Thursday,06 June 2024 09:09:53

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Thursday,06 June 2024 at 08:07

UK and European stocks were higher, with traders anticipating that the European Central Bank will cut borrowing costs for the euro area for the first time since September 2019.

Asia-Pacific stocks rose on expectations that the European Central Bank will cut rates, with softer U.S. labour market data fuelling hopes that the Fed might follow suit, further boosting market sentiment.

Gold firmed as the dollar and Treasury yields retreated on rising bets that U.S interest rate cuts may start as early as September, while investors awaited the U.S. non-farm payrolls data.

Oil prices extended gains.

In corporate news, annual profits at outsourcing giant Mitie surged as revenues hit a record £4.5bn - in line with company expectations.

Pre-tax profit for the year to March 31 came in at £156m from £105m a year earlier. Revenues were up from £4bn as Mitie’s order book rose to $11.4bn from £90.7bn.

Shareholders were rewarded with a 38% dividend increase to 4p a share.

Markets

At 08:30

FTSE 100 8,259 +0.16%

FTSE 250 20,738 +0.32%

DAX 18,734 +0.86%

At the close

Dow Jones 38,807 +0.25%

S&P 500 5,354 +1.18%

NASDAQ 17,187 +1.96%

Fixed Income

UK 10-YR YIELD 4.204

Exchange Rates

GBP/USD 1.278

GBP/EUR 1.175

Commodities

Gold $2,362 +0.35%

Brent $77.68 +0.51%

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.