Wednesday,31 July 2024 08:21:59

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Wednesday,31 July 2024 at 07:19

UK & European stocks opened positive as investors looked ahead to policy announcements from the US Federal Reserve and the Bank of England.

The Bank of Japan (BoJ) lifted its key interest rate to 0.25%" from the previous range of 0% to 0.1%. It also announced a plan to phase out its extensive bond-buying program as it retreats from a decade of stimulus measures.

Gold prices held steady and headed for a monthly gain, supported by rising optimism surrounding U.S. interest rate cuts, while focus shifted to Federal Reserve’s policy verdict due later in the day.

Oil futures clawed back some losses, recovering from 7-week lows as geopolitical tensions rose after Israel retaliated against an attack by Hezbollah, although prices remained under pressure from concerns about demand in China.

In UK corporate news, HSBC said it would start a $3bn share buyback after the Asia-focused bank reported estimate-busting interim profits in its final set of results under chief executive Noel Quinn.

Pre-tax profits surged to $8.9bn from $8.8bn a year earlier and smashed analysts’ forecasts of $7.8bn.

Markets

08:15

FTSE 100 8,361 +1.06%

FTSE 250 21,518 +0.40%

DAX 18,489 +0.43%

the close

Dow Jones 40,743 +0.50%

S&P 500 5,436 (-0.50%)

NASDAQ 17,147 (-1.28%)

Fixed Income

UK 10-YR YIELD 4.020

Exchange Rates

GBP/USD 1.283

GBP/EUR 1.186

Commodities

Gold $2,418 +0.44%

Brent $79.47 +1.22%

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.