Wednesday,13 March 2024 17:01:06

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Wednesday,13 March 2024 at 17:01

UK and European markets were choppy, moving between losses and gains as investors digested the latest U.S. inflation report and U.K. gross domestic product figures.

The dollar inched lower after rising in the previous session on hotter-than-expected U.S. inflation data, as investors consolidated gains ahead of more economic data this week.

Crude oil futures jumped after Ukraine struck oil refineries in Russia, underlining the risk that war in Eastern Europe poses to crude oil production and fuel supplies.

Gold prices rose as investors held on to hopes of a June rate cut by the Federal Reserve despite a hot U.S. inflation print.

Direct Line tumbled on Wednesday after saying it had received and rejected a second takeover approach from Belgian rival Ageas as it continues to undervalue the group.

"The board considered the latest proposal with its advisers and continues to believe the latest proposal is uncertain, unattractive, and that it significantly undervalues Direct Line Group and its future prospects while also being highly opportunistic in nature," it said. "Accordingly, the board unanimously rejected the latest proposal.”

Markets

At the close

FTSE 100 7,772 +0.31%

FTSE 250 19,563 (-0.01%)

DAX 17,959 (-0.03%)

At 16:47

Dow Jones 39,159 +0.39%

S&P 500 5,167 (-0.15%)

NASDAQ 16,169 (-0.59%)

Fixed Income

UK 10-YR YIELD 4.111

Exchange Rates

GBP/USD 1.279

GBP/EUR 1.168

Commodities

Gold $2,173 +0.70%

Brent $83.69 +1.93%

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.