Tuesday,06 August 2024 08:22:22

Market Report by Email

If you would like to receive the daily Market Report by email please fill out your name and email address in the sign-up form below and you will be added to our mailing list.

Tuesday,06 August 2024 at 07:19

UK & European stocks rebounded at the open following a heavy selloff in the previous session amid a global market meltdown.

Japan stocks rebounded sharply after the Nikkei 225 and the Topix dropped over 12% in the previous session. Other Asia-Pacific markets were also higher.

Gold prices edged higher after comments from Federal Reserve officials reinforced expectations of bigger U.S. interest rate cuts later this year.

Oil prices climbed more than $1, paring the previous day’s loss as concern that an escalating Middle East conflict could hit supplies outweighed fear of a possible U.S. recession that could hurt demand in the world’s biggest oil consumer.

In corporate news, Crowne Plaze, Regent and Holiday Inn owner InterContinental saw its bottom line shrink by 10% in the first half due to the planned reduction of its so-called System Fund surplus, though underlying profits improved by 12% due to solid margin improvements and an acceleration in RevPAR growth in the second quarter.

Operating profit from reportable segments improved to $535m, up from $479m the year before.

Markets

08:20

FTSE 100 8,040 +0.40%

FTSE 250 20,414 +0.88%

DAX 17,435 +0.56%

the close

Dow Jones 38,703 (-2.60%)

S&P 500 5,186 (-3.00%)

NASDAQ 16,200 (-3.43%)

Fixed Income

UK 10-YR YIELD 3.918

Exchange Rates

GBP/USD 1.275

GBP/EUR 1.166

Commodities

Gold $2,406 (-0.03%)

Brent $76.68 (-0.87%)

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.