Monday,19 August 2024 16:36:03

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Monday,19 August 2024 at 15:33

UK & European stocks extended positive momentum at the start of the new trading week, after global markets rallied last week.

The yen rose sharply and the euro touched its highest this year as the dollar retreated broadly with traders bracing for dovish signals from Federal Reserve meeting minutes and Chair Jerome Powell’s speech at Jackson Hole.

Gold eased after powering to an all-time high above the important $2,500 per ounce level in the last session on strong safe-haven demand and expectations of an imminent U.S. rate cut as investors seek more cues on the quantum of cuts.

Oil eased, with global benchmark Brent holding below $80 a barrel, as concern over demand in top oil importer China weighed on market sentiment, offsetting risks to supply in the Middle East.

In corporate news, Advanced Micro Devices said that it has agreed to buy AI infrastructure provider ZT Systems in a $4.9bn cash and share deal.

The price includes a contingent payment of up to $400m based on certain post-closing milestones.

Once the deal closes, ZT Systems will join the AMD Data Center Solutions Business Group. ZT chief executive Frank Zhang will lead the manufacturing business and ZT president Doug Huang will lead the design and customer enablement teams, both reporting to AMD executive vice president and general manager Forrest Norrod.

Markets

the close

FTSE 100 8,363 +0.63%

FTSE 250 21,151 +0.49%

DAX 18,431 +0.60%

16:35

Dow Jones 40,851 +0.47%

S&P 500 5,574 +0.36%

NASDAQ 17,574 +0.36%

Fixed Income

UK 10-YR YIELD 3.937

Exchange Rates

GBP/USD 1.298

GBP/EUR 1.173

Commodities

Gold $2,504 (-0.11%)

Brent $79.21 (-0.48%)

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.