Wednesday,03 April 2024 08:45:21

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Wednesday,03 April 2024 at 07:44

UK and European markets opened mixed as sentiment turns cautious at the start of the new trading quarter.

Asia-Pacific stocks fell, tracking declines on Wall Street overnight, with shares of electric vehicle makers dropping on demand worries.

Gold prices extended a record run as concerns of rising inflation boosted demand for gold as a hedge, with bullion traders shrugging off doubts over an imminent U.S. interest rate cut and rising Treasury yields.

Oil prices extended gains as a larger than expected fall in U.S. crude inventories and escalating geopolitical tensions raised investor worries about tighter supplies.

In corporate news, meat, seafood and meat alternatives group Hilton Foods saw profits rise by a fifth in 2023 despite modest top-line growth, helped by the turnaround in its seafood business.

Adjusted pre-tax profit came in at £66m, up 20.3% at constant currencies, with adjusted operating margins improving to 2.4% from 1.8%. Volumes increased by just 0.7% to 517,347 tonnes, while revenues rose 5.7% to £3.99bn.

The recovery in seafood is being delivered "ahead of plan", Hilton said, returning to full-year operating profitability.

Markets

At 08:30

FTSE 100 7,906 (-0.36%)

FTSE 250 19,663 (-0.25%)

DAX 18,318 +0.20%

At the close

Dow Jones 39,170 (-1.00%)

S&P 500 5,205 (-0.72%)

NASDAQ 16,240 (-0.95%)

Fixed Income

UK 10-YR YIELD 4.087

Exchange Rates

GBP/USD 1.256

GBP/EUR 1.169

Commodities

Gold $2,273 (-0.28%)

Brent $89.00 +0.01%

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.