Tuesday,23 May 2023 16:54:15

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Tuesday,23 May 2023 at 15:56

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

The U.S. dollar rose on expectations that U.S. interest rates will remain higher for longer.

Oil rose supported by a tighter market outlook and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ cuts to support the market.

Gold prices extended losses pressured as the U.S. dollar and Treasury yields strengthened on rising bets for higher interest rates.

Rolls-Royce is reportedly abandoning part of its carbon capture operation as part of a streamlining of the engineering group under its new boss.

A Rolls-Royce spokesperson said: "We will fulfil our UK government-funded programme to build and test a direct air capture (DAC) prototype in Derby, and expect to complete that work in 2024. "Separate exploratory work to develop a DAC product has stopped.

Markets

At the close

FTSE 100 7,762 (-0.10%)

FTSE 250 19,208 (-0.34%)

DAX 16,151 (-0.45%)

At 16:50

Dow Jones 33,288 +0.01%

S&P 500 4,183 (-0.21%)

NASDAQ 12,705 (-0.12%)

Fixed Income

UK 10-YR YIELD 4.168

Exchange Rates

GBP/USD 1.242

GBP/EUR 1.152

Commodities

Gold $1,967 (-0.08%)

Brent $77.34 +1.86%

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.