Wednesday,23 October 2024 16:50:37

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Wednesday,23 October 2024 at 15:47

UK and European markets traded lower as investors in the region focused on corporate reports and U.S. Treasury yields.

The U.S. dollar rose as investors adjusted bets toward a gradual reduction of interest rates while keeping an eye on a close presidential election race.

Oil prices fell after industry data showed U.S. crude inventories swelled more than expected, though futures were still up this week as traders factored in continuing conflict in the Middle East.

Gold prices hit record highs, defying the dollar’s rise, which kept pressure on the yen and the euro, while global stocks edged lower on investors’ reluctance to place major bets ahead of the U.S. election in less than two weeks.

Barratt Redrow highlighted "more stable" market conditions on Wednesday, as it said integration of the two businesses has begun "at pace" and that it expects to deliver cost synergies of at least £90m.

The company - formed from the £2.5bn merger of Barratt Developments and Redrow - said optimisation of the divisional office network was under way, with collective consultation on five potential divisional closures announced earlier this week.

Markets

AT THE CLOSE

FTSE 100 8,258 (-0.58%)

FTSE 250 20,829 (-0.57%)

DAX 19,384 (-0.19%)

AT 16.50

Dow Jones 42,531 (-0.92%)

S&P 500 5,806 (-0.76%)

NASDAQ 18,364 (-1.12%)

Fixed Income

UK 10-YR YIELD 4.197

Exchange Rates

GBP/USD 1.294

GBP/EUR 1.200

Commodities

Gold $2,718 (-1.11%)

Brent $74.77 (-0.62%)

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.