Wednesday,18 December 2024 08:23:18

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Wednesday,18 December 2024 at 08:20

UK and European stocks opened higher as investors awaited the latest monetary policy decision by the U.S. Federal Reserve.

Traders are pricing in a 95% chance of a quarter-point cut Wednesday, according to CME Group’s Fed Watch tool.

Asia-Pacific markets traded mixed, following losses on Wall Street and ahead of the Federal Reserve’s rate decision.
Investors in Asia assessed trade data out of Japan ahead of a Bank of Japan rate decision this week.

Gold prices flat as attention turned to the Federal Reserve’s upcoming monetary policy decision, with the U.S. central bank anticipated to implement a third rate cut this year and provide insights into its plans for 2025.

Oil prices traded in a narrow range as investors remained cautious ahead of an expected interest rate cut by the U.S. Federal Reserve.

In corporate news, DIY group Kingfisher announced the sale of its Brico Dépôt business in Romania to retailer Altex Romania for €70m.

The Bucharest-headquartered subsidiary comprises 31 stores across 24 cities, along with distribution operations.

Kingfisher said the divestment will give it “greater strategic focus on markets and growth initiatives where we are most strongly positioned to deliver attractive returns and create shareholder value”.

National Grid said it planned to invest up to £35bn in Britain’s electricity network over a five-year period from April 2026.

The plan includes £11bn to maintain and upgrade existing networks, alongside construction works for the first three of its accelerated strategic transmission investment projects.

A further £24bn has been allocated to future projects, including around £15bn to increase network capacity.

Markets

At 8:21

FTSE 100 8,205 +0.12%

FTSE 250 20,564 +0.11%

DAX 20,261 +0.07%

At the close

Dow Jones 43,449 (-0.61%)

S&P 500 6,050 (-0.39%)

NASDAQ 20,109 (-0.32%)

Fixed Income

UK 10-YR YIELD 4.504

Exchange Rates

GBP/USD 1.268

GBP/EUR 1.209

Commodities

Gold $2,645 (-0.02%)

Brent $73.57 +0.38%

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.