Market Report

UK & European stocks were mixed in afternoon trade following a choppy morning session.  France’s CAC 40 rose 0.9%, returning to positive territory as investors weighed the possibility of victory for the populist, far-right National Rally party in the country’s surprise upcoming parliamentary elections.  The index fell more than 6.2% last week, marking its worst weekly loss since March 2022.  
 
Wall Street stocks were flattish, and the world’s biggest bond market trimmed its June rally pending tomorrow’s release of the May Retail Sales report which is expected to remain tepid as consumers avoid dipping further into their savings or borrowing at elevated interest rates to finance spending. 
 
Brent oil prices rose after booking their best week since April and snapping a three-week losing streak after analysts expect summer fuel demand to draw down inventories and tighten the market.
 
Gold prices were weaker as the U.S. Dollar held firm as investors awaited clues on U.S. rate cuts.

 In corporate news, Revolut Ltd. announced it is moving its global headquarters into one of Canary Wharf’s iconic buildings, signalling its continued commitment to London as it looks ahead to a potential listing.

The fintech will make the move in May and ultimately take up four floors in the 14-story YY London building.  The new lease, which is set to last for 10 years, will expand Revolut’s office footprint across London by 40%. 

The firm plans to display its white and black logo on the side of the new building, a move that’s not typically permitted in the City of London and allows the fintech to follow in the footsteps of banking giants like Citigroup Inc. and Barclays Plc, whose logos already dot the Canary Wharf skyline.