Wednesday,22 May 2024 08:18:32

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Wednesday,22 May 2024 at 07:16

UK & European stocks opened higher as regional markets continue to see-saw over the inflation outlook and trajectory of interest rates.

Hong Kong’s Hang Seng index led losses in Asia-Pacific markets, falling about 2% as basic material and industrials stocks fell.

Gold prices were steady and hovered above key $2,400 level while investors await minutes from the Federal Reserve’s latest policy meeting for fresh signals.

Oil prices fell for a third straight session on expectations the Federal Reserve could keep U.S. interest rates higher for longer due to sustained inflation, potentially impacting fuel use in the world’s largest oil consumer.

In corporate news, Marks & Spencer posted a jump in full-year sales and profits on Wednesday as the retailer’s turnaround efforts bore fruit.

In the 52 weeks to 30 March, profit before tax and adjusting items rose 58% to £716.4m, with revenue up 9.3% to £13bn.

Food sales grew 13% during the year, while clothing and home sales rose 5.3%.

Markets

At 08:15

FTSE 100 8,364 (-0.62%)

FTSE 250 20,700 (-0.41%)

DAX 18,699 (-0.15%)

At the close

Dow Jones 39,872 +0.17%

S&P 500 5,321 +0.25%

NASDAQ 16,832 +0.22%

Fixed Income

UK 10-YR YIELD 4.127

Exchange Rates

GBP/USD 1.274

GBP/EUR 1.174

Commodities

Gold $2,417 (-0.18%)

Brent $81.82 (-0.81%)

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.