Tuesday,02 July 2024 09:04:59

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Tuesday,02 July 2024 at 08:05

UK and European stocks opened lower Tuesday, with market participants looking ahead to the release of the euro zone’s latest inflation data.

Asia-Pacific markets mostly fell, breaking ranks with Wall Street that saw the Nasdaq Composite reach a new record on the back of tech stocks.

Oil prices were little changed, holding near the two-month highs reached in the previous session, on expectations for rising fuel demand from the summer travel season and possible U.S. interest rate cuts that could boost economic growth.

Gold prices slipped as the U.S. dollar held firm, while investors awaited comments from Federal Reserve Chair Jerome Powell as well as the country’s jobs data for further clues about the interest rate outlook.

In corporate news, Endeavour Mining announced its first gold pour at the Lafigué mine in Côte d’Ivoire, completing the project on budget and ahead of schedule 21 months after construction started.

The FTSE 250 company said the mine was expected to reach commercial production and ramp up to a plant capacity of four million tonnes per annum by the third quarter, with initial production estimated between 90,000 and 110,000 ounces of gold in 2024, increasing to 200,000 ounces in 2025.

It was the fifth successful project Endeavour had built in West Africa in the last decade.

Markets

At 08:30

FTSE 100 8,114 (-0.65%)

FTSE 250 20,153 (-0.34%)

DAX 18,201 (-0.48%)

At the close

Dow Jones 39,169 +0.13%

S&P 500 5,475 +0.27%

NASDAQ 17,879 +0.83%

Fixed Income

UK 10-YR YIELD 4.268

Exchange Rates

GBP/USD 1.261

GBP/EUR 1.177

Commodities

Gold $2,325 (-0.27%)

Brent $86.62 +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.