Friday,31 May 2024 16:57:04

Market Report by Email

If you would like to receive the daily Market Report by email please fill out your name and email address in the sign-up form below and you will be added to our mailing list.

Friday,31 May 2024 at 15:54

UK and European stocks closed higher as investors digested fresh euro zone inflation data and its implications for next week’s European Central Bank rate decision.

US stocks dove into the red after investors initially breathed a sigh of relief following a key inflation reading that showed signs of easing.

Gold prices ticked lower after initially rising following the release of data showing that U.S. inflation rose in line with expectations in April.

Oil prices fell early on Friday as investors responded to comments from U.S. Fed officials who said it was too soon to start considering rate cuts, and following a surprise build in U.S. gasoline stocks that weighed on the market.

In corporate news, JD Sports Fashion tumbled after it reported lower-than-expected annual profits as it continued to invest in its store estate.

Profits before tax and adjusting items of £917.2m were down 7.5%, against forecasts of £920m. Organic sales were up 9%.

Markets

At the close

FTSE 100 8,275 +0.54%

FTSE 250 20,730 +0.29%

DAX 18,483 (-0.07%)

At 16:30

Dow Jones 38,158 +0.12%

S&P 500 5,206 (-0.56%)

NASDAQ 16,521 (-1.28%)

Fixed Income

UK 10-YR YIELD 4.321

Exchange Rates

GBP/USD 1.273

GBP/EUR 1.173

Commodities

Gold $2,331 (-0.50%)

Brent $80.90 (-1.22%)

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.