Monday,23 September 2024 08:19:27

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Monday,23 September 2024 at 07:17

UK & European stocks rose at the open following heavy losses at the end of last week.

Asia-Pacific markets were mostly higher as investors digested monetary policy decisions from Japan and China as well as the U.S. Federal Reserve’s sharp rate cut last week.

Oil prices gained slightly during early trade, boosted by concerns conflict in the Middle East may impact supply in the key producing region and expectations the U.S. interest rate cut last week will support demand.

Gold prices hit a record high in Asian trade as the yellow metal benefited from persistent cheer over lower U.S. interest rates, with uncertainty before a storm of cues this week also buoying prices.

In corporate news, Rupert Murdoch’s REA Group has taken its third tilt at Rightmove with an increased offer for the UK housing portal valuing it at £6.1bn.

REA’s offer is worth 770p per Rightmove share, made up of 341p in cash and 0.0422 new REA shares. The first approach on 5 September of 705p per share, or £5.6bn, was rejected by Rightmove which said it “fundamentally” undervalued the company. On Friday the offer was sweetened by £300m.

Markets

08:15

FTSE 100 8,221 (-0.08%)

FTSE 250 20,790 (-0.20%)

DAX 18,764 +0.24%

the close

Dow Jones 42,063 +0.09%

S&P 500 5,702 (-0.19%)

NASDAQ 17,948 (-0.036%)

Fixed Income

UK 10-YR YIELD 3.919

Exchange Rates

GBP/USD 1.328

GBP/EUR 1.192

Commodities

Gold $2,620 (-0.06%)

Brent $74.44 (-0.31%)

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.