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Friday,21 June 2024 at 15:53

UK and European were weaker as investors digested data from the UK that showed a rise in retail sales last month, but also government borrowing rising to its highest level since 1961.  British retail sales rose 2.9% in May, a big gain from the 1.8% fall in April when heavy rain affected shopping footfall.


The release of the European Purchasing Managers Index also weighed on sentiment, as France’s snap election continued to weigh on firms and manufacturing in the region recorded its worst month of the year.


Wall Street stocks were flat despite a report showing a pickup in US services activity to its fastest pace in more than 2 years and an improved outlook on cooler price pressures and prospects for lower borrowing costs.

The dollar was s
tronger to lock in a third week of gains after the upbeat US Purchase Managers Index (PMI) numbers, which greatly outpaced the European ones.

rent Oil finished the week on a bullish tone as hurricane season began, demand improved, and inventories fell.  Rising geopolitical risk around the world also lifted sentiment.

Gold prices fell over 1%
but remained on track for a second consecutive weekly gain amid expectations of a U.S. interest rate cut coming in the second half of the year. 


In corporate news Zealand Pharma roared ahead by 25% as an early-stage study showed the Danish company’s weight-loss drug helped reduce weight by an average 8.6% after 16 weekly doses.

the close
FTSE 100 8,237 (-0.42%)
FTSE 250 20,442 (-0.27%)
DAX 18,182 (-0.40%)
16:30 BST
Dow Jones 39,125 (-0.03%)
S&P 500 5,465 (-0.13%)
NASDAQ 17,715 (-0.03%)
Fixed Income
UK 10-YR YIELD 4.083
Exchange Rates
GBP/USD 1.263
GBP/EUR 1.182
Gold $2,328 (-1.31%)
Brent $85.61 (-0.05%)
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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