Friday,06 December 2024 08:22:06

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Friday,06 December 2024 at 08:19

UK and European stocks open on a sluggish note as traders take stock of political turmoil in South Korea, France and await the all-important U.S. nonfarm payrolls report due later in the day for additional clues on the Fed's rate trajectory.

China stocks gained ahead of a key policy meeting reportedly set for next week, while other Asia markets tracked Wall Street declines overnight as investors assessed Japan’s household spending data and India’s GDP growth downgrade.

Oil prices slipped in early Asian trading, with weak demand in focus after the OPEC+ group postponed planned supply increases and extended deep output cuts to the end of 2026.

Gold prices edged higher but headed for a second straight week of decline, while market participants braced for the U.S. payrolls data that is expected to provide cues on the interest rate cut trajectory.

In corporate news, Direct Line said it had accepted a takeover offer from rival Aviva after the latter increased its bid to 275 a share.

The company reiterated that it was confident of its prospects as a standalone operation, but after considering the new offer with advisers and consulting with shareholders it decided the latest bid was at a value that it could recommend acceptance.

Aviva has until 1700 GMT on Christmas Day to make a firm offer under UK takeover rules.

Berkeley Group reported a 7.7% decline in half-year pre-tax profit to £275.1m, with resilient sales prices and stable build costs despite broader macroeconomic risks.

The FTSE 100 housebuilder launched its ‘Berkeley 2035’ strategy to enhance capital flexibility, as it remained on track to meet its profit guidance while delivering £283m in shareholder returns by September next year.

Net cash as at 31 October stood at £474m, down from £531m at the end of April, while Berkeley’s net asset value per share improved by 84p over the same period to 3,447p.

Markets

At 8:20

FTSE 100 8,345 (-0.04%)

FTSE 250 21,002 +0.01%

DAX 20,369 +0.06%

At the close

Dow Jones 44,765 (-0.55%)

S&P 500 6,075 (-0.19%)

NASDAQ 19,700 (-0.18%)

Fixed Income

UK 10-YR YIELD 4.277

Exchange Rates

GBP/USD 1.277

GBP/EUR 1.205

Commodities

Gold $2,639 +0.31%

Brent $71.95 (-0.28%)

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.