Tuesday,23 May 2023 08:34:31

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Tuesday,23 May 2023 at 07:35

UK and European stock markets opened lower as U.S. debt ceiling negotiations continued.

Asia-Pacific markets were mixed as talks between U.S President Joe Biden and House Speaker Kevin McCarthy ended without a deal.

Gold prices fell, weighed down by a stronger dollar and hawkish remarks by some Federal Reserve members, while investors kept their eyed peeled on the U.S. debt ceiling saga.

Oil prices continued to climb with investors expecting a tighter market led by a seasonal rise in gasoline demand and supply cuts from OPEC+ producers, though concerns over the risk of a U.S. debt default capped gains.

In corporate news, Upper Crust owner SSP said FY 2023 sales and earnings before interest, tax, depreciation and amortisation are set to be at the upper end of its expectations, as it hailed a strong first half performance "in a recovering market".

The company had guided to sales of £2.9bn to £3bn and EBITDA of £250m to £280m.

Markets

At 08:30

FTSE 100 7,764 (-0.09%)

FTSE 250 19,292 +0.10%

DAX 16,195 (-0.18%)

At the close

Dow Jones 33,286 (-0.33%)

S&P 500 4,192 +0.02%

NASDAQ 12,720 +0.50%

Fixed Income

UK 10-YR YIELD 4.096

Exchange Rates

GBP/USD 1.240

GBP/EUR 1.149

Commodities

Gold $1,956 (-0.65%)

Brent $75.95 +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.