Thursday,14 December 2023 17:00:41

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Thursday,14 December 2023 at 17:01

UK and European markets bounced as investors reacted positively to the U.S. Federal Reserve’s signal that interest rate cuts will take place next year.

The dollar dropped after the Federal Reserve indicated that its interest-rate hike cycle has ended and that lower borrowing costs are coming in 2024.

Oil prices rose extending the previous session’s gains, on a bigger-than-expected weekly withdrawal from U.S. crude storage and a weaker dollar.

Gold prices extended gains to their highest in a week after the U.S. Federal Reserve signalled that its interest rate-hiking policy is at an end and that it sees lower borrowing costs in 2024.

The Bank of England left interest rates on hold at 5.25% on Thursday, as widely expected.

The rate-setting Monetary Policy Committee voted by a majority of six to three to leave rates on hold, including governor Andrew Bailey and chief economist Huw Pill.

The MPC has upped interest rates 14 times since December 2021, to a 15-year high, as it looks to tackle inflation.

Markets

At the close

FTSE 100 7,648 +1.33%

FTSE 250 19,256 +3.00%

DAX 16,752 (-0.06%)

At 17:00

Dow Jones 37,177 +0.24%

S&P 500 4,721 +0.31%

NASDAQ 14,761 +0.19%

Fixed Income

UK 10-YR YIELD 3.787

Exchange Rates

GBP/USD 1.277

GBP/EUR 1.161

Commodities

Gold $2,040 +0.65%

Brent $77.01 +3.29%

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.