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UK & European stocks were slightly lower as
global markets reacted to the U.S. Federal Reserve’s latest monetary policy
decision and a slew of corporate earnings.
The dollar was on the back foot as Fed Chair Jerome
Powell confirmed the central bank’s easing bias, even as he reiterated that
sticky inflation meant interest rate cuts may be a while in coming.
Oil edged back towards the previous day's seven-week
low, paring earlier gains, after U.S. data pointed to persistent labour market
strength and further dimmed prospects of an early decline in U.S. interest
rates.
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.
Oil and gas giant Shell gushed higher as it 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 earnings rose 6% to $7.7bn for the first three
months of the year, smashing estimates of $6.5bn but lower than the $9.6bn
reported in the first three months of 2023 as energy companies cashed in on
surging oil and gas prices.
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