Thursday,08 August 2024 08:21:23

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Thursday,08 August 2024 at 07:19

UK & European stocks opened lower following strong gains in the previous session, as investors braced for another barrage of corporate news.

Asia-Pacific markets were mixed in choppy trading after U.S. stock benchmarks fell overnight, while investors assessed trade data from Japan and awaited India’s rate decision.

Prices of safe-haven gold edged higher, supported by Middle East tensions and optimism surrounding U.S. rate cuts, while traders awaited economic data for clues on the Federal Reserve’s policy trajectory.

Oil prices edged higher for the third straight session after government data showed a steep draw in U.S. crude stockpiles, rebounding from multi-month lows touched this week.

In corporate news, housebuilder Persimmon reported a decline in first-half pre-tax profit but said it was on track to deliver full-year completions at the top end of guidance.

In the six months to the end of June, reported pre-tax profit fell to £146.3m from £151m in the same period a year earlier. Total group revenue rose to £1.3bn from £1.2bn and completions came in at 4,445, up 5%.

Persimmon said it was on course for around 10,500 completions for the full year, at the top end of previous guidance.

Markets

08:20

FTSE 100 8,085 (-0.99%)

FTSE 250 20,389 (-0.90%)

DAX 17,515 (-0.56%)

the close

Dow Jones 3,873 (-0.60%)

S&P 500 5,199 (-0.77%)

NASDAQ 16,195 (-1.05%)

Fixed Income

UK 10-YR YIELD 3.933

Exchange Rates

GBP/USD 1.270

GBP/EUR 1.161

Commodities

Gold $2,396 +0.60%

Brent $78.11 (-0.56%)

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.