Thursday,11 July 2024 08:58:26

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Thursday,11 July 2024 at 07:55

UK & European stocks opened higher as global markets look ahead to the next U.S. inflation reading.

Japan’s Nikkei 225 crossed the 42,000 mark for the first time amid a broader rise in Asia-Pacific markets on Thursday, after U.S. Big Tech rallied overnight on optimism over Federal Reserve rate cuts.

Gold prices were higher after comments from Jerome Powell raised expectations that the U.S. central bank is on track to lower interest rates soon.

Oil prices edged higher as crude stocks fell after U.S. refineries ramped up processing and as gasoline inventories eased, signalling stronger demand.

In corporate news, specialist international distribution and services group Bunzl said it had added two more companies to its ever-expanding portfolio.

In June, Bunzl completed the acquisition of Spain's Sistemas De Embalaje Anper, a distributor of industrial packaging to end-users. The business generated €28m (£24m) of revenue in 2023.

It also bought Holland Packaging in the Netherlands, a distributor of bespoke and customised packaging products and supplies to e-commerce focused companies. The business had €16m of revenue last year.

Markets

At 08:15

FTSE 100 8,210 +0.21%

FTSE 250 20,928 +0.00%

DAX 18,425 +0.09%

At the close

Dow Jones 39,721 +1.09%

S&P 500 5,633 +1.02%

NASDAQ 18,647 +1.18%

Fixed Income

UK 10-YR YIELD 4.151

Exchange Rates

GBP/USD 1.286

GBP/EUR 1.187

Commodities

Gold $2,379 +0.38%

Brent $85.54 +0.29%

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.