Tuesday,05 March 2024 16:56:36

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Tuesday,05 March 2024 at 16:55

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

US stocks retreated to put a record-setting rally on pause, as investors girded for a week where Federal Reserve Chair Jerome Powell's testimony and the monthly jobs report could put equity gains to the test.

Oil priced slightly lower 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.

Gold hit a record high with growing expectation of U.S. monetary easing and continued geopolitical risk buoying activity from momentum-driven funds which could propel the precious metal further.

In corporate news, Trustpilot racked up strong gains as JPMorgan Cazenove lifted its price target on the shares to 250p from 190p.

The bank said earnings momentum was set to continue "as Trustpilot transitions into a fast-growing free cash flow generator".

Markets

At the close

FTSE 100 7,646 +0.08%

FTSE 250 19,271 +0.11%

DAX 17,698 (-0.10%)

At 16:40

Dow Jones 38,746 (-0.63%)

S&P 500 5,085 (-0.88%)

NASDAQ 15,926 (-1.73%)

Fixed Income

UK 10-YR YIELD 4.104

Exchange Rates

GBP/USD 1.270

GBP/EUR 1.170

Commodities

Gold $2,126 +0.58%

Brent $82.42 (-0.27%)

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.