Wednesday,03 July 2024 08:48:51

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Wednesday,03 July 2024 at 07:48

UK and European markets opened higher, reversing a negative trend seen in the previous trading session.

Asia-Pacific markets mostly rose as investors assessed a slew of data from the region, while Wall Street rose overnight as U.S. Federal Reserve Chair Jerome Powell’s said there was “progress” on inflation.

Oil prices edged higher in early Asian trade after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, boosting hopes of solid fuel demand during the summer driving season in the top oil consuming nation.

Gold prices were flat as investors awaited minutes of the Federal Reserve’s last policy meeting for fresh cues on when the U.S. central bank will start cutting interest rates.

In corporate news, Vodafone nudged higher after it and Virgin Media O2 said they had agreed to extend and enhance their existing mobile network sharing agreement for more than a decade, forming a new company that will invest £11bn in the project.

The agreement is subject to the planned merger of Vodafone and Three. If that deal goes through then Virgin Media O2 will buy spectrum "establishing three scaled mobile network operators each with better alignment of spectrum holding", the companies said in a statement.

Markets

At 08:30

FTSE 100 8,161 +0.50%

FTSE 250 20,297 +0.51%

DAX 18,250 +0.48%

At the close

Dow Jones 39,331 +0.41%

S&P 500 5,509 +0.62%

NASDAQ 18,028 +0.83%

Fixed Income

UK 10-YR YIELD 4.235

Exchange Rates

GBP/USD 1.269

GBP/EUR 1.180

Commodities

Gold $2,340 +0.51%

Brent $86.65 +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.