Thursday,28 November 2024 08:21:12

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Thursday,28 November 2024 at 08:18

UK and European markets open higher, rallying after being in the doldrums yesterday.

There are no major earnings today, but data releases include Spanish and German inflation and European economic sentiment figures. Italian and Spanish business confidence data is also due.

It’ll be a quieter day globally with U.S. markets closed for Thanksgiving; U.S. stocks fell in light trading on Wednesday ahead of the holiday.

Asia-Pacific markets traded mostly higher after Wall Street rally stalled overnight and as investors assessed a surprise interest rate cut by South Korea.

The Bank of Korea unexpectedly cut its benchmark interest rate by 25 basis points to 3.0%. Market watchers polled by Reuters had forecast the BOK to pause its policy easing this month, following a 25 bps cut in October.

Oil prices edged lower in Asian trading after a surprise jump in U.S. gasoline stocks ahead of the nation’s Thanksgiving holiday sparked worry over demand in the top consumer of the motor fuel.

Gold prices slipped as the U.S. dollar strengthened, while investors assessed a flurry of economic data showing stalled inflation progress, suggesting the Federal Reserve might tread cautiously on further interest rate cuts.

In corporate news, troubled footwear maker Dr Martens said that it swung to a loss for the half year but that trading since the start of the autumn/winter season had been "encouraging" and held guidance for the 2025 fiscal year.

Pre-tax losses came in at £28.7m for the six months to September, compared with a £25.8m profit a year earlier. Revenue fell 18% to £324.6m.

Markets

At 8:18

FTSE 100 8,288 +0.17%

FTSE 250 20,711 +0.53%

DAX 19,378 +0.61%

At the close

Dow Jones 44,722 (-0.31%)

S&P 500 5,998 (-0.38%)

NASDAQ 19,060 (-0.59%)

Fixed Income

UK 10-YR YIELD 4.292

Exchange Rates

GBP/USD 1.265

GBP/EUR 1.200

Commodities

Gold $2,637 +0.07%

Brent $71.87 (-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.