Tuesday,11 June 2024 16:34:59

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Tuesday,11 June 2024 at 15:33

UK & European stocks closed lower as investors look ahead to the Federal Reserve’s next meeting and U.S. inflation data.

Wall Street stocks were mixed early on Tuesday as market participants prepared for the outcome of the Federal Reserve's two-day policy meeting.

Gold prices were flat with investors awaiting key U.S. inflation data and the outcome of the Federal Reserve’s policy meeting for details of the central bank’s plans to cut interest rates against its inflation target.

Oil prices were largely steady as investors waited for U.S. and China inflation data and the outcome of the Federal Reserve's policy meeting to see how changing prices could hit demand.

In corporate news, Hikma Pharmaceuticals was the top gainer after Citi lifted its price target on the shares to 2,845p from 2,770p as it said IQVIA April data highlighted "healthy trends" for injectables and US Generics.

"The strategy at US Generics (30/20% of sales/EBIT) longer-term remains reducing volatility and delivering a sustainable EBIT of $100-120m, as a result of efforts to increase contract manufacturing activities and further broadening the Specialty portfolio," it said.

Markets

the close

FTSE 100 8,141 (-1.06%)

FTSE 250 20,291 (-0.76%)

DAX 18,367 (-0.69%)

16.30

Dow Jones 38,650 (-0.56%)

S&P 500 5,346 (-0.26%)

NASDAQ 17,198 +0.04%

Fixed Income

UK 10-YR YIELD 4.271

Exchange Rates

GBP/USD 1.272

GBP/EUR 1.185

Commodities

Gold $2,311 +0.05%

Brent $81.79 (-0.12%)

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.