Monday,11 March 2024 16:48:04

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Monday,11 March 2024 at 16:47

UK and European markets had a negative start to the new trading week, following declines in the Asia-Pacific region overnight.

The yen continued to rise as an upward revision in Japan’s growth figures bolstered investors’ bets that interest rates could rise this month.

Oil prices bounced back despite concerns about slow demand in China, though lingering geopolitical risk surrounding the Middle East and Russia limited the decline.

Gold prices took a breather from a record-breaking rally which was fuelled by a cooling U.S. labour market and remarks from the Federal Reserve.

Vanquis Banking Group warned on full-year profits on Monday as it continues to redevelop its customer proposition and reset pricing, and due to costs associated with reviewing complaints mostly related to credit cards.

In an update ahead of its 2023 results on 27 March, the company - formerly Provident Financial - said that income for 2024 is expected to be "materially lower" than consensus expectations of £538.3m. This is due in part to the redevelopments of its customer proposition, which is expected to allow the group to return to modest lending growth from the start of the second quarter.

Markets

At the close

FTSE 100 7,669 +0.12%

FTSE 250 19,530 (-0.37%)

DAX 17,744 (-0.40%)

At 16:40

Dow Jones 38,685 (-0.10%)

S&P 500 5,114 (-0.19%)

NASDAQ 16,054 (-0.19%)

Fixed Income

UK 10-YR YIELD 4.063

Exchange Rates

GBP/USD 1.280

GBP/EUR 1.172

Commodities

Gold $2,180 +0.07%

Brent $82.35 +0.69%

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.