Thursday,28 March 2024 16:53:16

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Thursday,28 March 2024 at 16:52

UK & European closed higher, European markets closed the first quarter of 2024 around 6.8% higher as recent inflation data continues to show pressures from higher prices are cooling.

The dollar gained on the euro after a U.S. Federal Reserve policy maker said he wasn’t in a hurry to cut rates, while traders also prepared for key U.S. economic data due on Friday and squared positions for month- and quarter-end.

Gold prices climbed and were set to log their best month in over a year, bolstered by strong safe-haven demand, U.S. interest rate cut expectations and central bank buying.

Global oil prices edged up, recovering from two consecutive sessions of decline, as investors reassessed the latest U.S. crude oil and gasoline inventories data and returned to buying mode.

Struggling UK utility Thames Water faced a funding crisis as shareholders pulled a £500m bailout after regulators refused its demands to hit customers with massive price hikes, greater leniency for polluting waterways and pay out higher dividends, while its parent company also admitted it couldn't pay back a £190m loan.

The largely foreign group of investors were due to hand over the first tranche of a £750m cash injection at the end of March, but said they now regarded the company as “uninvestible” and tried to shift blame onto regulator Ofwat for rejecting Thames Water’s latest business plan to fix its leak-ridden network of pipes.

Markets

the close

FTSE 100 7,952 +0.26%

FTSE 250 19,884 +0.37%

DAX 18,504 +0.15%

16:55

Dow Jones 39,758 (-0.01%)

S&P 500 5,250 +0.04%

NASDAQ 16,385 (-0.08%)

Fixed Income

UK 10-YR YIELD 3.936

Exchange Rates

GBP/USD 1.264

GBP/EUR 1.170

Commodities

Gold $2,221 +1.25%

Brent $86.57 +1.18%

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.