Thursday,04 January 2024 16:57:50

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Thursday,04 January 2024 at 16:57

UK and European stocks closed higher following two downbeat sessions amid uncertainty over the trajectory for central bank rate cuts.

US stocks stalled, struggling to shake off a dismal start to the year after Federal Reserve policymakers left hopes for an early interest-rate cut hanging.

Gold prices held steady.

Oil prices fell in late trade amidst uncertainty in the Middle East.

In corporate news, JD Sports tumbled as it delivered a profit warning after second-half trading missed expectations due to milder autumn weather and heavier discounting over the peak holiday shopping season.

The company said the "elevated level of promotional activity" during the peak trading period meant that full-year gross margins would be slightly lower than last year, leading it to cut adjusted pre-tax profit guidance to between £915m and £935m, from £1.04bn at the half-year stage.

Markets

At the close

FTSE 100 7,723 +0.53%

FTSE 250 19,372 +0.24%

DAX 16,625 +0.53%

At 16:45

Dow Jones 37,690 +0.70%

S&P 500 4,721 +0.37%

NASDAQ 14,610 +0.14%

Fixed Income

UK 10-YR YIELD 3.730

Exchange Rates

GBP/USD 1.269

GBP/EUR 1.158

Commodities

Gold $2,045 +0.18%

Brent $76.75 (-2.00%)

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.