Friday,20 September 2024 09:24:19

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Friday,20 September 2024 at 08:21

UK & European stocks fell in early trade as investors mulled a slide in consumer confidence but better-than-expected retail sales data.

Asia-Pacific markets were higher with Japan’s Nikkei 225 leading gains, after Wall Street soared overnight following the Federal Reserve’s outsized rate cut.

Gold lingered near record high levels and was on track for a weekly gain after the Federal Reserve’s recent super-sized interest rate reduction and on signs that further cuts were on the horizon.

Oil prices, which were little changed in early Asian trade, were on track to end higher for a second straight week following a large cut in U.S. interest rates and declining global stockpiles.

In corporate news, shares in Mercedes-Benz Group tanked after the German auto giant scaled back its full-year guidance due to ongoing struggles in the Chinese market.

Adding to the more woes in a deteriorating Germany manufacturing sector, Mercedes-Benz said adjusted return on sales will be between 7.5% and 8.5% this year, significantly below the 10-11% guidance given previously.

The expected adjusted return on sales in the second half alone would be around 6%.

Markets

09:25

FTSE 100 8,282 (-0.56%)

FTSE 250 21,025 (-0.65%)

DAX 18,841 (-0.85%)

the close

Dow Jones 42,025 +1.26%

S&P 500 5,713 +1.70%

NASDAQ 18,013 +2.51%

Fixed Income

UK 10-YR YIELD 3.873

Exchange Rates

GBP/USD 1.329

GBP/EUR 1.191

Commodities

Gold $2,607 +0.80%

Brent $74.52 (-0.52%)

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.