Thursday,12 September 2024 16:33:11

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Thursday,12 September 2024 at 15:29

UK & European stocks closed higher as investors in the region digested the European Central Bank’s move to further ease monetary policy.

Wall Street trading got off to a mixed start as traders digested more inflation data following yesterday's consumer price index report.

Gold prices rose more than 1% to hit a record high, helped by expectations of an interest rate cut by the Federal Reserve next week after U.S. data signalled a slowing of the economy.

Oil prices rose over 2%, extending a rebound spurred by concern over Hurricane Francine’s impact on U.S. output, though a gloomy demand outlook capped gains.

In corporate news, Microsoft is cutting 650 jobs from its video game division, according to a company email seen by The Wall Street Journal on Thursday.

The move follows 1,900 redundancies in May and comes at a time of massive layoffs across the gaming industry and companies contend with a tailing off of growth post-pandemic.

Microsoft has been steadily cutting gaming jobs since its $75bn takeover of videogame giant Activision Blizzard in October 2023, which added 10,000 to its overall headcount.

Markets

the close

FTSE 100 8,237 +0.53%

FTSE 250 20,713 +0.86%

DAX 18,524 +1.06%

16:30

Dow Jones 40,865 +0.01%

S&P 500 5,571 +0.30%

NASDAQ 17,499 +0.61%

Fixed Income

UK 10-YR YIELD 3.784

Exchange Rates

GBP/USD 1.307

GBP/EUR 1.184

Commodities

Gold $2,553 +1.68%

Brent $72.66 +2.79%

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.