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UK and European markets closed higher having fallen
from earlier highs after U.S. President-elect Donald Trump dismissed a media
report that his tariff plan may not be as extreme as feared.
The U.S. dollar was lower in volatile trading after
conflicting reports about how aggressive President-elect Donald Trump’s planned
tariffs would be when he takes office.
Oil prices steadied at their highest since
mid-October as colder weather spurred buying while further support came from
expectations of tighter sanctions on Iranian and Russian oil exports.
Gold prices fell as U.S. Treasury yields rose, while
the Federal Reserve’s recent hint at a slower pace of rate cuts in 2025 kept
investors keenly awaiting a slew of economic data due this week to shed more
light on that view.
In equity markets, Fubo shares rocketed
after it and Walt Disney announced plans to combine Disney’s
Hulu+ Live TV with Fubo into a single virtual TV provider.
Elsewhere, chip stocks gained after a bumper set of
fourth-quarter results from Foxconn, with Nvidia up nearly 5%.
Rolls-Royce slumped after Citi downgraded
its stance on the shares to 'neutral’ from buy’ on valuation grounds.
"Following a strong recovery from the depths of Covid,
we believe Rolls-Royce shares are now approaching what we consider to be
current fair value," it said.
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