Thursday,21 November 2024 16:32:20

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Thursday,21 November 2024 at 16:28

UK & European stocks inched higher as investors focused on earnings and economic data amid weak global market sentiment.

Wall Street trading got off to a mixed start as market participants thumbed over Q3 earnings from tech giant Nvidia.

Oil prices rose as Russia and Ukraine launched missiles at each other, overshadowing the impact of a bigger-than-expected increase in U.S. crude inventories.

Spot gold price rose for the fourth consecutive day, with safe-haven demand for the precious metal supported by global stocks under pressure after AI bellwether Nvidia’s revenue growth forecast failed to excite investors.

In corporate news, JD Sports Fashion slumped by 15% as the retailer warned full-year profits would be at the lower end of forecasts after a “volatile” trading environment in October due to discounting, milder weather and consumer caution ahead of the US election.

Third quarter like-for-like sales fell by 0.3%, while organic group revenue was up 5.4%, the company said in a trading update on Thursday. JD Sports forecast annual profit before tax and adjusting items in a range of £955m - £1.035bn.

Regionally, like-for-like sales fell 2.4% in the UK, 1.5% in the Americas and 3.8% in Asia Pacific. Europe bucked the trend with a 3.5% increase in the 13 weeks to November 2.

Markets

the close

FTSE 100 8,151 +0.82%

FTSE 250 20,316 +0.35%

DAX 19,134 +0.68%

16:30

Dow Jones 43,776 +0.85%

S&P 500 5,932 +0.25%

NASDAQ 18,890 (-0.40%)

Fixed Income

UK 10-YR YIELD 4.451

Exchange Rates

GBP/USD 1.260

GBP/EUR 1.201

Commodities

Gold $2,667 +0.66%

Brent $73.57 +1.08%

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.