Tuesday,20 August 2024 16:34:44

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Tuesday,20 August 2024 at 15:32

UK & European stocks moved lower, as market uncertainty over the outlook for interest rate cuts lingers.

The dollar hit a fresh seven-month low with traders bracing for comments from Federal Reserve Chair Jerome Powell due on Friday, which could provide clues about the speed of the U.S. monetary easing cycle.

Gold prices hit a record high as a weaker dollar and buying by Western investors extended the precious metal’s rally amid bets the U.S. Federal Reserve will cut interest rates in September.

Oil prices dipped, retreating for a third straight day, as Israel accepting a proposal to tackle disagreements blocking a ceasefire deal in Gaza eased supply concerns, while China's economic weakness continued to weigh on demand outlook.

In corporate news, Johnson & Johnson said that it has agreed to buy V-Wave, a privately-held company focused on developing treatment options for patients with heart failure, for up to $1.7bn.

Under the terms of the agreement, Johnson & Johnson will pay $600m upfront, with the potential for additional regulatory and commercial milestone payments of up to about $1.1bn.

V-Wave will join J&J as part of the MedTech business. The company said the deal will extend MedTech’s position "as an innovation leader" in addressing cardiovascular disease.

Markets

the close

FTSE 100 8,272 (-1.01%)

FTSE 250 21,019 (-0.65%)

DAX 18,364 (-0.31%)

16:35

Dow Jones 40,816 (-0.20%)

S&P 500 5,594 (-0.25%)

NASDAQ 17,805 (-0.40%)

Fixed Income

UK 10-YR YIELD 3.922

Exchange Rates

GBP/USD 1.301

GBP/EUR 1.172

Commodities

Gold $2,511 +0.30%

Brent $77.36 (-0.51%)

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.