Monday,12 August 2024 16:35:28

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Monday,12 August 2024 at 15:32

U.S. stocks extend rebound amid easing economic concerns after seeing considerable volatility early in the session, stocks have moved mostly higher over the course of the trading day on Monday. With the advance, the major averages are extending the rebound seen in recent sessions.

Gold prices rallied today amidst expectation of an easing in inflation that would goad the Fed to a cut in interest rates. Safe haven demand amidst the geopolitical tensions in the Middle East also supported prices.

Crude oil prices continued to rise amidst simmering geopolitical tensions in the Middle East. Fears of the situation in Middle East escalating into a wider war eclipsed concerns over demand raised in the OPEC's monthly report. Waning concerns over a downturn in the U.S. also supported sentiment. Prices of both Brent and WTI crude recorded gains of more than a percent in the day's trading.

In corporate news, BT Group welcomed news that Bharti Global had acquired Altice UK's 24.5% stake in the telecoms carrier. As of 16:24 BST, shares of BT Group were jumping in excess of 7% to reach 140.30p.

Markets

16.28

FTSE 100 8,208 +0.49%

FTSE 250 20,665 +0.19%

DAX 17,726 +0.02%

16.31

Dow Jones 39,450 -0.12%

S&P 500 5,364 +0.38%

NASDAQ 16,872 +0.77%

Fixed Income

UK 10-YR YIELD 3.917

Exchange Rates

GBP/USD 1.278

GBP/EUR 1.168

Commodities

Gold $2,457 +1.11%

Brent $80.98 +1.59%

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.