Tuesday,12 September 2023 08:21:45

Market Report by Email

If you would like to receive the daily Market Report by email please fill out your name and email address in the sign-up form below and you will be added to our mailing list.

Tuesday,12 September 2023 at 07:25

UK & European stocks edged up at the open following a solid session on Wall Street, as investors mulled the latest UK jobs data.

Asia-Pacific markets mostly fell, after Wall Street saw a tech rally led by Tesla and Qualcomm.

Brent crude futures hovered just above $90 a barrel, as investors awaited a slew of macroeconomic data due later this week that could indicate whether Europe and the U.S. continue to hike interest rates.

Gold prices settled into a holding pattern as investors awaited U.S. inflation figures that could provide an updated view on interest rates after the Federal Reserve kept the door open for further policy tightening.

In corporate news, Associated British Foods lifted annual guidance again, boosted by recovery at its Primark retail chain and strong performance from food operations.

AB Foods said it now expected full-year adjusted operating profit to be "slightly better" than previous guidance, when it said earnings would be "moderately ahead" of 2021/22's £1.43bn.

Primark like-for-like sales growth for the financial year is now tipped to be around 9%, with like-for-like sales likely to be around 7% in the second half. For the financial year as a whole, sales are forecast to be around 15% ahead year on year, it added.

Markets

08:15

FTSE 100 7,515 +0.25%

FTSE 250 18,529 +0.04%

DAX 15,803 +0.01%

the close

Dow Jones 34,663 +0.25%

S&P 500 4,487 +0.67%

NASDAQ 13,917 +1.14%

Fixed Income

UK 10-YR YIELD 4.475

Exchange Rates

GBP/USD 1.249

GBP/EUR 1.165

Commodities

Gold $1,919 (-0.13%)

Brent $90.79 +0.22%

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.