Monday,22 July 2024 08:07:00

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Monday,22 July 2024 at 07:05

UK & European stocks rose as investors reacted to a flurry of market-moving news over the weekend, such as the exit of Joe Biden from the US presidential race, a reduction in interest rates in China and ongoing global IT outages.

Asia-Pacific markets fell, as news emerged that U.S. President Joe Biden had dropped out of the presidential race and endorsed Vice President Kamala Harris as the Democratic nominee.

Gold prices firmed as the dollar eased following U.S. President Joe Biden’s decision to withdraw from the 2024 presidential race, with investors turning to bullion as a hedge against an uncertain political and market outlook.

Oil prices rose in early trade as investors keep a lookout for signs of a rate-cut cycle expected to begin as soon as September.

In company news, Vodafone Group said it had sold a further 10% stake in the joint venture that co-controls Vantage Towers for €1.3bn to reduce its debt. The sale achieves the 50:50 joint ownership structure with the consortium of infrastructure investors led by Global Infrastructure Partners and KKR that was envisaged when the co-control partnership was first announced, Vodafone said on Monday

Markets

8:00

FTSE 100 8,191 +0.43%

FTSE 250 21,125 +0.28%

DAX 18,171 (-1.00%)

the close

Dow Jones 40,287 (-0.93%)

S&P 500 5,505 (-0.71%)

NASDAQ 17,726 (-0.81%)

Fixed Income

UK 10-YR YIELD 4.129

Exchange Rates

GBP/USD 1.292

GBP/EUR 1.187

Commodities

Gold $2,402 +0.08%

Brent $82.91 +0.36%

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.