Monday,26 February 2024 08:37:34

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Monday,26 February 2024 at 08:37

UK and European markets opened lower as global investors look ahead to more inflation data this week.

Japan’s Nikkei 225 index hit a fresh high as traders returned from a long weekend, while China markets snapped a nine-day winning streak.

Gold prices inched lower, pressured by a gaining U.S. dollar, but bullion’s losses were cushioned as growing tensions in the Middle East supported the safe-haven near last session’s over two-week highs.

Oil prices fell in early Asian trading, extending losses from the previous session after oil ended the week 2-3% lower amid market concerns that higher-than-expected inflation could delay U.S. interest rate cuts.

In corporate news, distribution specialist Bunzl posted a 10% rise in annual profits, lifted its dividend and maintained 2024 profits guidance despite a dip in revenue as inflation started to ease.

Pre-tax profit for 2023 came in at £698.6m on revenue of £11.8bn, down 2%. Shareholders will receive 68.3p a share.

The acquisition-hungry group also announced two more purchases - an 80% stake in UK-based Nisbets for £338m and Pamark in Finland for an undisclosed sum.

Markets

At 08:15

FTSE 100 7,700 (-0.08%)

FTSE 250 19,152 (-0.14%)

DAX 17,411 (-0.03%)

At the close

Dow Jones 39,131 +0.16%

S&P 500 5,088 +0.03%

NASDAQ 15,996 (-0.28%)

Fixed Income

UK 10-YR YIELD 4.008

Exchange Rates

GBP/USD 1.267

GBP/EUR 1.169

Commodities

Gold $2,035 +0.03%

Brent $81.13 +0.21%

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.