Wednesday,24 May 2023 16:54:15

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Wednesday,24 May 2023 at 15:56

UK and European markets closed lower with market sentiment rattled by UK inflation remaining above consensus estimates.

The U.S. dollar held near a two-month high on safe-harbour demand as negotiations over raising the U.S. debt ceiling dragged on with no imminent resolution in sight.

Oil prices rose after data showed U.S. inventories and fuel supplies tightening and following a warning from the Saudi energy minister raised the prospect of further OPEC+ output cuts.

Gold edged lower while traders waited to scrutinise minutes of the Federal Reserve’s recent policy meeting for guidance on U.S. interest rates.

Activist investor Cevian Capital has reportedly sold almost all of its stake in insurer Aviva. Reuters cited a spokesperson for the company as saying that Cevian’s position has fallen from more than 150m shares at the peak in October last year, to around 60,000 shares.

According to the Financial Times, Cevian said that Aviva had been "transformed from a poorly performing conglomerate to a focused and well-performing insurance company".

Markets

At the close

FTSE 100 7,627 (-1.75%)

FTSE 250 18,931 (-1.44%)

DAX 15,825 (-2.03%)

At 16:50

Dow Jones 33,842 (-0.65%)

S&P 500 4,116 (-0.70%)

NASDAQ 12,461 (-0.79%)

Fixed Income

UK 10-YR YIELD 4.211

Exchange Rates

GBP/USD 1.236

GBP/EUR 1.149

Commodities

Gold $1,967 (-0.38%)

Brent $77.97 +0.48%

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.