Tuesday,28 May 2024 16:57:47

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Tuesday,28 May 2024 at 15:55

UK and European markets closed lower as investors await inflation data from both sides of the Atlantic due later in the week.

US stocks were mixed in early trading, with techs serving as a bright spot while Wall Street kicked off a holiday-shortened week by focusing on a coming inflation report watched closely by the Federal Reserve.

Gold prices held steady, buoyed by a slight pullback in the dollar as investors look forward to U.S. inflation data due later this week for more clarity on interest rate cut timings.

US crude oil gained more than 1% after booking a loss last week as the market focuses on an upcoming key OPEC+ meeting.

In corporate news, Persimmon fell following a report the housebuilder is exploring a £1bn takeover bid for Cala Group, a rival player in the sector which has been put up for sale.

According to Sky News, Persimmon is leaning towards submitting an offer for Cala ahead of a bid deadline next week.

Insiders expect Cala, which is being auctioned by Legal & General, to command a price tag of about £1bn. L&G shares were trading higher.

Markets

At the close

FTSE 100 8,254 (-0.76%)

FTSE 250 20,705 (-0.32%)

DAX 18,684 (-0.48%)

At 16:30

Dow Jones 38,914 (-0.40%)

S&P 500 5,307 +0.05%

NASDAQ 17,004 +0.50%

Fixed Income

UK 10-YR YIELD 4.284

Exchange Rates

GBP/USD 1.278

GBP/EUR 1.174

Commodities

Gold $2,361 +0.44%

Brent $83.81 +1.24%

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.