Wednesday,06 March 2024 17:01:27

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Wednesday,06 March 2024 at 17:00

UK and European markets bounced back to close higher as investors in the U.K. digested the 2024 budget statement.

US stocks opened higher with techs vaulting back from a steep sell-off as investors digested Federal Reserve Chair Jerome Powell's stance that interest rate cuts are still likely this year.

Oil prices fell slightly as concerns about demand growth in China, the world’s biggest crude importer, clashed with signs of supply tightness amid output cuts by major producers.

Gold rallied to a fresh record, building on stellar momentum driven mostly by bets for U.S. monetary easing, while autocatalyst palladium popped back above the $1,000 mark for the first time since Jan. 12.

In corporate news, Convatec was the top gainer on the FTSE 100 as it lifted its forecasts for medium-term organic growth after a strong performance in 2023 which saw a rise in margins and double-digit profit growth.

Markets

At the close

FTSE 100 7,679 +0.43%

FTSE 250 19,473 +1.04%

DAX 17,716 +0.10%

At 16:40

Dow Jones 38,821 +0.60%

S&P 500 5,118 +0.79%

NASDAQ 16,067 +0.80%

Fixed Income

UK 10-YR YIELD 4.080

Exchange Rates

GBP/USD 1.275

GBP/EUR 1.169

Commodities

Gold $2,148 +1.00%

Brent $83.46 +1.98%

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.