Wednesday,27 December 2023 08:18:09

Market Report by Email

If you would like to receive the daily Market Report by email please fill out your name and email address in the sign-up form below and you will be added to our mailing list.

Wednesday,27 December 2023 at 08:18

UK & European stocks opened higher to kick off the final trading week of 2023, as major indexes around the world hover near record highs.

China and Hong Kong stocks gained ground as video-game shares surged, while Australia stocks hit a near two-year high, as more markets resumed trading after a Christmas break.

Gold prices steadied as trading was muted in the last week of the year, but bullion was headed for its best year in three on expectations the Federal Reserve will cut rates in the first quarter of 2024.

Oil prices fell in early Asian trade, trimming strong gains from the previous session as major shipping firms began returning to the Red Sea despite continued attacks and escalating tensions in the Middle East.

AstraZeneca announced that it was buying Gracell Biotechnologies, a global clinical-stage biopharmaceutical company developing cell therapies for the treatment of cancer and autoimmune diseases, for $1.2bn.

Under the terms of the deal, AstraZeneca would acquire all of Gracell’s shares at $2 per share in cash, plus a non-tradable contingent value right of $0.30 per ordinary share payable upon achievement of a specified regulatory milestone.

The upfront cash portion represented a 62% premium to Gracell’s closing market price on 22 December.

Markets

08:15

FTSE 100 7,716 +0.25%

FTSE 250 19,647 +0.08%

DAX 16,721 +0.10%

the close

Dow Jones 37,545 +0.43%

S&P 500 4,774 +0.42%

NASDAQ 15,074 +0.54%

Fixed Income

UK 10-YR YIELD 3.46

Exchange Rates

GBP/USD 1.272

GBP/EUR 1.151

Commodities

Gold $2,067 +0.01%

Brent $80.72 +0.12%

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.