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UK and Europe markets closed higher as key inflation
indicators in the US and Europe were in line with expectations. German Consumer Price Inflation
came in at 2.7% year-on-year, ahead of euro zone figures due out
tomorrow.
US Markets were stronger after
the US Personal
Consumption Expenditures Price Index, excluding food and energy
costs – the Fed’s preferred measure of inflation – rose by 0.4% monthly and
2.8% annually, for the month of January. The report helped to fuel bets
the central bank will move to cut rates later in the year.
Oil prices nudged higher,
attempting to shake off a rise in US crude inventories and as US data keeps
June rate cuts firmly on the table.
Gold turned positive
after inflation data rose in line with expectations, as well as signs that
strong physical demand from India, China and the central banks was not going
away.
Bitcoin extended gains to
rise above $60,000 for the first time in more than two years,
almost touching $64,000
and is in sight of its 2021 record high of just below $69,000.
On the corporate front Haleon
Plc shares surged after the consumer health company said growth
accelerated last quarter and revenue could grow as much as 6% this year.
The stock had its biggest gain since the company’s spinoff from GSK Plc rising as much
as 9% in London trading. The maker of Sensodyne toothpaste, Centrum
vitamins and Panadol tablets has cut costs and pared its portfolio since the
split from GSK in 2022.
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