Wednesday,10 April 2024 17:00:55

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Wednesday,10 April 2024 at 16:00

UK and European stocks closed higher as investors digested U.S. inflation data for March which came in hotter than expected.

The yen weakened, pushing the dollar to its highest against the Japanese currency since 1990, with markets alert to any signs of intervention from the Japanese authorities to prop up the yen.

Oil prices held steady after two straight days of losses, as worries about tighter supply due to uncertainty over Gaza ceasefire talks were offset by a bigger-than-expected build in U.S. crude inventories.

Gold prices slipped from record-high levels as the U.S. dollar and Treasury yields firmed after a stronger-than-expected inflation print softened expectations of an early U.S. rate cut.

Ted Baker's US licensing partner is reportedly a leading contender to take control of the fashion brand's British operation weeks after it collapsed into administration.

The news comes two days after administrators at Teneo confirmed that 15 Ted Baker stores in the UK would close permanently with the loss of more than 200 jobs.

The Times reported on Tuesday that Next and Mike Ashley's Frasers Group had also made contact with Teneo about taking on the UK arm. It was understood that both remain in contention for a deal.

Markets

At the close

FTSE 100 7,961 +0.33%

FTSE 250 19,801 +0.19%

DAX 18,095 +0.11%

At 16:55

Dow Jones 38,382 (-1.29%)

S&P 500 5,151 (-1.12%)

NASDAQ 16,123 (-1.12%)

Fixed Income

UK 10-YR YIELD 4.158

Exchange Rates

GBP/USD 1.253

GBP/EUR 1.167

Commodities

Gold $2,337 (-0.62%)

Brent $89.63 +0.52%

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.