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Friday,17 June 2022 at 07:41

UK & European markets opened modestly higher but continue on course for a bruising week as global stocks reacted to policy tightening from major central banks.

Shares in Asia-Pacific struggled for direction following sharp declines on Wall Street as investors weighed the possibility of aggressive monetary policy tightening leading to a recession.

Oil prices recovered from a steep drop in the previous session, supported by tight oil supply and peak summer consumption.

Gold fell as a higher dollar and rising U.S. Treasury yields weighed on demand for greenback-priced bullion.

In corporate news, supermarket chain Tesco said it was seeing early indications of changing customer behaviour as a result of the cost-of-living crisis and inflationary environment as it reported a fall in first quarter sales.

The company said UK like-for-like sales for the three months to May 28 fell 1.5% to £9.8bn. On a group basis sales were up 2%, boosted by a strong performance at its Booker division, where revenue rose 19.4% to £2bn. 

At 08:15
FTSE 100 7,045 +0.01%
FTSE 250 18,834 +0.58%
DAX 13,090 +0.40%
At the close
Dow Jones 29,927 (-2.42%)
S&P 500 3,666 (-3.25%)
NASDAQ 10,646 (-4.08%)
Fixed Income
UK 10-YR YIELD 2.491
Exchange Rates
GBP/USD 1.230
GBP/EUR 1.169
Gold $1,845 (-0.60%)
Brent $119.92 +0.87%
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.

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