Friday,16 August 2024 08:19:12

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Friday,16 August 2024 at 07:16

UK & European stocks opened in positive territory following solid gains in the previous session, as investors mulled the latest UK retail sales data.

Japan stocks led gains in Asia and were set for their best week in four years, with the Nikkei 225 up over 3%, after Wall Street rallied overnight as fresh economic data eased recessionary fears.

Oil prices edged lower in early Asian trading, but the market’s benchmarks were set for a second consecutive weekly gain after upbeat U.S. economic data eased investor worries about a potential recession in the top oil consuming nation.

Gold prices steadied and were headed for a weekly gain on optimism about a U.S. interest rate cut, while traders await Federal Reserve Chairman Jerome Powell's speech due next week for cues on the size of the cut.

In corporate news, AstraZeneca announced ‘Imfinzi’, or durvalumab, has been approved by the US FDA for treating resectable early-stage non-small cell lung cancer in adults without certain genetic mutations.

The approval was based on a phase three trial that demonstrated that an Imfinzi-based regimen before and after surgery significantly reduced the risk of cancer recurrence, progression, or death by 32% compared to neoadjuvant chemotherapy alone. It also showed an increase in the pathologic complete response rate with the Imfinzi regimen.

Markets

08:20

FTSE 100 8,329 (-0.21%)

FTSE 250 21,065 (-0.14%)

DAX 18,235 +0.29%

the close

Dow Jones 40,563 +1.39%

S&P 500 5,543 +1.61%

NASDAQ 17,594 +2.34%

Fixed Income

UK 10-YR YIELD 3.904

Exchange Rates

GBP/USD 1.287

GBP/EUR 1.172

Commodities

Gold $2,453 (-0.10%)

Brent $80.73 (-0.17%)

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.