Friday,18 October 2024 08:23:11

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Friday,18 October 2024 at 07:22

European shares look headed for a softer open, with FTSE and DAX futures both down, although both indexes are currently on course for weekly gains of more than 1%.

Markets in mainland China and Hong Kong rebounded after the world’s second-largest economy posted better-than-expected economic growth. Overall, Asia-Pacific markets were mixed.

Crude oil futures inched higher supported by a surprise drop in U.S. oil inventories and simmering Middle East tensions, but prices were headed for their biggest weekly loss in more than a month on worries of lower demand.

Gold breached the $2,700-per-ounce level for the first time ever, as U.S. election jitters and simmering Middle East tensions boosted safe-haven demand, while a looser monetary policy environment also added fuel to the rally.

In corporate news, British American Tobacco announced that it is nearing a potential settlement regarding outstanding tobacco litigation in Canada after a five-year-long legal process involving its subsidiary Imperial Tobacco Canada Limited (ITCAN).

Back in 2019, ITCAN obtained creditor protection under the Canadian Companies’ Creditors Arrangement Act or CCAA, and has been negotiating a possible settlement in a confidential court supervised mediation process.

BAT said on Friday that the mediator and monitor are now planning for “compromise and arrangement”, which has been filed in the Ontario Superior Court of Justice.

Markets

At 8.20

FTSE 100 8,350 (-0.41%)

FTSE 250 21,057 (-0.21%)

DAX 19,592 +0.05%

At the close

Dow Jones 43,239 +0.37%

S&P 500 5,841 (-0.01%)

NASDAQ 18,373 +0.04%

Fixed Income

UK 10-YR YIELD 4.099

Exchange Rates

GBP/USD 1.306

GBP/EUR 1.204

Commodities

Gold $2,707 +0.55%

Brent $74.35 +0.25%

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.