Tuesday,12 September 2023 16:40:15

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 15:58

UK and European stock markets closed slightly lower, paring earlier gains as investors monitor a busy week for economic data.

The yen slipped after its biggest daily rise since mid-July the day before after comments from Japan’s top central banker on a possible end to its negative interest rate policy.

Oil prices rose, boosted by a tighter supply outlook, and as producer group OPEC said major economies were faring better than expected despite rising interest rates.

Gold slipped as the dollar rebounded, while investors positioned for the U.S. inflation print on Wednesday.

Smurfit Kappa shares tumbled on Tuesday after the company said it had agreed to merge with US rival WestRock in a deal that will create a $20bn packaging giant.

Under the terms of the transaction, shareholders of WestRock will receive one new Smurfit WestRock share and $5 in cash. This represents a total consideration equivalent to $43.51 per share, based on the Smurfit closing price on Monday.

Tony Smurfit, who will lead the combined group as chief executive, said: "This incredibly exciting coming together of our two great companies is a defining moment within the global packaging industry. Smurfit WestRock will be the ‘Go-To’ packaging partner of choice for customers, employees and shareholders.

Markets

At the close

FTSE 100 7,527 +0.41%

FTSE 250 18,542 +0.11%

DAX 15,721 (-0.50%)

At 16:50

Dow Jones 34,683 +0.06%

S&P 500 4,471 (-0.35%)

NASDAQ 13,826 (-0.66%)

Fixed Income

UK 10-YR YIELD 4.416

Exchange Rates

GBP/USD 1.247

GBP/EUR 1.162

Commodities

Gold $1,912 (-0.48%)

Brent $92.16 +1.73%

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.