Friday,13 September 2024 16:33:24

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Friday,13 September 2024 at 15:30

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

The dollar fell to its lowest level this year against the Japanese yen after media reports reignited the debate about an outsized Federal Reserve rate cut next week.

Gold prices extended gains to hit a record high on expectations of interest rate cuts by the Federal Reserve, while palladium was set to log its best week in nine months.

Oil prices rose, extending their rally and putting crude on course for a weekly gain on the back of output disruption in the U.S. Gulf of Mexico after Hurricane Francine forced the evacuation of production platforms.

In corporate news, Flutter Entertainment fell as the Paddy Power owner announced the acquisition of a 56% stake in NSX Group, a Brazilian operator of the Betnacional brand, for around $350m.

Flutter said the deal fully aligns with its strategy to invest in leadership positions in international markets, "securing a podium position for Flutter on completion in the regulating and fast-growing Brazilian market".

NSX is the number four operator in Brazil, with a portfolio of brands which include the flagship Betnacional brand. On a standalone basis, it is expected to generate revenue of about $256m and adjusted EBITDA of $34m in 2024.

Markets

the close

FTSE 100 8,270 +0.67%

FTSE 250 20,905 +1.01%

DAX 18,692 +0.94%

16:30

Dow Jones 41,378 +0.69%

S&P 500 5,624 +0.51%

NASDAQ 17,678 +0.61%

Fixed Income

UK 10-YR YIELD 3.769

Exchange Rates

GBP/USD 1.314

GBP/EUR 1.185

Commodities

Gold $2,578 +0.78%

Brent $72.43 +0.28%

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.