Thursday,23 May 2024 08:52:04

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Thursday,23 May 2024 at 07:50

UK & European markets opened higher as traders digested the minutes of the last US Federal Reserve meeting, which revealed Fed officials have concerns over sticky inflation and remain cautious on possible interest rate cuts.

Asia-Pacific markets were mixed after investors analysed minutes of the last US Federal Reserve meeting.

Gold prices fell for a third straight session after minutes from the most recent Federal Reserve meeting indicated that some officials were inclined to raise interest rates.

Oil prices eased for a fourth straight day on worries that U.S. borrowing costs could be hiked again if inflation surged, a move that could hurt oil demand.

In corporate news, National Grid reported a 4% increase in underlying operating profit to £4.8bn, driven by growth in UK electricity transmission and higher rates in the US, despite an 8% decrease in statutory operating profit due to non-cash exceptional charges.

The company announced a £7bn equity raise through a rights issue and declared a final dividend of 39.12p, bringing the full-year dividend to 58.52p, up 5.55%.

Looking ahead, National Grid projected cumulative capital investment of around £60bn billion and expected underlying earnings per share growth of 6% to 8% annually from 2025 to 2029.

Markets

At 08:15

FTSE 100 8,356 (-0.17%)

FTSE 250 20,728 +0.09%

DAX 18,741 +0.33%

At the close

Dow Jones 39,671 (-0.51%)

S&P 500 5,307 (-0.27%)

NASDAQ 16,801 (-0.18%)

Fixed Income

UK 10-YR YIELD 4.249

Exchange Rates

GBP/USD 1.273

GBP/EUR 1.175

Commodities

Gold $2,361 (-0.71%)

Brent $81.83 +0.09%

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.