Wednesday,04 December 2024 08:21:21

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Wednesday,04 December 2024 at 08:18

UK and European stocks open on a mixed note as French lawmakers vote later in the day on no-confidence motions over a budget dispute that could take the country in unchartered territory.

South Korean markets fell as pressure mounted on President Yoon Suk Yeol to step down after he imposed and then lifted a martial law decree within hours.

Other Asia-Pacific markets were trading lower as investors digested events in South Korea.

Oil prices were little changed in early Asia trade as market participants weighed higher U.S. crude oil and fuel inventories as well as the likelihood of OPEC+ extending supply cuts.

Gold prices steadied as markets awaited U.S. jobs data and comments from Federal Reserve Chair Jerome Powell for further insights into the U.S. interest rate cut trajectory.

In corporate news, Rio Tinto forecast higher consolidated mined copper production for the 2025 financial year driven by higher output from its Oyu Tolgoi operation in Mongolia.

The miner said it expected copper production of 780,000 - 850,000 tonnes, compared with 660,000-720,000 tons expected in fiscal 2024.

In a separate announcement, Rio said it was selling a 30% stake in its Winu copper-gold project in Australia to Japan’s Sumitomo Metal Mining Co. for $399m.

Financial services and investment group Legal & General maintained profit guidance for the full year and hinted at more returns for shareholders than previously announced.

The company said it expects to return to shareholders a proportion of the capital not deployed on strain this year which "would be incremental to the capital return intentions indicated at the Capital Markets Event in June".

Markets

At 08:18

FTSE 100 8,339 (-0.24%)

FTSE 250 20,907 +0.07%

DAX 20,128 +0.57%

At the close

Dow Jones 44,705 (-0.17%)

S&P 500 6,049 +0.05%

NASDAQ 19,480 +0.40%

Fixed Income

UK 10-YR YIELD 4.266

Exchange Rates

GBP/USD 1.269

GBP/EUR 1.207

Commodities

Gold $2,640 (-0.11%)

Brent $73.70 +0.08%

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.