Monday,19 August 2024 08:39:47

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Monday,19 August 2024 at 07:37

UK & European stocks were muted at the open on what is expected to be a fairly quiet day, with little in the way of corporate or macro news to move markets.

Asia-Pacific markets were mixed after a week that saw a broad rally in stocks, as investors awaited a slew of central bank releases and inflation data this week.

Oil prices eased in early Asian trading as fears of weaker demand in top oil importer China weighed on market sentiment while investors focus on the progress of ceasefire talks in the Middle East, which could reduce supply risks.

Gold prices eased and hovered around key $2,500 level, as traders locked in profits following bullion’s climb to an all-time peak in the previous session on expectations of a U.S. interest rate cut next month.

In corporate news, Barratt Developments and Redrow said their impending £2.5bn merger should complete later this week despite local competition concerns raised by regulators.

Both parties are now engaging with the Competition and Markets Authority following the conclusion of its first review earlier this month, which raised concerns about the supply of new build private residential housing in one of the more than 400 local areas where the two companies overlap.

Barratt has now waived the CMA condition to the merger, which “removes uncertainty for the employees, supply chain and wider stakeholder groups of both businesses”.

Markets

08:35

FTSE 100 8,295 (-0.19%)

FTSE 250 21,064 +0.07%

DAX 18,297 (-0.14%)

the close

Dow Jones 40,659 +0.24%

S&P 500 5,554 +0.20%

NASDAQ 17,631 +0.21%

Fixed Income

UK 10-YR YIELD 3.906

Exchange Rates

GBP/USD 1.295

GBP/EUR 1.173

Commodities

Gold $2,500 (-0.27%)

Brent $79.23 (-0.45%)

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.