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Friday,11 November 2022 at 16:55

UK and European stocks were mixed despite the buoyance triggered by a softer-than-expected U.S. consumer price index reading.

The dollar headed for its biggest two-day drop in almost 14 years on Friday, as investors piled into riskier assets after a cooler reading of U.S. inflation helped temper expectations for the Federal Reserve to keep raising rates as quickly.

Oil prices jumped after health authorities in top global crude importer China eased some of the country’s heavy Covid restrictions.

Gold prices were headed for their best week in more than two years after extending gains on Friday as signs of cooling inflation raised hopes that the Federal Reserve might temper its hawkish policy.

Cryptocurrency exchange FTX has filed for bankruptcy in the US and its chief executive, Sam Bankman-Fried, has stepped down.

Newly-appointed CEO John J. Ray III said: "The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximise recoveries for shareholders.

FTX, which was run by 30-year-old crypto entrepreneur Bankman-Fried, has been rocked by a surge in withdrawals after concerns mounted about its financial health, causing a liquidity crunch.

Markets
the close
FTSE 100 7,318 (-0.78%)
FTSE 250 19,616 +1.23%
DAX 14,235 +0.63%
16:45
Dow Jones 33,432 (-0.84%)
S&P 500 3,953 (-0.07%)
NASDAQ 11,160 +0.42%
Fixed Income
UK 10-YR YIELD 3.361
Exchange Rates
GBP/USD 1.178
GBP/EUR 1.140
Commodities
Gold $1,762 +0.49%
Brent $95.70 +2.56%
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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