Monday,02 December 2024 08:23:30

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Monday,02 December 2024 at 08:20

UK and European markets are expected to kickstart the final month of trading this year in flat to lower territory.

Asia-Pacific markets traded mostly higher as the region kick-started a data-heavy week, with investors focused on economic readings from several countries, including Japan, South Korea and China.

Oil prices edged up supported by upbeat factory activity in the world’s second largest oil consumer China and as Israel resumed attacks on Lebanon despite a ceasefire agreement, stoking tensions in the Middle East.

Gold prices snapped a four-session rally to fall, pressured by a firmer U.S. dollar and profit-taking, while investors awaited key U.S. economic data for cues on the Federal Reserve’s monetary policy outlook.

There was nothing of note out on the corporate front, but data from Nationwide showed that house prices rose 3.7% on the year in November, up from 2.4% the month before. This marked the fastest annual growth since November 2022.

On the month, they were up 1.2%, having risen just 0.1% in October. This was the largest monthly gain since March 2022.
Nationwide chief economist Robert Gardner said: "House prices are just 1% below the all-time high recorded in the summer of 2022.

"The acceleration in house price growth is surprising, since affordability remains stretched by historic standards, with house prices still high relative to average incomes and interest rates well above pre-Covid levels.

The pickup in price growth is unlikely to have been driven by upcoming stamp duty changes, since the majority of mortgage applications commenced before the Budget announcement.”

Markets

At 8:21

FTSE 100 8,281 (-0.07%)

FTSE 250 20,771 +0.01%

DAX 19,593 (-0.17%)

At the close

Dow Jones 44,910 +0.42%

S&P 500 6,032 +0.56%

NASDAQ 19,218 +0.83%

Fixed Income

UK 10-YR YIELD 4.230

Exchange Rates

GBP/USD 1.269

GBP/EUR 1.207

Commodities

Gold $2,631 (-0.72%)

Brent $72.35 +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.