter support plans for Ukraine.

Commodity-linked gains lift FTSE; fading Ukraine optimism weighs on midcap index

Cameron Murphy

Mar 31, 2022 09:47

(Reuters)-- London's FTSE 100 increased on Wednesday, aided by a jump in commodity-linked shares. At the same time, uncertainties emerging around the development of the Russia-Ukraine peace negotiation weighed on general belief and dragged the midcap index lower.


After dropping as much as 0.18%, the blue-chip index shut 0.6% greater, with energy and miners leading gains, while the domestically-focused mid-cap index dropped 1.0%, breaking its three-day winning streak.


Oil majors BP Plc and Covering Plc got 3% and 4.6%, specifically, as oil rates clawed back hefty losses suffered earlier today. Covering also got an increase after J.P. Morgan elevated its cost target. [O/R] The Kremlin on Wednesday stated there was no development indicator yet in talks, even as it welcomed that Kyiv has laid out its demands to finish the dispute in written form.


"The release from the Kremlin this morning that it saw no innovations in peace negotiation has seriously increased doubts regarding its proposal to de-escalate," stated Stuart Cole, ahead macroeconomic expert at Equity Capital.


Moscow on Tuesday vowed to minimize military operations around Kyiv and in north Ukraine.

Including in the worries, the widely tracked U.S. 2-year-10-year Treasury yield curve briefly inverted on Tuesday, which is extensively considered an indication of an economic downturn.


"The quick inversion in 2yr-10yr Treasury returns aggravates concerns that global central bank actions to bear down on inflation will create a decline in development," Cole added.


Other breakthroughs were topped by weakness in financials, down 1.3%. Lloyds Financial Team led losses after RBC double downgraded the supply to "underperform," saying growth vehicle drivers did not appear to be "game-changing."


The commodity-heavy FTSE 100 is tracking a sixth straight quarterly gain, buoyed by higher oil and gas prices. At the same time, the FTSE 250 is established for its first quarterly decrease since March 2020 amidst increasing problems concerning damage to economic growth due to surging inflation.


To name a few stocks, Pearson fell 5.9% to the bottom of FTSE after the education team stated it had turned down a third takeover offer from Beauty, valuing it at 6.7 billion pounds ($8.8 billion).

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