Thursday,19 December 2024 16:33:52

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Thursday,19 December 2024 at 16:30

UK & European markets fell sharply after the U.S. Federal Reserve indicated that fewer rate cuts are on the horizon.

Wall Street futures were in the green after comments from Federal Reserve chairman Jerome Powell led to a major sell-off in the previous session.

Oil prices rose slightly, supported by falling U.S. crude inventories, though gains were limited after the U.S. Federal Reserve signaled it would slow the pace of interest rate cuts in 2025, a move that could dampen economic growth, reduce fuel demand, and strengthen the dollar.

Gold prices gained more than 1%, rebounding from a one-month low, as the market digested the U.S. Federal Reserve’s hint of a gradual policy easing next year, with investors awaiting more data to gauge the economy’s health.

In corporate news, early-stage science investor IP Group has received £119m in initial cash proceeds from the sale of portfolio company Featurespace to Visa and will beef up its share buyback plan by £25m after the biggest exit in its history.

IP Group, which was the first institutional investor in Featurespace back in 2012, said it invested a total of £22.9m in the fraud prevention and financial crime tech firm over seven financing rounds.

The sale to Visa, which was first announced in September, was for a total £134m, with £119m due on completion and £15m subject to deferral.

Markets

the close

FTSE 100 8,097 (-1.23%)

FTSE 250 20,391 (-1.02%)

DAX 19,985 (-1.27%)

16:30

Dow Jones 42,480 +0.36%

S&P 500 5,891 +0.31%

NASDAQ 19,460 +0.34%

Fixed Income

UK 10-YR YIELD 4.591

Exchange Rates

GBP/USD 1.254

GBP/EUR 1.209

Commodities

Gold $2,593 +0.34%

Brent $72.95 (-0.03%)

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.