Monday,21 November 2022 08:18:09

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Monday,21 November 2022 at 08:20

UK & European markets opened lower open as investors continue to assess inflationary pressures and the possible trajectory of central bank interest rates.

Shares in the Asia-Pacific mostly fell amid growing Covid concerns in China as its central bank kept the benchmark lending rates, or loan prime rates, on hold — in line with expectations.

Oil prices fell by nearly a dollar as Covid concerns in China rose with the nation seeing the first virus-related deaths recorded since May this year.

Gold crept lower, after marking its worst week in five, pressured by a pop in the dollar while traders awaited further cues on central banks’ interest rates strategy.

In corporate news, Virgin Money reported a strong rise in full-year profits driven by higher interest rates.

The bank said pre-tax profit surged 43% to £595m. It also posted impairment losses of £52m, compared with a £131m credit a year ago.

Net interest margin, the difference between loan and savings rates, increased to 1.85% from 1.65% as the Bank of England increased its base rates to combat spiralling inflation, currently at 11%.

Markets

08:15

FTSE 100 7,358 (-0.37%)

FTSE 250 19,229 (-0.28%)

DAX 14,400 (-0.21%)

the close

Dow Jones 33,745 +0.59%

S&P 500 3,965 +0.48%

NASDAQ 11,146 +0.01%

Fixed Income

UK 10-YR YIELD 3.235

Exchange Rates

GBP/USD 1.1830

GBP/EUR 1.152

Commodities

Gold $1,742 (-0.40%)

Brent $87.11 (-3.21%)

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.