Tuesday,15 October 2024 08:23:31

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Tuesday,15 October 2024 at 07:20

UK & European stocks are heading for a positive open, with global markets broadly tracking gains on Wall Street.

China stocks fell even as broader Asia-Pacific markets rose following gains on Wall Street that saw the Dow Jones Industrial Average and the S&P 500 reach new record highs.

Oil prices slid in early Asian trading as OPEC lowered its outlook for global oil demand growth in 2024 and 2025 and a media report that Israel is willing to strike Iranian military and not nuclear or oil targets.

Gold is flat with investors await fresh insights on the Federal Reserve’s stance on U.S. interest rate reductions for further direction on bullion prices.

In corporate news, housebuilder Bellway reported a slump in annual profits, reflecting weaker demand due to higher mortgage rates, but said its forward order book had increased as economic conditions eased.

The company said pre-tax profit for the year to July 31 fell 62% to £183.7m as completions slumped by a third to 7,654 homes.

Its forward order book at the end of September was 5,109 homes, up from 4,636 a year ago and had a value of £1.43bn compared with £1.23bn in 2023.

Markets

At 8.20

FTSE 100 8,284 (-0.10%)

FTSE 250 20,862 +0.22%

DAX 19,580 +0.37%

At the close

Dow Jones 43,065 +0.47%

S&P 500 5,859 +0.77%

NASDAQ 18,502 +0.87%

Fixed Income

UK 10-YR YIELD 4.214

Exchange Rates

GBP/USD 1.304

GBP/EUR 1.198

Commodities

Gold $2,648 +0.01%

Brent $74.20 (-0.93%)

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.