Wednesday,17 January 2024 16:47:57

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Wednesday,17 January 2024 at 16:48

UK & European markets were in negative territory for a third straight session, while regional focus remains on the World Economic Forum in Davos, Switzerland.

The dollar hit a one-month high against a basket of its peers as the safe haven gained on the hit to sentiment from soft Chinese data and global rate setters arguing against imminent cuts, while sterling rose on higher British inflation.

Oil fell more than $1 as economic growth in China, the world’s second-largest crude user, slightly missed expectations, raising concerns about future demand, while U.S. dollar strength dented investor’s risk appetite.

Gold prices were flat after hitting an almost one-week low, pressured by a stronger dollar as hawkish comments from a Federal Reserve official diminished hopes of a U.S. interest rate cut in March.

In corporate new, IMI was the top gainer after Goldman Sachs upgraded shares of the engineer to ‘buy’ from neutral’ and lifted the price target to 2,020p from 1,780p, saying it sees around 30% upside versus 17% for the sector.

The bank said it sees IMI as a beneficiary of both a sustained capex super-cycle as well as a potential recovery in short-cycle industrial production, where recent ISM manufacturing PMIs suggest inventories may be approaching a trough.

Markets

the close

FTSE 100 7,446 (-1.48%)

FTSE 250 18,864 (-1.71%)

DAX 16,415 (-0.94%)

16:45

Dow Jones 37,339 (-0.06%)

S&P 500 4,740 (-0.54%)

NASDAQ 14,814 (-0.88%)

Fixed Income

UK 10-YR YIELD 3.977

Exchange Rates

GBP/USD 1.266

GBP/EUR 1.166

Commodities

Gold $2,009 (-0.94%)

Brent $77.51 (-0.50%)

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.