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Thursday,06 June 2024 at 15:39

UK and European stocks rose on Thursday as traders absorbed the European Central Bank's first interest rate cut since September 2019.

The ECB announced a widely anticipated rate reduction during its meeting in Frankfurt, despite ongoing inflationary pressures in the 20-nation eurozone. This cut brings the central bank’s key rate down to 3.75% from a record 4%, where it had remained since September 2023.

U.S. stocks showed little change after the S&P 500 reached a new record closing high, driven by a rally in artificial intelligence chip leader Nvidia.

Asia-Pacific stocks climbed on expectations of the European Central Bank's rate cut, with softer U.S. labour market data bolstering hopes that the Federal Reserve might follow suit, further enhancing market sentiment.

Gold prices reached a two-week high on Thursday as U.S. bond yields dropped, reflecting signs of a cooling labour market. This strengthened the case for a September interest rate cut by the Federal Reserve, while investors prepared for U.S. non-farm payrolls data.

In corporate news, London-based tonic and soda maker Fever-Tree Drinks reported a year-to-date increase in sales, continuing to gain market share across all regions.

The U.S. market remains Fever-Tree's largest growth driver at the retail level, with the company asserting its number-one position in the tonic and ginger beer categories.

the close
FTSE 100 8,287 +0.48%
FTSE 250 20,708 +0.17%
DAX 18,651 +0.40%
Dow Jones 38,851 +0.11%
S&P 500 5,355 +0.02%
NASDAQ 17,182 (-0.03%)
Fixed Income
UK 10-YR YIELD 4.173
Exchange Rates
GBP/USD 1.279
GBP/EUR 1.174
Gold $2,375 +0.90%
Brent $79.64 +1.32%
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.

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