Friday,24 May 2024 08:43:16

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Friday,24 May 2024 at 07:40

UK & European markets opened lower, mirroring a global trend as the US interest rate outlook weighed on sentiment.

Asia-Pacific markets fell, with markets in Hong Kong and Japan leading losses as investors digested inflation data.

Gold prices hit a two-week low, set for their biggest weekly loss in nearly eight months, as interest rate cut expectations started to dwindle after a hawkish tone in the US Federal Reserve minutes.

Oil prices were slightly lower on Friday.

In corporate news, the boss of Abrdn will step down after four years in charge in which he dropped the vowels from the company’s name in a controversial rebrand.

Stephen Bird will leave after a turbulent period during which the asset manager was ejected from the premier FTSE 100 index after its shares plunged, launching plans this year to axe £150m in costs.

A statement to shareholders said: “Following the significant strategic repositioning of the company, the board and group CEO, Stephen Bird, have together agreed that it is the right time for Stephen to hand over the reins to the team he has assembled over the last four years to drive the business forward.”

Markets

At 08:15

FTSE 100 8,285 (-0.64%)

FTSE 250 20,535 (-0.47%)

DAX 18,521 (-0.92%)

At the close

Dow Jones 39,065 (-1.53%)

S&P 500 5,267 (-0.74%)

NASDAQ 16,736 (-0.39%)

Fixed Income

UK 10-YR YIELD 4.257

Exchange Rates

GBP/USD 1.269

GBP/EUR 1.173

Commodities

Gold $2,338 +0.45%

Brent $81.14 (-0.37%)

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.