Wednesday,17 April 2024 16:57:12

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Wednesday,17 April 2024 at 15:56

UK and European stocks closed higher despite global markets being rattled by comments from the head of the U.S. Federal Reserve.

The dollar edged down after Federal Reserve officials reiterated interest rates are likely to stay higher for longer.

Oil prices eased as worries about global demand due to weak economic momentum in China and on heightened tensions in the Middle East.

Gold prices firmed as geopolitical turmoil in the Middle East spurred safe-haven demand, but fading U.S. rate cut hopes capped further upside.

Shares in International Distribution Services soared, after it emerged that Czech billionaire Daniel Kretinsky had made a takeover approach for the Royal Mail owner.

Kretinsky already owns 27% of IDS through his investment vehicle Vesa Equity Investment. Following reports by Reuters and the Financial Times that he was considering a bid, EP Corporate Group – Vesa’s parent company – confirmed that a non-binding indicative proposal had been made earlier this month.

EP said IDS had rejected the proposed cash offer, but added that it “looks forward to continuing to engage constructively with the board as EP Group considers all its options”.

Markets

At the close

FTSE 100 7,847 +0.35%

FTSE 250 19,340 (-0.02%)

DAX 17,786 +0.12%

At 16:50

Dow Jones 37,661 (-0.36%)

S&P 500 5,029 (-0.44%)

NASDAQ 15,762 (-0.65%)

Fixed Income

UK 10-YR YIELD 4.264

Exchange Rates

GBP/USD 1.244

GBP/EUR 1.169

Commodities

Gold $2,386 +0.15%

Brent $88.53 (-1.18%)

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.