Friday,19 May 2023 16:53:46

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Friday,19 May 2023 at 15:55

UK and European markets closed higher despite Republican negotiators halting ongoing debt ceiling negotiations.

The dollar moved higher as robust economic data reduced the chances of a series of U.S. rate cuts this year.

Oil prices rebounded as investors turned cautiously optimistic over the fading risk of a U.S. debt default.

Gold prices advanced but increased optimism around a U.S. debt limit deal set prices on track for a weekly drop.

Drinks company C&C Group said chief executive David Forde had decided to step down as it also announced a €25m hit from problems implementing a system upgrade in its Matthew Clark and Bibendum (MCB) businesses in the UK.

The company, which owns the Magners cider brand and distributes China's Tsingtao beer, on Friday said Forde would be replaced by chief financial officer Patrick McMahon.

Markets

At the close

FTSE 100 7,756 +0.19%

FTSE 250 19,289 (-0.05%)

DAX 16,291 +0.79%

At 16:50

Dow Jones 33,427 (-0.32%)

S&P 500 4,189 (-0.21%)

NASDAQ 12,654 (-0.27%)

Fixed Income

UK 10-YR YIELD 3.993

Exchange Rates

GBP/USD 1.246

GBP/EUR 1.152

Commodities

Gold $1,976 +0.93%

Brent $75.59 (-0.42%)

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.