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Monday,18 September 2023 at 15:59
UK and European stock markets closed sharply lower at the start of the trading week as investors look ahead to a flurry of central bank decisions.
The U.S. dollar and most major currencies were flatlining as a Japanese holiday and a bunch of upcoming central bank meetings sucked the air out of markets.
Global oil benchmark Brent crude rose with investors focused on the prospect of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended supply cuts.
Gold edged higher ahead of the U.S. Federal Reserve’s policy decision this week, where it is overwhelmingly expected to keep interest rates steady, but investors will be watching the central bank’s language on future rates.
Paper and packaging group Mondi said it had sold its last remaining facility in Russia to Sezar Invest for 80bn roubles (€775m).
The cash will be paid to Mondi in six monthly instalments. The first four monthly payments will be for RUB 13.5bn each, with the first payment made by the end of September 2023. The final RUB 26bn will be paid in two equal instalments in each of the two months post completion.
Mondi added that the net proceeds from the disposal will be distributed to shareholders "in a timely manner" once all instalments are received.
At the close
FTSE 100 7,652 (-0.76%)
FTSE 250 18,449 (-1.81%)
DAX 15,727 (-1.05%)
Dow Jones 34,679 +0.18%
S&P 500 4,460 +0.23%
NASDAQ 15,246 +0.29%
UK 10-YR YIELD 4.395
Gold $1,929 +0.28%
Brent $94.72 +0.55%
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.