Monday,24 June 2024 16:50:13

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Monday,24 June 2024 at 15:50

The Dow Jones Industrial Average climbed Monday as investors sold big technology names in favour into other sectors such as banks and energy. Nvidia fell more than 5%, adding to its 4% decline last week that snapped an eight-week winning streak.

London stocks rallied, helped along by solid performances from Prudential and Frasers Group, as investors eyed the release of key US inflation and UK growth figures later in the week.

The dollar eased from a near eight-week high on Monday, with traders back on alert for intervention to support the yen after the Japanese currency flirted with the 160 per dollar level that had earlier drawn verbal warnings from Japanese authorities.

Gold prices rose on Monday, helped by a pullback in the dollar, while investors looked forward to U.S. inflation data due later this week that could offer more clarity on the Federal Reserve’s monetary policy.

Oil prices firmed slightly on Monday as traders weighed support from expected summer demand and geopolitical tensions against a stronger dollar.

In market news:

Prudential was the standout gainer on the FTSE 100 after saying it would return $2bn to investors via a share buyback to be completed by mid-2026.

Britvic fizzed higher again as Carlsberg confirmed that PepsiCo has agreed to waive the change of control clause in the bottling arrangements it has with Britvic, removing a potential hurdle in the Danish brewer’s pursuit of the UK drinks company.

Britvic shares surged on Friday after it confirmed it had rejected a £3.1bn takeover proposal from Carlsberg.

Markets

the close

FTSE 100 8,301 +0.77%

FTSE 250 20,565 +0.60%

DAX 18,340 +0.97%

16.34

Dow Jones 39,526 +0.97%

S&P 500 5,484 +0.36%

NASDAQ 17,663 (-0.13%)

Fixed Income

UK 10-YR YIELD 4.083

Exchange Rates

GBP/USD 1.269

GBP/EUR 1.183

Commodities

Gold $2,330 +0.41%

Brent $85.04 +0.04%

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.