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Tuesday,16 July 2024 at 07:55
UK and European stocks opened lower as investors assess the economic and political outlook in the region and beyond.
The dollar hung around five-week lows as comments from Federal Reserve Chair Jerome Powell bolstered the case for a rate cut in September.
Oil prices edged lower on worries about a slowing Chinese economy crimping demand.
Gold prices nudged higher while investors awaited more U.S. economic data for further monetary policy cues.
Swatch Group's share price plunged by more than a tenth on Monday morning after the high-end watch and jewellery maker reported a larger-than-expected drop in first-half profits as demand was affected by the ongoing luxury market slowdown in China.
The Swiss company, which owns brands like Tissot, Balmain and Omega, reported an operating profit of CHF204m (£176m) for the six months to 30 June, down sharply from the CHF686m reported the year before and well below analysts' forecasts of CHF476m.
Markets
At 08:47
FTSE 100 8,156 (-0.32%)
FTSE 250 21,153 (-0.17%)
DAX 18,504 (-0.47%)
At the close
Dow Jones 40,211
S&P 500 5,631
NASDAQ 18,472
Fixed Income
UK 10-YR YIELD 4.079
Exchange Rates
GBP/USD 1.296
GBP/EUR 1.190
Commodities
Gold $2,438 +0.67%
Brent $84.14 (-0.86%)
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.
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