Tuesday,16 April 2024 08:46:32

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Tuesday,16 April 2024 at 07:44

UK and European markets opened lower as investors closely follow developments in the Middle East.

Asia-Pacific markets sold off as the world awaits Israel’s response to Iran’s air assault over the weekend. Most major markets in Asia lost about 2%.

Gold prices ticked up, not too far away from a record high hit last week, as concerns about rising geopolitical tensions between Iran and Israel propped up demand for the safe-haven metal.

Oil prices rose amid heightened tensions in the Middle East.

In corporate news, UK bootmaker Dr Martens said chief executive Kenny Wilson has decided to step down as the company issued another profit warning for the current financial year amid continuing woes in the US, its biggest market.

Wilson will be replaced by brand officer Ije Nwokorie before the end of the current financial year.

Dr Martens said in a statement, "There is a wide range of potential outcomes for full-year 2025 given that we have only recently started the year. However, we have assumed that revenue declines by single-digit percentage year-on-year and we could see a worst-case scenario of profit-before-tax of around one-third of the 2024 level."

Markets

At 08:30

FTSE 100 7,857 (-1.36%)

FTSE 250 19,393 (-1.55%)

DAX 17,806 (-1.25%)

At the close

Dow Jones 37,735 (-0.65%)

S&P 500 5,061 (-1.20%)

NASDAQ 15,885 (-1.79%)

Fixed Income

UK 10-YR YIELD 4.245

Exchange Rates

GBP/USD 1.243

GBP/EUR 1.171

Commodities

Gold $2,371 (-0.44%)

Brent $90.22 +0.40%

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.