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UK and European stocks saw a slight decline on Wednesday
after a volatile session, as the rally driven by positive developments in China
lost momentum.
Wall Street opened on a quiet note as China's initiatives to
boost its economy did not generate much enthusiasm among investors. The S&P
500 and the Dow Jones Industrial Average, however, finished at record levels
for the second consecutive day on Tuesday, largely propelled by gains in mining
stocks following the announcement of a substantial stimulus package from China.
On Wednesday, gold surged to an unprecedented high, driven
by increased expectations of a significant interest rate reduction by the U.S.
Federal Reserve, which further fuelled the bullish run on bullion. Additionally,
a weaker dollar enhanced the metal's attractiveness.
Oil prices, meanwhile, declined as investors reconsidered
the potential effectiveness of China's recent stimulus measures in revitalising
its economy and increasing fuel demand, despite being the largest crude
importer globally.
In corporate news, Flutter Entertainment experienced a
significant rise on Wednesday after announcing a $5bn share buyback and
forecasting that profits would more than double by 2027. The parent company of
Betfair and FanDuel revealed that adjusted earnings before interest, tax,
depreciation, and amortisation are anticipated to exceed $5bn in 2027.
During its investor day, the company also stated that the
mature total addressable market in North America is now expected to be around
$70bn, with the US projected to account for approximately $63bn. This new
estimate is 1.5 times higher than its previous US market prediction, while
Canada’s market is estimated at $7bn.
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