Tuesday,05 March 2024 09:43:03

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Tuesday,05 March 2024 at 09:41

UK and European stocks opened lower as markets struggle to find positive momentum ahead of the European Central Bank meeting later this week.

China stocks hit over three-month highs after the country set its economic growth target at “around 5%” for 2024 during its “Two Sessions” meeting.

Gold prices steadied near a three-month peak, supported by subdued U.S. manufacturing and construction spending, as investors awaited testimony from Federal Reserve Chair Jerome Powell and key jobs data later this week.

Oil prices fell for a second day as pledges by China, the world’s biggest crude importer, to transform its economy amid stuttering growth since the COVID pandemic failed to impress investors concerned about slower consumption.

In corporate news, high street bakery chain Greggs maintained guidance and said it had made a strong start to the current year after delivering a jump in 2023 profits as customers sought out its sausage rolls and doughnuts amid the cost of living crisis.

Shareholders were also rewarded with a special 40p-a-share dividend on top of the 62p full-year payout.

Like-for-like sales in company-managed shops were up 8.2% in the first nine weeks of the year. Pre-tax profit for the year to December came in at £188.3m from £148.3m a year earlier, with total sales rising to £1.8bn from £1.51bn.

Markets

At 09:15

FTSE 100 7,624 (-0.20%)

FTSE 250 19,285 +0.19%

DAX 17,665 (-0.29%)

At the close

Dow Jones 38,989 (-0.25%)

S&P 500 5,130 (-0.12%)

NASDAQ 16,207 (-0.41%)

Fixed Income

UK 10-YR YIELD 4.174

Exchange Rates

GBP/USD 1.268

GBP/EUR 1.168

Commodities

Gold $2,124 +0.48%

Brent $82.73 +0.14%

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.