Wednesday,30 October 2024 08:35:03

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Wednesday,30 October 2024 at 08:32

UK and European markets open lower ahead of the UK government budget announcement and a slew of US data in the afternoon.

Asia shares eased on the back of weakness in China, as investors brace for a tightly contested U.S. election that could have huge ramifications for the world's second-largest economy, even as Beijing steps up efforts to shore up growth.

Oil prices stabilized on industry data showing a surprise drop in U.S. crude and gasoline inventories, following two previous sessions of losses on the prospect of hostilities easing in the Middle East.

Gold hits an all-time peak as investors flocked towards the safe-haven metal less than a week before the U.S. presidential election, while they awaited economic data for clues on the Federal Reserve’s rate stance.

In corporate news, GSK reported a 2% increase in constant exchange rate sales in its third-quarter results, to £8bn, with strong specialty medicines growth offsetting a 15% decline in vaccine sales, affected by shifts in US vaccination priorities.

The FTSE 100 pharmaceuticals giant said that while total operating profit fell 86% due to a £1.8bn Zantac settlement charge, core operating profit and earnings per share each rose 5%, driven by specialty medicines and cost management.

It reaffirmed its 2024 guidance, expecting turnover growth of 7% to 9% and mid-range core profit growth, with a third quarter dividend of 15p and a projected full-year dividend of 60p.

Markets

At 8.26

FTSE 100 8,183 (-0.44%)

FTSE 250 20,627 +0.02%

DAX 19,396 (-0.44%)

At the close

Dow Jones 42,233 (-0.36%)

S&P 500 5,832 +0.16%

NASDAQ 18,712 +0.78%

Fixed Income

UK 10-YR YIELD 4.257

Exchange Rates

GBP/USD 1.302

GBP/EUR 1.201

Commodities

Gold $2,784 +0.35%

Brent $71.50 +0.66%

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.