Wednesday,20 December 2023 17:03:03

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Wednesday,20 December 2023 at 17:03

UK and European markets closed higher as investors digested fresh inflation data.

The dollar strengthened against the pound after data revealed sharply falling UK inflation, which fuelled increased speculation of interest rate cuts by the Bank of England.

Oil prices rose on jitters over global trade disruption and geopolitical tensions in the Middle East following Houthi attacks on ships in the Red Sea.

Gold prices held steady supported by prospects of interest rate cuts from the Federal Reserve next year, while investors awaited U.S. inflation numbers later this week.

Mike Ashley’s Frasers Group said on Wednesday that it has bought loss-making luxury clothing site Matchesfashion from Apax Partners for around £52m in cash.

Matches offers more than 450 established and next-generation designers and generates the majority of its revenue internationally, with the business delivering to 150 countries outside the UK, Frasers said.

The gross assets of the acquired companies were around £170m at the end of January 2023.

Markets

At the close

FTSE 100 7,715 +1.02%

FTSE 250 19,629 +1.62%

DAX 16,733 (-0.07%)

At 17:00

Dow Jones 37,577 +0.05%

S&P 500 4,770 +0.05%

NASDAQ 15,036 +0.22%

Fixed Income

UK 10-YR YIELD 3.524

Exchange Rates

GBP/USD 1.265

GBP/EUR 1.155

Commodities

Gold $2,034 (-0.28%)

Brent $79.84 +0.87%

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.