Tuesday,27 August 2024 08:22:58

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Tuesday,27 August 2024 at 07:20

UK & European stocks rose at the open as traders returned to their desks after the Bank Holiday weekend.

Asia-Pacific markets largely fell, tracking losses in the S&P 500 and the Nasdaq overnight, while investors assessed industrial profit data out of China.

Oil prices paused their recent advances, receding in Asian trading after surging more than 7% in the previous three sessions on supply concerns prompted by fears of a wider Middle East conflict and the shutdown of Libyan oil fields.

Gold prices were little changed but held above the $2,500 per-ounce psychological level on investor optimism for imminent U.S. rate cuts and lingering concerns about the Middle East conflict.

Mining titan BHP reported a bigger-than-expected increase in full-year underlying profits, helped by record volumes of iron ore and higher copper output, but warned of an "uneven" recovery in China.

The world's largest miner said underlying profits for the 12 months to 30 June were $13.7bn, up 1.8% on last year and well ahead of the $13.49bn projected by analysts.

However, attributable profit slumped 39% to $7.9bn, held back by a $5.8bn exceptional loss comprising a $2.7bn impairment of Western Australia Nickel and a $3.8bn charge related to the Samarco dam failure in 2015, which caused a giant mudslide that killed 19 people.

Markets

08;20

FTSE 100 8,368 +0.49%

FTSE 250 21,205 +0.08%

DAX 18,627 +0.06%

the close

Dow Jones 41,240 +0.16%

S&P 500 5,616 (-0.32%)

NASDAQ 17,725 (-0.85%)

Fixed Income

UK 10-YR YIELD 3.916

Exchange Rates

GBP/USD 1.321

GBP/EUR 1.182

Commodities

Gold $2,515 (-0.09%)

Brent $81.44 +0.25%

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.