Tuesday,22 October 2024 16:54:36

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Tuesday,22 October 2024 at 15:54

UK & European markets fall as investors assessed earnings from bellwether firms across the region along with the U.S. interest rate outlook. The regional Stoxx 600 index was down 0.2% at 4 p.m. in London, with even Germany’s DAX retreating from earlier gains.

The U.S. dollar clung to a 2-1/2 month high on expectations the Federal Reserve will take a measured approach to interest rate cuts, while a too-close-to-call U.S. election campaign kept investors on edge.

Oil gained after advancing by over 2% as traders continued to track tensions in the Middle East between Israel and Iran, while broader financial markets carried a risk-off tone amid speculation on the path of US interest rates.

Gold hit an all-time peak as a mixture of factors including safe-haven demand spurred by U.S. election uncertainties and the Middle East war combined with expectations of further monetary easing amplified bullion’s surge.

In corporate news, General Motors raised its guidance for the third time this year as upbeat EV sales helped deliver a quarterly profit and revenue beat. GM shares were up more than 5%.

At the same time, anticipation is building for earnings from Tesla as Wall Street debates whether the "Magnificent Seven" tech megacaps will lead stocks' next leg higher.

Markets

At the close

FTSE 100 8,306 (-0.14%)

FTSE 250 20,949 +0.21%

DAX 19,435 (-0.13%)

At 16.50

Dow Jones 42,864 (-0.16%)

S&P 500 5,841 (-0.22%)

NASDAQ 18,519 (-0.11%)

Fixed Income

UK 10-YR YIELD 4.170

Exchange Rates

GBP/USD 1.297

GBP/EUR 1.200

Commodities

Gold $2,737 +0.67%

Brent $75.60 +2.41%

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.