Tuesday,07 May 2024 08:21:32

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Tuesday,07 May 2024 at 07:20

UK & European stocks rose at the open as investors play catch up following positive sessions in Europe and the US on Monday.

South Korean stocks led gains in Asia-Pacific markets after Wall Street rose overnight on expectations that the Federal Reserve could cut interest rates soon.

Gold prices edged higher, steered by bets that the U.S. Federal Reserve would cut interest rates later this year and safe-haven demand for bullion as Gaza ceasefire remains uncertain.

Oil prices ticked up after Israel struck Rafah in Gaza while negotiations for a ceasefire with Hamas continued without resolution.

In corporate news, BP reported a fall in first-quarter profit on the back of lower oil and gas prices, an outage at a US refinery and “significantly weaker” fuels margins as it also started a $1.75bn share buyback.

Underlying replacement cost profit for the quarter was $2.7bn, compared with $5bn a year earlier and $3bn for the final three months of 2023, BP said.

Markets

08:15

FTSE 100 8,303 +1.10%

FTSE 250 20,321 +0.78%

DAX 18,242 +0.35%

the close

Dow Jones 38,852 +0.46%

S&P 500 5,180 +1.03%

NASDAQ 16,349 +1.19%

Fixed Income

UK 10-YR YIELD 4.189

Exchange Rates

GBP/USD 1.254

GBP/EUR 1.164

Commodities

Gold $2,318 (-0.19%)

Brent $83.44 (-0.06%)

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.