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Thursday,25 May 2023 at 07:25

UK and European markets opened cautiously higher, reversing negative sentiment seen yesterday on the back of ongoing U.S. debt ceiling negotiations.

Hong Kong’s Hang Seng index led losses in Asia as it fell more than 2% and breached its two-month low, falling below the 19,000 mark for the first time since March 20.

Gold prices were flat as the dollar advanced to an over two-month high and sapped demand for the greenback-priced metal, while investors awaited further developments in the drawn-out debt ceiling negotiations in Washington.

Oil prices fell after uncertainty that the United States will avoid a debt default weighed against the prospect of further OPEC+ production cuts.

In corporate news, food and beverage maker Tate & Lyle posted a surge in annual profits and sales, driven by higher prices on the back of soaring inflation.

The company said pre-tax profit came in at £152m versus £42m a year earlier. Revenue was up 27% to £1.75bn and free cash flow was £119m, £47m higher reflecting strong conversion.

At 08:30
FTSE 100 7,599 (-0.36%)
FTSE 250 18,906 (-0.13%)
DAX 15,845 +0.06%
At the close
Dow Jones 32,799 (-0.77%)
S&P 500 4,115 (-0.73%)
NASDAQ 12,484 (-0.61%)
Fixed Income
UK 10-YR YIELD 4.259
Exchange Rates
GBP/USD 1.233
GBP/EUR 1.151
Gold $1,958 +0.13%
Brent $77.87 (-0.41%)
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.

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