Monday,02 September 2024 16:37:25

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Monday,02 September 2024 at 15:37

European stocks made modest gains with trading relatively subdued because US markets are closed for the Labor Day public holiday.

On the data front, a series of final readings of manufacturing forward looking indicators from across Europe were released today. This included euro zone manufacturing activity, which remained firmly in contractive territory, weighed down by Germany and France.

Elsewhere, the U.K. manufacturing PMI increased to a 26-month high of 52.5 in August, which is in expansion territory, according to the report by S&P Global. Any reading above 50 suggests a positive outlook.

Oil prices extended losses with investors weighing higher OPEC+ production from October against a sharp drop in output from Libya amid sluggish demand in China and the U.S., the world’s two biggest oil consumers.

Gold prices dipped as investors awaited key U.S. jobs data to firm their bets on the size of Federal Reserve’s interest rate cut expected this month.

In market news:

Shares in real estate listings company Rightmove soared as much as 25% as markets opened and were last up 23.9% after its Australian rival REA Group said it was considering making an offer for for the U.K.-based platform.

Barratt Developments gained after investment bank UBS upgraded shares of the housebuilder to ‘buy’ and lifted the price target to 630p

Markets

16.33

FTSE 100 8,359 (-0.20%)

FTSE 250 21,004 (-0.39%)

DAX 18,926 +0.10%

close on Friday

Dow Jones 41,563 +0.55%

S&P 500 5,648 +1.01%

NASDAQ 17,713 +1.13%

Fixed Income

UK 10-YR YIELD 4.051

Exchange Rates

GBP/USD 1.314

GBP/EUR 1.187

Commodities

Gold $2,501 (-0.07%)

Brent $76.95 (-0.05%)

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.