Tuesday,01 October 2024 08:20:12

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Tuesday,01 October 2024 at 07:17

UK & European stocks kicked off October trading in positive territory after ending September on a somber note.

Asia-Pacific markets are mixed, after Federal Reserve Chair Jerome Powell indicated the recent outsized cuts enacted by the U.S. central bank should not be interpreted as a sign that future moves will be as aggressive.

Oil prices were steady as the prospect of additional supply entering the market amid lackluster global demand growth offset concerns that the escalating Middle East conflict could disrupt exports in the key producing region.

Gold prices were hovering below recent record peaks after the U.S. Federal Reserve chair tempered expectations for more substantial interest rate cuts this year, with investors looking forward to a series of labour data this week for further insights.

In corporate news, luxury handbag maker Mulberry said it has rejected an £83m takeover offer from Mike Ashley’s Frasers Group as it failed to recognise the company’s "substantial future potential value".

Frasers, which already holds a 37% stake in Mulberry, on Monday offered a 130p a share in cash in response to an emergency £10.75m placing of shares in the luxury group late on Friday to support its balance sheet after it slumped to a £34m full-year loss.

Markets

08:15

FTSE 100 8,227 (-0.12%)

FTSE 250 21,036 (-0.08%)

DAX 19,418 +0.48%

the close

Dow Jones 42,330 +0.04%

S&P 500 5,762 +0.42%

NASDAQ 18,189 +0.38%

Fixed Income

UK 10-YR YIELD 4.007

Exchange Rates

GBP/USD 1.336

GBP/EUR 1.201

Commodities

Gold $2,643 +0.35%

Brent $71.12 (-1.20%)

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.