Wednesday,21 February 2024 16:48:06

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Wednesday,21 February 2024 at 16:47

UK & European were lower as regional markets struggle to find positive momentum.

The dollar was steady after data last week showing U.S. inflation remained sticky cast doubts on when the Federal Reserve would start its easing cycle, while the yen remained rooted near the psychologically key 150 per dollar level.

Gold prices rose to a nearly one-week high as a slight pullback in the U.S. dollar and escalating tensions in the Middle East lifted bullion’s safe-haven appeal.

Oil prices edged down as markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what is a public holiday in the United States.

BAE Systems reported better-than-expected full-year profits and said sales would grow further this year as the rise in geopolitical tensions drove increases in military spending by governments.

The British arms maker said it expected a 10 -12% rise in sales in 2024 compared with the £25.28bn reported last year. Almost half of its revenues come from the US.

BAE also announced an 11% rise in its annual dividend to 30p a share. Operating profit on an underlying basis rose 9% to £2.68bn. Underlying earnings per share came in at 63.2 pence, up 14% and beating guidance of a 10-12% rise.

Markets

the close

FTSE 100 7,662 (-0.73%)

FTSE 250 19,118 +0.05%

DAX 17,110 +0.25%

16:45

Dow Jones 38,510 (-0.14%)

S&P 500 4,968 (-0.14%)

NASDAQ 15,551 (-0.52%)

Fixed Income

UK 10-YR YIELD 4.11

Exchange Rates

GBP/USD 1.262

GBP/EUR 1.167

Commodities

Gold $2,025 +0.06%

Brent $82.62 +0.86%

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.