Monday,18 November 2024 08:24:35

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Monday,18 November 2024 at 08:21

UK and European stocks opening on a positive note, even as the upside may remain capped due to concerns about the path of interest rates.

Asia-Pacific stocks were mixed as markets kickstarted what ING calls a “quiet” week for economic data from the region.

Oil prices edged up after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world’s second-largest consumer, and forecasts of a global oil surplus weighed on markets.

Gold prices rose after last week’s sharp declines, as a rally in the dollar paused, while market participants awaited comments from Federal Reserve officials this week for more clues on the U.S. interest rate path.

In corporate news, aerospace company Melrose held full-year guidance after a rise in revenues driven by aftermarket demand in its engines division, particularly in defence.

Revenue rose 7% in the four months to October 31, with aftermarket up 32% year on year although original equipment volume growth remained constrained by industry-wide supply chain issues, Melrose said in a trading statement.

The company still expects adjusted operating profit £550m - £570m, adding that it was on track to hit a £700m profit target in 2025.

Markets

At 8.21

FTSE 100 8,086 +0.28%

FTSE 250 20,516 +0.19%

DAX 19,231 +0.11%

At the close

Dow Jones 43,444 (-0.70%)

S&P 500 5,870 (-1.32%)

NASDAQ 18,680 (-2.24%)

Fixed Income

UK 10-YR YIELD 4.478

Exchange Rates

GBP/USD 1.262

GBP/EUR 1.196

Commodities

Gold $2,588 +1.00%

Brent $71.18 +0.44%

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.