Friday,07 June 2024 09:20:57

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,07 June 2024 at 08:18

UK and European stocks opened slightly higher after European stocks closed at a record high during the previous session.

Asia-Pacific stocks were mixed as investors looked at economic data from China and digested Japan’s household spending numbers, with markets also assessing the European Central Bank’s rate cut.

Gold prices held steady and were on track for their first weekly gain in three as traders stepped up bets that the U.S. Federal Reserve will start cutting rates soon, sending the dollar and Treasury yields lower.

Oil prices rose on Friday, continuing to climb after OPEC+ members Saudi Arabia and Russia indicated readiness to pause or reverse output agreements and as an interest rate cut in Europe raised the prospect of a similar U.S. move.

In corporate news, Drinks maker C&C Group said chief executive Patrick McMahon is stepping down after accounting errors in the last three years when he was chief finance director.

The company, which makes brands such as Magners cider and Tennents beer, said corrections to the accounts would result in an aggregate underlying operating profit adjustment charge of €5m.

Chair of the board Ralph Findlay has been appointed group CEO with immediate effect “to ensure continuity of executive leadership” and is expected to remain in post as for between 12 and 18 months.

Markets

At 08:30

FTSE 100 8,268 (-0.22%)

FTSE 250 20,657 (-0.28%)

DAX 18,590 (-0.34%)

At the close

Dow Jones 38,886 +0.20%

S&P 500 5,352 (-0.02%)

NASDAQ 17,173 (-0.09%)

Fixed Income

UK 10-YR YIELD 4.182

Exchange Rates

GBP/USD 1.279

GBP/EUR 1.174

Commodities

Gold $2,372 (-0.10%)

Brent $79.80 (-0.19%)

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.