Wednesday,10 January 2024 08:43:52

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Wednesday,10 January 2024 at 08:45

UK & European markets opened lower as sentiment turns negative after a brief rally in yesterday’s trading session.

Asia-Pacific markets mostly fell with China’s CSI 300 closing at near 5-year lows, though Japan defied the trend to extend its 33-year high.

Gold prices were steady as investors exercised caution ahead of a key U.S. inflation print that could shed some light on the Federal Reserve’s rate cut trajectory.

Oil prices inched higher, extending the previous day’s rally, after industry data showed U.S. crude stocks fell more than expected last week, though a bigger-than-anticipated build in products inventories capped gains.

In corporate news, strong volume growth helped lift Christmas grocery sales at UK supermarket chain Sainsbury’s by 8.6%, offsetting the impact of inflation, as the company held full-year profit guidance.

It expects underlying profit before tax in 2023/24 of between £670m - 700 million, with a strong grocery performance offsetting weaker general merchandise and financial services contributions.

The company also expects to generate retail free cash flow in 2023/24 of at least £600m.

Markets

At 08:30

FTSE 100 7,699 (-0.22%)

FTSE 250 19,316 +0.12%

DAX 16,697 +0.05%

At the close

Dow Jones 37,525 (-0.42%)

S&P 500 4,756 (-0.15%)

NASDAQ 14,857 +0.09%

Fixed Income

UK 10-YR YIELD 3.794

Exchange Rates

GBP/USD 1.270

GBP/EUR 1.161

Commodities

Gold $2,033 +0.17%

Brent $77.74 +0.57%

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.