Tuesday,03 September 2024 16:41:48

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Tuesday,03 September 2024 at 15:44

US stocks retreated at the start of a historically challenging month for the market, with traders bracing for a raft of data that will offer insights about the health of the US economy
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Wall Street traders took some risk off the table, following a rally that put the S&P500 close to all-time highs. US manufacturing activity shrank in August for a fifth month, reflecting faster rates of declines in orders and production. The report marks the start of a busy week of economic data, culminating with the all-important jobs report on Friday.

Brent oil prices declined 4% on Tuesday as sluggish economic growth in China, the world’s biggest crude importer, increased demand concerns that overshadowed the impact of halted production and exports from Libya.

In the international markets, gold prices dropped as the dollar rose to a two-week high. A stronger dollar is negative for gold as it makes the yellow metal less appealing to other currency holders.

The yen broke a four-day losing streak against the dollar after media reports cited the Bank of Japan governor reiterating in a document submitted to a government panel on Tuesday that the central bank would keep raising interest rates if the economy and inflation performed as policymakers currently expect.

In market news:

Rolls-Royce rallied, having slumped on Monday when it was hit by news that Cathay Pacific had temporarily grounded its fleet of A350 aircraft for inspections after discovering problems with its RR engines.

Luxury timepiece seller Watches of Switzerland surged as it said it was on track to meet annual guidance.The company said demand for key luxury brands, particularly products on registration of interest lists, remained strong in both the UK and US markets, outstripping supply.

Markets

16.45

FTSE 100 8,298 (-0.78%)

FTSE 250 20,808 (-0.82%)

DAX 18,743 (-0.98%)

16.46

Dow Jones 41,087 (-1.14%)

S&P 500 5,569 (-1.36%)

NASDAQ 17,330 (-2.17%)

Fixed Income

UK 10-YR YIELD 3.986

Exchange Rates

GBP/USD 1.309

GBP/EUR 1.186

Commodities

Gold $2,481 (-0.73%)

Brent $74.31 (-3.78%)

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.