Wednesday,26 June 2024 08:49:59

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Wednesday,26 June 2024 at 07:46

UK and European stocks opened higher, reversing negative sentiment seen in the previous trading session.

Asia-Pacific markets were mixed as Australia’s inflation rate climbed for a third straight month, while semiconductor and related stocks jumped after Nvidia rallied overnight.

Oil prices fell in early Asian trade after an industry group reported a surprise jump in U.S. stockpiles, fuelling concerns about weaker-than-expected demand in the top oil consuming nation.

Gold prices were subdued ahead of crucial U.S. inflation data due this week, which could offer more clarity on the timing of the Federal Reserve’s first interest rate cut this year.

In corporate news, insurance and pensions group Phoenix said it was looking to offload its SunLife business after deciding it was no longer core to operations.

Phoenix said it had received a "a number of initial expressions of interest from third parties", but warned there could be no certainty at this stage that a disposal will occur.

SunLife is a leading provider of financial protection products direct to the over 50s market in the UK and reported profit after tax of £16m in 2023.

Markets

At 08:30

FTSE 100 8,290 +0.51%

FTSE 250 20,444 +0.40%

DAX 18,326 +0.81%

At the close

Dow Jones 39,112 (-0.76%)

S&P 500 5,469 +0.39%

NASDAQ 17,717 +1.26%

Fixed Income

UK 10-YR YIELD 4.097

Exchange Rates

GBP/USD 1.267

GBP/EUR 1.185

Commodities

Gold $2,314 (-0.20%)

Brent $84.46 +0.42%

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.