Thursday,02 May 2024 08:43:07

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Thursday,02 May 2024 at 07:40

UK and European stocks opened higher as global markets react to the U.S. Federal Reserve’s latest monetary policy decision.

Asia-Pacific stock markets were mixed after the U.S. Federal Reserve opted to hold interest rates steady at the end of its two-day meeting.

Oil prices rose on the prospect the U.S. may start buying crude for its petroleum reserve, after prices sank to a seven-week low on hopes for an Israel-Gaza ceasefire, doubts about U.S. interest rate cuts and swelling oil inventories.

Gold prices edged higher for a second straight session after the Federal Reserve indicated that it is still leaning toward eventual rate cuts, while investors’ focus pivoted toward the U.S. non-farm payrolls data.

In corporate news, oil and gas giant Shell reported a 15% jump in earnings in the first three months of the year compared with the final quarter of the year on the back of higher margins from crude and oil products trading. It also unveiled a new $3.5bn share buyback.

Adjusted core earnings came in at $18.7bn compared with $16.3bn in the fourth quarter, but lower than the $21.2bn reported in the first quarter of 2023.

Markets

At 08:30

FTSE 100 8,143 +0.27%

FTSE 250 19,916 (-0.06%)

DAX 17,915 (-0.09%)

At the close

Dow Jones 37,903 +0.23%

S&P 500 5,018 (-0.34%)

NASDAQ 15,605 (-0.33%)

Fixed Income

UK 10-YR YIELD 4.330

Exchange Rates

GBP/USD 1.253

GBP/EUR 1.169

Commodities

Gold $2,311 (-0.28%)

Brent $84.03 +0.57%

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.