Monday,22 July 2024 16:45:10

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Monday,22 July 2024 at 15:43

Dollar falls slightly as Biden ends re-election bid, drops vs yen, the dollar eased slightly against a basket of currencies on Monday while dropping versus the yen as investors focused on U.S. President Joe Biden’s decision to end his re-election campaign and the next moves from the Federal Reserve and the Bank of Japan.

Oil prices dipped on Monday after Joe Biden announced he would not seek a second term as U.S. president and while investors watched for more signs that U.S. interest rates could be cut as early as September.

Gold prices edged up on Monday as the dollar weakened in response to President Joe Biden’s decision to withdraw from the 2024 presidential race, while the market geared up for Friday’s U.S. personal consumption expenditures (PCE) data for further clues on the timing of interest rate cuts.

Government to scrutinise £5.3bn Royal Mail takeover. The new Labour government is set to look closely at the £5.3bn takeover of Royal Mail-owner International Distribution Services by Czech billionaire Daniel Kretinsky.

Kretinsky’s EP Group offered 360p per share along with a 2p final dividend for the 500-year-old-business in May. Kretinsky – who has a 27% stake – has pledged to maintain the Royal Mail’s guarantee of services six days a week for five years.

Although backed by the board, the acquisition still needs to be approved by the government, which has the power to block the takeover. Shareholders will vote on the deal in September.

Markets

market close

FTSE 100 8,215 (+0.73%)

FTSE 250 21,170 (+0.49%)

DAX 18,450 (+1.53%)

16:35

Dow Jones 40,417 (+0.32%)

S&P 500 5,552 (+0.85%)

NASDAQ 17,929 (+1.16%)

Fixed Income

UK 10-YR YIELD 4.158

Exchange Rates

GBP/USD 1.2915

GBP/EUR 1.186

Commodities

Gold $2,386 (-0.55%)

Brent $82.21 (-0.53%)

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.