Friday,01 March 2024 16:44:29

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Friday,01 March 2024 at 16:46

UK and Europe closed higher despite the euro zone inflation release coming in stronger than expected. February’s Consumer Price Index fell to 2.6%, slightly above analyst’s forecasts of 2.5%.

The European Central Bank will use this latest indicator to chart its future course of interest rate cuts, with economic growth remaining stagnant across much of the bloc. The market expects the ECB to begin cutting in June, along with the Fed.

US Markets continued their move up with the Dow and the S&P 500 off to their best start to the year since 2010 and yesterday's record close by the Nasdaq.

Oil prices rose to finish the week modestly higher as Gaza deaths complicated ceasefire talks and markets awaited an OPEC+ decision for second quarter supply agreements, due in the first week in March, amid differing demand indicators for key consumers US and China.

Gold hit a one-month high on slowing US inflation numbers, affirming investor expectations of the first rate cut of the year in June.

In corporate news Marks and Spencer Group Plc hit the headlines after it won a legal challenge against the UK government, moving it one step closer to being allowed to demolish a century-old, Art-Deco store near Marble Arch in central London and build a modern replacement. A judge ruled Friday that the government had misinterpreted planning laws and as a result its decision to block the redevelopment was unlawful. London’s Oxford Street, home to the M&S flagship store, is struggling to regain footfall following the pandemic with high-profile sits of now defunct department stores Debenhams and House of Fraser remaining shut.

Dell Technologies Co soared close to 30% after its results beat expectations as the company continues to see robust demand for its AI servers. The maker of PCs also announced a 20% increase in its quarterly dividend rate.

Markets

the close

FTSE 100 7,688 +0.76%

FTSE 250 19,341 +1.50%

DAX 17,742 +0.36%

16:40

Dow Jones 39,056 +0.16%

S&P 500 5,117 +0.42%

NASDAQ 16,193 +0.63%

Fixed Income

UK 10-YR YIELD 4.213

Exchange Rates

GBP/USD 1.264

GBP/EUR 1.167

Commodities

Gold $2,074 +1.49%

Brent $84.157 +2.70%

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.