Friday,12 July 2024 16:39:24

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Friday,12 July 2024 at 15:37

London stocks rose on Friday, driven by optimism over potential US interest rate cuts and investor focus on bank earnings across the Atlantic.

Wall Street stocks also gained as investors reviewed key inflation data and earnings reports from major US banks.

The University of Michigan's consumer confidence index for July fell to 66.0 from May's 68.2, contrary to economists' expectations of a slight increase to 68.5.

Gold prices dipped on Friday but remained on track for a third consecutive week of gains, supported by lower-than-expected US inflation data which fuelled hopes of a Federal Reserve rate cut in September.

Meanwhile, oil prices edged higher on Friday, reflecting easing inflationary pressures in the US, although the contracts were set for a weekly loss.

In company news, Unilever is reportedly planning to reduce its office workforce in Europe by a third by the end of next year. The Financial Times reported that the company, under pressure from shareholders including activist investor Nelson Peltz, informed senior executives on Wednesday that up to 3,200 roles would be cut in Europe by the end of 2025.

Markets

the close

FTSE 100 8,254 +0.38%

FTSE 250 21,211 +0.11%

DAX 18,777 +1.31%

16:30

Dow Jones 40,061 +0.78%

S&P 500 5,635 +0.91%

NASDAQ 18,496 1.16%

Fixed Income

UK 10-YR YIELD 4.110

Exchange Rates

GBP/USD 1.299

GBP/EUR 1.191

Commodities

Gold $2,411 (-0.14%)

Brent %85.83 +0.37%

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.