Thursday,22 August 2024 16:34:51

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Thursday,22 August 2024 at 15:33

UK & European stocks moved higher as investors digested the Federal Reserve’s latest comments on the future path of interest rates.

The dollar rebounded from a 13-month low against the euro before Federal Reserve Chair Jerome Powell is due to speak on Friday and as the greenback’s recent weakness was seen as being overdone relative to peers.

Oil prices steadied as a drop in U.S. fuel inventories provided a floor, after four days of declines on investor concern over the global demand outlook.

Gold prices fell more than 1%, pressured by a rebound in the dollar and higher Treasury yields, while traders looked forward to Federal Reserve Chair Jerome Powell’s speech for more cues on rate cuts.

In corporate news, Sports apparel and footwear retailer JD Sports Fashion jumped to the top of the index after saying it saw a return to like-for-like growth in its second quarter, with its store rollout programme in North America and Europe providing a boost while the UK market remains subdued.

LFL sales were 2.4% higher than last year in the three months to 3 August, following a 0.7% year-on-year decline in the first quarter. The company maintained its profit guidance for the full year but said it “continues to be cautious on our outlook”.

Markets

the close

FTSE 100 8,279 (-0.05%)

FTSE 250 21,132 (-0.26%)

DAX 18,507 +0.32%

16:30

Dow Jones 40,799 (-0.22%)

S&P 500 5,614 (-0.10%)

NASDAQ 17,885 (-0.19%)

Fixed Income

UK 10-YR YIELD 3.962

Exchange Rates

GBP/USD 1.308

GBP/EUR 1.178

Commodities

Gold $2,478 (-1.33%)

Brent $77.35 +1.74%

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.