Thursday,19 September 2024 08:32:40

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Thursday,19 September 2024 at 07:33

UK and European markets opened higher as investors digested the U.S. Federal Reserve’s first interest rate cut in four years and looked ahead to the Bank of England’s rate decision later in the session.

The U.S. dollar rose broadly recovering from an earlier tumble in the immediate aftermath of the Federal Reserve’s outsized interest rate cut that had been largely priced in by markets.

Oil prices fell in Asian trading after a larger-than-expected Federal Reserve interest rate cut sparked concerns about the U.S. economy.

Gold prices eased after hitting an all-time high following the U.S. Federal Reserve’s interest rate cut of a half percentage point.

UK clothing retailer Next once again upgraded annual earnings guidance, with full year profits now expected to hit almost £1bn as recent full price sales “materially exceeded” forecasts.

The company, which lifted its prospects outlook for the second time in two months, said interim profits for the six months to July surged 7.1% to £452m and said sales in the first six weeks of the second half of the year had risen 6.9%.

Second-half sales growth was upgraded to 3.7%, up from previous guidance of 2.5%.

Markets

08:23

FTSE 100 8,324 +0.86%

FTSE 250 21,019 +0.88%

DAX 18,850 +0.74%

the close

Dow Jones 41,503 (-0.25%)

S&P 500 5,618 (-0.29%)

NASDAQ 17,573 (-0.31%)

Fixed Income

UK 10-YR YIELD 3.845

Exchange Rates

GBP/USD 1.324

GBP/EUR 1.188

Commodities

Gold $2,577 +0.72%

Brent $74.18 +1.70%

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.