Friday,05 July 2024 08:17:42

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Friday,05 July 2024 at 07:15

UK & European stocks rose at the open on Friday as Brits woke up to the first Labour government in 14 years.

Asia-Pacific markets were largely lower, with Japan’s Nikkei 225 paring gains after crossing the 41,000 mark and hitting fresh record highs.

Gold prices edged up and were set for a second straight weekly gain, while traders awaited U.S. employment data to gauge the trajectory of the Federal Reserve’s potential interest rate cuts.

Oil prices dipped but were on track for a fourth straight week of gains and were near their highest levels since late April on hopes of strong summer fuel demand and some supply concerns.

In corporate news, a second-quarter outlook update released by Shell included production estimates of 940,000 to 980,000 barrels of oil equivalent per day for integrated gas, and 1.72 million to 1.82 million equivalent daily barrels for upstream, with various financial projections including taxation and operational expenses. The marketing, and chemicals and products segments expected stable results compared to previous quarters, while renewable and energy solutions anticipated a potential slight loss. Shell forecast overall tax payments of $3.1bn to $3.9bn, significant non-cash post-tax impairments mainly in Singapore and Rotterdam, and highlighted broad uncertainty in derivative movements and working capital estimations.

Markets

08:15

FTSE 100 8,274 +0.40%

FTSE 250 20,798 +0.91%

DAX 18,473 +0.13%

the close

Dow Jones 39,308 (-0.06%)

S&P 500 5,537 +0.51%

NASDAQ 18,188 +0.88%

Fixed Income

UK 10-YR YIELD 4.177

Exchange Rates

GBP/USD 1.276

GBP/EUR 1.179

Commodities

Gold $2,364 +0.34%

Brent $87.42 (-0.11%)

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.