Wednesday,26 June 2024 16:42:28

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Wednesday,26 June 2024 at 15:41

European stocks hit session lows, extending negative sentiment; tech firms inch higher

US stocks were a mixed bag on Wednesday after the S&P 500 and Nasdaq snapped a three-day losing streak, as investors watched for signs of life in the tech-driven rally and weighed the prospects for rate cuts.

Oil fell after US crude inventories unexpectedly swelled, indicating a soft physical market.

Gold prices fell to their lowest in nearly two weeks on Wednesday as the dollar firmed, while investors awaited a report on the Federal Reserve’s preferred inflation gauge due later this week for the latest clues on the central bank’s rate cut prospects.

Anglo American has reported another dip in rough diamond sales from De Beers as it warned of a "protracted" recovery in demand. In what is generally a quieter period for rough diamond sales, De Beers' fifth sales cycle generated $315m, down from $383m in the fourth cycle and $446m in the third. However, this was also down from $456m in the fifth cycle of 2023.

Legal & General Investment Management (LGIM) said that its environmental, social and governance and some pension funds would divest their stake in commodities miner and trader Glencore due to its thermal coal operations.

Markets

Market close

FTSE 100 8,225.33 (-0.27%)

FTSE 250 20,298.10 (-0.32%)

DAX 18,158 (-0.11%)

Wednesday June 26th 4:35pm

Dow Jones 39,060 (-0.13%)

S&P 500 5,460 (-0.17%)

NASDAQ 17,733 +0.09%

Fixed Income

UK 10-YR YIELD 4.143

Exchange Rates

GBP/USD 1.2624

GBP/EUR 1.1824

Commodities

Gold $2,303 (-073%)

Brent $84.03 (-0.19%)

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.