FTSE lost 0.5 percent


The stock exchange in London closed with a loss on Wednesday. Due to the celebration of Labor Day, the fairs in Amsterdam, Brussels, Paris and Frankfurt were closed. Supermarket company Sainsbury was particularly popular in London, where further figures crucial to the British economy will be processed.

The leading FTSE index dropped 0.5 percent to 7384.77 points. Supermarket chain Sainsbury, which previously saw a merger with industry partner Asda fail, was one of the strongest risers in the leading index with a profit of 3.9 percent. The supermarket company promised to make the necessary investments in its stores.

The London Stock Exchange (LSE) also ended with a 3.4 percent plus among the winners. According to the stock market operator, the approaching brexit does not prevent companies from closing deals for the time being. LSE saw its income rise by 5 percent in the first months of the year. The LCH clearing division was responsible for 17 percent more revenue on an annual basis.

In addition, Markit market researcher provided data on business activity in British industry. There was a growth slowdown here last month due to the postponement of the Brexit. This reduced the need for companies to quickly replenish their stocks.

The euro was worth $ 1,1246 against $ 1,1202 at the close of the European stock exchanges on Tuesday. The price of a barrel of American oil fell 1.1 percent to $ 63.16. Brent cost 0.4 percent less and was traded for $ 71.75 per barrel.

By: Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at nicholas.dekramer@economicinform.com

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