Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 64% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

Skip main menu Accessibility www.hl.co.uk | Cookie policy | Contact us

Hargreaves Lansdown

Sector review

Sector review from ShareCast

Sector movers: Autos, Big Oil drop as Brent futures and US Treasury yields slide

11 Sep, 2024 06:59

A A A

(Sharecast News) - Stocks on the FTSE 350 slumped on Tuesday led by declines in cyclical areas of the market such as Autos and Banks.

Yet perhaps most conspicuous was the renewed decline in crude oil futures, even as US 2 and 10-year Treasury bond yields hit fresh 52-week lows.

"The big question is whether these price declines should be read as a sign of doom and gloom. One thing's for sure: the Fed might want to take a closer look at the collapse in oil prices," said Stephen Innes, managing partner at SPI Asset Management.

"It's a clear sign of disinflationary pressures building in the system. Yes, oil can be unpredictable, but that volatility could be the perfect justification for a 50-basis-point cut. With 10-year breakevens now at 2.03%-the lowest since January 2021-the case for a more aggressive easing cycle is hard to ignore."

Against that backdrop, it was precious metals that paced gains, perhaps not surprisingly.

Perhaps just as unsurprising, it was in large part as a result of AngloGold Ashanti stepping in with a $2.5bn bid for Egypt-focused gold miner Centamin.

Going the other way, Big Oil continued to slide lower with Brent futures yielding the $70 barrel level.

But it was Autos that was at the bottom of the pile, dragged down by the wider European sector, which paced losses on the Continent during the session.

Triggering the renewed slump was German luxury carmaker BMW's cut to its 2024 outlook.

Top performing sectors so far today

Precious Metals and Mining 10,337.25 +6.67%

Leisure Goods 26,478.21 +2.61%

Real Estate Investment Trusts 2,433.47 +1.53%

Real Estate Investment & Services 2,567.49 +1.08%

Household Goods & Home Construction 14,596.92 +0.97%

Bottom performing sectors so far today

Automobiles & Parts 1,014.90 -2.94%

Banks 4,187.56 -1.93%

Oil, Gas and Coal 8,011.68 -1.73%

Chemicals 7,897.24 -1.69%

Telecommunications Service Providers 2,099.33 -1.49%



Important information

Spread Betting and CFD trading carry a high level of risk to your capital; you should ensure you understand the risks involved. Please read the full risk warning.

Have a question?

Call us on 0117 988 9915
8.00am to 6.00pm (Monday to Friday)

HL Markets account holders
Call us on 020 7573 0055
Email us


ShareCast

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

Market latest

FTSE 100 | FTSE 250 | All Share

FTSE 100 interday chart FTSE 250 interday chart FTSE All Share interday chart
FTSE 100 8,806.53 price-negative -0.19%
FTSE 250 21,538.48 price-negative -0.09%
FTSE All Share 4,791.71 price-negative -0.17%
Dow Jones 44,406.36 price-negative -0.94%
NASDAQ 20,412.51 price-negative -0.92%
Xetra DAX 24,073.67 price-positive +1.20%
Paris CAC 40 7,723.47 price-positive +0.35%
Nikkei 225 39,576.08 price-negative -0.59%
Hang Seng 23,887.83 price-negative -0.12%

Hang Seng disclaimer l Prices delayed by at least 15 minutes