Friday,23 August 2024 16:41:00

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Friday,23 August 2024 at 15:37

UK stocks advanced as higher oil prices lifted energy stocks and investors digested Fed Chair Jerome Powell's Jackson Hole speech.

US stocks rebounded as highly anticipated remarks by Federal Reserve Chair Jerome Powell have seemingly confirmed expectations that the central bank is prepared to begin lowering interest rates.

The dollar turned lower as investors weighed the prospects of the Bank of Japan continuing to raise interest rates.

Oil prices rose to extend gains from the previous session due to expectations of an imminent interest rate cut by the U.S. Federal Reserve.

Gold prices climbed as the dollar and Treasury yields retreated.

Hiscox said on Friday that it had appointed senior independent director Colin Keogh as interim chair following the death of Jonathan Bloomer earlier in the week.

Bloomer and his wife Judy died in the sinking of the Bayesian off the coast of Sicily on Monday. Six others have now been confirmed dead, including software millionaire and Autonomy founder Mike Lynch.

Hiscox chief executive Aki Hussain said: "We are deeply shocked and saddened by Jonathan and Judy's tragic deaths. Our deepest sympathies go out to their family and friends at this devastating time.”

Markets

At the close

FTSE 100 8,331 +0.52%

FTSE 250 21,218 +0.54%

DAX 18,638 +0.78%

At 16:35

Dow Jones 41,200 +1.20%

S&P 500 5,632 +1.11%

NASDAQ 17,860 +1.37%

Fixed Income

UK 10-YR YIELD 3.913

Exchange Rates

GBP/USD 1.321

GBP/EUR 1.181

Commodities

Gold $2,516 +1.26%

Brent $78.84 +2.20%

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.