Thursday,14 November 2024 08:22:54

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Thursday,14 November 2024 at 08:20

UK and European equities were poised for gains ahead of the Eurozone third-quarter GDP data this morning.

Asia-Pacific markets mostly fell after the U.S. October consumer price index reading reinforced expectations that the Fed would cuts rates again in December.

Oil prices dropped slightly on expectations of higher global production amid forecasts for weak demand growth, while a firmer dollar also kept a lid on prices.

Gold fell for a fifth straight session to hit its lowest level in eight weeks, pressured by a stronger U.S. dollar and rising Treasury yields amid uncertainty over the pace of the Federal Reserve’s interest rate cuts.

In UK corporate news, luxury goods brand Burberry suspended its dividend and launched a strategic review of the business in an “urgent” effort to turnaround its struggling fortunes after slumping to a £80m half-year loss.

The company said “Burberry forward” would focus on “reconnecting our brand with its original purpose and leveraging our strengths...to attract a broad base of luxury customers”.

The loss compares with a £223m profit a year earlier. Revenues plunged 22% to £1.08bn.

Burberry said with the key Christmas period ahead and an uncertain macroeconomic environment it was “too early to determine whether our second-half results will fully offset the first-half adjusted operating loss”.

Markets

At 8,21

FTSE 100 8,018 (-0.14%)

FTSE 250 20,362 +0.01%

DAX 19,075 +0.38%

At the close

Dow Jones 43,958 +0.11%

S&P 500 5,985 +0.02%

NASDAQ 19,230 (-0.26%)

Fixed Income

UK 10-YR YIELD 4.551

Exchange Rates

GBP/USD 1.268

GBP/EUR 1.202

Commodities

Gold $2,557 (-0.58%)

Brent $72.05 +0.08%

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.