Wednesday,04 December 2024 16:59:54

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Wednesday,04 December 2024 at 16:56

European stocks traded higher as investors braced for an upcoming no-confidence vote in France’s parliament, the National Assembly.

Bank of England Governor Andrew Bailey hinted on Wednesday that the central bank was poised to carry out four interest rate cuts in 2025.

US markets were in the green as the S&P 500 continued to build up another record close. Private sector employment in the US rose less than expected in November, according to ADP. Employment increased by 146,000 from October, versus expectations for a 163,000 jump.

Oil prices rose slightly with traders expecting OPEC+ to announce an extension to supply cuts this week while heightened geopolitical tensions continue to dominate market sentiment.

Gold prices turned positive after data showed U.S. private payrolls rose at a moderate pace last month, ahead of remarks from Federal Reserve Chair Jerome Powell later in the day and Friday’s non-farm payrolls report.

In the corporate space, Salesforce shares on the back of Q3 revenues that came in ahead of expectations on the Street, while chipmaker Marvell also traded higher after posting Q3 earnings that came in ahead of expectations and issuing strong Q4 guidance.

Discount retailer Dollar Tree beat earnings estimates, while Foot Locker was in the red after the footwear retailer provided a disappointing holiday outlook.

On another note, UnitedHealth cancelled its investor day event on Wednesday after UnitedHealthcare chief executive Brian Thompson was fatally shot in the chest outside the Hilton Hotel in Midtown Manhattan.

Markets

At the close

FTSE 100 8,335 (-0.26%)

FTSE 250 21,005 +0.54%

DAX 20,216 +1.00%

At 16:57

Dow Jones 44,949 +0.55%

S&P 500 6,072 +0.38%

NASDAQ 19,646 +0.85%

Fixed Income

UK 10-YR YIELD 4.247

Exchange Rates

GBP/USD 1.271

GBP/EUR 1.207

Commodities

Gold $2,649 +0.25%

Brent $73.14 (-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.