Monday,08 January 2024 08:46:39

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Monday,08 January 2024 at 08:46

UK & European markets opened lower, continuing the negative sentiment seen at the start of trading in 2024.

Hong Kong market led losses in Asia-Pacific followed by China stocks which dropped after shadow banking conglomerate Zhongzhi Enterprise Group filed for bankruptcy liquidation late Friday.

Gold prices fell as fading expectations of an early rate cut in the U.S. kept the dollar and bond yields supported, ahead of a key inflation print due later this week.

Oil prices dipped in early trade on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting worries about escalating geopolitical tensions in the Middle East.

In corporate news, LondonMetric Property said it had bought a warehouse in Doncaster for £21.2m which will be let to fashion retailer Next for 13 years.

The deal represents a net initial yield of 6.3%. Next will pay annual rent of £1.42m with fixed rental uplifts of 2.5%, increasing the purchase NIY to 7.1% within three years.

Separately, LondonMetric has sold an 18,000 sq ft office investment in Chiswick for £7.4m.

Markets

At 08:30

FTSE 100 7,676 (-0.18%)

FTSE 250 19,248 +0.21%

DAX 16,608 +0.08%

At the close

Dow Jones 37,466 +0.07%

S&P 500 4,697 +0.18%

NASDAQ 14,524 +0.09%

Fixed Income

UK 10-YR YIELD 3.814

Exchange Rates

GBP/USD 1.269

GBP/EUR 1.161

Commodities

Gold $2,029 (-0.78%)

Brent $78.11 (-0.81%)

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.