Wednesday,12 June 2024 16:38:34

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Wednesday,12 June 2024 at 15:37

UK & European stocks rose in the afternoon trade.

U.S. stocks rallied and the dollar sank as cooler-than-expected inflation data fuelled rate cut optimism, hours before the end of the U.S. Federal Reserve’s monetary policy meeting.

Gold prices rose 1% after a surprisingly soft U.S. consumer inflation report raised hopes for an interest rate cut in 2024, while investors awaited the release of the Federal Reserve’s latest policy statement and economic projections.

Oil prices rose more than 1% after three key forecasters predicted that global oil inventories would fall in the second half of 2024, while U.S. inflation data solidified expectations for a Federal Reserve interest rate cut by September.

In corporate news, Legal & General slumped after it announced a £200m share buyback as it set out plans to restructure the business into three core units and promised to increase shareholder returns.

"The strategy and targets set out today signal L&G’s ambition and commitment to invest to grow our business, and reward our shareholders for their support," said chief executive António Simões.

The company said it intends to return more to shareholders over 2024 to 2027, with 5% dividend growth in 2024 followed by 2% growth per annum, in addition to further share repurchases.

Markets

the close

FTSE 100 8,226 +0.97%

FTSE 250 20,532 +1.31%

DAX 18,629 +1.42%

16:30

Dow Jones 38,891 +0.37%

S&P 500 5,437 +1.16%

NASDAQ 17,663 +1.84%

Fixed Income

UK 10-YR YIELD 4.125

Exchange Rates

GBP/USD 1.283

GBP/EUR 1.183

Commodities

Gold $2,331 +0.66%

Brent $82.11 +0.01%

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.