Tuesday,30 July 2024 08:20:39

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Tuesday,30 July 2024 at 07:18

UK & European stocks opened flat as investors mulled the latest retail inflation data and braced for a barrage of earnings.

Asia-Pacific markets fell across the region as the Bank of Japan kicked off its two-day monetary policy meeting.

Gold struggled for momentum as investors looked for more cues on when the U.S. central bank will cut interest rates from this week’s policy meeting and data releases.

Oil prices fell, extending losses from the previous session amid concerns about demand in China, the world's largest crude importer, while the market shrugged off the risk of conflict escalating in the Middle East.

In corporate news, BP swung into the red on a reported basis in the second quarter as a result of $2.8bn of so-called “adjusting items”, but that didn’t stop the energy giant from beating market forecasts on an underlying basis and unveiling another $1.75bn share buyback programme.

The company booked a replacement cost loss - which reflects the replacement cost of inventories sold, adjusted for inventory holding gains and losses - of $16m for the three months to 30 June, compared with a profit of $2.34bn a year earlier.

Nevertheless, underlying RC profit - BP’s preferred measure of profitability - improved by 6% to $2.76bn, well ahead of the consensus forecast of $2.54bn.

Markets

08:20

FTSE 100 8,249 (-0.52%)

FTSE 250 21,229 (-0.11%)

DAX 18,365 +0.24%

THE CLOSE

Dow Jones 40,539 (-0.12%)

S&P 500 5,463 +0.08%

NASDAQ 17,370 +0.07%

Fixed Income

UK 10-YR YIELD 4.057

Exchange Rates

GBP/USD 1.285

GBP/EUR 1.187

Commodities

Gold $2,390 +0.31%

Brent $78.74 (-0.44%)

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.