Monday,26 February 2024 17:02:07

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Monday,26 February 2024 at 17:01

UK and European markets closed lower as global investors looked ahead to more inflation data out this week.

The dollar inched lower ahead of a macro-packed week that could shed more light on the global rate outlook, with a U.S. inflation reading taking centre stage.

Oil prices slipped a little amid speculation that stronger than expected inflation could delay cuts to high interest rates that have been capping growth in global fuel demand.

Gold inched lower as the market focus shifted to U.S. inflation data due this week which could influence the timeline of Federal Reserve interest rate cuts.

Ocado slumped on Monday following a report over the weekend that Marks & Spencer is withholding a multimillion-pound payment to the group after their grocery delivery venture missed key performance targets.

The companies joined forces in 2019 to create Ocado Retail, a £750 million tie-up that gave Ocado customers access to M&S food.

Under the terms of the deal, M&S is due to pay Ocado a final installment of £190.7m by August. The payment is contingent on Ocado Retail’s performance against an undisclosed target in the year to November 2023.

Markets

At the close

FTSE 100 7,684 (-0.29%)

FTSE 250 19,126 (-0.27%)

DAX 17,423 +0.02%

At 16:55

Dow Jones 39,143 +0.03%

S&P 500 5,085 (-0.07%)

NASDAQ 16,021 +0.15%

Fixed Income

UK 10-YR YIELD 4.091

Exchange Rates

GBP/USD 1.268

GBP/EUR 1.166

Commodities

Gold $2,028 (-0.36%)

Brent $82.13 +1.44%

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.