Thursday,14 September 2023 16:44:08

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Thursday,14 September 2023 at 15:59

UK and European stock markets closed higher as investors in the region assessed the European Central Bank’s decision to hike interest rates once again.

The dollar index hit its highest level in six months as economic data was mostly stronger than anticipated and the European Central Bank (ECB) signalled it was finished with its rate hike cycle.

Oil rebounded as expectations of a tighter supply outlook for the rest of 2023 overshadowed concerns over weaker economic growth and rising U.S. inventories.

Gold prices held near a three-week low after higher-than-expected U.S. producer prices data and retail sales numbers raised worries that U.S. interest rates are likely to stay higher for longer.

Deliveroo shares shot higher on Thursday following a report that activist investor Sachem Head Capital Management has taken a stake in the food delivery firm.

Bloomberg cited people familiar with the matter as saying that Sachem Head sees Deliveroo as undervalued and that it could eventually become a takeover target, but isn’t yet actively pushing for changes.

It was understood that Deliveroo is planning defence strategies as it could become vulnerable to takeovers when a dual-class share structure expires in April next year.

Markets

At the close

FTSE 100 7,673 +1.95%

FTSE 250 18,899 +1.82%

DAX 15,816 +1.04%

At 16.47

Dow Jones 34,794 +0.63%

S&P 500 4,496 +0.64%

NASDAQ 15,460 +0.73%

Fixed Income

UK 10-YR YIELD 4.289

Exchange Rates

GBP/USD 1.241

GBP/EUR 1.164

Commodities

Gold $1,906 -0.07%

Brent $93.36 +1.32%

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.