Wednesday,16 October 2024 16:50:46

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Wednesday,16 October 2024 at 15:47

Major European bourses turned mixed, even as chip stocks and luxury goods dipped following sales warnings.

The U.S. dollar firmed as investors priced out a hefty interest rate cut from the Federal Reserve at the next policy meeting.

U.S. crude futures edged lower, after selling off steeply in the previous session on reports that Israel will not attack Iran’s oil facilities.

Gold advanced towards record highs as gains in non-yielding bullion were bolstered by weakness in U.S. bond yields, with additional safe-haven support from ongoing geopolitical conflicts.

De La Rue announced that it had agreed to sell its authentication division to Crane NXT for £300m, as part of a strategic move to unlock capital and strengthen its financial position.

It said the deal followed an extensive process led by its board, which identified Crane NXT - a recent acquirer of OpSec - as an ideal buyer due to the strategic fit with the division’s people and customers.

The proceeds from the sale would allow De La Rue to repay its existing revolving credit facility in full, reducing its leverage to a net cash position.

Markets

AT THE CLOSE

FTSE 100 8,329 +0.97%

FTSE 250 20,979 +0.89%

DAX 19,451 (-0.18%)

AT 16.45

Dow Jones 42,931 +0.45%

S&P 500 5,823 +0.15%

NASDAQ 18,314 (-0.01%)

Fixed Income

UK 10-YR YIELD 4.071

Exchange Rates

GBP/USD 1.300

GBP/EUR 1.195

Commodities

Gold $2,673 +0.42%

Brent $73.80 (-0.79%)

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.