Tuesday,03 September 2024 08:19:19

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Tuesday,03 September 2024 at 07:17

UK & European stocks edged up at the open following a negative close in the previous session, as investors mulled the latest retail sales figures.

Asia-Pacific markets mostly fell as investors assess South Korea’s August inflation numbers, which eased to its lowest level on a year-on-year basis since March 2021.

Gold prices drifted lower, while investors awaited a slew of U.S. economic data to gauge the size of the Federal Reserve’s expected interest rate cut this month.

Brent oil prices slid in Asian trade as concern about a sluggish economy in China bringing down demand outweighed the impact of a blockade of oil production facilities in Libya.

In corporate news, Ashtead Group reported a 7% increase in group rental revenue for the first quarter ended 31 July, although profits slightly declined compared to the prior year, with adjusted profit before tax at $573m.

The FTSE 100 company continued its expansion in North America, adding 33 locations and investing $855m, while maintaining a net debt-to-EBITDA leverage ratio of 1.7x.

It also announced chief financial officer Michael Pratt's retirement in September 2025, with former WestRock finance chief Alex Pease set to succeed him.

Markets

08:20

FTSE 100 8,368 +0.05%

FTSE 250 21,023 +0.20%

DAX 18,979 +0.26%

the close

Dow Jones 41,563 +0.55%

S&P 500 5,648 +1.01%

NASDAQ 17,713 +1.13%

Fixed Income

UK 10-YR YIELD 4.026

Exchange Rates

GBP/USD 1.313

GBP/EUR 1.186

Commodities

Gold $2,498 (-0.04%)

Brent $77.49 +0.31%

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.