Wednesday,22 May 2024 17:00:38

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Wednesday,22 May 2024 at 15:59

UK and European stocks closed lower, as regional markets continue to see-saw over the inflation outlook and the trajectory of interest rates.

The pound strengthened on data showing inflation fell in April and with the UK government set to call a summer general election.

Crude oil futures fell, extending this week’s losing streak as prices soften ahead of a crucial OPEC meeting in June.

Gold prices fell as the gold rally cooled with investors booking profits, while focus shifted to minutes from the Federal Reserve’s recent policy meeting for more clarity on the central bank’s rate trajectory.

Anglo American said on Wednesday that it has rejected a third and final takeover proposal from Australia’s BHP which values the miner at £38.6bn. The latest offer also continues to include what Anglo referred to as "the same highly complex structure" as the proposals previously rejected.

Anglo said: "The board and its advisers have engaged with BHP and its advisers on multiple occasions with a particular focus on the proposed structure and associated risks. The board continues to believe that there are serious concerns with the structure given that it is likely to result in material completion risk and value impact that disproportionately falls on Anglo American's shareholders.

Markets

At the close

FTSE 100 8,370 (-0.55%)

FTSE 250 20,710 (-0.35%)

DAX 18,682 (-0.24%)

At 16:55

Dow Jones 39,810 (-0.16%)

S&P 500 5,319 (-0.04%)

NASDAQ 16,848 +0.09%

Fixed Income

UK 10-YR YIELD 4.239

Exchange Rates

GBP/USD 1.273

GBP/EUR 1.174

Commodities

Gold $2,392 (-1.19%)

Brent $82.05 (-0.52%)

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.