Friday,12 January 2024 08:19:32

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Friday,12 January 2024 at 08:20

UK & European stocks rose at the open following heavy losses in the previous session, as data showed the UK economy returned to growth in the November.

Asia markets fell as China’s annual exports dropped for the first time in seven years, but Japan stocks bucked the trend to extend their record rally.

Oil prices rose more than 2% as the United States and Britain carried out strikes against Houthi military targets in Yemen in retaliation for attacks by the Iran-backed group on shipping in the Red Sea starting from late last year.

Gold prices rose as an escalation in the Middle East crisis ramped up safe haven demand, which also helped the yellow metal gain despite stronger-than-expected U.S. inflation data.

In UK corporate news, luxury fashion group Burberry delivered a significant profit warning on the back of the well-cited slowdown in luxury demand, which has rocked the industry over recent months.

The company now expects adjusted operating profit for the financial year to 30 March 2024 to be between £410m and £460m, well below the £552m to £668m range guided to at its interim results just two months ago.

Markets

08:20

FTSE 100 7,639 +0.83%

FTSE 250 19,295 +0.98%

DAX 16,655 +0.66%

the close

Dow Jones 37,711 +0.04%

S&P 500 4,780 (-0.07%)

NASDAQ 14,970 +0.00

Fixed Income

UK 10-YR YIELD 3.779

Exchange Rates

GBP/USD 1.277

GBP/EUR 1.163

Commodities

Gold $2,038 +0.50%

Brent $79.23 +1.15%

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.