Thursday,17 October 2024 08:28:07

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Thursday,17 October 2024 at 07:25

European markets are heading for a mixed open as traders look ahead to the next monetary policy decision today from the European Central Bank.

The ECB is expected to deliver its third interest rate cut of the year as inflation risks in the European Union ease faster than expected.

Asian shares are pinned to three-week lows as a housing policy briefing in China underwhelmed investors and property stocks slumped, while the euro touched an 11-week low ahead of an expected rate cut by the European Central Bank.

Gold price scales higher for the third successive day also marking the fifth day of a positive move in the previous six.

Oil prices rose in early Asian trade paring sharp losses over the past two sessions, after industry data showed an unexpected drop in U.S. crude stockpiles last week.

In corporate news, Chemring said in an update that its performance remained in line with analyst expectations, supported by a robust order intake of £638m and an order book of £1.1bn as of 30 September.

The FTSE 250 company said its countermeasures and energetics division was seeing strong demand, with 95% of expected 2025 revenue already covered by orders, while significant progress was being made in long-term projects, including a feasibility study for a new explosives facility in Norway.

Markets

At 8.20

FTSE 100 8,324 (-0.06%)

FTSE 250 20,972 (-0.04%)

DAX 19,515 +0.43%

At the close

Dow Jones 43,077 +0.79%

S&P 500 5,842 +0.47%

NASDAQ 18,367 +0.28%

Fixed Income

UK 10-YR YIELD 4.091

Exchange Rates

GBP/USD 1.297

GBP/EUR 1.196

Commodities

Gold $2,682 +0.31%

Brent $73.85 (-0.47%)

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.