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.
UK and European stocks rebounded on Tuesday, recovering from
a steep selloff the previous day that had triggered a global market plunge.
Investors were also absorbing the latest data on the UK
construction sector, which revealed that activity in July grew at its fastest
pace in 26 months. The headline S&P Global construction purchasing
managers’ index increased to 55.3 from June’s 52.2, marking the strongest rate
of expansion since May 2022.
Wall Street stocks also opened higher on Tuesday, with major
indices bouncing back from the significant losses seen across global markets
the day before.
Meanwhile, gold prices eased as the dollar strengthened,
though expectations of a U.S. rate cut in September and rising geopolitical
tensions in the Middle East kept bullion above the crucial $2,400 per ounce
mark.
Crude oil futures declined for the fourth consecutive
session on Tuesday, as recession fears continued to outweigh concerns about a
potential major escalation in the Middle East.
In corporate news, Rolls-Royce shares climbed after JPMorgan
Cazenove raised its price target for the stock to 535p from 475p, following
another set of strong results. The bank highlighted that Rolls-Royce’s
first-half 2024 results exceeded expectations and suggested the new price
target indicates a potential 20% upside over the next 18 months. JPMorgan
maintains an ‘overweight’ rating on the shares.
CLIENT LOGIN
CLIENT LOGIN
