Monday,23 December 2024 08:19:58

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Monday,23 December 2024 at 08:16

UK and European markets open lower as a holiday-shortened trading week begins in the run-up to Christmas.

Asia-Pacific markets started on a positive note, with investors awaiting the official announcement related to the merger of Japanese automakers Honda and Nissan.

Oil prices inched higher on along with other risk assets, after U.S. data showed cooling inflation, reviving hopes of further policy easing next year that will support global economic growth and oil demand.

Spot gold edged higher supported by short covering after a weekly loss on Friday due to the Federal Reserve’s cautious stance on rate cuts in the upcoming year.

In corporate news, Aviva said it had struck a deal to buy insurance rival Direct Line for £3.75bn.

The offer values each Direct Line Share at 275p, a premium of 73.3% to the closing price of 158.7p on 27 November.

Aviva plans to achieve annual pre-tax cost savings of at least £125m through job cuts, “economies of scale and increased efficiency”.

Elsewhere, Petrofac said it had entered into a binding agreement with key financial creditors on the terms of a comprehensive restructuring "to significantly strengthen the financial position of the group" and enable it to deliver its strategy.

Markets

At 8:18

FTSE 100 8,069 (-0.19%)

FTSE 250 20,391 (-0.30%)

DAX 19,835 (-0.25%)

At the close

Dow Jones 42,840 +1.18%

S&P 500 5,930 +1.09%

NASDAQ 19,572 +1.03%

Fixed Income

UK 10-YR YIELD 4.549

Exchange Rates

GBP/USD 1.256

GBP/EUR 1.206

Commodities

Gold $2,629 +0.26%

Brent $73.13 +0.23%

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.