Tuesday,04 June 2024 16:40:22

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Tuesday,04 June 2024 at 15:42

UK and European markets were lower as positive momentum over recent days continued to falter. In London oil giants were under the cosh as oil prices retreated to under $78 per barrel.

A risk-off tone prevailed with equities under pressure on speculation that the next few data points could show signs of an economic slowdown. Those bets sparked a flight to haven assets lifting both Treasuries and the US Dollar.

An across-the-board selloff engulfed the India stock market after vote-counting trends during the country’s elections indicated that the results were hugely disconnected from what exit polls had predicted. The Sensex closed down 5.74%, while the Nifty 50 fell 5.93% (the largest percentage daily fall in over four years when the COVID-19 pandemic hit the world.

Gold prices moved lower as investors awaited U.S. jobs data due later this week for clues on the Federal Reserve’s interest rate trajectory.

Oil prices extended losses towards their lowest level in four months, as investors worried about supply ticking up and signs of weakening demand growth.

In Corporate News:
British Airways announced plans to raise staffing levels at London’s Heathrow Airport by 5% to minimise any disruptions over the peak summer travel season. Britain’s flagship carrier, owned by Spain’s International Consolidated Airlines Group, expects summer 2024 to be its busiest in half a decade and will look to recruit roughly 350 new workers to fill customer service and ground handling roles.

Markets

the close

FTSE 100 8,233 (-0.35%)

FTSE 250 20,707 (-0.92%)

DAX 18,429 (-0.96%)

16:30

Dow Jones 38,554 (-0.04%)

S&P 500 5,269 (-0.27%)

NASDAQ 16,781 (-0.25%)

Fixed Income

UK 10-YR YIELD 4.189

Exchange Rates

GBP/USD 1.279

GBP/EUR 1.175

Commodities

Gold $2,326 (-0.78%)

Brent $77.46 (-0.74%)

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.